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Spend Wisely

When you have competing demands for your money, it can be hard to make good decisions about what to buy and how to spend.

You may find it helps to put your expenses into Needs, Wants and Savings or Reducing debts.


These are the unavoidable costs that help to keep you and your loved ones safe, warm and fed. They include your mortgage or rent, food, utilities, transportation, as well as minimum payments on loans or credit cards. Remember to also include any tax you owe, unless it has already been deducted from your salary by your employer.


These are all the things you spend money on that are not considered essential - they are nice to have or experience. They include eating out, going to the movies or a concert, buying new clothes, a gym membership, and vacations. 

Savings or reducing debts

Savings might be for emergencies, short-term goals (like a holiday) or longer-term plans (such as retirement or saving for a down payment for a house). Debts include any debt repayments you make each month, in addition to any minimum payment requirement.


Everyone's situation is different, so don't worry if your spending doesn't fit the guide. However, if you notice that you are spending too much in a single category, it could be an indicator that you need to adjust your spending habits.

Financial wellbeing

Find out how you can build an emergency savings fund to meet your financial needs if the unexpected happens with the help of HSBC Canada.
Find out how to recognize excessive borrowing so you’re better prepared to avoid it in the future with the help of HSBC Canada.
Read HSBC Canada's top tips to help you take control of and minimize your debt so you can improve your financial wellbeing.