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https://www.diy-personalfinance.com/personal-finance-advice.html

I chose this image because if gives a good visual representation on the steps you must make when financial planning in order to create more cashflow. This image suggests that a good idea is to prepare a dream map (goals) and order your goals accordingly to prices/dates. You then organize and prioritize, this is self explanatory. Then determine your monthly savings for investments. From here you can begin to prepare and execute your new plan. I like this image because I find that charts/graphs and other visuals make it an easier way to simply the process.

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http://www.wealthcorp.net.au/determine-your-retirement-goals/

I chose this image to shed some light on what finical freedom is. In most cases people speak an increase in finances for many reasons. To be struggling finically is a huge burden and all people often seek to feel more 'free' financially, it carries like a weight on our shoulders. This image gives a brain storming example of the many categories that factor into financial freedom and the goals that different people set for themselves. These all overall increase cashflow particularly (Saving money, planning, money management, eliminating dept and reducing expenses)

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Finance is the management of money. This factors in activities like investing, borrowing, lending, budgeting, saving and forecasting. The three main types of finance are personal, corporate and public/government. On this page we will be looking over ways to increase finances and make money specifically focusing on personal finance.

Personal finance refers to how you manage your money. This includes things such as income, expenses and savings. Putting in the effort to mange your personal finances you want to have a basic understanding of where exactly your money is going and the changes needed to meet financial goals, and in this case increase finances.

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Website/Article #1 What Is Personal Finance?

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Website/Article #1 What Is Personal Finance?

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This article goes over the basics to vastly benefit your personal savings. It goes over the main factors in increasing your cash flow and the necessary steps that must be taken.

-Setting your goals: Choosing aspects in your life that are most important to you and prioritizing them. Prioritize the basic such as food, clothing, shelter but also prioritize something that excites you or is also important to you (tuition for college or a family vacation)

-Creating a Personal Financial Plan: Planning is advance makes it easily to attain your goals because you have an idea of how much of your income you are going to spend and save.

-Start Planning Now: Now planning specifically towards your goals, create a plan that helps you keep track and spend/save accordingly.

-Personal Finance Tracking: Now you must follow and monitor your income and spending to make sure you are staying on track and following the finical principals you’ve decided are most important to you. This article suggests considering financial software like ‘Quicken’ to manage different account and let you know how your doing.

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Personal finance refers to how you manage your money, including your income, expenses and savings. When you put an effort into managing your personal finances, you have a better grasp on where your money is going and what changes you can make to meet your future financial goals.
Setting Your Goals
Personal finance is, well, personal. Though certain aspects of personal finance are generally applicable to everyone's financial life, you choose which aspects are most important to you. Kiplinger recommends choosing financial goals that you're excited about. For example, just about everyone needs to include the costs of food, clothing and shelter in their budgeting process. However, where you live, whether you want to eat out regularly or save money by eating in, and what types of clothes you buy are up to you. In addition, you might prioritize taking a family vacation every year, while someone else might view saving for tuition at a private college as a more important priority.
Creating a Personal Financial Plan
You're much less likely to attain your financial goals if you don't make a plan in advance. Plan how you're going to spend or save your income. If you've been tracking your spending for a few months, you can estimate how much you spend per month, on average. If not, use your best guess and adjust as needed in the future. When the money is earmarked for a specific purpose, you're less likely to fall off track by making unnecessary purchases.
Start Planning Now
When it comes to personal finance, the sooner you start planning, the better. Depending on your goals, it can be difficult to see why you need to rush. For example, if retirement is 30 or more years down the road, what's the hurry to save for it now? First, the longer you have to save, the smaller amounts you need to set aside. So, if you want to save $300,000 over 30 years, that's $10,000 per year. Cut your savings time to 10 years, and you have to save three times as much per year. But, there's more: Because of the power of interest compounding, money you save today begins growing over time so that you save even less.
Personal Finance Tracking
Setting personal finance goals is a great start, but to achieve your dreams, you have to follow through. This means monitoring your income and spending to make sure you're staying on track and following the financial principals you've decided are most important to you. When it comes to tracking, consider financial software like Quicken to manage your accounts and let you know how you're doing.

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Personal finance refers to how you manage your money, including your income, expenses and savings. When you put an effort into managing your personal finances, you have a better grasp on where your money is going and what changes you can make to meet your future financial goals.

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https://www.cartoonstock.com/directory/f/financial.asp

I chose this comic strip for my third image because I think it interrupts in a funny way how different people prioritize there income and it makes you think about the possible outcomes of actions taken place. In order to increase funds you obviously must take strategic steps into planning towards investing and saving. There are people who who invest into mutual funds and equities that comprise of multiple stocks to create diversified finical products which should generate profit over time. And then there are people who do not manage there spending and essential you could say 'throw away' money such as buying things like lottery, gambling, alcohol and other things.

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I chose this video because it gives you a good description and lots of helpful information about savings and investing. A good way to increase cash-flow is to obviously save up your money and you can also look into investments. Before you invest though you should always try to read up and have a good understanding of what exactly it is.
When talking about savings this video tells you why you should save, how to set goals, the four steps to savings and how to increase your savings, It states that in order to properly save money you should be trying to save at least 10% of your yearly income.
When talking about investments it states that you first need to know how much you are willing to risk. Investing is not a 100% money making guarantee so you should also be very carful when picking what you would like to invest in.
The four types of investments are ones that pay interest (such as savings accounts, savings bonds and guaranteed investment certificates), Shares in a company (such as stocks and mutual funds), Property and direct investment in a business.
This video also tells you three most important things to know before investing and that is knowing yourself, know your investment and lastly know your financial advisor (if you have one).

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Transcript

Narrator: Saving and Investing.

Save regularly and start saving early. Set specific savings goals, make your money grow, and reach your financial goals through saving and investing.

Saving puts you in control. It allows you to have choices in life. And investing gives opportunities to make your money grow.

Let's begin by asking: Why save? Then we can talk about setting savings goals, learning the four steps to saving, and finally, how to increase your savings.

We will also discuss three things every investor should know.

Twitter conversation (on screen):

Theo: @Max my man! How awesome was the boyz weekend #goodtimes

Max: Was amazing @Theo! So glad I saved up to go. Worth every penny!
Why SAVE?
Narrator: The reasons to save are many.

You can save for a sense of greater security and control, to be prepared for unexpected events, to reduce stress, or to provide for a major expense. Whatever your reason, use it as a source of motivation.

Twitter conversation (on screen):

Theo: Ya @Max, now you just gotta keep up the saving habit!!!!

Max: I'm ahead of you buddy, @Theo Two words #stock #market

Theo: Okay big roller @Max! Careful you don't lose your shirt...
Setting savings GOALS*
Narrator: Research shows that, on average, Canadians save less than 5% of their income. Ideally, you should try to save at least 10% of your income. To motivate yourself, set savings goals such as a specific amount you want to save and the period of time it will take to get there.

An example of a vague and not very helpful goal is, "Get rid of my debt and save money." Without being specific, we don't know how much to save or how long it will take.

Let's try something more specific: Reduce debt by $1,000 and establish an emergency fund of $2,000 over the next eight months. Be even more detailed with your goals by identifying the steps to take to reach them.

For instance, you can add: By saving $200 every paycheque for eight months. Keep yourself motivated and focused on your savings goals. Write down your goal. It helps you to remember what you are saving for, and it makes it more real. Track your progress regularly. If you are saving for something specific, like a trip, keep a picture of your destination on your fridge or in your wallet.

Twitter conversation (on screen):

Max: @Theo Naw man, ever heard of #wallstreet? Those dudes are killin it!!

Theo: @Max ya man, those guys are pros! you gotta know what you're doing! You can win big or LOSE BIG.
Four steps to SAVING*
Narrator: Savings don't just happen. You have to make an effort and a plan to save. Here are four steps to effective saving.

Step 1: Build an emergency fund. You should save the equivalent of at least three to six months of take-home pay so you can deal with anything unexpected. Keep the money in a savings account or an investment that can be easily cashed and will not be touched unless in an emergency.

Step 2: Pay yourself first. Consider your saving as any other bill you have to pay regularly every month. Put aside a set amount, say 10% of your take-home pay, every paycheque.

Step 3: Set up an automatic transfer of money to a savings account. This can help to make saving easier.

Step 4: Make your money grow. Be sure to put your money in the savings vehicles that will offer the best possible interest rates at a risk level you are comfortable with. Give yourself time to take advantage of compound interest. Compound interest is interest that's paid on the initial deposit and also on any interest that's been earned in previous periods, so you earn interest on interest, which helps your money to grow faster.

If these steps seem challenging, just remember: you need to make saving a habit to see long-term results. Think about how you can start using the four steps today.

Twitter conversation (on screen):

Max: @Theo, Losing my money is not part of the plan.

Theo: One word @Max - #Diversify.

Max: @Theo Love the internet... "Diversification involves having a mix of investments. It's one way to reduce risk."

Theo: @Max exactly. Don't put all your eggs in one basket. Knowing you and your luck, this might be the only way you won't lose everything. LOL.
Grow your SAVINGS*
Narrator: Now we will look at different ways to invest.Every investment comes with a risk. You may not make any money, or you may even lose money. Generally, more risky investments have a higher potential return, and less risky investments have a lower return. Before choosing an investment, you need to decide how much risk you can handle.

Basically, if you are willing to risk losing your money for the potential of a higher payback, you have a high tolerance for risk.

You must also set your investment objectives and determine when you will need access to the money. You can do this on your own, or speak with an experienced financial advisor. There are four major types of investments.

Type 1: Investments that pay interest, such as savings accounts, Canada savings bonds and guaranteed investment certificates.

Type 2: Shares in a company, such as stocks and mutual funds that invest in stocks.

Type 3: Property. That includes real estate, precious metals, and art.

Type 4: Direct investment in a business.

Let's discuss a few investment options from some of these categories.

Savings accounts with interest.

You can set up a savings account with a financial institution. Interest rates vary, depending on the type of account and the institution. Use the Financial Consumer Agency of Canada's Savings Account Selector Tool to help you shop around for the account with the best rates and best features for you.

Now let's look at the guaranteed investment certificate, often referred to as a GIC.

Typically, GICs guarantee the principal - or the amount you invested - and usually guarantee the return - or the amount you earn - on your investment. Rates and terms vary by GIC type. In general, a longer-term GIC pays a higher interest rate. However, longer-term GICs may limit your access to your money or charge penalties if you withdraw your money before the term ends.

Another investment option is a mutual fund.

Mutual funds pool money from many investors. A professional fund manager invests the money in various investment products, taking into account the objectives of the fund. You must buy and sell mutual funds through a financial professional or an online brokerage account. You can generally buy and sell mutual funds at any time.

It is important to understand the mix of investments in the fund as well as the fees charged. Both with affect your rate of return. Next, we'll talk about registered savings plans. These plans allow you to save for a specific purpose while offering tax benefits.

A registered retirement savings plan, or RRSP, helps you save for retirement.

Contributions to your RRSP are tax deductible, meaning the contribution value can be deducted from your taxable income for a specific tax year. In addition, your savings can grow tax-free until you withdraw the money.

A registered disability savings plan, or RDSP, helps families save for long-term care of relatives with disabilities. Contributions to an RDSP are not tax deductible but the money in the plan grows tax-free.

A registered education savings plan, or RESP, helps you save for a child's post-secondary education using after-tax dollars. Similar to an RDSP, contributions are not tax-deductible, but the money in the plan grows tax-free.

There's also the tax-free savings account, or TFSA.

Contributions are not tax deductible, but any interest you earn on money in the account is not taxable. You could hold cash, bonds, GICs, stocks, and mutual funds in your TFSA.

Learn more about registered savings programs by visiting the Financial Consumer Agency of Canada's website.
ItPaysToKnow.gc.ca
Twitter conversation (on screen):

Max: Oh, that's so cool @Theo... there are so many options for #investing. Who knew?!

Theo @Max Welcome aboard the investment train! It pays to do your research, huh?

Max @Theo Big time! #itpaystoknow
The three "KNOWS"*
Narrator: Regardless of where you decide to invest your money, there are three main things you need to know.

1: Know yourself.

Understand your risk tolerance, your investment goals, and your timeline.

2: Know your investment.

Is it right for you? Will it help you meet your goals? What fees apply?

3: Know your financial advisor.

If you choose to work with a financial advisor, make sure that the person understands your risk tolerance and your savings goals. Verify that he or she is qualified to give you investment advice. Ask about the advisor's background, and do some research of your own.

Twitter conversation (on screen):

Theo @Max There are a lot of choices. Just be careful of investment fraud.

Max @Theo Thanks man. #toogoodtobetrue
What did we LEARN?*
Narrator: To conclude, let's summarize what we have learned.

We have discussed the different reasons why we should save, and how to motivate ourselves to save by setting goals.

We went through the four steps to savings. We also looked at different ways to make your money grow.

And finally, we discussed the importance of the three "knows": Know yourself, know your investment, and know your financial advisor. If you're not saving yet, start soon. Save regularly, and watch your money grow.

Remember to choose different types of investments, and choose investment options that fit within your risk level and help you reach your life goals.

I wish you financial success.

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educational materials; personal finance; lifestyle; money management; savings; investments

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Transcript Narrator: Saving and Investing. Save regularly and start saving early. Set specific savings goals, make your money grow, and reach your financial goals through saving and investing. Saving puts you in control. It allows you to have choices in life. And investing gives opportunities to make your money grow.

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I chose this video because it discusses a poplar topic of interest rates and how people are finding it is hurting them financially. This is very relevant to the topic of increasing finances because many different savings accounts, credit cards and other things come a long with interest rates. The video states how the rates are sky rocketing here in Canada thus causing the rise of bankruptcies. The government of Canada is highly aware of this and that the average person is carrying a high dept loan.The central bank says that interest rates WILL continue to rise until it reaches a neutral level once the economy stabilizes, this meaning that bankruptcy filings will also continue to rise.

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CALGARY - The number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise according to a new poll.

A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of Canadians say they don't make enough to cover their bills and debt payments, up seven percentage points from the September poll.

The results released Monday also indicated that 51 per cent of respondents say they are feeling the pinch of interest rate increases, up from 45 per cent a quarter ago.

"Many have so little wiggle room that any increase in living costs or interest payments can tip them over the edge," said MNP's president Grant Bazian in a statement. "That's what we are seeing happen right now."

As well, 45 per cent of those surveyed say they will need to go further into debt to pay their living and family expenses.

Canadians' finances have come under increased pressure after the Bank of Canada introduced five rate hikes since mid-2017, in response to the stronger economy. Central bank governor Stephen Poloz kept his benchmark interest rate unchanged earlier this month at 1.75 per cent, but has signalled that more rate increases will still be necessary "over time."

MNP's latest survey also showed that half of Canadians surveyed said they believe they could be in financial trouble if rates continue to rise, up five percentage points from the previous poll.

"Higher interest rates combined with household expenses that outweigh income mean that some are unable to make any kind of meaningful reduction in their debt and, in fact, continue to take on more especially if they encounter unexpected expenses," Bazian said.

Insolvency concerns rose across the country, with the exception of Atlantic Canadians, said MNP.

Saskatchewan and Manitoba residents were the most likely to be near insolvency, at 56 per cent, up eight percentage points from the previous poll, MNP said. Alberta residents were second at 48 per cent, up eight points. Ontario and Quebec followed at 46 per cent each, up six and five percentage points, respectively. Among residents surveyed in Atlantic Canada, 45 per cent said they were $200 or less away from the financial brink, but that marked a decrease of four percentage points from the September survey.

Ipsos, which conducts the quarterly poll for MNP, surveyed 2,154 Canadians online from Dec. 7 to Dec. 12.
The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

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The number of Canadians finding it tough to make ends meet is going up

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CALGARY - The number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise according to a new poll. A survey conducted for insolvency firm MNP Ltd.

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I chose this as my third video because I thought it was very relevant towards the topic of this assignment. We are almost finished winter and it can really take a tole on us financially. Global news discusses with Kelley Keehn (personal financial advisor) about how to combat with the post holiday financial blues. An interesting statistic stated in this video is that %50 of Canadians are $200 from not being able to pay their bills. This is a scary thought, but it is now time to seek help. I really liked how in order to simply the concept of budgeting is they compare it losing weight. They proceed to explain how picture tracking your spendings the same way as 'tracking calories', start to notice patterns and seek after professional help if you believe it is truly needed. I think this a great perspective for people to think about if they get easily overwhelmed by the thought of finical planning. Some other little tips they give is that it is okay to spend on yourself (if you have budgeted accordingly) and when doing so make sure to savour it. Don't buy things immediately, try to put more thoughts into your purchases.

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January is often called the saddest month of the year thanks to a combination of winter conditions, low motivation, and accumulated debt. Personal Finance Educator Kelley Keehn joined Global News Morning with some tips to help with those financial woes.

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Kelley Keehn with personal finance tips to help battle money blues | Watch News Videos Online

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January is often called the saddest month of the year thanks to a combination of winter conditions, low motivation, and accumulated debt. Personal Finance Educator Kelley Keehn joined Global News Morning with some tips to help with those financial woes.

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This video explains how millennial can make the most out of RRSP's and TFSA's. Something we have discussed breifly about is the concept of investing. Investing is a great way to make money and people who are interested in increasing there income should consider taking the time to look more into how to make the most of these two specific investments (RRSP's and TFSA's). If you are a millennial and struggling to save up for the future (retirement specifically) you should consider dividing your savings into two different sectors (Short Term savings and Long term savings) retirement would be considered a long term saving (money you will not touch). The video states that if you are beginning to save in your 20's you should be putting %10 of your income towards retirement. TFSA is a great way to save up your money, especially if you are not sure of your time horizon it offers you more flexibility. Opening up an RRSP is a great idea as well because it can lower your tax bracket.

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Your Money Month: How millennials can make the most of RRSPs and TFSAs

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Sara Zollo, financial advisor at Sun Life, discusses how millennials can best save and invest for retirement.

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This article is great because it tells you 60+ ways to make money online and from home. I large pattern throughout this assignment is talking about proper budgeting and tips of how to save money and lots of information on investing. I thought it would be necessary to include at least some information on easy ways to make money and give out different ideas that people can use towards making more. This article offers many different ideas that could be considered a lot easier than investing and learning to save. There are so many different opportunities available to people that they just don't know about. Some of my favourite ideas this website offered are to start an online business and to take surveys. These are easy and convenient ways to make money from home. The article offers many different survey websites that offer you immediate pay up for people quick cash needs. Also starting an online business is a great way to make money because you can do almost anything on the internet that caters to you as an individual. An example of this would be have an english degree? Have a talent? Have some clutter you need to get rid of? You can make money off almost any of these, proof read articles, freelance write, sell your pantings and belongings that you don't care about anymore. The point is that the internet is an entirely different world and there is endless opportunity for everyone on it.

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This post may contain affiliate links. Please read my disclosure for more info.

Conclusion: How To Make Money Online From Home In Canada

There are ways to make money online from home as a Canadian no matter what skills or experience you possess. Whether it's through your expertise or just sheer hustle, with time and a commitment can come serious earning potential.

It could equate to some extra cash to support your financial goals each month or develop into a life-changing wealth builder.

New opportunities to make money online will continue to emerge as trends and platforms shift.

What ways do you make money online from home?

How are you earning extra cash to support your financial goals?

Here are some other posts to help you make money and build wealth:

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Subscribe to our email list to receive latest our content and we will send you this FREE Personal Finance Resource Starter Kit.

The kit includes a collection of resources to help you start to take control of your personal finances.

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How To Make Money Online From Home In Canada (60+ Ways)

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This post may contain affiliate links. Please read my disclosure for more info. There are ways to make money online from home as a Canadian no matter what skills or experience you possess. Whether it's through your expertise or just sheer hustle, with time and a commitment can come serious earning potential.

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This article discusses how much money does the average Canadian house hold spend each year. This is a very relevant topic because we have been discussing a lot about savings and tracking our spendings. Taking a look at the bigger picture and looking at what the average spending are around Canada is a good way to open some eyes on specific spendings.
In 2016 the average household spent $67k a year, compared the average of $24k in 2010. This means there is an increase of %2.4, but why? Taking an even deeper look it is discovered that Ontario and Alberta household are the highest spending provinces in all of Canada. So what exactly are Canadians spending money on? It is stated through various visual aids to explain the percent in which households in each province are spending there income on. A point that can explain the reasoning behind Ontario spending so much can be that housing and shelter is +13% higher than the national average and education is +34% higher. The article also factors in different housing incomes and spending according to income levels. Over all the article explains that households that have a higher income are not afraid to spend it, but this also means there is more room for monitoring spendings and tracking where your money goes.

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July 26th, 2018 | Posted in Data Sets

The True North Strong and... Pretty Expensive?

Canadians pronounce the letter z as "zed", and are leading experts in snow shoveling techniques - this is known. But how much money does the average Canadian household spend in a year? This gets a bit trickier.

Using Stats Can data, we'll dive into this question from the angles of province / income levels, and also see how the figures have changed over time.

Canadian Household Spend Over Time

In 2016, the average Canadian household spent $62k. Compared to 2010, when the average household spent $54k, this is an increase of 2.4% per year.

For a country covering 10 million square kilometres and 6 time zones, a broad national average doesn't do us much good, so let's keep peeling back the onion.

Average Canadian Household Spend by Province

While the overall national average for spending is $62k, there are significant differences between the provinces.
Households in Alberta spent an average of $74k, while households in New Brunswick spent only $50k.
Quebec and the Atlantic provinces generally have lower household spending, while Ontario / the Prairies / the West have higher spending.
Note: Stats Can did not provide any data on the Territories, so they've been excluded from this analysis.
So, what exactly is all this money being spent on?

The chart above shows what the average Canadian household is spending their money on, and how each province compares against the national average.

The values in indicate spending which is higher than average, while the values in indicate spending which is lower than average.

Once again, we can see the pattern of Quebec & the Atlantic provinces spending less, while Ontario, the Prairies, and the West are spending more.

Unsurprisingly, spending on shelter is higher in Ontario (+13% vs the national average of $18k), Alberta (+20%), and BC (+8%) compared to the rest of the country. The sharp increase in home prices across Toronto, Calgary, and Vancouver is certainly behind that.

Spending on education is higher in Ontario (+34%) as well, driven by higher university tuition fees.

And I've got no good explanation for why Albertans outspend everyone else on clothing and accessories...
Note: 'Household operations' includes expenses such as phone/internet/cable, cleaning supplies, and child care. 'Household furnishings and equipment' includes spend on furniture and appliances. 'Other' includes spend on reading materials, tobacco, alcohol, gambling, and miscellaneous expenses.
Throwing Income Levels into the Mix

So far, we've been looking at Canadian household spend based on averages across everyone in the country / particular province.

Luckily, Stats Can also provides data on the spending of households in different income groups.

The chart below shows households split into "quintiles" based on pre-tax income. Effectively, all households have been sorted from lowest income to highest income, and then separated into 5 groups of equal size. The 20% of households with the lowest income are in the first quintile, while the 20% of households with the highest income are in the fifth quintile.

For Canada as a whole, the lowest quintile (0-20%) of households earn less than $32k per year. The highest quintile (80-100%) earns more than $130k per year.

As we've seen, Albertans spend the most. It also turns out that Albertans earn the most.

At each quintile level (from low to high income), Albertans have the highest incomes out of all provinces. The top 20% of households in Alberta earn more than $175k per year!

Canadian Household Spend by Income Level

So, how does a household's income level impact the amount of money that they spend in a year?

The more money that a household earns, the more money they spend. "Lifestyle inflation" is real and here to stay.

Canadians with the lowest incomes spend $31k per year, while the highest earners spend $105k per year.

In fact, the highest earners spend an average of $29k per year just on shelter, nearly equal to what the lowest income group spends on absolutely everything else.

Spending by Income Quintile and Province Over Time

Time to really let loose.

The chart below shows the spending of households by province and income quintile, from 2010 to 2016.

Across all income levels, Albertans continue to have the highest spending throughout the time period.

Meanwhile, Quebec and the Atlantic provinces are flip-flopping for the province with the lowest spending.

Looking just at the lowest income quintile, we see that the values haven't moved that much over time. Annual spending for all provinces has stayed within the $20k to $40k range.

Meanwhile, big changes afoot for the highest earners. In 2010, the provinces ranged from spending $76k to $98k (a gap of $22k). By 2016, the range increased and widened to $79k to $121k (a gap of $42k - nearly doubling!).

The rich have been spending more and more, and the distribution of spending has gotten wider between provinces.

Final Thoughts

After going through this exercise, my takeaways are:

Overall household spending is increasing at a relatively constant rate (~2% per year)

Quebec and the Atlantic provinces tend to spend (and earn) less

Alberta steals the show in terms of money earned and money spent; this pattern holds even when looking at the lowest income earners only

As households make more money, they're not shy about spending it

At this stage, you might be thinking - how does this all relate to me and my personal situation?

As they say, comparison is the thief of joy. Each and every family's situation is different. Trying to benchmark your numbers against a broad average is often misleading and unhelpful.

As we've seen, the "average" Canadian household spend is heavily influenced by income level and the province that you live in. Not to mention other factors such as urban / rural locations and family size, which could be grounds for a future analysis...

It's most helpful to compare yourself against your past self. If you don't already do so, it's a great idea to track your budget so that you can get a sense of where you stand today, and how you can make improvements to your personal situation.

Please let me know of any thoughts, comments, or questions in the comments below or via email at themeasureofplan@gmail.com.

To get the raw data and the charts shown here, you can download the excel file. I'd love to see different takes on visualizing this data set!

Cheers, and go Canada go!

-
Data source: Statistics Canada. Table 11-10-0223-01 Household spending by household income quintile, Canada, regions and provinces Note: All household spending figures in this analysis are based on what Stats Can defines as "current consumption". These figures exclude income taxes, pension contributions, and gifts of money.

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How Much Money Does the Average Canadian Household Spend in a Year? | The Measure of a Plan

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July 26th, 2018 | Posted in Data Sets Canadians pronounce the letter z as "zed", and are leading experts in snow shoveling techniques - this is known. But how much money does the average Canadian household spend in a year? This gets a bit trickier.

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This article is another one that lists off some great tips for making more money. Some simple yet effective ways to help increase cashflow can be things as easy as clearing out your closets and getting rid of clutter and selling it. It also lists off some other helpful tips like renting out your home and turning a pastime into a passion. Now days there are tons of websites offered where people can rent out there home for short periods of time (Like air B&B) you can rent out a room and charge up $100 a night. Also if you have an empty basement in your home why not rent it out, this rent can go towards your homes mortgage thus saving you more money in the long run. Also considering making money of your passions, if you like to paint or cook don't be scared to go out of your to teach a class or even sell your work you've done. You would be surprised at the positive outcome to come from it.

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Now that you've maximized your job earnings, it's time to think about boosting your earnings outside the office. There are so many ways to make more money without making a lot more effort, just by thinking creatively. Here are a few Smart Cookie tips to get you started:

* Clean out your closets. Rather than throwing your used clothes away, why not find them a new home, where they will continue to be loved? Smart Cookies clear out their closets on a regular basis and oftensell the shoes and clothing items at a consignment store, on eBay, or on craigslist.org. One of the Smart Cookies makes about $300 at the end of each season and puts that toward new clothes. Katie sold her wedding dress for $800 on craigslist.org. You can do the same with clothes - or toys - your baby has outgrown. Some grow so fast that they never even get a chance to wear all the outfits that their parents bought or received as gifts, and a toy may hardly be used if the baby isn't interested. Another possibility? Donate the clothes or toys to charity and keep the receipt. You can write off the value of your donation when you do your taxes the next year and feel good about helping out those who are less fortunate.

* Clear out the clutter. Here's an incentive toclean up your home: You can get rid of your junk and make money by having a yard (or a garage) sale. Team up with friends, family members, or neighbors and combine your stuff. Then you'll have extra help running the sale and extra inventory to attract more buyers. And who knows? You might end up swapping items with your friends or neighbors.

* Sell stock photos. If people regularly ooh and aah over your Flickr pictures, maybe you're destined for photographic greatness - or at least a few extra dollars. It's easier than ever to get your photos out in front of the public. There's a lot of competition, but there's also a lot of demand. Marketing stock photos can be a convenient way for you to build up a secondary income stream. Try Fotolia.com, Dreamstime.com, Shutterstock.com, and Bigstockphoto.com to upload and market your photos.

Page 1 of 4 - on page 2, find out how you can rent out your home as a location for a movie shoot.

Excerpted from The Smart Cookies' Guide to Making More Dough, copyright 2008 by The Smart Cookies with Jennifer Barrett. Used by permission of Random House Canada.
All Rights Reserved. No part of this excerpt may be reproduced except with permission in writing from the publisher.* Rent your parking space. If you pay monthly for a space in a lot or garage, but you know your car will be gone duringwork hours, you can rent out your space during the weekdays to someone who works near your parking spot. Advertise the space on craigslist.org or in your local paper. Robyn rented out her space and earned an additional $50 per month.
* Rent your home for use as a location for commercials, TV shows, or movies. You can register your home with film studios, production companies, and advertising firms, which maintain lists of properties available for shooting. Check out eHow.com for tips or flip through Opening Your Door to Hollywood, a 2006 book by producer James Perry, which offers a step-by-step guide to renting out residential orbusiness locations. Daily rates can range from a couple hundred to more than a thousand dollars (even more if your home is used in a movie shoot). Andrea's friend and her husband had just built their dream home and needed to furnish it, but they were short on cash after finishing construction. They decided to register their home with a production company for use in TV and films. After just two commercial shoots, they'd already earned $20,000! Note: Be sure to ask for a written policy on what the company does in case of any damage to your home.

* Be an extra. If you've seen the Ricky Gervais show Extras, you know that jobs for extras can range from print modeling ads to movie shoots. You don't need a Screen Actors Guild (SAG) membership or even any acting experience to qualify - just the patience to sit on a set for hours and the flexibility to try out a lot of different costumes and lines. Pay can range from $100 to more than $1,000 a day. Check your local classifieds or contact a casting agency. (For a list of agencies visit idocommercials.com

* Help friends find better jobs. Internet sites like H3.com connects employers with prospective employees, many of whom are already employed and not actively job-hunting, via networking. The rewards for referring a candidate who gets hired range from a few hundred dollars to as much as $5,000. This is a great way to break into the recruiting business, with no overhead. Andrea connected with a recruiter who specialized in marketing. Since she had a lot of connections in that field, she referred many of them to the recruiter. She earned additional money from the referrals and helped some friends land greatnew jobs.

* Plan that perfect day. If you love weddings, planned your own, and/or have always wanted to plan a friend's wedding, why not do it and get paid for it? Many people would hire awedding planner in an instant but can't afford the rates that a professional charges. Find out what a beginner planner would charge to get an idea of what is reasonable for someone at your level. Once you've built up some contacts, you might also consider party planning in general - first for friends and then for bigger clients.

Excerpted from The Smart Cookies' Guide to Making More Dough, copyright 2008 by The Smart Cookies with Jennifer Barrett. Used by permission of Random House Canada.
All Rights Reserved. No part of this excerpt may be reproduced except with permission in writing from the publisher.* Get paid for your opinion. Companies often need focus groups, and market researchers need consumers, to test new items or to share their ideas about new products, shows, or ad campaigns. You can earn $25 or $200, depending on the project and the amount oftime required. (Check out research firms in your area for upcoming panels and focus groups. Greenbook.org has a large database of market research firms and focus group facilitators, searchable by area.)

* Reap rewards for research and writing. You may have grown up taking theInternet for granted, but there are plenty of people who aren't familiar with it or are too busy to spend time on it. If you're skilled at extracting information through a web search, you can hire yourself out as an Internet researcher for professionals like lawyers andwriters. Why not make extra money at something you are already doing?

* Be an undercover consumer. Sign up for a secret-shopper program, where you caneat or drink out forfree while rating the restaurant, or shop and rate the retailer. You can often bring a friend as well. Three of the Smart Cookies are secret shoppers and have found it to be a great way to eat and drink at some fabulous restaurants for free! Check out sensusshop.com for more information. There are no membership fees.

* Consider contract work. If it won't conflict with your full-time job, seek out freelance or contract work in the same field. By networking, Katie was able to get additional contract work providing public relations services for clients outside her full-time job, earning an extra $2,500 a month! (Eventually, as we mentioned earlier, she was getting so many referrals and requests for her services that she left her job to open her own PR agency.) Robyn learned about a project seeking registered social workers through the Board of Social Workers newsletter in her area. She was hired on contract for a project in which she made extra money meeting with andinterviewing people who wished to adopt children - on her own time, outside her regular job.

Excerpted from The Smart Cookies' Guide to Making More Dough, copyright 2008 by The Smart Cookies with Jennifer Barrett. Used by permission of Random House Canada.
All Rights Reserved. No part of this excerpt may be reproduced except with permission in writing from the publisher.

Turn your pastime or your passion into a paycheck
Do you spend most mornings exercising? Take a basic trainer's course and start training friends and family at your local gym or at home, where you can charge hourly. Not only are you keeping fit, but earning extra money while you're at it. Andrea's friend Erin, a preschool teacher struggling on a low salary, turned her passion for fitness into extra earnings by becoming a personal trainer. In a year, she was able to increase her income by 20 per cent and stay healthy and fit.

Of course, you don't need to be a fitness trainer, but chances are you already participate in some pastimes that could make you money. In your notebook, make a list of at least five activities that you really enjoy doing, like shopping, knitting, walking your dog, or even drinking wine. Now spend some time brainstorming about ways you could make money doing any of these activities.

If you like shopping, for example, you could earn extra money working as a secret shopper on the weekends. Or you could take a part-time job at your favorite store - many retail stores hire extra employees to help out during the busy holiday season between Thanksgiving and New Year's. Not only will you earn more money but you'll get employee discounts on items you'd probably buy anyway (and save money on holiday gifts).

Like knitting? Why not knit sweaters, scarves, or gloves and sell them to friends or give them as gifts on birthdays to save money. If you enjoy walking your dog, ask around to see if your neighbors need their dogs walked. You can make extra money walking theirs as well. Enjoy wine? Look for part-time work at your local wine store, or sign up for wine-tasting classes and see if the instructor needs an assistant at future classes. Many wine shops offer tastings and classes and might be able to use an extra pair of hands in exchange for free wine or a little money. That's exactly what Andrea did. One of her former colleagues started a business that offered wine tastings at company events. Andrea offered to help out. It was a great opportunity for her to make extra cash, sample some wine, and meet new people.

If you enjoy playing basketball or soccer, consider coaching. If you are already taking classes in yoga or Pilates or dancing, consider training to become an instructor yourself. Or see if there are jobs available at the studio on the weekends or evenings - manning the front desk or helping to set up equipment, for example - in exchange for free classes. With a little effort and ingenuity, it's possible to turn almost any pastime into a paycheck.

Read more:
* 7 ways your home can make money for you
* Quiz: Is money coming between you and your honey?
* 10 ways to save money on gas

Excerpted from The Smart Cookies' Guide to Making More Dough, copyright 2008 by The Smart Cookies with Jennifer Barrett. Used by permission of Random House Canada.
All Rights Reserved. No part of this excerpt may be reproduced except with permission in writing from the publisher.

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The Smart Cookies / with Jennifer Barrett

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Great tips for making more money | Canadian Living

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Now that you've maximized your job earnings, it's time to think about boosting your earnings outside the office. There are so many ways to make more money without making a lot more effort, just by thinking creatively. Here are a few Smart Cookie tips to get you started: * Clean out your closets.