MyMoneyCoach Blog
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.
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HomeWhy Interest Rate Announcements by the Bank of Canada Matter – 8 Things to Know
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.
Are You Planning to Fund Your Retirement with a Big Win? Here are Our Top 5 Retirement Planning Tips
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.
Don’t Just Wish to Own a Home – Alternatives to Make It Happen
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.
Is Getting a Student Loan Worth It or Not?
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.
The Hidden Dangers of Using a Line of Credit to Consolidate Debt
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…
Do You Think of Savings as An Important Expense?
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...
Debunking 5 Credit Myths and What to Do Instead
The credit reporting system is one of the biggest mysteries for consumers when it comes to personal finance topics. In fact, we regularly get a lot questions about how personal credit ratings work. The credit rating system is complex, but it can be easily understood by every day Canadians who want to find out where they stand. If you’ve heard some things about credit that concern or trouble you or perhaps you’re wondering about your own credit situation, to help separate fact from fiction, here are five of the most common credit myths debunked and explained.
How to Pay Debt Off Quickly - Proper Budgeting Tips for Paying Down Debt
Have you hit a brick wall trying to find the best or fast way how to pay off debt quickly? Rather than getting more and more frustrated, take bold steps that will get you moving towards your goal again.
It’s like riding a bike – to keep your balance, just peddle forwards. But while we go for bike rides with friends or family, we don’t typically ask them to join us as we figure out how to budget and pay off debt. That’s where taking bold steps comes in; curious what that might mean? Learn more...
Fastest Ways to Save Money for a Down Payment on a Home
Urban areas in some of Canada’s most popular cities have a serious rental shortage. Couple that with attractive lending rates for home owners to do renovations and builders and developers to build countless new homes, coming up with money for a down payment on a home of their own has become a top priority for many young adults.
Saving for a down-payment is as much psychological as it is financial. There are any number of ways that we CAN save money, but adjusting our mindset and lifestyle expectations is the difference between “trying to save” and “actually saving.”
With that in mind, if home ownership is your goal, here are steps to take to make it a reality as quickly as possible.
How to Take Control of Your Finances While in College, University, or Post-Secondary Trades or Technical School
Is your post-secondary financial stress as bad as your exam stress? Many college, university, and post-secondary students find their pockets feeling quite empty by the time second term or second year roll around. Saving up enough money working during high school or in the summers isn’t always possible. And you might not have an RESP (Registered Education Savings Plan) to fall back on. This guest post is full of tips about what you can do to manage your funding and your finances successfully, and even graduate debt free. She did it, and so can you! Here's how...