Manjit Minhas may spend her days investing in start-ups on “Dragon’s Den,” but when she isn’t shelling out big bucks for companies, the CEO of Minhas Breweries & Distillery has a message for Canadians: stop impulse buying.
“What you spend today can determine how you live in the future,” says Minhas.
It’s a tip Canadians could take to heart ahead of the holiday shopping season.
A November report from Statistics Canada found consumers owed $1.65 in credit market debt — that’s consumer debt, mortgage and non-mortgage loans — for every dollar of disposable income. And while it’s never been easier to spend money you don’t make thanks to record-low interest rates, Minhas says it’s best to resist the temptation.
Minhas suggests a two-pronged approach to spending for big-ticket items and small purchases in the video above. It just might make your paycheque last longer.
And for more helpful tidbits of financial advice, check out more episodes of 2 Minutes To Transform