For many New Brunswickers, money worries are top of mind during this difficult year. Financial stress can have a serious impact on your physical and mental health. Below find ways to help you cut back and make small changes that can have a big impact on seven spending areas. 

What does it mean to spend smart? It’s more than just finding the best deal. It means knowing your spending limits, knowing your rights and responsibilities as well as being informed before you buy. Don’t be tempted into a fast purchase by a flashy red sale sticker. Look for a good, reliable product that is reasonably-priced.

The Commission does not license, oversee or regulate builders and renovators. This information is provided for informational purposes to support informed consumer decision making and is not intended to replace professional advice.

Cryptocurrency, environmental, social and governance (ESG) investing, do-it-yourself accounts, short selling – these are just a few emerging areas and trends we’ve seen in the investing world.  These emerging areas and trends have gained a lot of media attention and you’ve probably seen discussions on social media within your friend groups.

Does it seem like all of your friends are living large and spending more? It’s common for people to feel the Fear of Missing Out (FOMO) -- when they think others may be experiencing better things or having more fun. Buying based on FOMO has increased with the rise of social media.

Everything seems to cost more these days. At the gas pumps and grocery stores, New Brunswickers are seeing higher prices, largely due to inflation. 

What is inflation?

Inflation relates to how the value of your money changes over a period of time. What your money can buy today compared to a period of time in the past is the measurement of inflation.  

Financial literacy plays a key role in a person’s ability to build financial resiliency and weather life’s storms. The importance of financial resilience was exemplified during the pandemic when many people lost their jobs, became caregivers for family members, or experienced major financial struggles due to decreased savings or inflation.

Our economy has experienced many ups and downs in the past two years due to the pandemic, inflation, increasing interest rates, and now a looming recession.  

Rising prices may affect some New Brunswickers’ ability to meet day-to-day expenses, causing them to consider a loan from an online payday lender as a short-term fix to an immediate financial need.