1. Enjoy a picnic at home or stargaze as you camp in your backyard. Cosy up with your favourite pet, listen to the birds and crickets and wake up to pink and amber skies.
2. Have an outdoor movie night in the warm summer breeze. Enjoy your movie with all the trimmings plus your favourite snacks and drinks. All it takes is a projector and a white sheet over a rope. Add popcorn, cotton candy or pop machines, and suddenly, you’ve got a great ambience.
3. Invite the kids to a COVID-friendly, outdoor staycation party! Pep up the fun with inflatable or stock tank pools. Three-legged races, surprise ice bucket dunks, try-not-to-laugh, blindfolded makeup, dress-up-like-a-princess, mannequin freeze, face painting, art, crafts and squirt guns are also fun!
4. Enjoy a day on the beach, complete with a picnic lunch and your favourite book or music. Soak in the refreshing breeze, waves and blue skies.
5. Stay cosy in your pyjamas or robe all day! Why not catch up on some much-needed sleep?.
6. Tour your city for places you have yet to explore. Check out free events and attractions! If you have a creative team, why not plan a surprise outdoor flash-music-dance performance?
7. Take a break from cooking and have your meals delivered. Enjoy being served while helping to support local businesses!
8. Create a fun-family wall with your favourite pictures and kids paintings (finger paintings too)!
9. Organize a spa day at home and invite the people in your bubble over. Ask each person to bring a small and inexpensive gift to add to the fun gift box. Finally, have everyone randomly pick their gift via a game-draw. Make the experience complete with light refreshments.
10. Learn a new hobby, language or skill. Know a second language? Perhaps you could teach someone for some extra money!
11. Organize a fancy dress or masquerade party for the kids in your family bubble! Spice it up by having them plan and enact a play for the parents. Celebrate their creativity with cute and inexpensive gifts for all.
12. Nature trails, hikes and parks are great for a day-getaway to refresh body and soul without needing to go too far from home. Take piggyback rides, fly kites and play Frisbee with your (or a friend’s) favourite pooch.
13. Attend a home project you have not been able to get around to in a long while, like organizing, painting or gardening!
14. Have the friends in your bubble over for a potluck, or make the day extra special by cooking together! Explore cuisines from different countries to make it more enjoyable.
15. Make your home look like a resort. Choose your theme (Hawaii, Bahamas, Disney, get creative!). Employ the enthusiasm and energy of your children to give your home a new look. Re-arrange furniture and use cost-friendly décors such as fresh cut flowers, kid-made crafts, candles, music and fragrances! It’s amazing what a low-cost, temporary home makeover can do to make you feel like you’re on holiday.

Fortunately, simple things can also bring lots of joy! While planning your staycation this year, be sure to give yourself enough time to set up and enjoy. Why not get the entire family involved and make some memorable videos?

Finally, stay healthy and safe as you follow the health advisories of your local authorities at this time.

Most importantly, relax, allow yourself to be silly and have some fun!

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1. Does this fit my budget?

Before anything, you need a budget to decide what you need and how much you are going to spend. Start with only the essentials and remember to allow for some spending money just to have fun. The most important thing is to stick to your budget! Keep temptation at bay by carrying only the amount of cash you need, or pre-load a grocery card with a fixed amount. Moreover, a grocery card can earn you cash-redeemable points on every purchase. If you choose to use credit, do so wisely and only as a convenience and pay early so you are not charged interest charged on your purchases. If you tend to shop online, you may wish to set aside a pre-loaded cash card for this purpose.

2. Do I need it right now?

Make a list of items you need before you go shopping. While in the store, stick to the list, but don’t miss out on any comparable items or alternate brands on sale, that can stretch your budget further. And don’t forget those coupons and gift cards long forgotten about!

3. Did I remember to write it down?

Keep a note of every dollar you spend, so you know where your money is going. Otherwise, it is more likely that you will unconsciously spend more than planned! Try taking on a no-spending week challenge every now and then if you can.

4. Escape the social media gala!

Pretty packages and sparkly sales can make you feel good at the moment, but leave you feeling guilty later on. Turn off social media (and tempting sales ads that pop up) except for a few minutes daily to catch up with friends. It will not only save you money, but time spent with family or investing in yourself is much more rewarding!

5. Sleep on it!

With most of us spending more time at home hooked to our smartphones and computers, the temptation to peep into online shopping windows a mere finger-click away is at an all-time high. When tempted, tuck away the shopping cart, come back a day or two later and see if you still want to buy all those items.

6. What’s the dream?

There is nothing quite like a dream goal to motivate and get you started on saving money. Set up an automatic monthly cash transfer to your savings account. Even if it means skipping your favourite coffee shop more often. Money not spent is money saved. Every little step counts!

Getting Debt Help

If you find yourself prone to emotional spending, speaking with a non-profit credit counsellor can make all the difference. Contact us and we will connect you with one of our certified non-profit credit counsellors to help you tackle that pesky spending habit. 

Not sure if you’re ready? Why not take our Debt Quiz and see how you compare to other Canadians. Taking our Debt Quiz will tell you whether it is time to bite the bullet in taking that first step toward credit free living and becoming debt free.

The post Emotional Spending – 6 Keys to Tackling It appeared first on Credit Counselling Canada.

Consumer rights and debt is an increasingly important topic. As modern societies move toward open data movements in government, health care and banking, it’s important to note that North American society wasn’t built on a bedrock of a citizen’s right to know.

Sociologist Michael Schudson reveals how consumer rights movements between the 1950s and 1970s were based mainly on environmental activists’ demands, consumer advocates and investigative journalists.  Schudson outlines this drive toward modern transparency in his book, “The Rise of the Right to Know: Politics and the Culture of Transparency, 1945-1975.”

Schudson’s book campaigns for greater openness across several domains such as truthful communication in health care and transparency at all business and government levels. Today, in an era of constant information and the uncertainty amid COVID-19, it’s important to revisit this idea of consumer rights, specifically around consumer debt.

Most find it hard to open up about their finances and lack the courage to ask for help

Broadly, consumer rights ensure people obtain accurate and unbiased information and that they are not mistreated. Additionally, being informed on individual rights increases economic welfare. It also improves societal health by bolstering demand for openness and encouraging industries to make ethical progress.

In the consumer debt space, access to non-judgmental, confidential options is essential. Most find it hard to open up about their finances and lack the courage to ask for help. Despite a recent drop in consumer insolvencies, Canada is a heavily indebted nation. Unfortunately, that is not going to change anytime soon.

In a recent Credit Counselling Canada survey, Canadians revealed the issues they face when seeking debt assistance. The greatest challenge was a lack of focus on financial wellness and education (72 per cent). Next, a lack of transparency around fees (70 per cent). Then, concern about conflict of interest and a lack of transparency around an organization’s motives (69 per cent).

The survey also shows motivates people to get out of debt. It’s one of the oldest tropes in recovery, and a claim that’s been repeated for decades. You’ve got to hit rock bottom before you can change course. Strikingly, nearly four in 10 Canadians would have no idea where to turn when facing rock bottom.

More work needed to build awareness

Major work is needed to increase awareness of consumer rights around debt and debt relief. Canada is taking steps in the right direction. The Financial Consumer Agency of Canada recently renewed its Consumer Protection Advisory Committee, seeking to strengthen financial literacy and ensure appropriate regulations are in place. Nevertheless, more can be done.

Canada should look towards models in the U.K., Australia and New Zealand. Together these countries have invested upwards of $115 million in financial help services to supplement their COVID-19 relief packages. Although Canada has responded swiftly to address the immediate emergency, there is no long-term strategy to build Canadians’ financial well-being beyond the crisis. These countries have put the interest of indebted consumers first.  Moreover, they have developed a progressive framework of sustainable options, including the critical service of non-profit credit counselling.

Protecting the right to unbiased, safe and holistic debt relief requires action from several players. Governments, local community foundations and charitable foundations can band together to support the financial literacy goals of non-profit credit counselling. Funding can also help shift the economics of debt repayment through incentives for banks and credit unions to innovate.  Meanwhile, community centers and organizations can provide space and resources for consumer debt education. Finally, Canadians can seek out Canada’s non-profit, certified credit counsellors as a smart place to start.

It takes a collaborative approach

There is no panacea for Canada’s consumer debt problem. A cross-sector, collaborative approach that includes the non-profit, credit counselling sector is essential.

There is a clear path ahead.  One that involves a dual commitment to economic transparency and a progressive consumer debt approach. Egalitarian society advances when consumers have greater access to information and a protected set of rights. As we make our way through the second wave of the pandemic, we must strive to enshrine and elevate those rights.  Learn about Credit Counselling Canada’s bill of rights for Canadians in debt.

CEO of Credit Counselling Canada

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It’s your right to know. Consumer rights ensure people obtain accurate and unbiased information and that they are not mistreated. Additionally, being informed on individual rights increases overall economic welfare and societal health. Especially by bolstering demand for such openness and encouraging industries to make ethical progress.

Your Right to Know

In the consumer debt space, access to unbiased, confidential options is essential. Most find it hard to open-up about their finances. Even more may lack the courage to ask for help when they need it. Despite a recent drop in the household debt-to-income ratio and a decline in consumer insolvencies, Canada is a heavily indebted nation.  A reality that won’t change any time soon.

Focus on Financial Wellness

A recent study conducted for Credit Counselling Canada addressed issues around consumer debt. It found that Canadians struggle with an industry that lacks ethics, transparency and accessibility to trusted debt services. The greatest challenge those surveyed faced in seeking debt assistance was a lack of focus on financial wellness and education (72 per cent). A similar number (70 per cent) cited a lack of transparency around fees, conflict of interest and a lack of transparency around organization’s motives (69 per cent).

Click to enlarge

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Sudden life changes

When it comes to women and money, fewer women than men feel empowered about their finances. That’s equally true when it comes to managing debt. Yet, with more women than ever working and helping to take charge of family finances, women need to develop good financial literacy.  According to the Women’s Institute for a Secure Retirement and National Center for Women’s Retirement Research, the average woman spends 15% of her working years outside the workforce caring for children and elderly parents compared to the average man’s 1.6%.  In other words, women have much less time to build up their savings.  This is an important consideration as women are more likely than men to become single parents.  In addition, 80-90% of women will have sole responsibility for their finances at some point in their lives – usually due to divorce and the fact that on average women outlive men by about seven years.  When you add it all up, women need to do all they can to educate themselves so they are prepared to handle sudden life changes.

Higher burden of debt

While women may be lagging behind when it comes to proactively managing their own finances, they tend take on more of the responsibility in terms of debt repayment.  Often its women leading the charge when tackling the family debt load.

There are a lot of issues holding women back from achieving true financial well-being.  That why it’s so important that women hit the ground running to get the earliest possible start in managing their finances.  For women and money, the key is starting in your teens or early twenties.  Starting early makes all the difference for a women hitting her forties, fifties or sixties.  It’s never too late to start.

Knowing where to begin

Many women in debt aren’t sure where to start. Or where to get help.  As a result, women can drift from year to year without a solid financial plan for the future.  The best thing you can if you’re in this situation is to pick up the phone and call a non-profit credit counsellor.  This goes double if you find yourself drowning in debt.  An accredited and certified non-profit credit counsellors will help you develop a plan so you can get started. Here’s more on how to find a counsellor near you.

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Building credit when you’re a newcomer to Canada can take time. Fact is, most newcomers will need a Canadian credit history to be approved for major purchases such as a mortgage. Similarly, most banks in Canada will require you to have a good credit history before they will give you a credit card. Despite having many years of good credit history with worldwide credit products, such as products from VISA and MasterCard, you may struggle to get a credit card or mortgage in Canada right away.

How long does it take to establish credit?

Building good credit is a process that takes time. Just remember, slow and steady is the best approach to establishing a good credit history.  For instance, each time you ask for a loan or new credit product, your credit report will be reviewed.  Multiple inquiries on your report in a short period could be a red flag to creditors — it suggests that you may taking on credit too hastily, so it’s important to space out inquiries. Opening too many accounts could also affect your credit score, so it’s best to be selective and open one account at a time.

Putting an exact time on how long it will take is difficult; depending on a person’s financial situation, and whether they have good payment habits, it might take anywhere from 6 months to a few years to establish good credit.

What if you have a bruised credit history?

Recovering from bruised credit is possible.  To begin with, actions like paying your bills and credit cards on time can help.  On the other hand, missing bill payments or maxing out your credit card(s) will hurt.

Ultimately, having bruised credit can affect your employment prospects, as many employers check credit reports before making a job offer. Similarly, bruised credit can affect your ability to  secure a safe place to rent, as many landlords refuse to rent to people with poor credit.  Likewise, it can hurt your ability to obtain the best interest rates for major purchases such as a car or a mortgage.

What are the steps to establishing/rebuilding your credit?

Establishing or rebuilding credit takes time, dedication and persistence to prove to lenders that you are a trustworthy consumer. If you are  recovering from a bankruptcy or consumers proposal, it is going to feel like having to start from scratch.

While there is no quick fix, there are solutions. Here are a handful of ways people can rebuild their credit in Canada.

• Open a Secured Credit Card – where you put down an upfront security deposit equal or higher than the card limit, and diligently pay it off on time
• Play by the Rules – keep accounts in good standing, and 30 percent below the card limit
• Go Slow, Start Small and Have Patience – while establishing good financial literacy habits
• Limit Your Credit Inquiries – two many credit products in a short timespan raises flags
• Hang Onto Longstanding Accounts – especially those in good standing which help increase the average age of a persons accounts
• Get Help – speaking with a certified and accredited non-profit credit counsellor from Credit Counselling Canada can help.  Here’s more on how to find a counsellor near you.

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When you’re in debt, are you one of four-in-10 Canadians who don’t know where to turn for help?  A new national survey by Credit Counselling Canada paints a picture of confusion. Many consumers don’t know where they can turn to for help if they hit debt rock bottom. The study addresses consumer sentiment on issues ranging from a lack of ethics, transparency and accessibility to trusted debt-help resources across the country.

The Got Debt? Poll, an Angus Reid survey of 1,510 Canadians, reveals that while Canadians can identify and agree on the warning signs, nearly four-in-10 (37%) would have no idea where to turn when facing it themselves.

The warning signs of debt struggles

There is overwhelming agreement that before hitting “debt rock bottom”, a series of warning signs may present themselves as a caution of further trouble. Across the board, nine-in-10 Canadians agreed that the following situations signified a person’s struggles with debt:

• Always borrowing money to make it to the next paycheque (93%)
• Receiving constant calls from creditors (91%)
• Continually going over their credit limit (90%)
• Credit card regularly gets declined (90%)
• Only paying the minimum/interest but not paying down the principle (90%)
• Utilities cut off because they can’t pay their bills (89%)

Read more about the new study.

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