5 Free Budget Templates to Get Your Spending Under Control
Teaching Your Kids About Money : Part 1
Tips to Reduce Your Banking Costs For the past 15 years, Canadians haven’t been saving money, in large part because there was no pressing need. Rising home prices made people feel richer, and saving for a rainy day was a low priority. But that economic era is fast coming to an end. A new report to be released Monday shows the toll that years of passive savings is taking on the financial picture of Canadians.
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Every investor wants to beat the market. But for many, that’s easier said than done. So when a group of experts recently came out with three strategies that posted much better returns than the S&P 500 over the past decade, they drew plenty of attention. But the big question remains: Even if they worked in the past, will they keep working in the future?
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Quite often I hear from people who feel trapped in a job and need to figure out a way to make extra money. They hear about how I’ve paid off a lot of debt in a short period of time and they wonder if my income has changed significantly. My answer is, yes, I have used a few unexpected windfalls from different sources AND made extra money to get those debts paid off. Making extra money is the key, especially when paired with lifestyle changes that result in frugal living.
One lifestyle change is to make extra money.
Your credit score is an integral part of your financial life. It is important that you understand what it’s all about. Lenders, landlords, insurers, utility companies and even employers look at your credit score. It is derived from what’s in your credit reports, and it ranges between 300 and 850.
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List all of the money you and your spouse or partner have coming in. This can include money from:
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Finding money to invest in your RRSP begins with rejecting the notion that you “aren’t good with numbers.” The numbers are just for keeping track, and plenty of software programs are available to do the math.
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Layaway is a concept the average Canadian under a certain age has probably never heard of in their lifetime. Imagine: A retailer takes your product off the shelf and reserves it for you until you’ve paid in full. Yes, children, it existed at one point. Today you get your goods immediately and worry about paying for it later.
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Yes, you heard right: financial-phobia. Do you experience a quickening heart rate at the thought of managing your finances? Do you ever feel frozen or immobilized? Ever feel sick to the stomach? Dizzy?
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Getting pre-approved for a mortgage is a great way to budget for a home and signal that you’re a serious buyer. However, keep in mind that the amount for which you are approved is the maximum amount the lender feels you can afford based on your income and projected property expenses. That figure doesn’t account for other expenses you may face, such as renovations or emergency home repair, as well as regular household costs.
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In the world of investing, there are two different types of stocks you can choose from: non-dividend paying and high dividend stocks. While some investors prefer to invest their money in a company who will invest profits back into the company for more capital gain, other investors see a number of benefits in investing their money in companies offering dividends. High dividend yield stocks are not for everyone.
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