Many Canadians dream of owning their own home but might think it’s out of reach for them. However, the reality is that many people can afford a mortgage, and oftentimes, a mortgage payment may even be lower than a rent payment. Once you’ve saved your down payment, you should start investigating how much mortgage you […]
How to Save for a Down Payment on a Home
In the Canadian housing market, it’s hard to buy a home without having a substantial down payment. As of 2021, the average price of a home in Atlantic Canada was approximately $292,000. Unfortunately, it can be hard to save upwards of 20 per cent for a down payment when property prices are skyrocketing and you’re juggling […]
Should You Pay Down Debt or Save for Retirement?
Many people are faced with the dilemma of knowing they should be planning for retirement but are also in debt. Building up a healthy nest egg for when your working days are over definitely requires early planning, but no one wants to carry debt around any longer than necessary. When unsecured debts are gnawing at you […]
How to Pay Off Debt in Retirement
In an ideal world, once you’ve reached retirement age you should have a solid nest egg and a house with no mortgage in order to enjoy your golden years. Unfortunately, an increasing number of seniors are finding themselves still in debt when they finally retire from work. There have been a lot of changes in […]
Can You Afford to Go On Maternity Leave?
Having a baby is one of the most exciting times in your life, but it can also be stressful. Not only do you have a new baby to care for, but with up to 18 months off work, your finances may take a hit too. Many Canadians are unprepared for maternity leave and often fail […]
The Hidden Costs of Buying Your First Home
Many first-time homebuyers are unaware of the hidden costs associated with buying a home. As a result, they are ill-prepared and often taken by surprise when the final closing date comes. If you are looking to buy your first home, you should understand that you’ll have to pay for a lot more than just your […]
TFSA vs RRSP: Which One is Better for Me?
When researching different types of investments, registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) are often considered. Although contributing as much as you can to both is the optimal financial strategy, it is often not feasible. This typically leads to people choosing one over the other. Making the best financial decisions starts with […]
How To Plan Your Holiday Finances
The holidays are just around the corner – are you prepared? For most of us, the reality is no. Each year you may tell yourself that you’re going to start earlier, make a strict gift-buying list and stick to your holiday budget, but Christmas always seems to have a way of creeping up on us. […]
Online Budget Calculators in Canada
The main purpose of a budget is to determine how much money you have coming in and how much money is going out, and to where. For a budget to show the picture clearly, you need to gather financial statements, record your income sources, list your monthly expenses, categorize your expenditures, and make necessary calculations […]
Why You Need an Emergency Fund
Murphy’s Law states that anything that can go wrong, will go wrong – eventually. If you aren’t prepared for the unexpected challenges that life throws your way from time to time, then you may find yourself in a very difficult spot. This is why it is important to have an emergency fund at all times. […]
