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We all like our habits. In fact, people in general are known to be creatures of habit. You can likely list off a few of your own habits, good, and well, not so good. We all have them, and the difference between engaging in what might be deemed a bad habit occasionally, versus on an ongoing basis, that’s where the implications reveal themselves.
If you’ve ever tried to break a habit, as a New Year’s resolution or anytime throughout the year, you know how hard it can be. But taking it one step further, have you ever considered the long-term financial consequences to your spending habits, and that you could inadvertently be putting your dream home or another financial goal out of reach? See what you may be missing out on.
Does it seem like the Christmas and holiday shopping season started earlier this year than it normally does? I wonder if it’s because more Canadian retailers followed the Americans with their Black Friday deals and hype. Regardless of the reason, the stress can max out your credit cards fast. Take back control of your holiday season by slowing things down. Create a plan and don’t worry that Christmas is only a few weeks away. A short plan is better than no plan.
However, before you start planning, you need to figure out what to plan for. That is where many people run into problems - where do you start figuring out what you need to include in your plan? Find out more.
Although few people would likely compare personal finance to their favourite sport, the two things have one important commonality: you need to know the lingo to understand what’s going on. In fact, if you use a credit card it is your responsibility to understand not only the jargon, but the terms and conditions as well.
Think how confused you’d be at a hockey game if you think “cake” when you hear “icing.” Similarly, if you think “cookies” when you hear “chip,” you may have trouble at a credit card machine that uses EMV-chip security.
While not knowing the jargon at a sporting event will simply result in a long couple of hours, not knowing important financial terms may lead to unnecessary fees and missed opportunities. Learn more.
Parents face some tough choices and there is a lot to consider when you're trying to decide whether to save for your retirement or to set money aside for post-secondary education for your children. Thankfully, there are good options to help your kids pay for college, university, trades or technical school without jeopardizing your golden years. Money to pay for school isn't needed all at once right at the start, so with some careful planning and a broader perspective of how to fund their education, you don't need to gamble on short-changing your retirement savings.
Do you tune out when the news mentions interest rate increases or changes by the Bank of Canada? You’re not alone. Average Canadians find it hard to see why Bank of Canada interest rate announcements matter to them. This has a lot to do with the fact that most people have no idea what the Bank of Canada is, its role in the Canadian economy, and what the announcements mean. However, interest rate announcements affect each of us in many ways, so here is a simple explanation of what you need to know about the role of Bank of Canada, how they are different from your bank, why they monitor and/or change interest rates, and how all of this can make a big difference to you and the financial decisions you make. Learn more.
Average student debt is at an all time high in Canada, but student loans are only part of it. Many students finance a student life-style with other forms of credit, on top of their student loans, and subsequently end up starting their careers saddled with debt that’s difficult to repay and which can limit job prospects.
Rather than borrow your way through school, decide if student loans are worth it for you or not. From co-op programs, to scholarships, grants, bursaries, or working part-time, there are many non-repayable options to fund your post-secondary education.
There are times when it makes sense to get a student loan, and other times when it doesn't make sense. Curious? Learn more.
Tired of feeling priced out of the market? While the single, detached home may be all but a vision left over from your parents’ generation, if home ownership is your dream, exploring alternatives to fulfill your dream in financially savvy ways is vital.
Communities and life-styles are evolving to mesh dreams with reality because there are a number of alternative home ownership options to consider. However, being flexible with your vision is a must in these ever-changing times so that you’re not forced to ignore retirement and other important financial goals.
Counting on a big win to fund your retirement is risky, but countless people do. From winning the lottery to inheriting retirement funds or striking it rich playing the stock market, there are many ways people hope to win big. However, when done right, a much more lucrative strategy is taking a disciplined approach to self-funding your retirement.
So what does a self-funded retirement plan need to include? Here are the top 5 tips of what to do to ensure your golden years are truly golden.
We all know that someone. They don’t look like they’re living life on a shoestring; they take annual trips, their kids play sports, and it’s not unusual to go out for dinner with them or take in a show together. But you can’t help but compare yourself; you earn about the same and have similar demands on your finances, yet they seem to be having an easier time. Do you wonder how they do it?
Most people aren't fortunate enough to have a stash of cash magically appear for them. A better strategy for financial freedom is to adopt a savings mindset. But what does that really mean, and better yet, how can you do that? Keep reading to learn more...
Have you thought about using your low interest line of credit to consolidate your high interest debt? It might seem like an easy decision, but it could come at a cost if you don’t weigh the pros and cons carefully ahead of time. No one can predict the future with certainty, so considering things like rising interest rates, income changes, and how you manage your money is important.
Credit is a tool and when used wisely, it can help you reach your financial goals. Used in ways it wasn’t intended, credit can turn into debt that’s difficult to repay. Here are 4 dangers of using a line of credit that many people overlook…