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How Debt Can Impact Your Relationship

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Over half of Saskatchewan people say that they would have no issue pursuing a relationship with someone if they had a high level of debt. Debt may be low on your list of deal breakers, but it can severely impact the health of your relationship if it isn’t talked about or there isn’t a plan in place to pay it off. This blog recounts how debt struggles negatively impacted the author’s relationship with their partner and the small but impactful steps they took to fix it.

Let’s talk about debt baby

How much debt would be too much to prevent you from exploring a relationship with someone? According to 52% of Saskatchewanians, no amount of debt would stop them from dating or marrying a partner.

Though debt may not impact you from choosing a partner, it could have an impact on your relationship. According to Canadian divorce statistics, Canada’s divorce rate has increased by 44.15% over the last 20 years, and it’s estimated one out of every 309 adults are divorced in Canada. As to the reason for the divorce – many say money!

While you may not chat about money on your first date, finances should be a topic that is talked about as your relationship becomes more serious. From the assets you possess to the amount of debt you have, it’s important to be open and honest with your significant other to ensure both parties know what they may be getting into. It’s important to continually have this conversation with your partner in order to reduce any stress or tension that may negatively impact your relationship.

This advice is something I wish I knew and started talking about sooner. This is my experience.

How it started

I met my husband when I was 15, and though we didn’t start dating until a few years later, money was not even a topic of mind. I mean, is it for anyone at that age?

Skip forward 21 years to where we are today and money is something we talk about regularly. However, this wasn’t always the case, and up until about 5 years ago, money was not part of our conversation. Looking back, I realize how not talking about money with one another was putting a lot of stress on us and taking a heavy toll on our relationship.

Five years ago, we were in debt and struggling to get a hold of our finances. We each had our own bank accounts, individual vehicle payments, different credit cards and line of credits – everything was separate. Because of this, we didn’t have a full grasp on our finances as a whole. We continually tried to pay our debt down, but no matter what we did it seemed to continually go up. There was tension. There were fights. Our relationship was rocky. We knew we needed to do something before our debt and our relationship got worse.

With our mortgage up for renewal, we decided it’s now or never to make a change. We sat down with our financial advisor and looked at what options we had.

Consolidating our debt

After talking with our financial advisor, we decided to consolidate our debt. What this means is that you take all of the debt you have – loans, credit cards, vehicle payments, mortgage, etc. – and roll it into one monthly payment. Consolidating your debt doesn’t make it go away, however, it can help you gain control of your finances a bit easier.

Now that we had all of our debt in one spot, we needed to be able to manage all of our money from one channel, so we decided to join our bank accounts and have a joint credit card. While joint accounts may not be for everyone, it was the best option for us and showed us how each of us was spending individually. This wasn’t something we hid from one another when we had individual accounts but it also wasn’t something we talked about. With time, we started to get a grasp on our spending habits and were able to hold each other more accountable.

Tip: The one downside with having a joint account is that each of you can see all the transactions in the account and it can ruin the surprise if you buy a gift for your loved one. We recommend using cash for any gifts in order to keep the element of surprise.

To see change, you must make change

We had gotten ourselves into debt before because of our spending habits and behaviours, and if we didn’t change, we’d most likely wind up in a similar situation. To see difference, we needed to change how we talked about money and how we spent money.

The first order of business was introducing the word “money” into our conversations. It was UNCOMFORTABLE, to say the least, and didn’t begin well. We started with financial goals and quickly realized we were on two separate pages: one of us wanted to save for trips and a new vehicle and the other wanted to think retirement. It was frustrating and we wanted to give up immediately.

Once we figured out our financial goals, we started to create a plan on how to change our spending habits. This included building a budget and actively tracking our transactions each month.

Creating the budget was the easy part. The challenging part was changing our behaviours and the first few months were tough. Over time it got easier and after making some significant changes in our spending behaviours, openly talking about our money, and ensuring each other knew where we were at in our budget, we started to see some positive changes. This included starting to actively put money into our savings and seeing it grow – something we hadn’t really done until this point.

Tip: Build your budget together and be realistic. The first few months will be tough, but if you do it together, you’re able to support one another and hold each other accountable where needed. This allows you to celebrate and succeed together.

How it’s going

It’s unbelievable how much of a positive impact a few simple conversations about money and behaviour changes have had on our household.

We continue to set a monthly budget and compare our spending to these amounts which keeps us on track to reach the goals we set. Though we still have our consolidated debt, in five years we have not gotten ourselves into any new debt and are even actively working to pay our mortgage and debt down faster!

What used to cause us stress and a lot of tension has turned into an ongoing positive conversation and even celebrations when we hit our goals. Where we were previously embarrassed to talk about our situation with friends and family, we now openly talk money and do so together (my husband’s even sitting beside me now and helping me write this blog as we speak). And the best part of all, our relationship has never been better.

Looking back, we wish we would have started the conversation a lot earlier. All we can do is share our story to help others learn from it. Money is something that needs to be talked about. No matter how uncomfortable or awkward it may be, it’s important to talk about your financial goals and spending habits– trust me, you’ll thank yourself and your relationship for it later.

Puppy Ownership: Financial Costs, Tips & Advice

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A puppy or a Peleton Bike: two things that you saw a lot of people invest in during the pandemic. Many of us had savings or discretionary income that wasn’t being used due to travel being restricted. The result: the pandemic puppy. While the addition of an animal can provide companionship, it doesn’t come without costs. On average, owning a dog can cost up to $5,000 annually. This blog will highlight the obvious costs of getting a pet, help you expect the unexpected and provide tips to save.

Meet Nash!

Nash is my puppy and he’s a 10-month-old golden retriever. As you look through the budget below, keep in mind that these costs will vary. For example, Nash is a pure bred, so the initial investment was much higher compared to if we had got him from a rescue or humane society. As well, if you have a smaller dog, there are certain expenses that might not apply to you or will be much lower, such as food.

These are just a few of the costs I’ve experienced – but there are many other expenses that may come up depending on your pet and your lifestyle. For most of this past year many of us have been working from home. However, in a typical year this may not be the case at which point you might need to consider pet care, which can cost up to $400 per month.

Obvious and hidden costs of getting a pet

A recent article by the Leader Post stated, many animal shelters have seen spikes in the demand and interest in pet adoptions. Another CBC article notes, “more than one third of Canadian households now have a dog, and 40 percent now have a cat.” With travel restricted and a lot more time being spent at home, many people opted to use the savings or discretionary income that was being saved for trips and invest it in a dog. I was one of these people.

On April 27th, 2020, I hopped on the pandemic puppy train when my dog Nash came into this world. I knew there would be costs that would come with it but I also wasn’t expecting some of the hidden costs of dog ownership.

In 2019, seven Canadians broke down their monthly spending and found, on average, a dog can cost up to $5,000 annually. Ranging from $14,000 on the high-end to $1,600 on the low end, these costs can vary depending on the type, size, and health of your dog, and didn’t include the initial investment.

To help you break down the costs I created a quick budget of all the obvious costs I’ve experienced.

Expect the Unexpected

They say bringing a puppy home is like bringing home a baby – they eat, sleep, poop, cry a lot, and get into everything – these are the costs I didn’t expect!

This has meant ripped apart throw pillows (too many to count), chewed up bed sheets and duvet, shoes, hats, gloves, rugs, and so many toys. On top of the cost of replacing or repairing these items, this can also lead to surprise vet visits. On average, a routine visit can cost between $200 to $400 for dogs and $90 to $200 to cats. When you factor in accidents or injuries, these tend to cost a variable amount more.

We’ve been lucky that despite everything Nash has gotten into, we haven’t had to make any surprise visits to the vet *knocks on wood*, but if we had, these are not expenses we would have been prepared for. Here are some tips I’ve learned along the way on how to save:

Start saving early

Unless it’s a spur of the moment decision, you often have a few months to prepare before bringing home your new pet – especially if it is from a breeder. For me and my partner, what worked well was setting up a separate savings account. Each month we would each put away $200. We knew the initial investment of bringing Nash home would be a lot, so this made that cost much more manageable.

Keep saving

Once you’ve started a savings account, keep it going. This is a great way to accumulate funds for those emergency situations and utilize compound interest.

Space out your purchases

There is a lot of planning that goes into the days, weeks or months leading up to bringing home your new pet. You need to buy food, beds, leashes, toys, and much more. One thing that worked well for me was spacing out my purchases. Over the 2-3 months leading up to bringing Nash home I would slowly start buying what he would need. This also helps the day you bring him home to not be nearly as overwhelming because you already have everything you need and you aren’t making costly impulse purchases at your nearest pet store.

Cut costs where you can

You’ve just brought home the newest member of your family and you want nothing but the best for them, right? There are certain items you’re going to want to splurge on, including food, bones, and treats. These are what will help keep your pet strong and healthy. But when it comes to toys or bed, you don’t necessarily need to buy the $25 chew toy. This was my lesson learned. We splurged on expensive toys in the beginning and I quickly found out that Nash will rip or chew a toy to shreds within 15 minutes, regardless of the price tag. If you’re looking for cheaper items, Dollarama has a great pet section.

A pet can be a great addition to any household – especially this past year when many of us were feeling isolated, lonely, and craving companionship. But it’s important to understand the costs and what you can afford. While some costs like food, basic vet care, and toys are a must, there are always options to accommodate any budget. Good luck with your new fur baby!

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Should I Be Investing During a Pandemic?

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One of the most popular questions we have been asked by our members during COVID-19 is “If I can, should I be investing during this pandemic?” This is a bit of a complicated question but we’re here to break down this intimidating conversation.

But if you want our short answer, the best time to start investing is between the hours of “right now” and “as soon as possible”.

The short answer is “Yes.”

If you’re saving money by making coffee at home instead of going to your favourite coffee shop then you should start investing. Are you working out at home and saving money on your $50 gym membership? Then you should start investing. If you have any extra money due to the pandemic and are comfortable that your income will remain sustainable then, you guessed it,  you should start investing. And here’s why…

Investing has more to do with how much time you have to invest, rather than the time at which you start investing.

Even though the pandemic has had an impact on the world economy and global markets, it does not mean that investing is a bad idea. Investing has been, and always will be, about focusing on an “average rate of return” versus a “fixed rate of return”. The markets may go down (for instance, due to a pandemic) but they may rise again afterward. It is the average between these years that measures the success of an investment, not the lows or highs by themselves. That is why,

The best time to invest is always going to be as soon as possible.

The sooner you invest the better. Whether it is a lump sum of $10,000 when you’re 25 years old or $25/month for 30 years. If you have money to invest, start today because it will be more than worth it and I’ll show you why:

Time is your friend

Time is the great equalizer.

To understand this in more detail, let’s have a look at the graph (2018.11.23) below from our good friends at Credential. From 1960 to 2015, we see the markets have had many ups and downs, but the average rate of return rises over time. They also point out that “markets continually bounce back from crisis.” Are we in a crisis with the pandemic? Yes. Is it likely the markets will bounce back?  Absolutely. So what can we learn from this?

  1. Long term investing produces the best average rate of return. Someone who started investing in 1990 will have gone through the same 2008 global recession as someone who invested in 2002. But as we can see, both people, if they remain invested, will still receive a profitable average rate of return by 2015.
  2. Starting to invest during a crisis often means the price of shares and stocks are low. This means you will be able to purchase more units for a lot cheaper than during times of economic growth and stability. If you’re already invested, the key is to not panic, remain focused on your long terms goals and remain invested. The worst thing you can do is pull out your investments before they have a chance to recover.

This image shows how the market quickly recovers and continues to grow after a crisis to help with investing.

*Image provided by Credential®. Issue Date: 2018.11.23

Rates of return: Average vs Fixed

You may be asking yourself: “What is so important about the average rate of return? Why not just place your money in a term deposit and guarantee a 1.5% return? Why not keep your money in a savings account?” For starters, the average rate of return for a mutual fund in Canada is between 6% – 7% on your original investment. This is dramatically better than that of a term deposit which is often much less than 2%. If you are planning to save for a long period of time then you will want to maximize your rate of return. One of the principle reasons for this is due to inflation. The average inflation rate in Canada is 2%. So if your retirement savings is making anything less than the rate of inflation (2%) you’re in trouble. If you find yourself in this category, we advise you to meet with a Financial Advisor as soon as possible.

That being said, term deposits and savings accounts have their place in a saving strategy. If you have some short term savings goals were you need access to your money within a few years then one of the these options may be the perfect fit. You will guarantee a return on your money in a couple years and you’ll shelter yourself from the ups and downs of the market; however you will not see nearly as high of a return on this investment. That is why these are great tools for short term saving goals (ie: saving for a trip, buying a new car). Either way, before you save, you should have a conversation with your advisor. If the primary goal of your savings is to have your money make money then a financial conversation needs to be one of the starting points for you.

Ready to invest, but don’t know where to begin?

When most people begin their journey with investments they often start with mutual funds. Mutual funds are often referred to as a “managed portfolio”. What this means is someone manages your portfolio of investments for you. While there are fees attached to mutual funds, there are many benefits. We’ve already discussed one benefit being the often higher rate of return. Other benefits include having a financial advisor to work with you and having multiple mutual funds to choose from to fit your savings goals and risk tolerance. Options include low risk mutual fund which give investors a more secure rate of return but there will be lower volatility in the investment. There are still ebbs and flows with the low risk fund, and your returns might not be as high, but they are often protected from market volatility due to the way the portfolio manager invests your money. If you have lots of time and don’t mind a higher level of risk, you can enter into a higher risk mutual fund. These have the opportunity to gain more return on your investment, however they are more prone to market volatility as the majority of your money will be invested in markets and securities versus things like government bonds. Again, the starting point will be to book an appointment to ask more about investing and mutual funds with a financial advisor and they’ll work with you to establish your risk tolerance before you leap.

What about Wealth Simple?

You may be reading this and asking yourself, “What about something like Wealth Simple? I see lots of commercials about them advertising low fees?” Essentially, Wealth Simple is a robo advisor company. This means it is a machine learning platform. There is no “portfolio manager” behind the scenes, but rather a robot. For those not looking for any advice or planning, this type of investment platform can be an option. Credit Unions have access to a similiar tool called VirtualWealth and can be found at www.virtualwealth.ca. I highly recommend speaking with a financial advisor before jumping into investments, especially high dollar ones. Using a solution like Wealth Simple is like buying/selling a house without a realtor. A financial advisor gives you the peace of mind that your big chunk of change is not going to be mismanaged and your bases are covered.

“I’ve always wanted to buy stocks in a specific company.”

For the bold and the brave, you may have a desire to buy stocks in a specific company, or you’ve seen the Questrade commercials and are curious what it is. Questrade is an online broker that allows you to register an account and buy and sell stocks directly. If you wanted to buy a single stock in Apple or Amazon, you could use an online broker platform. Credit unions have access to Qtrade Investor. Qtrade Investor has been the leading online broker in Canada for over 20 years! Visit www.qtrade.ca to learn more.

Similar to robo advice, there is no financial advisor or portfolio manager when purchasing stocks directly so that is why I say, “for the bold and the brave”. When it comes to buying stocks directly, you will want to have a good understanding of what you are doing, how the markets work, along with the tax implications and so forth. A financial advisor can help answer some of these  questions, but for the most part, you’ll be on your own. We advise most people who are interested in buying stocks directly to balance this with something more secure such as mutual funds. It’s never a good idea to put all of your eggs in one basket. If you drop your basket, your chances of breaking all of your eggs is much higher than having a couple of different holders.

In conclusion

We started with the question, “Should I invest during a pandemic?” I hope this blog has shown you that when it comes to investing you can never start too early.

The key is to start when you can, with as much as you can, as soon as you can.

Investing isn’t the goal, it’s the vehicle in which you reach your savings goals. If I haven’t said it enough, before investing, the best thing you can do is have a conversation with a financial advisor about your savings goals.

If you’d like to talk to someone about your savings goals give us a call at 1-800-667-7477 or, if you already have a trusted financial advisor, we encourage you to reach out to them directly and start the conversation.

I wish you all the best with your savings journey and if you are looking for some more relatable financial literacy tips, check out the rest of our blogs here.

Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor. Mutual funds and other securities are offered through Credential Securities. Qtrade Investor and Credential Securities are divisions of Credential Qtrade Securities Inc. Credential Securities and Qtrade are registered marks owned by Aviso Wealth Inc. VirtualWealth is a trade name of Credential Qtrade Securities Inc. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. The information contained in this report was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds [and other securities]. The views expressed are those of the author and not necessarily those of Credential Asset Management Inc., Credential Securities or Qtrade Investor.

 

What 3 Saskatchewan Businesses Learned From Navigating COVID-19

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To say that this past year has led to financial uncertainty for many businesses and individuals would be an immense understatement. We virtually sat down with three local Saskatchewan businesses (22Fresh, Zu and Stone’s Throw) to learn how they are navigating COVID-19 and what they’ve learned through it all. After all, understanding your finances is the first step to gaining financial confidence and taking back control. 

A lot of stigma exists around talking about finances, specifically financial struggle. In fact, in a recent study we conducted, 63% of Saskatchewanians (it’s a technical term) say they aren’t comfortable talking about money with friends, family or co-workers. This past year disrupted everything we thought we knew leading to financial uncertainty for many. During times of struggle is when we need to rely on the support of others most, but this often isn’t the case with financial struggle. In the same study, we found that 29% of individuals say they find it embarrassing to ask for help with their finances which further enables the stigma.  

Before we jump in, I first want to introduce you to these three amazing businesses and their leaders: 

  1. Kip Simon, President & CEO of 22Fresh, a branded clothing and apparel manufacturer based in Saskatchewan.
  2. Albert Jame, Strategy Director of Zu, a Saskatoon based digital consultancy company focused on tech innovation and digital solutions.
  3. Kim Zacaruk, Owner of Stone’s Throw Coffee Collective, a local Regina coffee shop and café (or how Kim put it: “WHAT we do is community, kindness and making people feel welcome and part of something; coffee and food is just HOW we do that.”) 

At first glance, you might think these businesses have nothing in common, but when I sat down to talk with each of them I found there were a lot of similarities. No, not in the products they sell or services they offer, but in their experiences, emotions and fears of navigating uncertainty and how they responded. We took what we heard from each of them – the challenges, stories of resilience, learnings and success, and summarized it into four things you should know during times of financial certainty. Let’s get into it! 

Keep track of your money

Budgeting is a great tool for keeping track of your money. It empowers you to be in control by guiding your spending so you can understand where your money is coming and going. In times of financial uncertainty, this is especially important because where your money was once coming and going from may not be true anymore.  

 This was the case for 22Fresh:   

 “Right off the bat we knew we were going to be losing a few streams of revenue, so it was a matter of how we are going to survive off just one stream,” said Kip. Much of their business relied on wholesaling products to local stores, many of which were now closing, and custom team apparel, which was also no longer happening. This meant a lot of budgeting and going over different scenarios to understand what they might look like two or three months down the road.  

Kip continues, “… we had to pay attention not on a month-to-month basis, but day-to-day in order to weather this storm. But, if there is a silver lining, it was forcing us to get out of cruise control and really start doing a deep dive into our expenses, cost of goods sold and what amount of revenue we can survive off of in our current landscape.”

Minimize your expenses as much as possible

This can be easier said than done and often means the “fun stuff” gets put aside. However, COVID-19 made some of the decisions easier on us. With social gatherings restricted, this meant saved costs from no events or parties (especially the ones we didn’t even want to go to in the first place). With people working from home, some businesses were able to save on operational costs of office spaces and are now realizing maybe they don’t need office space at all anymore.  

When we think about how this translates into personal finances, the decisions become a little more difficult. Albert shared a perspective that really hit home for me, which was that we all need to learn to “accept our finances and love the things we have.”  

COVID-19 forced us to slow down, which although difficult, had positive impacts. When we are moving at full speed all the time, we don’t necessarily take the time to stop and think. This leads to impulse shopping and over-consumption. I like buying clothes (okay, I LOVE buying clothes) but our new reality has helped me realize that I often buy things just to buy them and not because I need them.  

So, I want to challenge you to stop and think: “Where could I minimize my expenses?” Take five minutes (after reading this blog, of course) and jot down 3-5 things you currently spend money on that you could likely live without. I challenge you to go one month without buying these things and see if this was a need or a habitual want. You might be surprised with your results! 

Don’t forget to focus on your mental well-being

COVID-19 disrupted our lives in many ways, both personally and professionally. Kip mentioned “I never had to think so deeply about whether or not this was the end of our company” which was likely the case for many other businesses. On top of the stress of trying to keep your business afloat, many people were working from home while also trying to homeschool or care for kids and were feeling isolated and anxious about not connecting with people in the ways we were used to. Heavy stuff. 

Kim shared “Our 24-year-old daughter had just moved to New Zealand and couldn’t get home. My parents were in the United States and I felt (and still do) a huge responsibility to staff and public safety, both physically and mentally and I wanted to lead with kindness and empathy.”  

That is a lot for one person to carry alone. A common response I heard from all three businesses was the importance of leaning on others for support: “It’s impossible to be everything, and there is no shame in reaching out and asking for help.” said Kip. It’s important to recognize what your strengths are and when you need to rely on the strengths and experience of others.  

Build good financial habits

 It’s never too early or too late to start. “As humans we seek gratification, but when building new habits, we don’t get gratification right away.” said Albert. “It’s progress and progress often looks like a bunch of little failures overtime, until one day when we get it right. But what’s important is that you start.” Ain’t that the truth.  

But building good financial habits starts with understanding. “It really is amazing if you take the time to dig in to understand your finances.” said Kip. For Kim and her team at Stone’s Throw, they have also learned a lot from their internal introspection: “We now have a better idea of revenue levels, customer eating and drinking habits, traffic patterns, and where we can save time to focus on other things.”  

Being comfortable is a scary place to be. Understanding and staying on top of your finances is what can make all the difference during a challenging time. “Keep it simple, educate yourself, and don’t be afraid to ask for help” says Albert.  

Let’s talk

Understanding your finances is so much more than just knowing your income and expenses. It’s messy. There are emotions intertwined with every decision because it impacts our relationships. Now throw in a pandemic and it just became a whole lot messier. If there is one message you take from reading this blog, let it be this – start talking. Kip, Kim and Albert all made mention about the positive impact that asking for help and talking about their financial stress had on them. We all have our differences but this past year has taught us that we’re stronger together and are united by this shared struggle of the pandemic. Share your experiences, talk about money with your kids, ask for help from your financial advisor and don’t be afraid to rely on the support of others.  When you do this, it opens the door to understanding and taking the first step to improving your financial well-being.  

Travelling on a budget and getting more than I bargained for

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Guest blog alert! This year’s Saskatchewander, Leah Mertz, has travelled all across the province during a challenging year and has picked up some travel tips along the way. From spending and budgeting tips to the best spots in Saskatchewan to check out, Leah has some great advice for what to check out in the province’s own backyard (when it is safe to do so) and how to save some coin while doing it. 

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Hi, I’m Leah!

For the past 10 years, the Government of Saskatchewan has selected a ‘Saskatchewanderer’ to explore the province—showcasing its hidden gems and best kept secrets. To my surprise and excitement, I became the 2020 Wanderer after applying last fall. But within weeks of being on the job, things quickly shifted as the pandemic took hold. However, my determination to see Saskatchewan remained. With Conexus as the program’s new title sponsor, I became more motivated than ever to find ways of keeping travel affordable during uncertain times.

Where it began…

Growing up on a farm, times were busy. My father was a poultry farmer, and as all keepers of livestock know, there’s usually very few days off in a year—if at all. That’s why every summer, I couldn’t wait for our annual road trip. Each year in August, he would leave the farm in good hands for 10 days, and my family would pile into our Ford Aerostar for our next adventure.

As a kid, vacations almost seemed like a fantasy. There’s very little concept of time as the days become full of swimming, ice cream, bike riding, games, and… more ice cream. You don’t have to worry about paying for accommodations or gas, preparing or finding meals, and driving long hours with impatient kids in the back seat. I look back on our annual family vacation and wonder how exactly my parents kept their sanity. It’s a lot to manage! My siblings and I would have the best time without a care in the world. As an adult, it’s sobering to realize how hard my parents worked to not only afford taking time away from the farm, but also keeping costs at a minimum while on vacation.

Fast forward to 2020

Since becoming the Wanderer, I’ve found myself in charge of planning and executing the largest road trip of my life. I’ll admit, it’s been very challenging and I’ve been reminded of my parents’ hard work every step of the way. However, seeing so many beautiful places (Cypress Hills, Greig Lake, Castle Butte, etc.) and meeting dozens of wonderful people has helped put me at ease.

In the past few months, I’ve learned some hard and fast lessons surrounding money. Here are a few things that have helped me cut excess costs, save in unexpected places, and keep morale high while traveling in high-stress times.

Reusable anything keeps money in your pocket

Two reusable items I’ll never leave home without are a water bottle and a microwavable container. I’ll always fill up my water bottle at a hotel and therefore eliminate the urge to buy one when I stop for gas. Since I’ve been eating out on the road a lot, more often than not a takeaway container isn’t microwavable. Nearly every accommodation will have a microwave and since I started bringing my own container, I’ve never let my leftovers go to waste. We all know how generous Saskatchewan restaurants can be with their portions so on many occasions I’ve happily turned one supper into two—the enormous Perogy Poutine from the Black Grasshopper in Estevan comes to mind!

Preparedness pays off

This may seem like a no-brainer, but unexpected expenses can add up when traveling. Make a packing list before your trip and include everything you could possibly need. Early in the year, I would forget something simple, end up buying it, and then immediately regret it when I returned home to find it sitting in my drawer. I’ve unnecessarily spent hundreds of dollars on duplicates like: sunscreen, bug spray, gloves, hair ties, tweezers, vitamins, and even flip flops for the hotel pool. Plus, if you have to pick something up at a gas station or a convenience store, products like Advil or chapstick have a higher markup compared to where you’d purchase them otherwise. Convenience can be costly.

Oh, and speaking of pools, the Residence Inn in Regina has one of the fastest waterslides I’ve ever been on. Seriously, I might have experienced some g-force on that thing.

Score with loyalty points

Many food chains, and even local establishments have their own loyalty programs that allow you to earn free food, discounted prices, and more. Thankfully our smartphones conveniently allow us to store our loyalty numbers or barcodes. I used to absolutely hate keeping track of loyalty cards, but now that I can have them in my phone or through an app, I’m all in. I won’t admit how many free coffees I’ve scored this year from a certain green mermaid, but I will tell you that she’s been very kind to me. Also, I’ve kept loyalty points with every hotel I stay at, and in a matter of months have earned my way to free nights, higher loyalty point accumulation, and guaranteed late checkouts. Doesn’t get any better!

Keep tabs on your data

On some of my early trips, I was on Google Maps non-stop and endlessly streaming music and podcasts while on the road. I quickly noticed my cell phone data was going over and incurring extra charges. Now, I’ve been diligent in trying to download music, podcasts, and even map directions to my phone while I have Wi-Fi. It took one egregious cell phone bill at the beginning of my Wanderer term for me to be more mindful of data usage while out and about.

Seeing the best of Saskatchewan

With those money saving tips in mind, here is my unofficial list of the best places I’ve been in 2020!

Best food: Just Chicken in Kindersley. Think chicken tenders but like schnitzel. They have some of the best side dishes I’ve ever had—candied bacon, homemade slaw, fry bread, and more.

Best accommodation: The Resort at Cypress Hills. When a fresh blanket of snow falls, it’s a magical winter wonderland with tons of things to do. You can go cross country skiing, snowshoeing, or cozy up by the fireplace in the lodge.

Best trail: Sunset Interpretive Trail in Douglas Provincial Park. This is a beginner level trail that all can enjoy. Halfway into the loop you’ll have one of the best views for a classic Saskatchewan sunset. It’s simply stunning looking out over Lake Diefenbaker as the waves crash against the shoreline below.

Best campground: Anderson Point in Great Blue Heron Provincial Park. With plenty of walking trails and a secluded beach, this area truly feels off the grid while still being close to the amenities of Christopher Lake. Many locals have expressed that this is their favourite place to spend winter too. I hope to return before the year is over!

Best coffee shop: Route 26 in St. Walburg. This place has probably one of the most immersive ambiences I’ve ever experienced. It’s in an old character house adorned with hundreds of nostalgic artifacts. Outside there are plenty of picturesque places to sit as you hear classic country tunes playing in the background.

Best sightseeing spot: Saskatchewan Landing Provincial Park. The rolling hills of the southwest truly look incredible anytime of year. Once you drive down into the valley, you’ll have a 360-degree view of some of the finest natural wonders in Saskatchewan.

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What I Learned From My 90 Day Spending Freeze

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We’ve all heard of “cleanses” or “detoxes”. Although traditionally meant for weight loss or breaks from social media, spending freezes are gaining popularity as a means to cut spending and flush out bad money habits. Here’s a personal story where one of our writers was forced to check herself before debting herself and what she learned from a 90-day spending freeze.

Setting the Scene

Earlier this year, before COVID-19 entered the Canadian news cycle and Taylor Swift released her Folklore album, I put myself on a 90-day spending freeze.

Let’s go back to December. I received an email from the corporate payroll team, “SUBJECT: Important – Response Required – Pension Enrollment Form.”

I guess I forgot I would start contributing to the employee pension program after my first year of employment. I was already saving for retirement and contributing 5% of my net income to my RRSP every pay period.

Hot Tip: If you’re entering the job market or changing careers, consider if an employee pension program is offered in the compensation package. If you’re comfortable with accepting a compensation package that doesn’t include an employee pension program, you can create your own “DIY pension program”. Have a conversation with a financial advisor, or someone you trust, to choose a retirement savings plan that works for you and build scheduled contributions into your budget that come directly from your paycheck.

Time to Freeze

I’m a single income earner, so saving more for retirement through the employee pension program meant my household income would be shrinking.

I knew that I could adjust my budget in real time to manage my cost of living with a lower net income, but without knowing how to adjust my budget to spend less, I could easily fall into a cycle of spending more than I was earning. You can’t lie to yourself and have healthy money habits.  I chose to enter a 90-day spending freeze, starting on January 1.

“Like, you didn’t spend any money at all?”

I set very specific criteria for this spending freeze. It was an ambitious goal, like Taylor Swift’s cross-over from country music to pop music. It had to be calculated and fearless.

The purpose of the spending freeze wasn’t to deprive myself or to remove joy from my life but to understand how to protect two healthy money habits I practice: 1) not spending more than I was earning, and 2) contributing to emergency savings, long-term savings, and saving for retirement. My mission was to  reveal how I needed to adjust my budget to spend less, with a lower income.

The most common reasons people aren’t successful in budgeting is because they haven’t built a realistic budget or they aren’t committed long enough for it to become a money habit. I made a deal with myself that I was in this for the long haul and would track every receipt and be disciplined for the full 90 days. I was already a budgeter before I started the spending freeze, but if you’re not a budgeter, that’s an important foundation to start with. I track every receipt and enter it into my budget, and during the spending freeze it showed me how much money I wasn’t spending. You need to see how you’re spending your money to know how much you’re saving or not spending during a spending freeze.

I began by considering all the things that I valued most from my lifestyle that was discretionary spending and excluded those categories from my spending freeze. For instance, I didn’t even consider freezing my fitness membership. I like the accountability my barre studio puts on me to hold a plank for a minute longer and that doesn’t translate to home workouts for me.

I froze spending money on restaurants and food deliveries, unless it centered around an experience with friends. The relationships in my life are important to me, so I was intentional about which invitations to accept and which invitations to decline knowing that it’s hard to go out with someone and not spend money. For example, when my friend was going through a difficult time in her life, I arrived at her house with pizza and wine. But when I was starving on my way home from my barre class, I didn’t give into ordering food and would make something at home.

What I removed from my budget during my spending freeze:

  • Clothing (I’m a big shopper so this was an accomplishment for me!)
  • Housewares
  • Alcohol
  • Tickets to entertainment
  • Travel
  • Spa & Salon experiences
  • Personal care items that I didn’t already use.

What I kept in my budget during my spending freeze:

  • Fitness membership
  • Personal care items (ie: lipstick) but ONLY if I was replenishing a product I already use
  • Gifts for others
  • Streaming subscriptions (ie: Netflix, Amazon Prime)
  • Cable subscription
  • The routinely scheduled hair cut & color I get quarterly, but no other spa and salon experiences
  • Massages, supplemented by my benefits coverage

What I Learned…

I began the spending freeze on January 1 and retail stores and restaurants closed in mid March when the State of Emergency was declared in Saskatchewan so I made it 77 days on my own without stepping foot in HomeSense. Even without the option of entering a store, I wasn’t in the clear because the convenience of online shopping can still tempt you – especially when you are cooped up in your home with nothing else to do. There were some close calls but I made it the full 90 days without spending money outside of the criteria I listed above. Outside of cutting my spending by 10%, I was able to nail down realistic goals for my budget categories knowing what I could and could not live without. Thanks to this 90 day cleanse, I have eliminated any sort of excuses to pad my budgets for categories like eating out or shopping because I know I’ve done it before. It’s amazing how much money you can save with a little confidence in yourself and the discipline to make it happen.

If you need help starting your own budget or want to see for yourself how much cutting your spending will impact your income, check out Conexus’ budget calculator tool!

What else did I learn from a 90-day spending freeze?

  1. You do not need to deprive yourself to practice healthy money habits.
  2. Avoiding the stores where you commonly spend money is way easier than visiting those stores and trying to limit yourself to one purchase.
  3. Choosing not to browse online or in-store completely removed the temptation to spend money. A lot of the time you are shopping for a distraction so if you are watching a TV show and your mind gets antsy, pick up a book or grab a paper and pen to doodle to keep it occupied.
  4. Talk about money! I was open about challenging myself to a 90-day spending freeze and so many others responded by sharing their money goals. We celebrated, leaned on each other as accountability partners and learned from each other along the way.
  5. Spending less than I earn felt so much more satisfying than abandoning my budget to buy whatever Jillian Harris is promoting on Instagram.

What else do you want to know about my spending freeze that I didn’t answer in the blog? Ask your questions in the comment section below! Let’s break the myth that it’s impolite to talk about money! Let’s learn from each other and celebrate each other’s healthy money habits.

How COVID-19 Affected My Wedding Day

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Uncertainty, frustration, sadness – not the things I was expecting to feel in the months leading up to my wedding and not something that was stopping me from becoming Bridezilla. Unfortunately, COVID-19 took the decision out of my hands and I was forced to let go of the wedding vision I had dreamed of since I was a little girl. Read on to find out how I managed my stress levels, changed plans (sometimes on the fly), managed the fluctuating budget and ended up having an amazing wedding day during COVID-19. 

You know what they say about the best laid plans…

I got engaged at the end August 2019 and to say I was excited to plan the wedding is an understatement. Not only do I love to plan things, but like most women, I’d been thinking about my wedding day for years and had more than one Pinterest board all queued up and ready to go. My new fiancé asked me to marry him and then promptly left for three weeks to work up in northern Saskatchewan – great timing, I know. Fortunately, this gave me the perfect opportunity to plan the whole wedding. I created our wedding website, booked the majority of our vendors, chose a date (I did consult with him on this part), booked a venue, lined up my bridesmaids, started dress shopping and let the people know who were traveling when they needed to be here. We were going to be married in Regina at the Wascana Country Club on June 13, 2020. In the next few months, I ordered my dress, chose the bridesmaid dresses and got all of the invitations sent out. Things were cruising along really well. I was buying everything in advance so that we were ready and so we could sit back and not have much stress in the months leading up to our wedding day. Queue the global crisis…

Who needs pre-marital counseling when you have a pandemic

When we first heard about the coronavirus, I initially thought it wouldn’t affect us or our special day. Then the borders closed, the cases started to rise, and we were both home – 100% of the time. During those few months, we were able to work through and talk about a lot of things. To say the stress levels were high would be an understatement, but we really focused on making decisions together and keeping open lines of communication. Except for the part where I unanimously made the decision to push our wedding reception a year, including all of our vendors, and then told him after the fact.

“Sorry honey”.

Vendors, deposits and budgets, oh my!

I was very fortunate that we didn’t lose any money when we chose to change our wedding plans and we were able to simply shift everything by one year. This meant that all of that planning I had done wasn’t going to go to waste. I did hear about a lot of people that made the decision to cancel their wedding and lost money and I feel for them. It’s always a great idea to create a wedding budget and stick to it because weddings are expensive and it’s easy to go into serious debt in the planning and spending, especially when you go to wedding expos and see what others are doing. But one thing you can’t budget or plan for is when you end up losing your deposits and that can make a stressful time much worse. I’m not going to go into the debate of signed contracts, non-refundable deposits and whether or not a pandemic that is out of your control is grounds for a deposit return, however, I will say that every single one of my vendors was very easy to work with and they, and their businesses, were feeling the financial burdens and uncertainty we all were.

If you are currently in the position of deciding whether to postpone and are afraid to have the conversation with your vendors – I highly recommend just ripping off the band-aid. Although we are all feeling the financial burden of the global pandemic, these businesses survive on positive word-of-mouth and referrals and many will deliver on good customer service in order to win your endorsement. They will understand and the sooner you let them know – the more flexible they can be.

So what did we do?

Well, I am now a Mrs., and our wedding picture is at the top of this blog, so we did get married June 13. We chose to get married at my parents’ lake house with those of our bridal party that could attend and my parents’ best friends (limited numbers made it easy to cut down the guest list). The biggest thing we learned is that missing out on many of the material things did not make the day any less memorable or perfect. Although we had to shift our initial vision of what the day was going to look like. at the end of the day I was able to get married to a wonderful man surrounded by love and even those far away were able to be part of it via live steam – and that, I wouldn’t change for anything. We are going to have a reception next June (fingers crossed) and we will be able to celebrate with everyone at that time.

Tips for getting married during COVID-19 (or any pandemic)

  1. Breathe – you can do this. It may feel like it, but it’s not the end of the world (hopefully). Plans will change and you will have to be agile and flexible, but I believe in you.
  2. Lean on others – there are lots of others going through the same things and you can get lots of tips from them. Talk to your family and your future spouse, they want to be there for you and help you through this.
  3. Take time to pause and process what you’ve lost – at the end of the day, it’s sad when your sister and best friend literally cannot come to your wedding because it means traveling or your grandma can’t attend because it’s too dangerous. It’s important to take a minute to just say “this sucks”, maybe yell or throw things or go find a batting cage or hit some golf balls. Whatever it is, let yourself feel the loss.
  4. Don’t dwell on what can’t be – you will drive yourself crazy focusing on all the things you can’t have and your wedding will be overshadowed by sadness rather than being a celebration of love and happiness.
  5. Decide what you need and what you can do without – whether you are going ahead with a paired down version of your wedding or moving it to next year, decide what things you can’t do without and what you can. The same goes for guests.
  6. Look for ways to include those who can’t be there – for us, it was live streaming the wedding, calling people after the ceremony and FaceTiming my sister from Australia for the entire dinner and speeches. Best part, all of that was free.
  7. Stick to your budget – there is a good chance you may lose some deposits if you decide not to postpone or reschedule and that will have a huge impact on your budget. If you decide, like us, to have a wedding now and a reception in the future, you need to decide if your wedding budget will remain the same or if you are going to create a different one for each event and that may mean more money is going to be spent. Either way, make your budget and stick to it.
  8. Talk to your vendors – regardless if you are postponing or going ahead, keep in contact with your vendors. They are probably wondering, just like you, what’s going on. Be patient with them as well – they didn’t plan for COVID-19 either and are going to be a lot more willing to work with you to find a solution if you don’t go bridezilla on them.
  9. Make it a memorable day – no matter what, it’s still your wedding day and you need to make it about you and your future spouse. Find ways to keep the day about you and not the pandemic and what you’ve lost.
  10. Don’t let people call you a COVID bride – COVID-19 may have forced you to change your plans, but it’s not what should define your wedding. Unless that is your theme, then you do you.

COVID-19 Blew Up My Budget & How I Pivoted

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Adjusting a professional budget or a personal budget due to financial strain is never fun but can save you a lot of worry by putting a plan is in place. This #MONEYTALK blog highlights a personal story where COVID-19 impacted a family’s income and what was learned while she pivoted during a vulnerable time. 

Ouch.

When COVID-19 arrived, it happened fast. Our worlds were turned upside down as the world entered a sudden lockdown which resulted in canceled travel, activities, and events and forced many restaurants, schools and business to shut down.

For the lucky ones, there was an opportunity to work from home and for many others, there were layoffs, reduced hours, and reduced pay. Health concerns surrounding COVID-19 are already stressful enough but concerns about money during an uncertain time amplifies this stress and anxiety to an overwhelming state.

My family was a mix of the two categories. My income was not impacted and I was able to work from home, but with my husband working in the trades – things got a bit uncertain. We were used to his variable income, his hours fluctuating each week and his net pay always being different. Creating a monthly budget was often a bit of a strategy game as we tried to estimate what his monthly net pay would be. Sometimes we’d over budget over and many times we didn’t budget enough but typically it all seemed to work out.

COVID-19 changed a lot for my family. There was no more work travel, he experienced reduced work hours, and my husband saw his pay decrease. Comparing March, April, and June to the few months before, we calculated a 30% decrease in our family income. Though we were lucky to both still be working and were used to having a variable monthly income, a 30% dip was unexpected. In order to support our family that includes two teenage girls, some budget shifting was clearly needed.

Budgets do help, especially in times of uncertainty

We’ve been using a monthly family budget for the last three years that outlines all of the money we anticipate to bring in and how we plan on spending that money. This also includes how much we plan on taking from each paycheck and putting away into a savings account. Throughout the month, we track our spending and compare it to the budget to see where we sit and if we need to watch our spending in certain categories. Spoiler alert: we are almost always over our Restaurants & Take-Out category!

When COVID-19 happened, we went back to our budget and re-adjusted the number to our new reality – decreasing our anticipated income and relooking at our expenses to see where we could reduce. Though there was a bit of stress at the beginning due to the unexpected income decrease, this was quickly gone once I was able to plug in the numbers and see that with a few changes to our budget – it would be okay.

Advice: A lot of our worries around money surround the anxieties of not feeling in control. Creating a budget helps you feel at ease and allows you to buy-in to your gameplan. It may seem like work to track all of your purchases and hold yourself accountable to stay within these budget categories but the peace of mind it brings you is very worth it! If you need help getting started, try our free budget calculator.

Mini Eggs add to the budget and waistline

Did anyone else feel they were no longer doing three meals a day but instead ten? With school being closed and us working from home, the sound of the fridge or pantry opening became more and more frequent. Snacking increased and our meals seemed to be more extravagant for every day of the week. Although delicious, this caused grocery lists, bills, and waistlines to inflate. Food kept us company during quarantine and a family sized bag of mini eggs was a very popular roommate in our household.

After a few (larger than I’d like to admit) grocery bills that brought us close to our monthly budgeted amount, we realized our current amount was not going to work. We increased our budget a bit to accommodate for the increase in fridge and pantry visits and then created a plan. This plan included setting out the menu for the week and making a grocery list of the ingredients needed. We also made sure to look at what we had in our freezer and pantry to use items that we may have forgotten we had or preparing simpler meals like soup and sandwiches. These minor habit changes allowed us to focus our spending and stick within the budget we had set.

Advice: “Leftovers” feels like a derogatory word. But if you cook with extra portions in mind, your monthly budget flourishes. We’d schedule “leftover night” into our weekly menu in order to save some room in our budget while also not having to worry about time preparing the meal.

Do I need this?

With stores closing down, I was no longer able to shop just for the sake of shopping. No more “just because” Winners trips that resulted in a $200 receipt from purchases I didn’t need.

COVID-19 helped me realize the unnecessary shopping I was doing and that I was adding budget line items to accommodate for these impulsive purchases. When looking at how to readjust our budget due to decrease in income, I looked at each budget item and asked myself: is this a NEED or a WANT? This helped me understand some of my impulsive spending habits and decrease areas within my budget that weren’t absolutely necessary.

Advice: Quick purchases may seem small but they add up quick. I challenge you to resist the urge of small, minor purchases (ie: picking up a coffee on the way to work) for a month and keep track of what they would have cost you. The results are eye-opening!

No money required

Before the pandemic, our family was always on the go and if we didn’t have a sport happening, we kept ourselves busy by going shopping or  an activity of some sort that usually had a cost associated with it. With everything being canceled or closed, we had to find new ways to stay busy.

Endless browsing of stores turned into walks around the neighbourhood and all the projects we had pushed to the side started getting done.  COVID-19 taught our family that there are many activities you can do that don’t cost you money. This was another expense we were able to reduce within our budget. We quickly learned that we don’t need to spend money in order to enjoy each other’s company and even when things return to “normal”, I can see us being a lot more frugal with how much we spend on activities.

Advice: Pinterest is a great source of inspiration in order to find free or low-cost activities for your family. Did you know you can combine cornstarch, water and food colouring to make your own sidewalk chalk paint? This is an example of how you can utilize items you will likely have around the house for a fun activity with no extra spending needed.

Be prepared for the unexpected

In the past, our family has experienced layoffs, illnesses, and injuries that prevented us from working and receiving a paycheck. We were never prepared for these unexpected events, which led to a lot of financial stress in figuring out how to pay bills or put food on the table.

We started putting money from each paycheck away into an Emergency Savings Account to be prepared for these unexpected moments. When our income dropped by 30%, there was a sense of relief as we had these emergency savings to lean back on if needed. Even though the adjustments in our spending prevented us from needing to dip into the account, it was nice to know it was there if needed.

Advice: You never know when there may be a pandemic, job loss, injury, or even an event that you weren’t planning on such as your water heater stopping or a car accident. An emergency savings account helps you be prepared for these moments and reduces any stress you may have from trying to find money within your budget to cover these unexpected expenses. Check out the #MONEYTALK blog, The Importance of Having an Emergency Fund, to learn more.

While COVID-19 caused some inconveniences and made our family shift, it also allowed us to re-examine our spending habits. The lessons we learned and the changes we made are ones we will continue doing, even as things, hopefully soon, return to normal.

What I Learned From Buying a House During COVID-19

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Sorry, Dorothy – repeating “there’s no place like home” will not wake you up from the nightmare that 2020 has trapped us in BUT there may be no time like the present to look into buying a new home during a global pandemic. After years of saving (and with a lot of help from our 2020 trip budget), my husband and I were able to buy our first house together. If you are wondering what it is like to house hunt during a worldwide virus outbreak – it was a different experience but one that I am happy I did and learned a lot from. This is what I learned from buying a house during COVID-19.

The Search

When you start getting serious about looking for a house, you start thinking about your criteria. How many bedrooms do you want? What end of the city do you want to live? To reno or not to reno? For us, our dream home originally came complete with an open concept, finished basement and a garage, but quarantine caused us to move some other things up in priority. For example, a home office became suddenly mandatory after I spent months hunched over on a wooden seat at the island in my kitchen. My point is, a few things changed, but it is important to assess what are your must-haves and what has some wiggle room to change.

We had to be very selective when physically viewing houses for a couple reasons. For starters, open house viewings were now a thing of the past so we had to book an appointment to be able to visit. Second, there were procedures put in place to make the experience of buying a home during COVID-19 safe for both us house hunters and the home owners. For example:

  • Prior to entering, we had to participate in a questionnaire to consent that we did not have any symptoms and have not traveled within the past 14 days
  • Out of respect and safety for the home owners, we were told to touch minimal things and whatever we did touch was disinfected afterwards
  • We made sure to keep our 6 feet distance from our realtor, which is hard to do when viewing a house

If anything, these procedures made us feel that both sides were being respected, provided a safe environment and really didn’t add that much more time. It did however, encourage us to really make the most of our time at each location and be very intentional and thorough to decide if this home was an option for us. Overall, it was different – but we found our home!

The Payment

COVID-19 or no COVID-19, figuring out your financing is a big component when you’re making one of the most expensive purchases of your life. You need to know how much you can comfortably afford with your mortgage and bills all factored in, furnishing your new home, plus, you’ve got to eat! For us, as big travelers in a travel ban world, we were able to reallocate our savings for trips for this year into furnishing our home. My advice would be to review what has changed in your finances or savings during COVID-19 and how that will adjust going forward – there is no shame in changing up your plans!

One very important bonus right now for those looking to buy a new home is that the interest rates are low. That’s great news for buyers as the cost of borrowing is much lower so you’ll pay a lot less in the long run. Now more than ever, it is incredibly important to shop around before locking in your lender and the terms of your mortgage. This rate finder tool from Rate Hub gives you a one-stop shop to compare mortgage rates from the Big Banks. But don’t just choose one from there, make sure to shop around via other options like your local credit union or the financial institution you work with for your day-to-day banking. Your financial advisor will be able to work with you to find a mortgage that fits your overall financial well-being and some may even offer lower rates altogether.

Here’s a hot tip for buying a house during COVID-19 that I learned from my realtor: when chatting with your financial institution, be sure to ask what they offer for an interest rate guarantee. An interest rate guarantee or mortgage rate hold, is locking in a specific rate for a certain number of days, so you will be guaranteed that rate even if they go up during your house hunting journey. This is important right now because as the market recovers from COVID-19, the interest rate will continue to rise back up so placing a hold on these low rates will buy you some time to make sure you are being thorough in your house search.

Even if the mortgage rate goes down, some financial institutions will honor the decreased rate. I will admit, I had a mini celebration each time I saw the rate drop before we officially signed our documents. For more helpful tidbits on mortgages during COVID-19, visit this blog we published earlier this month on how COVID-19 affects the renewal of your mortgage.

The Closure

Closing costs and the process it takes can be the most frustrating part of purchasing a home. Although, I wish it was under different circumstances, some of these processes have become quite efficient during COVID-19. Typically, once you are ready to sign on the dotted line – you end up having to do that many times and over many appointments across the city. Because of COVID-19, we were able to sign almost everything digitally including realtor agreements, mortgage documents, insurance and even signing the offer. There were some signatures needed in person with our lawyer but with the new procedures in place – it was quick, easy and safe!

Buying a house during COVID-19 maybe wasn’t the norm, but I was happy with the process and found it much more streamlined. It has been super exciting and has been a source of light in an otherwise dark time. Now we can reminisce on the Facetime bloopers with our realtor and cheers to building back up that trip fund over a distanced drink on our patio!

Recovering Canceled Travel Costs During COVID-19

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This year travel came with all the stress and none of the excitement. For many, it meant cancelled trips, leaving most feeling disappointed, concerned and wondering about refunds. After months of planning your dream vacation or weekend getaway, you are now having to spend months scrambling to recoup costs. Here’s some of the best ways – and how to make the most of staying home!

Cancelling a trip due to COVID-19

Let’s be honest, 2020 hasn’t gone as planned for anyone. Especially those who finally saved enough in their piggy banks to take their dream trip. Unless you were lucky enough to travel in January or February,  you’ve spent 2020 cancelling travel plans and refreshing refund policy web pages for updates on how you will recoup your costs. I was a part of the group who were hopeful for a travel resurgence in the Fall and Winter seasons who are now realizing our trips are suffering the same fate as those who booked in the first half of the year.

Travel is exciting and fun but it can also be stressful and a lot of work to plan but typically it is always worth the work. *sighs* But when you throw in a global pandemic, now the time you took to plan the perfect getaway is being rewarded with more work to undo it with the hopes of losing the least amount of money as possible. Navigating refunds from travel plans you’ve spent months assembling can be overwhelming and tough. Here’s what I’ve learned is the best way to recoup these costs:

Flights & Accommodations

For the travel and hospitality industry, COVID-19 has posed as a huge threat. Many flight and travel companies are having to rethink and change their policies to accommodate the safety of their guests and staff, but also the influx in cancellations. Travel service providers, hotels and rental companies worked quickly to address the impacts of COVID-19, posting information and making updates as new information was communicated. Luckily, most made the right decision to shift to more relaxed and flexible refund policies.

With so much information being shared it can be overwhelming. A resource that I found particularly helpful was this article that outlines the  current policies for major airlines, hotels and rental companies.

Another great place to start is to review your travel insurance, if you had any, the terms and conditions of your booking and refund policies. This will help you understand if you need to talk to someone or if you can easily cancel online. If you are having issues finding this information in your booking documents, visit the company’s website. Most companies have created a “COVID-19 Updates” page on their website, making it easy to find the information you need. Finally, if all else fails, pick up the phone and call them. They’ll be able to bring up your information and communicate their refund policies. Plus, many times these agents will be trained to offer exceptions, personalized solutions and even future discounts in order to rectify a situation so sometimes it pays to talk to someone directly.

Tickets

I’m guessing that if you booked an expensive getaway, you likely had some things planned in your destination. Whether it is sports games, concert tickets, art shows and all things in between – most of these attractions would have been purchased in advance. If it’s a concert, you might get lucky as many artists are just postponing shows to the following year instead of cancelling. However, if it’s a sports event or show it might look a little different.  Here are some of the most common ticket sale channels and how to recoup costs:

  1. StubHub
  2. Ticketmaster
  3. Vivid Seats

If you booked tickets outside of these services or you didn’t find any luck through these resources – give them a call. Like I mentioned before, many service providers understand the threat of substitutes in their industry and any unsatisfied customer is a risk to the main thing that keeps them afloat: their reputation. Pick up the phone and explain your situation to them – chances are they will work with you to ensure you leave the conversation satisfied.

Staycation anyone?

Although it hasn’t felt like anything good can come from 2020, life is what you make it! I’m sure you just rolled your eyes a little bit, but I mean it. I once heard that if you want to make progress, you need to create an uncomfortable environment. I don’t know about you, but 2020 has made me pretty uncomfortable. So let’s lean into it and make the best of what life has thrown our way. You know what they say, when life gives you a global pandemic and takes away your dream vacation, make lemonade by turning it into a Saskatchewan Staycation!

Staycation

This new normal has provided perspective and has shown us – it’s okay to slow down.

So, use your vacation days and take some much needed R&R to yourself. Sleep in, read a good book, binge watch that Netflix show, order in from your favourite local spot and truly disconnect from the chaos of the world. If this is exactly what you did during quarantine and your house is feeling like a prison – this is a great opportunity to explore Saskatchewan.

Travel within Saskatchewan 

Saskatchewan is often overlooked because we’re small and don’t have the mountains. As someone who is born and raised in Regina, I even find myself overlooking my own province – thinking ‘I’ve seen it all’ or going back to the same spots because they are familiar.

When we travel, something takes over and we are more open to trying new things and exploring, so I challenge you to take that challenge and go explore the province! I dare you to reacquaint yourself with those little forgotten gems or find somewhere new. Last summer we posted a MONEYTALK blog that helps you travel Saskatchewan on a budget. Just because travel is restricted doesn’t mean you are fenced in to your own backyard.

When you travel within Saskatchewan, you aren’t just exploring something new, you are also helping to fuel our economy. COVID-19 has had major impacts on our economy, by staying and travelling in our own province, you are helping to improve this.

Here are some other great resources on recouping costs and travel information:

What to know about credit card chargebacks

Government of Canada: Travel and Tourism