Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon a... More
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456 – Has Tipping Gone Too Far? (Dealing w/ Tip Creep + Your Budget)
Tipping has always been a part of the dining experience. But lately, the expectation to leave a tip has become so common that we have to make it a new budgeting item. So how do you navigate tip creep? On today’s podcast, we have a special guest, Sean Cassidy, who shares his experience with tipping prompts and how he’s adapted his budget. Doug and Sean discuss why tip nudges are so prevalent post-Covid and lots of practical advice on how to budget for this new cost and minimize social awkwardness. Tune in for a great discussion! Resources Mentioned in the Show: The Fable of the 20 Dollar Bill: https://youtu.be/5fYfAvSnNps The Angry Mortgage Podcast with Ron Butler: https://www.youtube.com/@angrymortgage What’s Really Causing Grocery & Food Inflation? https://youtu.be/bZrsL4LgI2A Should Shopping Be a Game? Risks of Apps Like Temu: https://youtu.be/B7Duzop33mM Zero-Based Budgeting – How To Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/
455 – Is Your Emergency Fund Good Enough For Any Crisis?
Everyone says you need an emergency fund. But how much is enough? And what is an emergency vs. an inconvenience? Where should you store your savings? Enter Maureen Parent. Maureen returns to share lots of practical advice on how to setup a realistic system to create your emergency fund. She also explains how much you should have saved at different stages, the types of emergencies to prepare for, and why credit cards and lines of credit are not good rainy day fund tools to rely on. Tune in for lots of great tips! Links: Build an Annual Budget You Can Adjust For Inflation & Goals: https://youtu.be/4N9rX_x8Wjc How to Manage Your Money in a Crisis: https://youtu.be/1iYKQAX1koI Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ Maureen Parent, LIT https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Maureen on Twitter: https://twitter.com/MaureenParent7
454 – Is Raising Your Credit Limit a Bad Sign?
Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren’t in good shape? On today’s podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it’s good to first evaluate your finances before taking on any offers. Tune in for a great discussion! Related Links: The Pros & Cons of a Pre-Approved Credit Limit Increase: https://www.hoyes.com/blog/the-pros-cons-of-a-pre-approved-credit-limit-increase/ Mark Borysiak, LIT in Barrie: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/
453 – Should Shopping Be a Game? Risks of Apps Like Temu
Online shopping isn’t new. Apps are not new. But is shopping supposed to be a game? That’s the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today’s podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show! Links: CNN Article: ‘One of China’s most popular apps has the ability to spy on its users’ https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/ Time Stamps: 00:32 What is Temu? 1:20 An 87-year-old’s perspective of Temu 14:33 An 18-year-old’s perspective of Temu 21:37 What are the risks to Temu & making informed decisions about spending
452 – Debt Mistakes to Avoid When Cash is Tight
We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion! Related Links: Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI Zero-based budgeting: How to Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/