Spend It Or Save It 

Spend It Or Save It.

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By Bromwich+Smith Staff | 786 words | Reading Time: 3 minutes and 55seconds | Date: 2022/09/13

The long, lazy days of summer are melting away and pumpkin spice everything is looming. You may have spent your summer learning how to travel in a post pandemic era or stayed at home and adding to your savings account. When it comes to the upcoming spending season, how do you know if you should spend your money- or save it? Bromwich+Smith has a few ideas to keep in mind.

When Should I Save?

If you are currently paying off debt, it might feel like that is the priority, pay off your creditors in full before putting money into savings. We always suggest investing into your own savings in every financial situation. A small savings can grow quickly, and it will save you from increasing your debt when an unexpected expense occurs. If you aren’t sure about making a big-ticket purchase, put the money into savings. It will always be there for you to pull from when you decide on how to best spend the money.

When Is It OK To Spend?

Spending money is a necessity, we will always have bills to pay, groceries to buy and mortgages/rent to pay off. If you are looking at making an impulse purchase, consider taking a step back before putting down your hard-earned money. Think about the following:

I done my research on this item. Do I know if I can truly afford it? How will this purchase help me in my daily living, my job, or my personal life? If you don’t have the answers, you may want to take time to think about it. Place the item on hold and walk away. Go for a coffee, a walk about the mall, or go sit in your car. How do you feel about walking away? You may feel relieved from the pressure the sales associate was portraying. You may feel more worried and stressed after walking away. When in doubt ask a friend or family member. We don’t mean ask your shopping buddy but call someone who helps you think through the big things in your life.


Luxury Vehicles.

For some Canadians, the idea of a luxury vehicle is on the want it list, but never quite makes it over to the need it list.  For those who are considering a new luxury vehicle there are some things to know. September 1, 2022 Canada’s new Luxury Goods tax came into effect. For those who may not be aware, all vehicles purchased over $100,000 the new tax will be calculated at the lesser of the following options:

·       20% of the retail sale price above the relevant price threshold

·       10% of the retail sales price of the vehicle.

What does that mean if you want to purchase a luxury item in Canada? You will now see a new increased tax, so make sure you do your research and aware of the actual cost of the purchase.


Some Canadians are choosing to travel again, many for the first time since the pandemic began. With inflation rates rising, you will see an increase in prices many which will be passed along to the traveler. Gas prices are going up which you will see both at the gas pumps and reflected on airplane ticket prices. As with anything else you need to do your research before you travel anywhere. Know your destination, the expected costs and leave a buffer in your budget for unexpected items. If you are crossing the boarder, know what the restrictions are and what is expected from you as a traveller. You may need to have proof of vaccination or show your intent to travel on the ArriveCAN app. Knowing what is expected of you will not only save you time at the border crossings, but it may also save you money with unexpected fines.

Shopping Season.

Many Canadians are starting on their holiday lists, and it can be a great time of year to start looking at those expenses. If you pre plan now you can put aside money from each pay to go towards holiday spending. By looking in advance and making a list of the items you are looking at purchasing, you can often find them on sale and will know when and where to buy them. By giving a bumper from when you purchase to when you need the items you can look at online sites and order when the store offers free shipping.

No matter what your financial story is, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!


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