‘Unconscious spending’ makes it that much harder to balance the budget
As inflation worsens, Canadians are faced with the challenge of dealing with their ‘unconscious spending,’ a term that refers to money you spend out of habit.
Whether it be online subscriptions that come off your credit card that you forgot about, or eating at a restaurant because you’re too tired to cook, more and more people are spending money in ways they never intended.
Cindy Marques, a financial planner in Toronto, said the presence of social media helps create a culture of spending. It can lead to people overspending while justifying it to themselves.
‘Why not treat myself?” Marques said, about the justifications people make.
“I already spent most of my paycheck on rent, I deserve to go out and get this or the convenience of an Uber. Whatever it may be, they’re spending a lot of money (and) there is a sense of defeat in this demographic.”
Marques said budgeting is the best way someone can manage any leftover money they have after paying bills.
“I think it’s very scary for people to take that first step,” she said.
Jean Beauchemin, a Cambrian College business professor, said it’s even harder for young people to stop unconscious spending with modern technology at their fingertips.
“An impulse buy used to be a chocolate bar at the end of counter at the grocery store, but now this could be something that’s more significant in nature,” Beauchemin.
“Then ‘poof,’ it gets delivered to their door the next day"
With the Holiday season upon us, Beauchemin said there are things families can do to alleviate financial strain by being more creative.
"As opposed to buying presents for everybody that’s gathering, is there maybe an opportunity to do a gift exchange?” he said.
“Something that’s fun, maybe around a theme that would be Christmas in the 1950s kind of thing? So engage people in creating those memorable experiences."
Experts say the average Canadian household spends around $1,800 during the holidays and with just more than a month until Christmas, creating a budget and sticking to it is the best way to stay financially secure.
CTVNews.ca Top Stories
Oldest preserved vertebrate brain found in 319-million-year-old fish fossil
The oldest preserved vertebrate brain has been found in a 319-million-year-old fossilized fish skull that was removed from an English coal mine over a century ago.

Jury clears Musk of wrongdoing related to 2018 Tesla tweets
A jury on Friday decided Elon Musk didn't deceive investors with his 2018 tweets about electric automaker Tesla.
Freeland touts opportunities of U.S. Inflation Reduction Act at ministers' meeting
Deputy Prime Minister and Finance Minister Chrystia Freeland is hosting an in-person meeting Friday with the provincial and territorial finance ministers in Toronto to discuss issues including the current economic environment and the transition to a clean economy.
Ottawa tight-lipped on details as Canada, U.S. call out China over balloon
Canada announced that it had called China's ambassador onto the carpet as Ottawa and Washington expressed their disapproval Friday over a high-altitude balloon found to have been hovering over sensitive sites in the United States.
Bodies are those of 3 rappers missing nearly 2 weeks: Detroit police
Three bodies found in a vacant Detroit-area apartment building have been identified as those of three aspiring rappers who went missing nearly two weeks ago, police said Friday.
Liberals withdraw bill's assault-style firearm definition, promise more consultation
The federal Liberals have withdrawn an amendment to their gun bill aimed at enshrining a definition of banned assault-style firearms, citing 'legitimate concerns' about the need for more consultation on the measure.
Federal department fires 49 employees for claiming CERB while employed
A federal government department has fired 49 employees who received the Canada Emergency Response Benefit while they were employed.
Canadian COVID-19 vaccine manufacturer Medicago Inc. shutting down
Medicago Inc., the Quebec-based drug manufacturer of a Canadian COVID-19 vaccine and other plant-based drugs, is being shut down by parent company Mitsubishi Chemical Group.
White-tailed deer harbouring COVID-19 variants thought to be nearly extinct in humans: study
White-tailed deer may be a reservoir for COVID-19 variants of concern including Alpha, Delta and Gamma, according to new research out of Cornell University that raises questions about whether deer could re-introduce nearly extinct variants back into the human population.