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  • Grocery costs keep simmering as Canadians slash spending, switch brands, and brace for even leaner times

    Grocery costs keep simmering as Canadians slash spending, switch brands, and brace for even leaner times

    As the cost of living continues to take a larger bite out of most people’s budgets, many Canadians are being forced to make tough choices at the grocery store checkout.

    In a recent Money.ca reader poll, more than a third of respondents (35.8%) said they’re cutting back on non-essentials in an effort at dealing with the higher cost of groceries. Another 25.5% said they’re buying in bulk or only when items are on sale, while 21.2% have switched stores or brands in order to stretch their grocery dollars.

    Only 16.1% reported making no changes — simply absorbing the cost increase, and just a sliver (under 2%) claimed they haven’t noticed a difference when it comes to food costs and the impact on their budget.

    Households under pressure

    For many Canadians, grocery bills now consume a larger share of disposable income. This comes at a time when mortgage rates are significantly higher and debt payments are taking up a larger proportion of household budgets. As a result, households are increasingly forced to choose between food quality, quantity, and affordability.

    The result? More shoppers are adjusting their shopping habits in order to match needs with funds. According to the results of the Money.ca reader survey, the biggest change is for households to cut back on household essentials (35.8%), while 1 in 4 (25.5%) opted to buy in bulk or only when items were on sale. To cut costs 1 in 5 respondants (21.2%) opted to switch grocery stores or change product brands — in an effort to reduce the overall cost of food.

    Money.ca: How are you adapting to rising grocery prices
    Money.ca: How are you adapting to rising grocery prices

    Global inflation hits home

    The rising cost of groceries in Canada isn’t happening in a vacuum. Global factors, from climate-driven crop failures to geopolitical instability, continue to disrupt supply chains and drive up food prices. Droughts in key agricultural regions, coupled with the lingering effects of the pandemic on logistics and labour, have made everything from lettuce to lentils more expensive.

    And while inflation has cooled overall, food prices remain stubbornly high. According to Statistics Canada, grocery prices rose 3.4% year-over-year as of June 2025— outpacing the overall inflation rate of 2.6%.

    Long-term impact?

    What started as a short-term adjustment may now be a long-term behavioural shift. Canadians are learning to live with less — and doing so creatively. Community-supported agriculture (CSA) boxes, backyard gardens, and food-sharing apps are seeing a surge in interest. But the emotional toll is mounting. Food insecurity is on the rise, and the anxiety over affording basic groceries is reshaping how Canadians view their financial future.

    As global events continue to affect supply chains and economies, the cost of living — and eating — is unlikely to ease anytime soon. For now, Canadians are adapting. But not without sacrifice.

    Survey methodology

    The Money.ca survey was conducted through email between May 21 to 28, 2025. Approximately 5,970 email newsletter subscribers, over the age of 18, were surveyed with 137 responses. The estimated margin of error is +/- 6%, 17 times out of 20.

    About Money.ca

    Money.ca is a leading financial platform committed to providing individuals with comprehensive financial education and resources. As part of Wise Publishing, Money.ca is a trusted source of reliable financial news, expert advice, comparison tools and practical tips. Canadians get insight on a variety of personal financial topics, including investing, retirement planning, real estate, insurance, debt management and business finance.

    Sources

    1. Statistics Canada: Inflation slowed in 2024, but Canadians continued to shift their grocery shopping habits (June 10, 2025)

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • These are the top 5 financial lies people need to stop telling themselves, says 1 financial columnist. How many are you selling yourself? (Plus how to handle the ugly truths you’re avoiding)

    These are the top 5 financial lies people need to stop telling themselves, says 1 financial columnist. How many are you selling yourself? (Plus how to handle the ugly truths you’re avoiding)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Are you financially honest with yourself?

    This question is at the heart of Washington Post personal finance columnist Michelle Singletary’s latest money column. In it, she lays out the top five financial lies people tell themselves, with a nod to Jack Nicholson’s iconic role in A Few Good Men: You can’t handle the truth.

    “Many people unintentionally misrepresent their spending, naively believing their own narratives about where their money goes until they are confronted with the undeniable evidence of their bank statements,” Singletary wrote.

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    She notes that this “financial amnesia” tends to happen because someone doesn’t actually have a budget. While they like to think they aren’t spending much on evenings out or Uber Eats, they aren’t regularly tracking how much they spend on these things.

    So, what are the five lies she hears the most?

    Lie #1: I have a budget

    Some people think they have a budget because they decided on a ballpark number for food, clothes and gifts each month — but they never actually track their spending.

    Mental “tracking” isn’t a budget. If you take time to write down exactly how much you spent on Uber Eats last month, you’ll probably be shocked.

    Seeing the numbers in front of you is the only way to know how much you’re actually spending. Once you realize your restaurant budget is double what you thought it was, you’ll have more motivation to stick with a budget.

    Budgeting apps like Monarch Money can help you quickly set up a budget — since you can track spending, account balances, transactions and investments all in one place. You can also integrate this info with your partner’s finances at no extra cost, making it a simple way for couples to manage finances together.

    They currently offer a seven-day free trial to see if Monarch Money gives you a new perspective on your budget.

    If you find the app helpful, for a limited time you can get 50% off your first year with code MONARCHVIP.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Lie #2: I have an emergency fund

    Having a few thousand dollars floating around in your bank after payday might feel like an emergency fund, but if you don’t have a separate savings account set up and funded as your designated emergency fund — meaning you only touch it if an actual financial emergency occurs — it’s not actually for emergencies.

    “People will swear they have a rainy-day fund, but they raid it so regularly that it becomes just another spending account,” Singletary wrote.

    The ideal emergency fund should contain at least six months of your basic living expenses (housing, food, transportation, bills). This is a lot of money for most people, so you’ll want the money in this account earning interest to keep up with inflation. A high-yield savings account can ensure your money still grows while avoiding the market fluctuations that come with investing.

    If you’re looking for a great high-yield savings account to park your emergency fund in, Wealthfront currently offers 4% interest on their cash account. At nearly ten times the national average, it’s a reliable home for long-term savings.

    Even better, if you refer a friend to Wealthfront after opening a new account, you can also boost your APY to 4.5% for three months.

    Wealthfront accounts are also FDIC insured for up to $8 million for individuals, and $16 million if shared. With over 1 million users and 15 years of experience, Wealthfront can keep your cash secure while it works for you.

    Fund your account with $500 or more today to get a $30 bonus.

    Lie #3: I manage my spending better with a credit card

    This lie is easy to sell yourself if you’ve bought into the noise around maximizing credit card rewards. Wanting to use your card for everything so you can easily track spending makes sense, but it might be the reason you blow past your budget every month.

    According to Singletary, “research reveals that paying with plastic — credit or debit — increases how much people spend.”

    She points out that in 2016 the Federal Reserve Bank of Boston found that consumers spend an average of $112 when using credit cards, but just $22 when using cash.

    If you find it difficult to stop overspending, consider cutting the credit card and trying out cash only (where possible) for the next month. Compare your spending to the previous month to see if it made a significant impact.

    If you’re looking to use your money in a more productive way, consider trying Acorns, an investment platform that automatically invests spare change from your everyday purchases into a diversified portfolio of ETFs.

    For instance, if you buy a coffee for $3.25, Acorns will round it up to $4 and invest the change in a diversified investment portfolio. So a $3.25 purchase automatically becomes a 75-cent investment in your future.

    Sign up today to receive a $20 bonus investment when you set up a recurring deposit.

    Lie #4: I don’t dine out a lot

    Restaurant bills can add up much faster than some might realize. This is especially true in the age of food delivery apps, when your favorite meal is just a few taps away from your door.

    “The average American household spent nearly $4,000 on food away from home in 2023, an 8 percent increase from the previous year,” Singletary writes.

    If you’re not a fan of cooking, be sure to track exactly how much you are spending on food someone else prepared for you each month.

    But if dining out is something you enjoy and don’t necessarily want to cut back on, you can still optimize this spending using a platform like Upside, an app that provides cash-back on gas, groceries, dining and more.

    It will even give you up to 25 cents per gallon back on gas at the pump. You can also get a bonus 25 cents off per gallon when you use code MONEYWISE25 on your first transaction when you sign up.

    Just claim the offer in-app, shop as usual, then purchase and pay with a linked credit or debit card. Simply cash out your earnings directly to your bank account, PayPal or a gift card.

    Lie #5: I don’t understand why I’m always broke

    If you’ve caught yourself saying this before, you need a financial audit. Perhaps your money situation changed recently, but your spending habits didn’t. It’s time to get real about your income and expenses, so you can take action.

    “If you genuinely reflected on your spending habits and combed through your bank or credit union statements, you’d quickly uncover the reason your budget isn’t balancing,” Singletary wrote.

    Be ruthless about your spending and find ways to cut costs.

    For example, insurance providers tend to increase prices over time, making that once great deal you had on car insurance suddenly expensive. Take stock of how much you are paying, and see if you can find a better deal.

    You can save on car insurance using aggregators like OfficialCarInsurance.com — just type in your age, zip code and current car insurance provider and you’ll instantly be provided with a selection of quotes to compare.

    Providers include household names like GEICO, State Farm and Allstate. Depending on factors like your driving history and location, you can secure rates as low as $29 per month.

    And if you’re paying too much for home insurance? OfficialHomeInsurance.com can help.

    Simply input a few data points to be provided with a variety of insurance quotes — you could save an average of $482 this year alone.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘I can make it any number I want’: Florida gas stations are charging customers $1 more a gallon for using credit cards — and it’s completely legal. Here’s how drivers can protect themselves

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Credit cards have long been a popular and convenient way to pay for most things — including filling up at the gas station — and there are benefits to using one at the pump, such as bonus points or cash back on fuel purchases.

    However, if you’re not careful, paying for gas with a credit card could end up costing you more money. That’s something Pat Igo of Palm Beach Gardens, Florida, recently learned the hard way when he went to fill up at the pump.

    Don’t miss

    “I noticed this little box at the bottom,” Igo told WPTV news. “And it didn’t match the price that was out on the street.”

    Igo, like many consumers, had noticed that some gas stations are charging more per gallon for credit card purchases than cash purchases. What’s worse, some local gas stations even try to hide the extra charge for credit cards.

    Gas stations are taking advantage

    In most states, Florida included, it’s legal for businesses to impose a surcharge on customers paying by credit card. However, businesses must inform customers of those surcharges ahead of time. In that regard, some Florida gas stations are pushing the  limits.

    Igo told WPTV News that his company, North County Cooling, has a fleet of 12 trucks. Fueling them all costs his business about $3,000 per month. He recently went to fill up one of his trucks when he noticed something that shocked him at the pump.

    He says a small sign on the pump showed that those paying with a credit card would pay $1 more per gallon, so he asked the station’s manager if that was an error.

    “And he said no,” Igo said. “‘I can make it any number I want.’ And so I walked out.”

    WPTV News reporter Dave Bohman looked into the matter and found that a number of local gas stations were charging $1 more per gallon for credit card payments than cash. When Bohman asked consumer attorney Thomas Patti whether the practice was legal, Patti confirmed it is, but that gas stations must disclose the price difference to consumers. Yet, some stations advertise this in fine print on the pump, which can easily be missed while filling up.

    Igo now makes sure his crews don’t use gas stations that charge $1 more per gallon for credit cards. He also thinks there should be stricter rules in place so that consumers don’t get duped.

    “There should be a law showing what they’re going to charge you if you use a credit card,” he said.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How to avoid overpaying for gas

    The average U.S. driver spent $2,449 on gas in 2023, according to the Bureau of Labor Statistics. If you’re spending a hefty chunk of cash on gas, it’s worth considering some ways to save at the pump.

    First and foremost, pay attention to price differences at local gas stations and aim to avoid those that impose a credit card surcharge — and, like Igo, be sure to read the fine print.

    Of course, paying by credit card is easier than paying by cash.

    Platform such as the Upside cash-back app for your essential purchases, like gas, groceries and dining. Once you download Upside’s app, you can claim cash-back offers at locations near you. For instance, users can earn up to 25 cents per gallon back on gas, taking some of the bite out of pump sticker shock. You can also get a bonus 25 cents off per gallon with code MONEYWISE25 on your first transaction when you sign up.

    How it works is simple: Claim the offer in-app, shop as usual, then purchase and pay with a linked credit or debit card. You can then cash out your earnings directly to your bank account, PayPal or a gift card.

    Other ways to save

    Finally, the more efficiently you drive your vehicle, the less fuel you’re likely to use. To that end, try not to speed, make sure your tire pressure isn’t too low and consider using cruise control for longer road trips. Driving at a steady speed typically improves fuel efficiency, meaning you use less gas per mile.

    And make sure you aren’t overpaying for essentials, such as car insurance. OfficialCarInsurance.com helps you switch to a more affordable auto insurance option within minutes. Simply provide some information about yourself and your vehicle, then compare quotes from trusted brands like Progressive, Allstate and GEICO — with some offers as low as $29 per month depending on factors like the make and model of your car, and your driving history.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • 11,000 more Canadians became millionaires in 2024 — here are 3 secret ways your neighbours are getting rich (and how to copy them)

    11,000 more Canadians became millionaires in 2024 — here are 3 secret ways your neighbours are getting rich (and how to copy them)

    Last year was an excellent time to be an investor. According to the annual World Wealth Report from Capgemini, 11,000 Canadians became millionaires in 2024 — surging 2.4% from 2023.

    This increase was aided by a 18.5% gain in the Canadian S&P/TSX, its highest gain since 2021.

    However, according to Kris Bitterly, head of Citi Global Wealth at Work, alternative investments are another important element contributing to this rapid wealth accumulation.

    “Many investors, presently, when you look at their asset allocations, they’re significantly underweight on alternatives,” Bitterly told Bloomberg, noting that alternatives present “unique opportunities that are not available in public markets that you want to express in your portfolio.”

    If you’re interested in exploring some options that are usually reserved for the ultra wealthy, here are a few alternative investments you can easily add to your portfolio today.

    Low barrier to entry for real estate investments

    Real estate is a well known driver of high-net-worth individuals’ wealth.

    But it may not be easy to break into property investing if you’re not already wealthy. Many new homeowners can only access the market because their parents have provided the down payment. In fact, 31% of first-time home buyers received some form of financial support from family in 2024 — an increase from 20% just a decade ago, according to Fidelity.

    If you’re considering real estate investing, but don’t have enough saved for the down payment quite yet — or you just don’t want the hassle of being a landlord or homeowner — there are some real estate investment options with a lower barrier to entry.

    Real Estate Investment Trusts (REITs) are particularly appealing for investors looking to grow their wealth and portfolio since they offer exposure to real estate without owning or managing physical properties.

    REITs pool funds from investors to buy and manage income-generating real estate, including residential, commercial and industrial buildings.

    They’re particularly attractive for Canadian investors as they provide steady income through dividends, portfolio diversification and access to real estate’s growth potential.

    Furthermore, REITs provide tax advantages as they must distribute 90% of their taxable income to shareholders in Canada. With interest rates decreasing and market trends stabilizing, 2025 is an ideal time to consider adding Canadian REITs to your investment portfolio.

    Gold is your neighbour’s best-kept secret

    While it might not be the trendiest investment, gold still holds value in a properly diversified portfolio.

    Over the past five years, from January 2020 to January 2025, gold has delivered a substantial return on investment (ROI). On January 1, 2020, gold was priced at approximately $1,518.40 per ounce. By January 1, 2025, the price had risen to around $2,623.96 per ounce.

    This indicates that physical gold appreciated by approximately 72.77% over the five-year period. This growth reflects gold’s role as a hedge against inflation and economic uncertainty, factors that have influenced its price trajectory during this time. As a result, hedge fund managers like Ray Dalio are bullish on gold for this reason.

    The crypto rise continues

    Once considered a fad, crypto is now dominating the alternative investment conversation, especially since the election of Donald Trump. In May, Bitcoin hit a record high, skyrocketing by 3% and surpassing a US$110,000 valuation for the first time ever.

    Investors may trade cryptocurrency for a variety of reasons. Some see it as a store of value, like gold, whose returns may be uncorrelated to the stock market. Others see it as a currency, albeit one that is decentralized from any government or central bank.

    It’s too early to tell exactly how cryptocurrency behaves as an asset class. What’s clear is that its short history and volatile price movements make trading cryptocurrency a largely speculative endeavour.

    For those looking to enter into this space while sidestepping some of the inherent risks of owning and purchasing crypto, Bitcoin ETFs — and crypto ETFs, in general — offer Canadians a straightforward way to gain exposure to price fluctuations.

    Traded on stock exchanges, these crypto ETFs allow individuals to buy and sell shares — as you would with traditional stocks. These crypto ETFs can be held in unregistered, cash accounts, as well as in tax-advantaged accounts like TFSAs or RRSPs.

    Bitcoin ETFs make crypto investment easier by eliminating the need for private wallets and technical knowledge, while also simplifying asset security. With Canadian regulatory oversight, these ETFs come with protections designed to reduce risks.

    For investors, Bitcoin and crypto ETFs in Canada also offer a potentially diversified approach to entering the crypto market. Some crypto ETFs incorporate a mix of digital assets, helping spread risk across multiple cryptocurrencies, which may reduce exposure to individual asset volatility.

    Sources

    1. Capgemini: World Wealth Report 2025

    2. Fidelity: A parents’ guide to home down payment gifts and loans, by Jason Heath (Sept 24, 2024)

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Residents of this Las Vegas senior living complex say they’re feeling ‘overlooked and abandoned’ — why so many older Americans feel they have to choose between financial and physical security

    Residents of this Las Vegas senior living complex say they’re feeling ‘overlooked and abandoned’ — why so many older Americans feel they have to choose between financial and physical security

    Residents of a Las Vegas senior living complex are urging management to take action on what they’re calling unsafe living conditions.

    “We feel overlooked and abandoned,” residents of Acapella Senior Apartments wrote in a letter to corporate property management firm Ovation. In the letter, they complain of lack of security and unsafe living conditions.

    Retirement communities typically offer senior-focused amenities and security features, from emergency alarms to gated facilities. But facilities with the highest levels of security are typically more expensive.

    With many seniors living on a fixed income — and about six to eight million Americans aged 65+ living in poverty — they may be forced to decide between affordability and security.

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    Why Acapella residents are concerned

    At Acapella Senior Apartments, residents complained that the handicap button for the front door didn’t work, creating a safety hazard for seniors in walkers, scooters and wheelchairs. They also complained about homeless people coming into the building to use the amenities.

    “We’ve got issues with security. We’ve got problems in the parking lot. Cars being broken into or stolen. We’ve got homeless people who try to get in the cars and when they do, they sleep in them,” a female resident, who wanted to remain anonymous, told KLAS 8 News Now. “In fact, I had someone who tried to get in my apartment.”

    According to one Ovation employee who wished to remain anonymous, “there’s an extreme amount of neglect when it comes to the elders here,” and addressing complaints was like a “revolving door.”

    Following 8 News Now’s report, however, Ovation’s director of LIHTC and compliance, Phyllis Garcia, said in a statement that they’re committed to increasing their on-site staffing.

    “While our building has controlled entry and is monitored by security cameras, as well as roaming security guards, we understand that procedures and systems alone are not always enough. Our residents must feel genuinely protected and cared for, and we are actively developing plans to strengthen those protections,” she said.

    While retirement communities are generally less expensive than assisted living or memory care facilities, they average about $3,100 a month, according to a 2024 report by A Place for Mom, a senior living advisory service.

    The costs of security measures in senior living facilities are typically incorporated into monthly fees.

    “Retirement communities often include security services such as on-site security personnel, surveillance cameras and/or gated entrances as part of the monthly fee,” according to myLifeSite, an educational resource for senior living options. Some may also offer in-residence or wearable emergency alert systems.

    But these types of security measures come at a cost (such as higher monthly fees), which can be challenging for seniors living on a fixed income. On the other hand, lack of security could impact their sense of safety and peace of mind.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Challenges of living on a fixed income

    Many seniors live on a fixed income that comes from Social Security, retirement savings and, in some cases, a pension. While Social Security retirement benefits do get a boost from the annual cost-of-living adjustment (COLA), which provides an automatic increase in monthly benefits to keep up with inflation, it may still fall short.

    The COLA for 2025 is 2.5%, so that means a monthly check of $2,000 would increase by $50. But food, utilities, rent and prescriptions are already consuming a large portion of retirees’ income.

    With rising costs, many are feeling the squeeze. The cost of food is continuing to rise — food prices in May 2025 were 2.9% higher than in May 2024, according to the Consumer Price Index).

    And Medicare is getting more expensive. The standard Medicare Part B premium increased to $185 per month in 2025, from $174.70 in 2024, while the annual deductible rose to $257 from $240).

    So even a $25 to $50 increase in monthly housing costs to fund security upgrades (or other unexpected costs) could mean residents have to cut back on essentials like groceries or skip medications just to scrape by.

    However, without security upgrades, they could be at physical and financial risk from vandalism, break-ins, theft and violence.

    For those looking to move into a retirement community, look for facilities that abide by various safety codes and standards, including those from the International Building Code, the Facility Guidelines Institute, the National Fire Protection Association’s Life Safety Code and the Americans with Disability Act. Ask current residents about their experiences.

    For those already in a retirement community and facing the prospect of rising costs, there may be ways to save money. For example, you may qualify for food assistance, as well as help with covering the costs of prescriptions, healthcare and even housing.

    The National Council on Aging (NCOA) offers online tools such as Benefits CheckUp (to see if you’re eligible for benefits programs) and Job Skills CheckUp (to help older adults find jobs as a mature worker).

    An analysis by the NCOA and LeadingAge LTSS Center @ UMass Boston found that 80% of older adults face financial insecurity. While seniors shouldn’t have to choose between safety and affordability, increasingly that may be the case.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 72 and rely solely on Social Security to survive. I always dreamed of leaving my home to my kids, but with $77K in credit card debt and mounting medical bills, is selling my only option?

    Imagine this scenario: Christopher is a 72-year-old retiree with multiple medical conditions that limit his mobility. He has no retirement savings, so he’s living off Social Security alone and supplementing this income with credit cards.

    But now he’s racked up $77,000 in credit card debt and faces some hard choices.

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    Christopher is stuck in a cycle where, after making his minimum credit card payments each month, he has little left over from his Social Security check. So, he then uses his credit cards to cover the gap.

    One bright spot in Chistopher’s financial journey is that he’s paid off his house and has equity of about $350,000. He wants to leave the house to his adult children, but doesn’t know whether it makes more sense to sell his home to pay off the debt and downsize — or to simply ignore the debt for his remaining years.

    To figure out what’s best, let’s get into the numbers.

    Many older Americans carry credit card balances

    Nearly half of Americans 50+ carry credit card debt from month to month, along with 42% of Americans aged 65 to 74, according to a recent survey from AARP.

    The survey also notes that about half of older adults who have credit card debt feel financially insecure. Of those in this group, more than half have credit card balances of $5,000 or more — and nearly half say their balance has grown from the previous year.

    So, why are Americans 50 and older carrying so much debt? In many cases, it has nothing to do with frivolous spending — the top reasons include the cost of everyday expenses, as well as vehicle and housing costs. Many also report that health care has contributed to their debt.

    Retirees do have some options for reducing debt, such as cutting back on expenses, using some of their savings or even working part-time. They could also consolidate their debt and perhaps negotiate a better rate, use the cash value of an insurance policy to pay off the debt, or even take out a reverse mortgage. It could be helpful for retirees who are in debt to chat with a financial advisor about their options.

    In Christopher’s case, his expenses have already been cut as he spends most of his money on health care and paying back his credit card debt. And he’s in a cycle where not taking on new debt would mean skimping out on food or medical care.

    He has no savings or life insurance to tap into and, while consolidating his debt might reduce the interest he’s paying, he could still face high monthly payments with potentially less ability to cover his expenses.

    So, should Christopher just ignore the debt?

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Options for dealing with debt in retirement

    Ignoring credit card debt isn’t really a practical solution. Without any savings, Christopher may need to rely on his credit card for emergencies. Plus, if he stops making payments he will likely be hounded by debt collectors, which would make his golden years a lot less enjoyable.

    With the equity in his house, he’s also not “creditor-proof” and risks being sued, in which case he might be forced to sell the house. With this in mind, he’s wondering whether he should sell the house now and use the profits to pay off his debt and live off the remaining equity.

    On the other hand, by keeping the house, he could retain what is likely to be an appreciating asset, and he won’t have to pay for moving and transaction costs. Although he has several medical conditions, he’s still able to take care of himself and his property, and he hopes to age in place rather than move to a long-term care home.

    Christopher could consider a reverse mortgage, which would allow him to borrow money against the equity in his home. His credit rating likely won’t affect his ability to get a reverse mortgage, and the interest that accumulates over time is likely to be less than the interest accruing on his credit card balance.

    If he were to borrow more than the debt balance, he might also be better able to cover his expenses over the next few years. When he passes away, his adult children could either sell the house to pay off the lender or pay it off out of their savings and keep the house.

    The income from a reverse mortgage isn’t taxable, but if a balance accumulates in a savings account, it could be counted against the asset limit for Medicaid. So, if you qualify for Medicaid, you’ll want to work with your lender to structure reverse mortgage payments in a way that avoids any cuts to your benefits.

    Christopher could decide to keep making the minimum monthly payments on his credit cards and keep the house. In that case, when he passes away, his estate would be required to pay the debt with the additional interest that has accrued, meaning his children may be forced to sell the house to cover it.

    Whether he sells and pays the debt now, ignores the debt entirely or borrows to pay the debt, his estate is eventually going to be worth less than the value of the house he wants to leave for his children.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • BC-based grocer has managed to avoid selling U.S. produce for a whopping 117 days in what 1 expert is calling a ‘real’ boycott. But there are some challenges

    BC-based grocer has managed to avoid selling U.S. produce for a whopping 117 days in what 1 expert is calling a ‘real’ boycott. But there are some challenges

    A Victoria, BC-based grocer is sending a strong message amid U.S. President Donald Trump’s trade war with Canada — going 117-plus days without selling any U.S.-grown fruits or vegetables, according to Global News.

    “We’re, you know, just really trying to promote the local farms,” Garth Green, general manager of Urban Grocer, told the news outlet. “It’s been very, very good for us. The customers have been very appreciative of it.”

    Green says the store made the bold move to go cold turkey on American produce after Trump first imposed tariffs on Canadian goods in March.

    “There’s people every day almost that come in here and say, ‘You know, we hear what you’re doing and we love it and we’d love to join on board with you and really shop here,’” Green said.

    Despite the success of the project, Green says it has also brought challenges.

    Supply challenges

    Green says the grocer has taken a “Canada-first” approach to sourcing its products, but the reality is not everything can be found in Canada at all times.

    At one point, Green thought they could only get cauliflower from the U.S., until he found out it was cauliflower season in Holland.

    “So we reached out to a few suppliers and said, ‘Hey, can you get Holland cauliflower for us?’” he recalled. “We ended up finding some, brought it in, and you know it’s a little bit more expensive to bring in because you’re flying it in. But we just took a [lower] margin, [sold] it at a regular price and [were] able to give the customer something that they can buy until B.C. cauliflower was available.”

    Supply is also an issue, and Green admits they’ve had to buy extra to maintain stock.

    It’s all part of a cross-country trend of Canadian consumers avoiding U.S. products.

    Canadians reject American-made goods

    Sylvain Charlebois, a food researcher at Dalhousie University, says what’s happening at Urban Grocer reflects the way Canadians have been spurning U.S. goods lately.

    “The boycott is absolutely real,” he told Global News.

    A report by marketing research firm NielsonIQ shows, amid trade tensions, nearly half (45%) of Canadian consumers are avoiding U.S. products or opting for Canadian-made alternatives.

    “What’s really interesting is that people haven’t really boycotted chains like Walmart or Costco, but they’re boycotting products,” Charlebois said.

    Canada has traditionally been one of the biggest buyers of American agricultural goods. According to the U.S. Department of Agriculture, in 2023, Canada made up 16.3% of U.S. agricultural exports.

    It’s not known how long Canadians will maintain a boycott mindset, but Urban Grocer is leaning into the trend.

    “Across the store, we are working towards trying to go all Canadian if possible,” Green said. “It’s going to be a lot harder, but we’ve started the process and started to weed out some of the suppliers that we don’t need.”

    Sources

    1. Global News: B.C. grocer avoids selling U.S. produce for 117 days in what expert calls a ‘real’ boycott, by Amy Judd & Kylie Stanton (Jul 14, 2025)

    2. NielsonIQ: Made in Canada: The Retail Ripple of Patriotic Sentiment (Jun 9, 2025)

    3. U.S. Department of Agriculture: USMCA, Canada, & Mexico – Canada: Trade & FDI (Feb 5, 2025)

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Melinda French Gates refuses to give 22-year-old daughter any money for her shopping business — despite $31 billion net worth. Do you agree with her reason?

    Melinda French Gates refuses to give 22-year-old daughter any money for her shopping business — despite $31 billion net worth. Do you agree with her reason?

    With an estimated net worth of $30.7 billion, Melinda French Gates can easily bankroll her daughter’s business without breaking a sweat. But at a recent summit, the billionaire philanthropist confirmed she is not funding the new venture.

    Gates didn’t say which of her two daughters she was referring to, but 22-year-old Phoebe Gates recently launched Phia, an AI-powered shopping app, according to The Verge.

    Don’t miss

    “I wouldn’t put money into it,” Gates told host Amanda Davies at the *Power of Women’s Sports Summit presented by e.l.f. Beauty in London.

    By holding back her financial support, Gates says her daughter gets the chance to test and validate the business idea with real investors and customers. If it’s a “real business,” Gates says, the venture will eventually find people willing to back it.

    Phia has already attracted outside capital. According to GeekWire, the startup has raised $850,000, including $100,000 from Soma Capital, a $250,000 Stanford social entrepreneurship grant and $500,000 from angel investors such as Kris Jenner and Desiree Gruber.

    Phoebe Gates and her co-founder, Sophia Kianni, have also secured a podcast deal to promote the venture. Her journey offers some valuable lessons for anyone looking to start a business.

    Look for real-world traction

    Despite the flashy headlines, most startups fail. Roughly 90% eventually collapse, according to the Founders Forum Group, with 42% failing because they couldn’t meet market demand.

    In other words, the odds are stacked against you, and the most common pitfall is building something nobody wants to pay for.

    To avoid this trap, try to find relatively cheap and quick ways to validate your business idea. Pitch the idea to angel investors or industry experts to see if they would bet real money on the venture’s success.

    Better yet, look for paying customers to validate your business idea before you sink too much of your own money into it.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Customers are the best source of funding

    According to the Small Business Administration, about 14% of small business owners relied on friends and family for funding in 2023.

    More often, though, entrepreneurs turned to self-funding methods like credit cards or formal channels like banks or government agencies.

    One of the most popular sources of funding was the business itself. Nearly 31% of small business owners relied on the corporation’s earned and retained earnings to fund and grow their ventures. In other words, paying customers can be your best source of startup capital.

    If you’re launching something new, think about how to attract real customers first. For example, you could build a waitlist of clients who have already signalled interest in your product or service. You might also collect early deposits or presale revenue to help fund development.

    Getting those early customers will take time and effort, especially in marketing, but it brings two major benefits: proving there’s real demand and creating early cash flow to support your growth.

    What to read next

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘We wanted to escape’: This Texas couple ditched the big city to build their dream home for $60,000 out of two 40-foot shipping containers — and they claim you can do it, too

    ‘We wanted to escape’: This Texas couple ditched the big city to build their dream home for $60,000 out of two 40-foot shipping containers — and they claim you can do it, too

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Lexi Newkirk and her husband, Diego, weren’t interested in cramped city living. Instead, the young married couple from Austin, Texas, created their very own path to home ownership.

    “We grew up in the city and we wanted to escape it,” Lexi said in an article by content company SWNS.

    Don’t miss

    So, they decided to buy a plot of land for $180,000 in a rural area nearby and have spent $60,000 building their dream home out of two 40-foot shipping containers.

    “We’re living on 12-and-a-half acres and I love it,” Lexi said.

    From the ground up

    The couple could’ve saved up to buy a home in Austin, where according to Zillow the average price runs just north of $500,000, but they had other ideas.

    After buying their land in October 2023, they built a foundation and basement before stacking two 40-foot shipping containers on top of one another. The containers cost $5,500 apiece, per SWNS. Slowly, over about a year, the couple have added plumbing, wiring and insulation to the 640-square-foot home.

    The couple hoped to have the home finished completely by early March. They plan to live there while they work to build up the rest of the land they bought.

    Before you build a home

    Building a home from scratch is no easy feat, and it’s important to know what you’re getting into.

    For one thing, not everyone has the handyman skills necessary to construct a home. Diego performed most of the manual labor on the home in the story above, according to SWNS, but social media posts of their progress show help was needed at various stages.

    Building a home can also be more complicated than expected. For one thing, zoning laws might limit your ability to construct your dream home. And don’t forget you need all of the necessary permits to proceed with construction.

    Connecting your home to utilities, such as electricity, can also present a challenge, assuming they’re available. That’s something you’ll need to coordinate with your local utility department.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Hassle-free property ownership

    While building a home from shipping containers is a radical solution to the ever-increasing cost of housing, there are other ways to benefit from the hot real estate market even if you don’t have the capital to buy a plot of land.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    Finally, accredited investors will want to take a look at First National Realty Partners (FNRP). This platform allows you to diversify your portfolio through investments in grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

    With a minimum investment of $50,000, you can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

    Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties.

    What to read next

    Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 60, ready for retirement with $1.2M saved. I plan to live off dividend income — not sell assets. Is this really more risky than a ‘total return’ approach?

    I’m 60, ready for retirement with $1.2M saved. I plan to live off dividend income — not sell assets. Is this really more risky than a ‘total return’ approach?

    At 60, if you have $1.2 million saved for retirement, you have more than double as much as most of your peers, according to Statistics Canada.

    But even though that’s a lot of money, it’s important to manage your sizeable nest egg carefully. You could try to live off of dividend income from your portfolio, or draw down your total portfolio over time.

    Living off of portfolio income alone

    A 2024 CPP Investments survey found that 61% of Canadians are more worried about running out of money during retirement.

    The nice thing about living on portfolio income in retirement is that you aren’t touching the principal, meaning it should, in theory, hold steady or grow rather than shrink.

    But it takes a lot of principal to generate sufficient income to live on, especially when dividend yields are as low as they are today.

    The average S&P 500 dividend yield is currently just 1.27%. Even if you assemble a portfolio of individual stocks with higher dividend yields, you may only be looking at 5%.

    For a portfolio worth $1.2 million, that’s $60,000 in annual income, which may or may not be enough to maintain your lifestyle.

    Of course, it’s not a good idea to keep your entire portfolio in stocks. A safer bet is to split your assets between stocks and bonds, which could produce a little under a 5% return. It is doable, but whether the income suffices depends on your income-related needs.

    Keep in mind you’ll have CPP benefit, as well. With the average retired worker collecting about $808 per month or up to $1,433.00 if you delay receiving it, you could be looking at up to $17,200 in benefits annually.

    When you combine these government pension earnings with your investment portfolio income that works out to just over $77,000 in retirement income, each year.

    But there’s one big caveat: While living on your portfolio income allows you to preserve your principal investment portfolio, to a degree, neither growth of that portfolio nor income generated from the portfolio are guaranteed.

    Market volatility means your stocks could fall in value, eroding your principal. Stock dividends aren’t guaranteed the way bond interest and principal are guaranteed, assuming you hold the bonds to maturity.

    The other risk of an income-only approach is that you could lose purchasing power over time due to inflation, which drives living costs upward. Assuming the income you earn from your portfolio holds steady at $60,000 per year, this may be adequate when you start retirement, but find it doesn’t stretch far enough a decade or two into retirement.

    The “total return” approach

    Another option is to live on income and principal from your portfolio — the “total return” approach — as you whittle down your principal while enjoying dividends.

    This is a more flexible approach. You can sell principal assets and take advantage of market gains. As your portfolio grows, a total return approach gives you access to more annual income, making it easier to keep up with inflation.

    Here’s how this might work. Say you have $1.2 million and you decide to follow the 4% rule, drawing down 4% of your principal annually to ensure your savings last 30 years. In your first year of retirement, you’d receive $48,000 of annual income. If inflation then rises 2% the next year, you’d withdraw $48,000 plus another 2%, or $960, for a total of $48,960.

    As your portfolio gains value, you can keep adjusting your withdrawals for inflation, making it easier to keep up with the cost of living.

    The 4% rule is just a guideline. There are other factors to consider as you determine your withdrawal rate: market conditions, your investment mix, and your life expectancy.

    For example, Morningstar found that a 3.3% withdrawal rate was optimal for retirement savings in 2021; 3.8% in 2022; and 3.7% in 2024.

    This means that while the “total return” approach offers more flexibility, it requires an ability to constantly adjust to market conditions and your personal needs. It’s a good idea to enlist the help of a financial adviser who can help you adjust your withdrawals as needed.

    In this approach, too, if your portfolio loses value, you may have to withdraw less temporarily until the market settles. It’s wise to have one to two years’ worth of living expenses in the bank so you can leave your portfolio alone for a period of time if need be.

    It’s also important to have income-producing assets in your portfolio that help it gain value from year to year. Dividend and interest income could help offset market losses.

    So all told, no matter which approach you take, the right investment mix is crucial.

    Sources

    1. Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and selected census metropolitan areas, Survey of Financial Security (Oct 29, 2024)

    2. Y Charts: S&P 500 Dividend Yield

    3. Government of Canada: CPP Retirement pension: How much you could receive

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.