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Whether it’s a financial crisis caused by a forest fire, a flood, or a more common crisis like unemployment, unexpected emergencies happen and usually at the worst possible time – or so it seems. The best way to manage through a financial emergency is to follow the motto of the Boy Scouts "Be prepared." This means having a well thought out emergency plan to minimize any potential risks. To help you get through an unexpected crisis, we've outlined a number of action steps to take.
Moving out on your own is a big step in becoming financially independent of your parents and taking full responsibility for your own financial wellbeing. To make this a positive and lasting experience, there are a number of factors to consider before taking this step, the first one being how much rent you can afford. Find out how to figure this out and what else you need to know.
Credit cards can be your friend or foe. It all depends how you use them and your overall financial situation. Life can also throw us curve balls sometimes. To make sure we’re prepared for the unexpected, it’s wise to take steps to maintain a positive credit rating and avoid common credit card mistakes. Here are five ways people can damage their credit rating when using credit cards.
Life and health insurance are important tools to protect your family, yourself, and what you’ve worked hard for and should be included in almost everyone’s financial plan. The interesting thing is that life insurance is no longer what you remember your parents talking about. Things have changed dramatically to help more Canadians get the coverage they need at a price they can afford.
It’s exciting to get a tax refund, but what should you do with it? Save it? Splurge? Pay down debt? Invest it? While any of these could be good ideas, the best way to get the most out of your tax refund is to plan how to use it in a way that helps you work towards your financial goals.
There are countless tips and tricks to help cut credit card debt down to size, but the most important tip is one that’s often overlooked - adjust your approach and align your spending with what is most important to you. What does this mean day-to-day? Credit card debt doesn’t typically happen overnight. It’s lots of small purchases that add up over time. As a result, paying it off has as much to do with your mindset as it does with how you manage your money.
If you seriously want to pay off your debt, read on to find out about 3 things that you will for sure want to avoid…
On the surface, borrowing a few hundred dollars to solve a cash crunch might seem like a good option, however, payday loans are an expensive form of credit. If you live pay cheque to pay cheque and have considered taking out a payday loan, a better strategy is to determine what’s causing your cash crunch and finding ways to better your situation.
From getting into a payday loan cycle or being faced with high interest charges, read on for what to know before you consider taking out a payday loan….
If you reflect back on growing up, you’ll probably notice that a lot of your money values and behaviours were influenced by how your parents managed their finances and expenses. Kids have an enormous capacity to learn and absorb information, and you can teach them good money habits - and build on these each year. While there are a lot of ways to teach kids about money, start by helping your kids embrace the following five money principles.
Credit reporting in Canada is a bit of mystery to most consumers, however it doesn’t have to be that way. From learning about what is on your credit report, how to get your own credit report for free, or how to improve your credit rating, to the complexities behind the credit scoring system – we lay it all out for you in plain English.
Getting your credit score for “free” can be legit, but it may also be too steep a price to pay. Here’s why….
While your credit score is just one piece of your overall financial picture, it can have a dramatic impact on your finances. The difference in borrowing costs for a person with a low versus a high credit score could be thousands of dollars in additional interest charges each year. If your score is low, it’s worth looking at ways to improve it, but not at any cost.
Don’t fall prey to the online ads from credit repair consultants that state they can improve your credit rating fast for a fee — they can’t. The reality is that you usually can’t improve your credit score fast; however, you can improve your credit rating and your credit score faster by following these five steps…