Good morning. Most of us have a sense that we're spending too much — on the car, on credit card interest, on travel points. Today's issue puts numbers to that feeling, and more importantly, tells you what to do about it.
On The Money Today:
$5K a year just to own a car — and 5 ways to fight back
Most Canadians are paying 20% interest while hunting for the next great investment
Your Aeroplan points are worth less after June 1
Let's get into it.
With U.S.-Canada trade tensions threatening to push vehicle prices even higher, 77% of Canadian car owners already say monthly costs are more than they can comfortably afford. There are 5 practical ways to start fighting back — and some of them you can act on today.
SPONSORED BY Wealthsimple
Whether you're five or 15 years from retirement, Wealthsimple Portfolios makes it easy to build a nest egg that reduces your reliance on government benefits later.
Their pre-built portfolios are tailored to your retirement timeline and risk tolerance. Automate contributions inside an RRSP or TFSA and let Wealthsimple handle the rebalancing and dividend reinvesting.
Trusted by 3+ million Canadians, get a $25 bonus when you open your first account and deposit at least $1 within 30 days.
Visit Wealthsimple via our Apply Now button for up-to-date terms and conditions.
Most Canadians are hunting for the next great investment while paying 20% interest on last month's groceries. Buffett's cash strategy explains exactly why that's the wrong order of operations.
If you've been hoarding Aeroplan points for a dream trip, June 1 just became a hard deadline. Air Canada is hiking redemption costs by as much as 67% on some routes — a one-way business class flight to Europe that cost 107,500 points today will run you 129,300 after June 1. The points you have today won't go as far tomorrow.
MONEY IQ
Which destination costs the most Aeroplan points for a business class flight from Canada?
ALSO MAKING THE ROUNDS TODAY
NEWS: Toronto hit a landlord with a $31K catch-up water bill. What every homeowner needs to know — Check Your Bill
INVESTING: Canada's securities regulators just changed the rules for millions of stock trades. - What it means for your portfolio
CREDIT: Payday loans can hurt your credit score more than you think. See 4 ways to build credit instead
DEBT: He got a US$250K windfall but was US$70K in debt. Read what Dave Ramsey told him and why it applies to Canadians
NEWS: 54% of expecting parents say they're not fully financially ready for a child. Find out what it actually costs
MONEY IQ ANSWER
A) Sydney. The land down under tops the chart at 130,000 points for business class from Canada after June 1 — up from 110,000 today. That 20,000-point jump for waiting is enough for a free domestic flight. If Australia is on your bucket list, book now.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
