The New Standard of Living

Would you change your standard of living?

February 22, 2013

We all want the best life has to offer – a nice home, cared-for family and a secure financial plan for the future. Despite the best of intentions though, life has a habit of introducing the unforeseen – could your standard of living withstand a financial curveball?

We’ve examined three top pitfalls for finances gone awry – read on to prepare yourself for the worst and achieve the best.

 

How to Cope With Rising Food Costs

A leading agricultural study shows meat and grain costs are to rise over the coming year – and the result to your food bill could be drastic.

Read on to learn more about the factors behind this price hike, and what you can do to shrink your grocery costs.

Read Allan’s Blog | How to Cope With Rising Food Costs

Do You Need a Retirement Wakeup Call?

Do you have realistic expectations for your retirement? A recent CIBC poll finds 45 per cent of Canadians planning to leave the workplace have saved less than expected – yet few are willing to compromise their standard of living later in life.Here are a few ways to crunch the numbers now for financial security in your golden years.

 

Grey Divorce: The Financial Challenges

“Grey divorce” rates have increased among Canadians aged over 55. Splitting later in life presents unique financial challenges as boomers look to start over while keeping their retirement plans on solid ground.

Read Melanie’s Blog | Grey Divorce: The Financial Challenges

And in this week’s finance headlines…

What is a Currency War?

Global leaders have recently expressed growing concern over a possible currency war, in which nations purposely devalue their own dollar in order to stimulate trade. What are the implications for Canada’s economy as well as the global markets?

Read Rubina’s Blog | What Is a Currency War?

 

RBC Shuts Down Ally High Interest Online Savings Accounts

RBC announced the discontinuation of newly acquired Ally Bank’s High Interest Online Savings accounts today. It’s the removal of one of the highest interest-earning accounts on the market. What options do consumers have when their bank business changes hands through mergers and acquisitions?

Read Penelope’s Blog | RBC Shuts Down Ally Online Savings Accounts

 

Why An RRSP Might Not Be For You

RRSPs are touted as an effective way to save for retirement, but they’re not a one-size-fits-all solution for all Canadians. Read on to see if an RRSP is the right option for your retirement plan.

Read Gordon’s Blog | Why An RRSP May Not Be For You

 

Roller Coaster Housing Prices Continue in 2013

Housing prices continue to fluctuate into the new year as the market continues to adapt to strict mortgage affordability rules. While marginal growth was seen nationwide in January, does it signal the coming of a spring market heat up?

Read Andrew’s Blog | Roller Coaster Housing Prices Continue in 2013

 

Why Do Canadians Pay More Than Americans?

Why do Canadians pay more for the same products than our American neighbours? There are a number of factors influencing retailers to charge more, leading to a remaining price gap despite a strong Canadian dollar.

Read Sean’s Blog | Why Do Canadians Pay More Than Americans?

You Answered!

This week on Money Wise, we asked Canadians:

What financial hurdle would threaten your standard of living?

38.3%: We have a tie! 38.8 % of the vote indicated equally that rising interest rates or too-low insurance coverage in a worst case scenario pose the biggest threat to their finances.

15.3% say rising food costs would be cause for reworking their budgets.

7.1% say a divorce would throw their financial situation into chaos.

Tune in for next week’s question for your chance to WIN a $25 Tim Horton’s gift card:

Will you have your taxes filed by a pro this season?

Got something to say? We’d love to hear from you! Shoot us a comment, or visit us on Twitter and Facebook!

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