Interac now has mellow music for the inflation-weary

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So how about a musical answer to your spending challenges? Interac, the people who run the electronic banking network in Canada, have commissioned a mellow soundtrack called Sound Shopping for people to play while in stores. Check out a sample here, or listen to the entire 24:30 on Spotify.

Interac says the soundtrack is designed to promote mindful shopping by acting as a counterpoint to the pop music commonly played in stores. The music was found in some testing to make people feel calmer and to give them a higher level of satisfaction with their purchases. If you feel torqued when out shopping, give it a try.

Another thought from Interac about financial stress is, whaddya know, to use its debit network when paying for things. There’s something to this – debit purchases take the money out of your bank account in real time, whereas a month’s credit card purchase all drop on your head at once. Of course, cash remains an option for those who resist the many benefits of electronic banking.

Transaction data from Interac show how rising prices changed our spending over the summer. Debit purchases at restaurants jumped almost 60 per cent compared with summer 2021, but spending habits in stores showed the strain of rising prices. Debit spending at discount stores was up 7 per cent during the summer compared with 2021, while spending at premium stores dipped 1.5 per cent.

Inflation may have peaked during the summer, but it’s still running at levels high enough to prompt further interest rate increases. If you need some help mellowing your mind in this increasingly expensive world we live in, try listening to Sound Shopping on your phone when you next hit the mall.

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Ask Rob

Q: I have a large sum of money in U.S. dollars located in a savings account at Tangerine Bank. The account pays an interest rate of 0.10 per cent. Where can I get a better interest rate?

A: EQ Bank offers 1.4 per cent interest on its U.S.-dollar savings account. Here are some other choices, as rounded up by the Savvy New Canadians blog.

Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.

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