Canadians Should Have 'The Talk' ASAP To Avoid Financial Infidelity

Canadians Should Have 'The Talk' ASAP To Avoid Financial Infidelity

Whether you're single or in a relationship, it's crucial to have "the talk" with yourself or a partner about your finances, or suffer the (often unintended) consequences.

It turns out that not dealing with a big Visa bill, for example, can affect your dating life.

A recent survey by financial comparison site Ratehub.ca found that nearly half (46 per cent) of Canadians would consider major credit card debt a deal-breaker on a first date.

Luke Sheehan, Ratehub's vice-president of marketing, told HuffPost Canada the availability of credit scoring tools have heightened expectations in new relationships.

"It's a sign of a good relationship and a good partner to come if they have things like their credit score and their bills all in order," he said.

Sheehan said the longer people put off talking to their partners about debt, the more difficult it's going to be to address things like mortgages and joint credit cards as the relationship progresses.

The survey also found that an overwhelming majority of Canadians (89 per cent) would trust their significant other with their credit card.

However, more than half (55 per cent) don't know their partner's credit score, and almost a quarter of Canadians (23 per cent) aren't aware of their significant others' credit card spending.

Financial infidelity can spell 'significant loss'

A study released last year by Credit Canada and the Financial Planning Standards Council found 36 per cent of Canadians have lied about a financial matter to a partner.

Credit Canada CEO Laurie Campbell told HuffPost Canada that financial infidelity and financial abuse can lead to "significant loss" for Canadians.

"What individuals have done to each other to break trust, and in some cases it could be as innocuous as taking $20 out of the other person's wallet without letting the other person know, or it could be as significant as using another person's credit card and getting credit out under that person's name," she said.

Credit Canada recently compiled stories of several Canadians who had fallen victim to financial infidelity. They include:

• "My ex used our credit card to wine and dine the woman he was having an affair with."
• "My ex-husband left me with a lot of debt! He drained the bank accounts and maxed out the credit cards before we separated."
• "Partner used the credit line!!! I never used my credit line...."
• "I broke up with a girlfriend after I found money missing from my wallet!"
• "My mom let her boyfriend take all the money out of her bank account that she worked so hard for."

Campbell said it's important to keep credit cards separate and protect your own credit rating. But her top tip to avoid financial infidelity is to go into relationships with your "eyes wide open."

"If someone tells you that they adore you and they love you right off the bat, be wary. If someone says that they're short on cash because something happened to their bank account, be wary," she said.

"If you're uncertain, again, trust your gut, talk to your family, talk to your friends. Ask them if this seems reasonable. They'll be the first ones to tell you if it doesn't."

It's very much a case of honesty is the best policy, just put all cards on the table, and then you'll at least know what you're getting into.Luke Sheehan, Ratehub.ca

If you're not comfortable talking to your friends and family, Campbell suggests going to a professional like a certified financial planner.

But if you are ready to have "the talk" with a partner, both Sheehan and Campbell say it's best to have the conversation as soon as possible.

"It's very much a case of honesty is the best policy, just put all cards on the table, and then you'll at least know what you're getting into," Sheehan said.

The Ratehub survey polled more than 1,000 Canadians who were single, in common-law partnerships, or married. The Credit Canada study was conducted online among 1,550 Canadians from Jan. 2-5 in 2018, using Leger's online panel, LegerWeb.

U.S. personal income falls, following drop in consumer spending

U.S. economy grew at 2.6% in 4th quarter, but economists say it is slowing as impact of tax cuts wears off

U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.

The report from the Commerce Department on Friday also showed inflation pressures remaining tame, which together with slowing domestic and global economic growth gave more credence to the Federal Reserve's "patient" stance towards raising interest rates further this year.

Personal income slipped 0.1 per cent in January, the first decline since November 2015, after jumping 1.0 per cent in December. Income was weighed down by decreases in dividend, farm proprietors' and interest income.

Wages increased by a moderate 0.3 per cent in January after rising 0.5 per cent in December. Economists polled by Reuters had forecast incomes rising 0.3 per cent in January.

The Commerce Department did not publish the January consumer spending portion of the report as the collection and processing of retail sales data was delayed by a 35-day partial shutdown of the government that ended on Jan. 25.

Consumer spending down 0.5%

It reported that consumer spending, which accounts for more than two-thirds of U.S. economic activity, dropped 0.5 per cent in December.

That was the biggest decline since September 2009 and followed a 0.6 per cent increase in November.

Households cut back on purchases of motor vehicles and recreational goods in December, leading to a 1.9 per cent plunge in spending on goods.

Spending on goods increased 1.0 per cent in November. Outlays on services edged up 0.1 per cent, held back by a decline in spending on household electricity and gas. Spending on services advanced 0.4 per cent in November.

When adjusted for inflation, consumer spending fell 0.6 per cent in December, also the largest drop since September 2009, after rising 0.5 per cent in November.

The U.S. economy turned in a solid performance in 2018, boosted in part by tax cuts and higher government spending. But growth slowed by year's end, and most economists envision a weaker outlook for the coming months and probably years.

GDP at 2.6%, but slowing

The nation's gross domestic product, the broadest gauge of economic health, expanded at a 2.6 per cent annual rate in the October-December period, the government said Thursday. That was down from a 3.4 per cent rate in the July-September period and a sizzling 4.2 per cent pace from April through June.

During those months, the economy benefited from tax cuts and from higher government spending, the gains from which are thought to be fading.

Most economists foresee slower growth ahead, pointing to slowing consumer spending. For the current January-March quarter, many analysts say they think growth could slow to a 2 per cent annual rate or less.

"I think the economy will be steadily throttling back over the next two years," said Mark Zandi, chief economist at Moody's Analytics.

 A trade war between the United States and China, higher interest rates, softening global growth as well as uncertainty over Britain's exit from the European Union are also negatively affecting the economy. 

Keto Diet Menu: 7-Day Keto Meal Plan for Beginners

If you're looking for a diet to help you lose weight, burn fat, improve your health, there is a perfect diet called keto. 

Keto short for ketogenic diet is a high-fat, low-carb meal plan that drives the body into ketosis.

It's a natural metabolic state where the body uses fat as its primary source of fuel instead of glucose. 

Ketosis is the main purpose of the ketogenic diet. 

In ketosis, your body becomes incredibly effective at burning fat. 

 

And the more stored fat is used as a fuel, more fat and weight you'll lose.

It may sound unconventional to eat a high-fat diet to burn fat and lose weight. 

But the diet is in fact well studied and proven. 

 

Over 20 studies show that the keto diet can help you lose weight and improve your health and fitness (1).

But getting to this state of ketosis requires you to follow a keto diet meal.

A keto diet meal plan is what enables your body to enter ketosis

It focuses on limiting carbohydrates intakes and upping fat, and some protein.

More on this in a minute.

This is pretty much what qualifies a diet to be a ketogenic diet. 

But, let's backtrack a bit in case you're not familiar with the keto diet plan and menu before we get started. 

What is a Keto Diet?

A keto diet is a low-carb eating plan designed to drive your body into a state called ketosis.

Ketosis is a natural metabolic state that involves the body producing ketones out of fat. It then uses them for energy instead of carbohydrates. 

Your body only goes into ketosis when carbohydrates intake is low. This is the main purpose of a ketogenic diet.

This translates to:

• 60-75% of your calories from fat.
• 15-30% of your calories from protein.
• 5-10% of your calories from carbs.

As extreme as this may seem, the keto diet is medically tested and proven beneficial for health.   

It has so far been linked to weight loss, reversing type 2 diabetes, and managing blood sugar levels.  

Since the keto diet menu follows a strict guideline, having a sample meal plan can make things easier.   

It takes the guesswork out of choosing what to eat and not to eat on a keto diet. 

It also removes the headache of calculating your macro portions to reach ketosis.   

That's all built into this Keto Meal Plan.  

Just by following this, you can automatically put your body in the fat-burning zone a.k.a ketosis.   

Here is a 7-day sample keto diet menu to get started on the keto diet and ignite your fat burning.

In conjunction with the keto diet menu, here is your "keto diet food list".

Keto Diet Food List

It'll be a handy guide for food shopping for the meals. 

The following keto foods are part of this 7-day meal plan.

Protein: 

• Grass-fed beef (organic preferred, eggs).
• Fish and seafood (salmon, shrimps ) 
• Dark meat chicken (organic preferred).
• Bacon
• Beef (organic preferred)
• Tuna

Even though 75% of calories come from fat on the keto diet, you still need protein. Just make sure you consume them in moderation.

Oil and Fats:

• Avocado oil
• Coconut oil
• Olive oil
• Ghee butter
• Butter
• Heavy cream
• Full-fat Greek yogurt
• Cheese

Fruits and Veggies:

• Avocado
• Leafy greens (kale, spinach, bell pepper broccoli, lettuce, and arugula)
• Celery
• Asparagus
• Cauliflower 
• Blackberries
• Cilantro
• Tomatoes
• Bell peppers
• Mushroom 
• Zucchini
• Watercress

Nuts and Seeds:

• Walnuts
• Almonds
• pecans
• Brazil nuts
• Macadamias
• Hazelnuts
• Almonds
• pistachios
• Pine nuts
• cashews
• Flax seeds
• Chia seeds
• Nut butter
• Coconut chips

Dairy Products:

• Cheddar cheese
• Feta cheese
• Other cheese of your choice

Beverages:

• Water
• Almond milk
• Bone Broth
• Plain tea
• Black coffee

This is not a comprehensive keto diet food list. It just covers the foods in this 7-day meal plan.

7-Day Keto Diet Menu Sample

Here's your 7-Day sample Keto Diet meal plan for weight loss. The key is to stay high-fat, low-carb, with a moderate amount of protein.

Day 1:

• Breakfast: Scrambled egg lettuce wrap with avocado and cilantro
• Snack: Nuts  Lunch: kale salad with grilled chicken with olive oil dressing. 
• Snack: bell pepper with guacamole   
• Dinner: Steak with cauliflower rice

Day 2:

• Breakfast: Baked egg in an avocado cup
• Snack: Macadamia nuts
• Lunch: Tuna salad with a side of green salad
• Snack: Sliced cheese or cold cut turkey roll-ups
• Dinner: Chinese Beef and broccoli

Day 3:

• Breakfast: Full-fat Greek yogurt topped with chia seeds and crushed walnuts
• Snack:  Turkey jerky (look for no added sugar type)
• Lunch: Cauliflower fried rice
• Snack: Sliced cheese 
• Dinner: Roast beef with sautéed mushroom and zucchini

Day 4:

• Breakfast: Blackberry protein shake with kale and almond butter  
• Snack: Zucchini parmesan chips
• Lunch: Chicken tenders made with almond flour on a bed of greens with cucumbers and goat cheese
• Snack: Bacon deviled eggs
• Dinner: Grilled shrimp topped with a lemon butter sauce with a side of asparagus  

Day 5:

• Breakfast: Fried eggs with bacon and a side of greens.
• Snack: 1/2 cup coconut chips 
• Lunch: Grass-fed burger in a lettuce “bun” topped with avocado and a side salad.
• Snack: Celery sticks dipped in almond butter.
• Dinner: Meatloaf on a bed of watercress salad

Day 6:

• Breakfast: Feta cheese and spinach omelet.
• Snack: Bacon wrapped asparagus.
• Lunch: Chicken wings with celery sticks.
• Snack: Cocoa Coconut milk smoothie  
• Dinner: Grilled chicken with bell peppers and tomatoes   

Day 7:

• Breakfast: Full-fat Greek yogurt with coconut chips and pumpkin seeds
• Snack: Cheese crisp
• Lunch: Chicken salad wraps
• Snack: Peanut butter fat bombs  
• Dinner: Grilled salmon with a side of cauliflower rice

Final Thoughts

The keto or ketogenic diet is great for people who are looking to lose weight and improve their health.

This sample 7-day keto diet plan is a great way to see if the diet is right for you.

But, as with any diet, you should always check with your doctor first before starting. 

If you're looking to burn fat, it's important that you incorporate some form of exercise with the diet.

In the comment below, let us know if you have any questions.

Good luck!