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Welcome to the MyMoneyCoach.ca blog where we share our best strategies and information to help you make smarter choices with your money. If you're coming back for an older article, you can find it here.

How Much Should Your Down Payment on a First House Be?

Saving Down Payment on a HouseIt’s normal to feel pressured to get a down payment when you’re a first-time home buyer, especially when interest rates are low and house prices might be rising. You may have already researched great ways to save a down payment, but a trickier question is just how big that amount should be. Worrying about what Canadians usually put down or obsessing over getting into the market ASAP can lead to big financial regrets down the road. Instead, decide on a down payment that fits your goals while meeting your needs as well. More . . . 

How Entering a Higher Income Tax Bracket Affects Your Pay Cheque

Understanding marginal tax rates in Canada.Income tax brackets in Canada can be a confusing subject. Many Canadians think that if a pay raise pushes you into a higher tax bracket, your total pay will be the same or worse than before because your taxes have gone up too. Sounds totally unfair, doesn’t it? Good thing that’s not quite how it works. If you take a look at the current federal and provincial rates for Canadian income tax brackets, you’ll see that whenever income reaches a new bracket, the tax rate increases as well (the numbers may change every year). More . . . 

Types of Credit Card Chargebacks & Why They Matter for Your Money

Types of Credit Card ChargebacksWhen used properly, credit card chargebacks are a powerful tool for protecting your money and credit. However, before starting a dispute with your credit card company, it’s important to understand what actually counts as a disputable charge. If your dispute is clearly invalid and you still try to push it through, then not only will your credit card company reject it, but they could also become more critical of any future disputes you file – even if those are legitimate. With that important caution in mind, here are the 3 types of chargebacks you should ask for.

What Balancing Your Budget Really Means

Balancing your budgetWhat do you imagine when you think about a balanced budget? Do you see your budget as a solid scale, with your income weighing down one end and your expenses the other? Or do you see your budget tiptoeing across a tightrope, its arms laden with all the stuff you get for your hard-earned cash? However you visualize it, the idea of losing your budget’s balance can be scary. However, reaching harmony in your spending plan isn’t as hard or complicated as you might think. Here are 3 steps that you can take right now to help achieve a balanced personal budget.

Leasing vs Buying a New Car, What Is Better?

Leasing vs Buying New CarIt can be hard to decide if you should lease or buy a new car. Leasing allows you to basically rent a new model at a lower monthly cost than if you bought it with a financing plan. You’ll have to return the car when the lease is over, and if you still need a car, either lease or buy another one. As sweet as leasing might sound, the fact is that both options have their pros and cons. Here’s what to consider before making your choice.

5 Things to Do After Getting a Pay Raise

When you get a pay raise, use your increase wisely. Getting a raise feels good. Whether it comes from a performance review, a promotion, or a new job, a pay increase is an accomplishment to be proud of and one to celebrate. However, just as a pay cut can cause problems, a raise can also throw your personal finances off track if you’re not careful with how you let it affect you. Here are 5 things to do after getting that pay raise.

Why You Should Know Your Financial Net Worth

calculate your net worth and equityWhen’s the last time you chatted with friends about your financial net worth? Probably never, and for good reason since that’s not much of a topic for casual conversations. However, like knowing your expenses and debts, knowing your net worth can help you take stock of your financial health and set goals for improving it. Read more . . . 

4 Things to Do If You Owe CERB Taxes

owe-cerb-taxes-what-to-do2020 was an unusual year. Not only was there a great deal of anxiety around a global pandemic, but people were out of work or had hours greatly reduced. As we all know, the Federal Government released several assistance programs to help those affected. The most common of them, the Canada Emergency Response Benefit (CERB for short), helped many meet their basic needs. However, you’ll have to pay taxes on it by April 30 to avoid penalties and interest (unless you qualify for recently announced targeted interest relief). If you’re worried you can’t afford this, then here are 4 things to do.

Time Is Money and Here Is How to Use Both Wisely

time-is-money-use-both-wiselyHave you ever wondered if something you did to save some money was worth the time you spent to do it? Maybe you travelled far out of your way to get a deal at a store, lose chunks of every day on public transit to cut car costs, or put countless hours into a DIY home renovation. Time is money, after all, but finding the right balance between the two can be tricky. Here’s how you can use both wisely.

4 Reasons to Join a Free Personal Finance Webinar

Many Reasons to Join a Free Webinar About Personal FinanceEveryone loves a good webinar, right? Well, maybe not, but if learning is one of your passions (or you just want to get better at stuff), then there’s a lot to like about being in an online class with a live teacher who can directly help you. And when you want to get better with your money, a good financial literacy webinar is a great way to upgrade your financial smarts. Not convinced? Here are 4 reasons why you should attend a free personal finance webinar