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Wondering what’s the difference between a soft vs hard credit check in Canada? Put simply, a hard check affects your credit rating, but a soft check doesn’t. Also known as credit inquiries or credit pulls, these are a way for companies to see the info on your credit report. Of course, you can also check your own report. Read on to learn more about what makes a soft credit check and what makes a hard one. Learn more . . .
We all like to save money, but some tricks to save can actually cause costly money mistakes. You might have heard of this as being “penny wise pound foolish,” the origin of which comes from a quote in a 1600s book on melancholy. Having your efforts work against you can certainly feel discouraging! While there’s nothing wrong with counting pennies (or maybe nickels since we’re in Canada), seeing the big picture ensures you actually come out ahead. Read more . . .
Figuring out a single person grocery budget that’s good for your wallet and stomach can be tricky. While there are plenty of grocery shopping tips that work for any household, living alone has its own quirks. So how much should a single person budget for groceries? The average cost of food per month for one person in Canada used to range from $225-$250, but can be much higher now due to rising living costs. Here are 5 tips to help keep that cost down when you’re by yourself. Read more . . .
Has a family member asked you for financial support? Think twice about an agreement to provide a loved one with money or to co-sign a loan for them. As much as you might care for that person and want them to succeed, you also have to keep your own wellbeing in mind. When it comes to money issues and family, it’s never just about the money – it’s about the relationship, our values and beliefs, along with our behaviours. If you’re not certain about wanting or being able to help them, then backing out as soon as possible can be the best option for everyone. Read more . . .
Want to save $5,000 in a year? That extra money in the bank could go towards your next big purchase, boost your savings or investments, or help you get rid of debt stress. However, actually saving $5k in 52 weeks can be a huge challenge if you’re not prepared. If you take advantage of the whole 52 weeks, however, you can do it by just saving $416.67 a month, $192.31 biweekly, $96.16 a week, or $13.70 a day. Less than $14 a day doesn’t sound so bad, does it? Read more . . .
Learning money management skills will help teenagers be financially successful when they grow up, but many parents find this a big hurdle to jump over. They might feel uncomfortable exposing the family budget, find it hard to get their teens to care, or be unsure of their own money skills. Here are 3 tips for teaching teenagers the money management skills they need for the future. Read more . . .
Wondering what Canada’s new mortgage rules mean in plain English? Understanding the stress test qualifying rate and other regulations is important when trying to buy a house – especially if you’re a first-time buyer. If you’re just starting your research, or have read something and just need a simple explanation to fill in the blanks, that’s what this page is for. Here’s what the changes to these rules really mean and how they may impact you. Read more . . .
Worried that social media is making it hard to save more money each month? Managing our money is about more than simple financial decisions. Our emotions, thoughts and moods play a huge role in determining our spending choices. The trick to overcoming this is to stick with social media for the social part, but to keep it separate from the financial. Here are some realistic ways to save money and do just that. Read more . . .
Teaching financial literacy to your kids can be hard when they have few or no financial responsibilities of their own. But like us, children learn best by doing – especially when doing something they care about. Chances are your kids care a lot about what they’ll bring with them when they go back to school. This is a golden opportunity to teach financial literacy lessons to your children. Here’s how to do that for younger as well as older kids. Keep reading . . .
The landscape for Canadian homeowners and buyers has shifted over the past few years. More Canadians than ever are motivated to become first time buyers due to the rising costs of renting suitable homes. However, rising property values and new stress test conditions imposed by the federal government for mortgage financing have made it more difficult to enter the real estate market. Read more . . .