On today’s “Let’s Talk Money with Dave and Reb” podcast, they look at how our Covid-19 lockdown has influenced our growing use of online shopping, online payments, mobile pay, credit cards and debit cards.
From recent media reports, the first five weeks of lockdown showed a reduction in Canadian spending by 75 per cent, with a drop in use of cash by 62 per cent, while the use of other money tools was on the rise, compared to the pre-Covid spending behaviours. To read the full story and see the statistics go to https://www.ctvnews.ca/health/coronavirus/are-canadians-ready-to-go-cashless-after-coronavirus-1.4970838.
“While more places are refusing cash at this point in time, it doesn’t mean we are going completely cashless,” Reb says. “It just seems that we are using more money tools that exist side-by-side.”
Dave wants to remind Canadians that whatever way we pay for things, whether cash, plastic or mobile pay, we need to be aware of what we are spending and whether or not we have an overall awareness of our financial current reality.
“Awareness and connection to our finances is critical, especially when paying on credit has been so easy to do,” Dave says. “If we are not aware of our cashflow, expenditures and income, we could get into trouble very fast.”
To hear their conversation and get tips on how to remain connected to your money while using all these tools, tune in. Today’s show is sponsored by More Than Enough Financial – a financial coaching company leading people to financial hope and freedom through consistent coaching and accountability. Go to www.morethanenough.ca for more information.