Do More With Your Spending Power

The pandemic has been a “tale of two cities” kind of story. While some folks have been struggling to make ends meet, others have found themselves socking away surplus cash into their savings accounts as opportunities to spend have shrunk.

Governments and economists are hoping Canadians will start spending these reserves to help kickstart the spluttering economy. The pent-up demand created by pandemic restrictions will no doubt result in a lot of retail therapy over the next several months.

At DUCA, we’re all about helping you “do more” with your money and your life. This is a great time for those who have been saving and are considering a splurge to consider how they can use their purchasing power to improve their lives.

Some thought starters…

Electronics. Home electronics is about more than big-screen TVs. There are many ways that the latest tech can improve quality of life, especially as we spend more time at home. Indoor air quality monitors, cleaning aids, health wearables, ergonomic work/gaming chairs, connected workout equipment, entertainment systems, energy-efficient and smart appliances and indoor veggie gardens are just some of the innovations that could help transform your live/workspace or lifestyle.

Home improvements. With more of us working from home, expect high demand for home furnishings and contracting services to continue. When deciding on a home renovation, keep in mind that while alterations may improve your quality of life today, only some will increase the value of your home if you plan to sell. Kitchens still top the list of solid investments, while decks and pools — so popular last summer — are at the bottom according to a Royal LePage Canada survey of real estate professionals.

Vacations. I suspect many Canadians will head towards international destinations once it’s safe to do so. All the more reason to consider pivoting your vacation plans to explore our own country instead. Not only will it be more predictable and possibly safer to travel within our borders in the early days of reopening, but there are also so many exciting and adventurous possibilities: kayaking the coast of B.C., viewing the northern lights in the territories, dinosaur hunting in Alberta, a gastronomic tour of the east coast…. Domestic travel means you’re helping our ailing tourism industry while getting to know other parts of this amazing country.

Local services. Buying local continues to be an important way to help businesses in our communities get back on their feet. If you’re in a position to do so, consider making life easier by using a local provider for lawn and garden care, catering, house cleaning, home improvements or other services, as well as buying from nearby stores and restaurants whenever possible.

Pay down debt. Ok, I admit it’s not as exciting as new tech or a holiday, but paying off loans and credit cards frees up money each month and provides a return that likely surpasses your investments. Even contributing to a lower-interest mortgage provides a rate of return better than most fixed income products.

Whatever you do with your extra savings, take a moment to consider how this money could help you do more with your life.

All the best,

--Doug