MANAGING Money: 1) Cancer survivor celebrates birthday by paying for patients’ hospital parking; 2) Canadians are holding more cash in their wallets, Bank of Canada finds; 3) Forming good financial habits as a student can keep debt from spiralling

1) Cancer survivor celebrates birthday by paying for patients’ hospital parking

Courtesy Barrie360.com and Canadian Press

By Hannah Alberga, August 12, 2025

Krystyna Locke, a lymphoma cancer survivor who is covering the cost of other patients’ parking for her 63rd birthday, is seen in this undated handout photo, at London Health Sciences Centre in London, Ont.

Krystyna Locke is celebrating turning 63 by paying the parking fees for cancer patients. 

The lymphoma cancer survivor knows just how quickly those bills add up after a 20-year journey of hospital visits to London Health Sciences Centre.

That’s why she’s raised more than $3,700 to pay for 250 parking passes today.

She says the $12 maximum daily fee may not sound like a lot, but it can be a significant expense for those going to the hospital for 30 days of radiation.

A Canadian Cancer Society report in December estimated cancer patients face on average almost $33,000 in out-of-pocket cancer-related costs in their lifetime, including parking fees.

Some provinces are taking this matter into their own hands.

Nova Scotia started covering the cost of hospital parking in May by implementing a ticket validation system for patients, health-care workers and visitors.

In Ontario, an NDP motion to eliminate hospital parking fees for patients, families, and healthcare workers, and cover revenue shortfalls for hospitals, was voted down in June. 

Almonte General Hospital southwest of Ottawa is capping parking costs at a daily fee of $5 beginning this month. 

2) Canadians are holding more cash in their wallets, Bank of Canada finds

Courtesy Barrie 360.com and Canadian Press

By Craig Lord, August 15, 2025

A new survey from the Bank of Canada shows Canadians are keeping more cash in their wallets in an increasingly digital world.

The central bank said Thursday that its 2024 survey on payment methods shows Canadians kept an average of $156 in cash on hand, $16 more than in 2023.

Adjusted for inflation, the Bank of Canada said the value of cash on hand has been “quite stable” since 2017 despite small variations over the COVID-19 pandemic.

The survey showed customers are using ATMs and bank branches more often, however, and

also taking more cash out per withdrawal.

Broken down by age group, those 55 and older were most likely to have cash on their person at 86.8 per cent, more than 10 percentage points higher than other demographics.

But it was the youngest surveyed cohort, those aged 18 to 34, who held the most in their wallets on average at $206.

The Bank of Canada said those in the lowest income bracket tended to hold the least amount of cash but were most likely to pay via cash.

The survey of more than 4,000 individuals, done in partnership with Ipsos from mid-October to mid-November last year, included a selection of respondents logging their regular purchases over a number of days.

Those surveyed suggest they were making roughly one in five purchases with cash.

While the use of cash was on a steady decline heading into the COVID-19 pandemic, the Bank of Canada said those figures have been resilient over recent years.

That marks a deviation from other nations, such as the United States, which Bank of Canada researchers pointed out has seen continued annual declines in the use of cash.

The Bank of Canada said it expects 79 per cent of Canadians had no plans to go cashless in 2024, while eight per cent said they would eventually do so and 13 per cent said they were already cash-free. Those figures were steady from 2022 and 2023.

Credit cards, meanwhile, continue to top the list of the most-used payment methods with 46 per cent of purchase volumes. Debit cards follow at 23 per cent.

Mobile payments — any purchase made via a smartphone app, including those linked to a credit card — are meanwhile gaining traction.

Mobile transactions accounted for almost five per cent of purchases in 2024, up a couple of percentage points from a year earlier.

If those trends keep pace, the Bank of Canada suggested that preferences among younger consumers might shift towards holding digital wallets rather than physical ones, which could in turn drive down demand for cash.

The central bank said it studies how Canadians’ cash behaviours and preferences inform its role managing payment systems in the country.

3)  Forming good financial habits as a student can keep debt from spiralling

Courtesy Barrie360.com and Canadian Press

By Ritika Dubey, Aug. 12, 2025.

New-found freedom and an early taste of adulthood await many young adults starting post-secondary education this fall. 

With freedom comes responsibilities: attending classes and studying while also maintaining a social life and making time for chores, meals and maybe even a part-time job — all while trying not to let any debt spiral out of control.  

“A lot of things change financially for you when you turn 18,” said Shannon Lee Simmons, a certified financial planner and founder of New School of Finance. Students entering post-secondary might want to apply for credit cards, open a chequing account and will likely now find themselves responsible for day-to-day expenses, she said.

“There’s big financial stakes and your first time doing it in a big way, all happening at the same time.”

Several studies have highlighted the financial struggles of post-secondary students over the years, as costs for tuition, books and meals increased — adding stress to an already-long list of concerns young adults are dealing with today. A 2024 Canadian Alliance of Student Associations survey shows more than two-thirds of students anticipate graduating with debt. The report also found the annual cost of living for students averages $28,731.60.

Experts say it’s important to establish financial habits early on to help manage finances effectively. 

“This is the time in your life in which you formulate habits,” said Bruce Sellery, CEO of non-profit credit counselling agency Credit Canada. Students need to lock into a powerful mindset before entering university, he added.

“It is this: Live within your means. If you don’t have the money, you don’t spend it,” Sellery said.

“This is a habit. It is a skill. It is a value,” he said. “It will serve you for the rest of your life.”

Before the school year starts, Simmons suggested setting up a 12-month financial plan that includes income streams from a registered education savings plan, any jobs, or a student loan against a list of expenses, such as tuition, books, transportation and rent — and see if you can live within what’s left. 

“With school, there (are) limited resources and lots of expenses,” she said. “So, we sort of have to just squeeze our life into whatever is left over at the end of it.”

Stacy Yanchuk Oleksy, CEO of Money Mentors, says students who are taking on student debt should first know what they need it for. 

Oleksy said she encourages students to borrow only what’s needed, instead of the maximum dollar amount they can get.

“The more that gets lent to you, the more you have to pay back,” she said.

She added students should also understand the terms of their loans — the interest rate and when they’re expected to make payments — before signing the contract. 

Sellery said students should follow a sustainable spending plan, which involves analyzing, brainstorming and changing your budget as needed. 

The analysis is fairly simple for students, he said. It’s a simple cash flow statement with incomes and expenses to see if there’s a surplus or if you’re spending more than you have.

“If you’re in a deficit, you’re going to brainstorm ways that you can eliminate that deficit,” Sellery said, by thinking through ways to either reduce spending or increase income. That could mean eliminating takeout, getting a part-time job or asking parents to chip in, for instance.”

“Then commit to that change,” Sellery said.

“You want to choose two or three things: ‘I’m going to get a part-time job, and I’m going to take Uber Eats off my phone,’ because if you try and manage 10 things, you’re going to fail,” he said. 

Once the school year starts, Simmons said it’s important to do daily check-ins when getting started with money habits.

“A lot of young people don’t know what they cost yet because they’ve lived at home, so they haven’t had to buy their own shampoo,” she said. 

Simmons said she usually doesn’t preach tracking your daily spending because it can take a big toll on people, but her advice is different for young people.

“With this specific cohort, first time living on your own and not really knowing what you cost is actually a learning experience.”

2) Canadians are holding more cash in their wallets, Bank of Canada finds

Courtesy Barrie 360.com and Canadian Press

By Craig Lord, August 15, 2025

A new survey from the Bank of Canada shows Canadians are keeping more cash in their wallets in an increasingly digital world.

The central bank said Thursday that its 2024 survey on payment methods shows Canadians kept an average of $156 in cash on hand, $16 more than in 2023.

Adjusted for inflation, the Bank of Canada said the value of cash on hand has been “quite stable” since 2017 despite small variations over the COVID-19 pandemic.

The survey showed customers are using ATMs and bank branches more often, however, and also taking more cash out per withdrawal.

Broken down by age group, those 55 and older were most likely to have cash on their person at

86.8 per cent, more than 10 percentage points higher than other demographics.

But it was the youngest surveyed cohort, those aged 18 to 34, who held the most in their wallets on average at $206.

The Bank of Canada said those in the lowest income bracket tended to hold the least amount of cash but were most likely to pay via cash.

The survey of more than 4,000 individuals, done in partnership with Ipsos from mid-October to mid-November last year, included a selection of respondents logging their regular purchases over a number of days.

Those surveyed suggest they were making roughly one in five purchases with cash.

While the use of cash was on a steady decline heading into the COVID-19 pandemic, the Bank of Canada said those figures have been resilient over recent years.

That marks a deviation from other nations, such as the United States, which Bank of Canada researchers pointed out has seen continued annual declines in the use of cash.

The Bank of Canada said it expects 79 per cent of Canadians had no plans to go cashless in 2024, while eight per cent said they would eventually do so and 13 per cent said they were already cash-free. Those figures were steady from 2022 and 2023.

Credit cards, meanwhile, continue to top the list of the most-used payment methods with 46 per cent of purchase volumes. Debit cards follow at 23 per cent.

Mobile payments — any purchase made via a smartphone app, including those linked to a credit card — are meanwhile gaining traction.

Mobile transactions accounted for almost five per cent of purchases in 2024, up a couple of percentage points from a year earlier.

If those trends keep pace, the Bank of Canada suggested that preferences among younger consumers might shift towards holding digital wallets rather than physical ones, which could in turn drive down demand for cash.

The central bank said it studies how Canadians’ cash behaviours and preferences inform its role managing payment systems in the country.

3)  Forming good financial habits as a student can keep debt from spiralling

Courtesy Barrie360.com and Canadian Press

By Ritika Dubey, Aug. 12, 2025.

New-found freedom and an early taste of adulthood await many young adults starting post-secondary education this fall. 

With freedom comes responsibilities: attending classes and studying while also maintaining a social life and making time for chores, meals and maybe even a part-time job — all while trying not to let any debt spiral out of control.  

“A lot of things change financially for you when you turn 18,” said Shannon Lee Simmons, a certified financial planner and founder of New School of Finance. Students entering post-secondary might want to apply for credit cards, open a chequing account and will likely now find themselves responsible for day-to-day expenses, she said.

“There’s big financial stakes and your first time doing it in a big way, all happening at the same time.”

Several studies have highlighted the financial struggles of post-secondary students over the years, as costs for tuition, books and meals increased — adding stress to an already-long list of concerns young adults are dealing with today. A 2024 Canadian Alliance of Student Associations survey shows more than two-thirds of students anticipate graduating with debt. The report also found the annual cost of living for students averages $28,731.60.

Experts say it’s important to establish financial habits early on to help manage finances effectively. 

“This is the time in your life in which you formulate habits,” said Bruce Sellery, CEO of non-profit credit counselling agency Credit Canada. Students need to lock into a powerful mindset before entering university, he added.

“It is this: Live within your means. If you don’t have the money, you don’t spend it,” Sellery said.

“This is a habit. It is a skill. It is a value,” he said. “It will serve you for the rest of your life.”

Before the school year starts, Simmons suggested setting up a 12-month financial plan that includes income streams from a registered education savings plan, any jobs, or a student loan against a list of expenses, such as tuition, books, transportation and rent — and see if you can live within what’s left. 

“With school, there (are) limited resources and lots of expenses,” she said. “So, we sort of have to just squeeze our life into whatever is left over at the end of it.”

Stacy Yanchuk Oleksy, CEO of Money Mentors, says students who are taking on student debt should first know what they need it for. 

Oleksy said she encourages students to borrow only what’s needed, instead of the maximum dollar amount they can get.

“The more that gets lent to you, the more you have to pay back,” she said.

She added students should also understand the terms of their loans — the interest rate and when they’re expected to make payments — before signing the contract. 

Sellery said students should follow a sustainable spending plan, which involves analyzing, brainstorming and changing your budget as needed. 

The analysis is fairly simple for students, he said. It’s a simple cash flow statement with incomes and expenses to see if there’s a surplus or if you’re spending more than you have.

“If you’re in a deficit, you’re going to brainstorm ways that you can eliminate that deficit,” Sellery said, by thinking through ways to either reduce spending or increase income. That could mean eliminating takeout, getting a part-time job or asking parents to chip in, for instance.”

“Then commit to that change,” Sellery said.

“You want to choose two or three things: ‘I’m going to get a part-time job, and I’m going to take Uber Eats off my phone,’ because if you try and manage 10 things, you’re going to fail,” he said. 

Once the school year starts, Simmons said it’s important to do daily check-ins when getting started with money habits.

“A lot of young people don’t know what they cost yet because they’ve lived at home, so they haven’t had to buy their own shampoo,” she said. 

Simmons said she usually doesn’t preach tracking your daily spending because it can take a big toll on people, but her advice is different for young people.

“With this specific cohort, first time living on your own and not really knowing what you cost is actually a learning experience.”