Do you have bad financial habits? You’re not alone. Two-thirds (66 percent) of Canadians confessed that they have personal financial habits that they plan to work on, finds a new Ipsos poll conducted on behalf of Interac. It’s hard to know if you’re on track to meet your financial goals without a budget. 29 percent of Canadians admitted to never creating a household budget.
Canadians are up to their ears in debt, but at least It’s mostly the “good” type. The average Canadian was $93,000 in debt in June 2015, up from $76,140 last year, according to a Bank of Montreal report. The report looked at overall household debt in the country. The top two types of debt for most Canadians is credit card debt and mortgage debt.
Young adults are increasingly wary of big banks. In fact, they pretty much hate them. According to a U.S. study, millennials said large banks made up four of their top 10 most hated brands. That’s powerful, and damning to an industry entrenched in old ways. For large banks, the challenges are many and they will no doubt face competition from savvy financial-tech start-ups like Borrowell and Koho.
Wedding decorations and floral arrangements can cost more than $1300!
Getting married is a joyous occasion – it’s also a costly one. The facts don’t’ lie – the amount couples spend on weddings keeps going up each year. The average cost of a wedding comes in at $22,429, according to a WeddingBells.ca survey. If you’re planning to take a honeymoon, it will cost you even more – on your wedding and honeymoon together be prepared to spend an average of $27,899. By using your credit card responsibly (only charging what you can afford to pay off in full), it can lend a helping hand on your wedding day.
Photo credit: Matt Cornock via flickr CC BY-NC 2.0
With the real estate market booming, housing is becoming increasingly expensive. There seems to be no end in sight for home price increases. The average detached home costs over $1.1 million in Toronto and Vancouver. With home prices heading towards the stratosphere, first-time homebuyers face the risk of being priced out of the real estate market.
Purchasing your first home is a major life-altering decision. Similar to getting married and starting a family, buying your first property has a major impact on your life and finances. Before you can purchase a home, it’s important to prepare ahead of time. Here are three things to consider when purchasing your first home.
