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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.

Adult Kids on a Spending Spree? 4 Reasons Why Not to Bail Them Out Financially

Reasons to not bail adult children out of financial problems.Parents want the best for their kids, and it is even harder to say no to a request for help if you’re a parent with means. However, bailing adult children out financially can hurt more in the long run than it helps. Kids really do need to solve their own money problems. This fosters independence and resilience, preserves your financial situation, and protects sibling relationships. Find other ways to support your children when they get into financial trouble, explain the limits of your generosity, and know where to turn if they need more help than you can give. Read on to get all the details and tips . . .

Why You Don’t Want an Income Tax Refund Next Year

Strategically not getting an income tax refund in Canada.An income tax refund is not like winning the lottery. It is letting the government use your money for free. A better strategy is getting a very small refund and using more of your own money yourself. If you do get a refund this year, use it wisely to plan for next year. Here’s how.

11 Ways to Pay for Your Education When Going Back to School

Ways to pay for university or college when continuing your education.Going back to school can feel daunting, even when it’s what is best for your future. Much of the uncertainty comes from the financial aspect; how to pay for college, university, trades, or technical school when you already have home and even family obligations. We’ve pulled together 11 of the best tips for how to pay for school as a mature student. Read on to find out more . . .

3 Secrets to Paying Off Credit Cards Fast

Secrets to paying off credit card debt fast. Does it feel like you're the only one who struggles with credit card debt? There's no secret club that teaches you about the costs of credit and debt, and many people, unfortunately, find out the hard way how to deal with it.
Here we share 3 top secrets to make it easier for you to reach your goals, including what happens to credit card points if you get behind. Credit card debt is expensive and finding ways to pay it off as fast as possible benefits you and your future. Learn how to do this.

The Year to Stop Ignoring Your Piggy Bank, Tips to Make Saving Easier

Focus on savings and a healthy piggy bank in 2019, the Year of the PigHow’s your piggy bank, aka your savings account, feeling these days – heavy and healthy, or skinny and empty? One way we mark change is by making resolutions. If you missed making savings goals part of your New Year’s resolutions on January 1st, or your best laid plans have already derailed, Lunar New Year is right around the corner and gives you another “official” chance to make positive financial resolutions for 2019. 

Lunar New Year marks Chinese New Year, also called the Spring Festival, and it’s all about celebrating fresh starts and new beginnings. To join in the spirit of Chinese New Year and celebrate the Year of the Pig, here are 4 ways and plenty of tips to make this the year you stop ignoring your piggy bank.

4 Credit Card Minimum Payment Myths – How to Avoid the Pitfalls

Get the facts about credit card minimum payments to get out of debt.Credit cards, those shiny pieces of plastic almost feel magical. A tap, a swipe, or a few clicks is all that stands between us and whatever it is we are buying. But the magic of the moment comes crashing down fast when the bill arrives, until we realize that a minimum payment is all it takes to get back to our shopping.

What many people don’t realize is that if you only make minimum payments, credit card debt can and does last a lifetime. The numbers are staggering when we consider specific examples! A minimum payment will decrease by pennies each month, and that’s only if you don’t use the card until it’s paid off. If this feels like a never-never plan, it may as well be.  

To learn what you can do instead of falling for the credit card payment pitfalls, it helps to understand how minimum payments work. Here's where to start... 

Turning Resolutions Into Results, Doing Step 3 Helps Ensure Success!

How to be successful with new years resolutions and turn them into results.Resolutions are one way me implement changes in our lives. Financial resolutions are always a good idea and there’s nothing like a fresh start at the beginning of the year. But it takes time to get ready to make budgeting, money management, debt repayment, and savings changes to our spending habits. It is better to be ready to turn over a new leaf successfully, than to force changes upon yourself because of a specific date or event. 

There are four steps we need to go through in order to implement changes or resolutions and create new habits successfully. We are all creatures of habit. Some habits are good; others are worth changing. Many habits have simply become the way we do things – we hardly recognize them as habits, and this makes them even harder to change. The four steps are...

From Credit Cards to Christmas Debt, Which Bills to Pay First?

Credit card bills & debts, which to pay first depends on your budget, interest rates, and motivation.By now Christmas credit card bills have arrived, and the holiday debt hangover has sunken in – after the New Year, you may be looking at lengthy credit card statements and savings accounts that have taken a hit. So which bills should you pay first and how do you pay off debt after the holiday season?

Have you asked yourself these same questions? Don’t let the holiday debt hangover linger, or worse, stretch in this year's winter holiday season! Here’s how you can take control of your finances, wipe the Christmas debt clean, and forge ahead for a financially healthy year.

What Are Your Bad Habits Really Costing You?

Ways you can stop wasting money on bad habits.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.

6 Smart Money Tips for the Holiday Season

Smart tips and advice for the Christmas holiday season.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.