With Christmas just around the corner it’s hard to think about setting budgets and saving money, especially when we are bombarded during the holiday season with advertisements trying to get us to spend it all on the latest gadgets and super sales. But, we may need to seriously think about our financial future right now if we’re going to change where, some say, we are headed as a nation.
Category Archives: Economy
Christmas is a time for food, family, traditions…oh, and don’t forget, holiday shopping. Year after year, we carry on classic holiday traditions from the past. Keeping the memories alive with traditional family side dishes, neighborhood holiday parades and the spirit of gift giving. Remembering the past is an important part of culture, but at the same time, we feel the need to add in our own modern day touches to create a more up-to-date tradition that fits our present day lives.
Adding in those modern day touches to our classic Christmas traditions is creating a trend towards a more “High-tech Holiday” as holiday shoppers, credit card companies and even good ol’ St. Nicholas are turning to mobile technology and the power of the internet this holiday season.
Many people find cash unwieldy. It’s bulky (especially coins), and it doesn’t come with good security. If someone steals your wallet, you can cancel the credit cards, and you won’t be liable for the fraudulent purchases, but the cash is gone — untraceable and never to be seen again.
The charge toward a cashless society is underway. So far, Canadians have shown an interest in being at the front of technology, including the use of credit cards and electronic forms of payment. But when it comes to moving toward a truly cashless society, Sweden is leading the charge.
The Canadian economy, for the third time in the last five months, has shed jobs. While the US economy has been seeing an increase in jobs added to the economy, Canada has been struggling a bit. Indeed, the situation appears to have changed since Canada pulled its economy out of a recession with the help of hiring.
Now, there are concerns that the Canadian economy might slow down, and even worries that there is a housing bubble on the verge of bursting. As you consider the future, it’s time to consider whether or not you would be ready for an economic slow down.
We’ve all seen the devastating effects of the housing market bubble on the US economy. And, for years, we in Canada have kind of looked down on the United States for the loose lending standards and high level of household debt.
However, Canadians may not have much to crow about soon. Canadians have surpassed Americans in household debt, and there might be a mortgage bubble growing as well.
Even though Canada’s economy didn’t suffer the same level of setback from the 2008 financial crisis as our neighbour to the south, there are still indications that things are far from perfect in Canada. The difficulties that might be coming to the economy in the future, as well as the prospect of not having enough of your own resources to weather a setback, should cause you to reflect, and consider planning for your future.