Do you ever wish you could dive into the brain of a personal finance expert? Just for a minute to help you better manage your money? So do we. That’s why in honour of November being Financial Literacy Month, we reached out to three of our money experts to share their go-to financial advice.
We asked them — what is an essential finance tip you wish more people knew? Here’s what they said:
Conduct an Annual Subscription Audit
Preet Banerjee
Behavioural Finance Expert
Is there a financial tip that is all gain with no pain? Well, this is as close as it gets — do a subscription audit.
We live in a subscription economy. How many streaming services do you have? How many apps do you have that have a subscription attached to them? Your cell phone plan, internet plans, gym memberships, fitness apps, new subscriptions, chatGPT, extra storage on iCloud, Spotify, pro accounts on Twitter or X, the list is almost endless.
So, once a year, I do a subscription audit. I find all the subscriptions I have on my bank account, credit card statements, and even on my Apple subscriptions info, which is listed on my phone, and one by one, I sort them into three categories — cancel, reduce, or keep.
Here’s my advice. Be aggressive. You can always restart a subscription. So cancel it and see if your life changes. It probably won’t. Or see if there is a lower tier option that you can live with and reduce the cost. But if you do use a service often, and it provides value to you, by all means, keep it.
For every $84 per month in reductions that you can find, that’s $1 ,000 a year in savings that you could be using for something else. Imagine what you could do with that extra money. Invest it, pay down debt, save for a dream vacation, whatever you want. The choice is yours. Start your subscription audit today and let those small savings lead to big opportunities tomorrow.
Originally trained as a neuroscientist, Preet Banerjee now excels within the world of finance. He is best known as a financial panelist on CBC’s The National. Preet inspires others to become financially empowered through his world-class expertise and unique ability to take the complexity out of money matters. He speaks on behavioural finance, economics, and personal finance.
Own your happiness first, then your money
Melissa Leong
Personal Finance Expert | National Media Personality | Bestselling Author
Research shows that we don’t always use money in ways that bring us the most joy. We chase what’s immediately gratifying, even if it’s not aligned with our values. We engage in social comparison, and we stick with our defaults even if it doesn’t contribute to our financial well-being.
We all would benefit from more financial mindfulness; if you spend consciously and align each dollar with what really lights you up — your values, your goals, etc. — money becomes a powerful tool for building a life you love.
Melissa Leong is one of Canada’s best-loved authorities on personal finance. The bestselling author of the feel-good finance guide, Happy Go Money, she’s on a quest to help people better manage their money while maximizing their happiness. From sharing strategic financial advice to helping audiences raise money-savvy kids and empowering women to build wealth and take control of their financial lives, Melissia helps people get both wealthier and healthier.
Automate a Work-Around for Weak Willpower
Bruce Sellery
Business Journalist | CEO, Credit Canada | Bestselling Author
We all have a limited amount of willpower. Despite our very best intentions, we often don’t do the things we know we should do when it comes to our money. There are so many competing demands on our time and our attention, so my tip is to use tech as your work-around.
Make saving easy and spending hard. (This example assumes that you’re living within your means. If you’re struggling to pay down debt, tackle that first, but still use automation).
- Make saving easy: Set up automatic monthly transfers from your bank account to your TFSA ($580), RRSP (max of $2600), RESP ($250 per child), and to your credit cards (pay off in full every single month) This may freak you out a little bit at first, but it works wonders.
- Make spending hard: Remove automation on spending. Disconnect mobile tap (gasp! It increases spending by 9.4%), remove auto-complete on your credit card numbers, take shopping apps off your phone, etc. This step is really annoying, but it works a trick to ensure you’re spending with intention.
Automation is one of the very best ways to take care of your “future self”. They will be forever grateful.
Business journalist, television host, and CEO of the non-profit, Credit Canada, Bruce Sellery is on a mission to help people get a handle on their money so they can live the life they want. He is the bestselling author of Moolala: Why Smart People Do Dumb Things with Their Money (and What You Can Do About It) and a thought leader in financial literacy, who engages audiences in a smart, fun, high energy way as an in-demand keynote speaker, emcee, and host.
