Money Expert Shannon Lee Simmons and Interac Offer Tips to Spend Smart
TORONTO, June 6, 2018 /CNW/ - Smart money management starts with smart spending. That's why Interac has teamed up with money expert Shannon Lee Simmons to help Canadians manage their everyday spending, a process that starts well before reaching the till. According to Simmons, having a spending strategy in place – versus a ridged budget – and choosing to pay with your own money are great tools to avoid what she calls the 'spending vortex'.
"The spending vortex, or that feeling when the paycheque has just come in and you realize it's gone before debating on dinner on the town or brunch with friends, can be combated with a spending strategy," says Shannon Lee Simmons, financial planner and founder of the New School of Finance. "This means understanding if a purchase is realistically within your means and choosing a safe way to pay for it using your own money like Interac Flash."
Simmons occasionally hears from her clients that they are hesitant to try out a new spending strategy or a new payment method like Flash®, but stresses that easy ways to pay with your own money can go hand in hand with a savvy spending strategy. Understanding the rationale behind why the approach works helps encourage her clients to try something different. Together with Interac, she offers Canadians tips to smart spending, before and at the till:
- Ditch the rigid budget: Budgeting with 50+ spending categories – from coffee shops to takeout to clothes, pets, housing and bills – isn't realistic and sets the average person up for failure. There are only four types of money that needed in a budget:
- Fixed Expenses, or the bills that must be paid each month, like housing, insurance, or minimum debt payments
- Meaningful Savings, which includes money that's put aside to improve overall net worth by increasing assets or decreasing debts
- Short-Term Savings, or money to stash away for emergencies or spikes in spending.
- Spending Money, which is the money left over to spend on things like groceries, gas, clothes and entertainment, offering greater flexibility to account for shifting priorities month to month.
"With a spending strategy in place, spending can and should be enjoyable and that includes the payment method itself," said Martin Ho, Head of Core Products, Interac Corp. "While it seems like there are more ways to pay than ever, each new payment evolution – think magnetic strip to chip and PIN to flash and mobile – has gotten more secure over time. That means you can use Flash or Interac Debit on mobile to pay with your own money knowing the transaction itself is secure – however you choose to pay."
For more information about Interac Flash, visit interac.ca/flashsecurity
About Interac Corp.
Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada's leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.
Interac, Interac Flash, and Flash are registered trade-marks of Interac corp.
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SOURCE Interac Corp.
For further information: Press contact: Interac Corp., 416-869-2017, [email protected]