iQuanti: The Bank of Canada has already raised its overnight rate twice this year, and with more increases expected, the cost of borrowing is going up. Personal loan interest rates are rising in Canada as inflation moves higher. Personal loans are typically based on the prime rate, so as that goes up, so does the interest rate on personal loans. This is bad news for borrowers, but good news for savers. If you have money in a savings account, you'll start to earn more interest as rates rise. However, if you have a personal loan, your monthly payments will also increase. So, it's important to keep an eye on inflation and factor it into your personal financial planning. 

Rising inflation in Canada

There are several factors that contribute to inflation, including the prices of energy and other commodities, as well as changes in government taxes or fees. The most important factor influencing inflation in Canada is its economy's overall performance. When the economy is doing well, businesses tend to raise prices in order to maximize profits. Conversely, when the economy slows down, companies may lower prices in order to encourage more spending.  

Inflation can have both positive and negative effects on the economy. On the one hand, it encourages businesses to invest and expand, since they can expect to see a return on their investment thanks to higher prices. On the other hand, inflation can erode purchasing power, making it more difficult for consumers to afford goods and services. Rising inflation can be a challenge for any household. But there are steps that Canadians can take to help offset the impact of rising prices. 

Adjust your spending habits

One way Canadians can save money during this time is to adjust their budget. Review your spending and see where you can cut back, even by a little bit. You can do this by shopping around for the best deals on groceries and other essentials. Compare prices at different stores, and don't be afraid to buy in bulk or take advantage of sales. Another way to save money is to cut back on unnecessary expenses. If you can live without that daily coffee or new outfit, you'll be surprised how much money you can free up in your budget. This will help make up some extra cash that you can use to cover unexpected costs or simply save for a rainy day. 

Increase your income

It may also be a good idea to increase your income if possible. This can be done by working overtime or taking on a part-time job. By increasing your income, you will be better able to offset the effects of rising inflation. 

Invest in yourself

Another way to cope with rising inflation is to invest in yourself. Consider taking some money that you would normally spend on luxuries and instead use it to improve your skills or education. This will pay off in the long run as you'll be better equipped to deal with inflationary pressure and earn more money over time. 

Delay nonessential major purchases

One of the best things that Canadians can do is to delay unessential major purchases. By waiting to buy big-ticket items until prices stabilize or even drop, you can save yourself a lot of money. Of course, this isn't always possible or practical. But if you can make do with what you have for a little while longer, it can pay off in the long run. 

Final thoughts

Finally, Canadians should keep in mind that inflation is not always a bad thing. In fact, it can actually help to boost the economy by creating jobs and driving up wages. Therefore, it is important to remain calm and composed during periods of high inflation. 

iQuanti: How do online personal loans work? 

Most online loans work similarly to regular loans from a bank or credit union. The difference with an online loan is that you do not have to go into a bank or a store front. You can do the entire loan application online from anywhere any time. Applying for a personal loan online can be a quick and easy process. When you're considering an online loan, be sure to compare different lenders to find the best interest rate and terms for your needs. Once you find the lender that suits your needs, you can submit your online application with your basic personal information, and the amount you want to borrow. Lenders will review your information and if you qualify, they will provide you with a loan offer. If you accept the terms of the loan, the lump sum loan amount can be deposited into your bank account as soon as the next business day. You'll then have to make regular payments to repay the loan, plus interest and any fees charged by the lender. A personal loan can be the solution to your financial problems. 

The top 8 reasons to get a personal loan

The process for taking out an online loan is typically quick and easy, and you can often get the money you need the next business day. Online loans can be used for a variety of purposes; a few of these are outlined below: 

Debt consolidation 

If you're struggling to keep up with multiple payments each month, you may want to consider consolidating your debt. This is when you take out a new loan to pay off multiple smaller loans or lines of credit. Debt consolidation can save you time and money by giving you a single monthly payment at a lower interest rate. It can also help improve your credit score by simplifying your credit profile. 

Credit card refinancing 

If you have credit card debt, you might be able to save money by refinancing it. This is when you take out a new loan at a lower interest rate and use it to pay off your existing credit card debt. Credit card refinancing can help you save money on interest and simplify your monthly payments. 

Home improvement 

If you're planning to make improvements to your home, a personal loan can be a good option. Home improvement loans typically have lower interest rates than credit cards, and can give you the flexibility to choose your own repayment timeline. You can use a home improvement loan for projects like remodeling your kitchen or bathroom, adding a pool or deck, or finishing your basement. 

Auto loan 

Refinancing your auto loan can save you money if you qualify for a lower interest rate. It can also help you change the terms of your loan, such as the length of the loan or the monthly payment amount. Auto loan refinancing is typically done through a new lender, but you may be able to refinance with your current lender. 

Major purchases 

If you're planning to make a major purchase, such as a wedding, you might consider taking out a personal loan. It can cover anywhere from the cost of the venue to the cost of your wedding dress. A personal loan can give you the flexibility to choose your own repayment timeline and may have a lower interest rate than using a credit card. 

Travel 

If you're planning a trip, a personal loan can be a good way to finance your travel expenses. You can use a personal loan for airfare, hotels, rental cars, and other travel expenses. It is a great way to fund a pricey getaway. 

Education

If you're looking to finance your education, a personal loan can be a good option. You can use the money for tuition, fees, books, and other education-related expenses. A personal loan can help you cover the cost of your education without incurring any debt. 

Emergency expenses 

If you have an unexpected expense, such as a medical bill or a car repair, it can be very hard to cover it with just your savings; this is where a personal loan can help. Most online loans have a quick funding rate and can assist in funding an unexpected cost in just a couple of business days. 

Before you apply for a personal loan, make sure to consider your alternatives. Research your options and evaluate your financial situation to ensure a personal loan is right for you. 

Online loans can be a good option if you want to save money by consolidating your high interest rate debt. They can also be a good choice if you need to get money fast, as many lenders can fund online loans the next business day or within a few days. However, online loans tend to come with higher interest rates than other types of loans, so it's important to compare your options and make sure you can afford the loan before you apply. 

iQuanti: Anyone who's ever been on a budget knows that it can be a real challenge to stick to, especially when unexpected expenses come up. This is especially true for nurses, who often have to juggle their income, student loans, and work-related expenditures while having demanding jobs. However, nurses can use a few tricks to help hack their budgets and make the most of their money.

Build a (simple) budget if you don't already have one

If you don't have a budget, now is a great time to build one. A budget can help you track your spending, save money, and reach your financial goals. 

The first step is to gather your financial information, including your income, debts, expenses, and savings. You can find this information by reviewing your bank statements, pay stubs, and tax returns. Once you have all your information, you'll need to categorize expenses and build a monthly spending plan. You can do this in Excel, a budgeting app, or with a pen and paper. Be sure to include all your income and expenses in your budget. Make sure to account for not just monthly expenses, but recurring annual expenses such as vehicle registration fees as well. Once you have completed your budget, review it regularly and make changes as needed.

Refinance your student loans for a lower interest rate

As a nurse, particularly if you have a graduate degree, you may sometimes feel overwhelmed by the amount of debt you have from student loans. You're not alone. Fortunately, there are options available to help you lower your monthly payments and save money on interest, including ways to refinance student loans for nurses. Refinancing for a lower rate could reduce your monthly payments and potentially save you thousands of dollars in interest over the life of your loan. Several companies offer student loan refinancing, so be sure to compare rates and terms before you decide on a lender. 

Make room in your budget for nurse-specific expenses

Nurses must often buy equipment and scrubs, which can be costly. Factoring in any work-related expenses when creating your budget can help ensure you're not overspending. Additionally, many hospitals offer discounts to nurses for their purchases. Be sure to ask about any discounts available to you before making a purchase.

If you're thinking about pursuing the next degree — whether that's a bachelor's, master's, or doctorate — saving for tuition can be challenging. Budgeting can help you understand how long it will take to save up what you need. Additionally, building savings into your budget and knowing you have a financial goal in mind can be very motivating. So, if you're trying to save up to pursue the next degree and take your career to the next level, having education expenses as an item in your budget can help you stay on track and maybe even start your degree program sooner.

See if your professional organization offers discounts

If you're looking to save a little money, it's always worth checking to see if any professional nursing organizations you belong to offer discounts. Many organizations offer savings on things like travel, office supplies, and even insurance. By taking advantage of these discounts, you can save a significant amount of money over time. Furthermore, many organizations also offer members exclusive access to events and networking opportunities. So, not only can you save money by joining an organization, but you can also gain access to valuable resources that can help you in your career.

Saving money as a nurse

By following these tips, nurses can take control of their finances and budget better for their future. Whether you're looking to pursue the next degree, build an emergency fund, or save for a different financial goal, with a little planning and effort, anyone can make their budget work for them.

Craft Holsters Light-bearing leather holsters
Two leather holsters, one for outside the waistband carry, the other one for inside the waistband carry.

Coming across aftermarket accessories that would upgrade one's pistol has never been easier as the range of tactical lights, lasers or red dot sights is seemingly endless. The problem is finding the right holster, one that offers a perfect fit not only for the pistol, but also any upgrades attached to it. In order to make their customers' lives easier, Craft Holsters, a custom leather holster maker, has decided to launch a new line of light-bearing holsters, designed to deliver great fit for pistols equipped with a tactical light or laser.

When asked if they hadn't already offered enough holsters, Viktor Kovac, the founder and current CEO at Craft Holsters, said that the company's "main mission is to bring custom leather holsters to virtually everyone, whether they carry a tactical light or laser attached to their pistol or not." This only shows that the company really cares about everyone who decides to make a stop by their online store, no matter their carry preference.

Thus, the company now offers light-bearing holsters for pistols equipped with lights and lasers by some of the most popular illumination brands such as Streamlight, Olight, Viridian, Crimson Trace and SureFire. However, Craft Holsters doesn't want to stop here. According to Al Michalec, the company's marketing specialist, "Our goal is not only to make holsters for as many different pistols and revolvers as possible, but also for as many tactical attachments as we can." That's one of the reasons why the company is planning to expand the list of tactical lights and lasers they can make holsters for in the foreseeable future.

This is not great news just for Craft Holsters' customers, but also for any shooter who needs a well-fitting light holster for pistols such as the Beretta APX, Glock 19 or SIG Sauer P365 XL and has yet to hear about the brand. Just like the rest of Craft Holsters' leather holsters, their light- and laser-friendly options are also made of the finest Italian full-grain leather and sewn together by high-quality German threads. "The materials our leather holsters are made of not only secure high carry comfort, they also give our customers a chance to enjoy premium craftsmanship at a reasonable price." - said Luke Laco, the head of the company's marketing department.

Anyone new to Craft Holsters should also know that any of their products (including the newly introduced light-bearing options) is backed up by a 30-day trial period and now even a Lifetime Warranty.