If the last year has taught us anything, it’s that emergency funds are critical. Not only should we be prepared for unexpected expenses such as malfunctioning appliances, car repairs and medical conditions, but we also need to be prepared for possible job losses. Even those who are self-employed should prepare themselves for falling market conditions […]
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 […]
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 […]
Is Renting to Own Furniture a Good Idea?
Consumerism is all around us, and it’s becoming increasingly difficult to ignore. According to Forbes, the average person is exposed to approximately 4,000 to 6,000 ads each day. It’s no wonder everyone wants to buy the latest car, tool or cell phone. In today’s consumer-driven society, the ads we most often come across are for […]
Improve Your Finances in 2021: New Year’s Resolutions You Can Actually Keep
Most would agree that everyone is ready to bid farewell to 2020. If you’re like most Canadians, you’ll be thinking about how you can start the year off right by choosing a new year’s resolution. According to Statista, improving personal finances is the second most common new year’s resolution, after exercising and dieting. Why? Because […]
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. […]
How to Save If You Don’t Have Money
How much money is in your savings account? If you answered $3 dollars or something similar – you’re not alone. In fact, a 2019 survey from Refresh Financial found that 49 per cent of Canadians have no money set aside for an emergency, and 53 per cent live paycheque to paycheque. If there’s anything we’ve learned […]
How to Choose the Best Savings Account
Whether you’re saving for a new car, a down payment on a home, or post-secondary education for your kids, opening a savings account is an important step to achieving your savings goal. Savings accounts are important because standard chequing accounts don’t pay the kind of interest that makes saving worthwhile, while investments in stocks or […]
How to Pay Off Debt and Save at the Same Time
Over the last few years, more and more families and individuals have been facing serious financial hardships, which have often stood in the way of their efforts to pay off debt and save money at the same time. Fortunately, there are ways you can regain your financial independence and still manage to save up some money for an […]
