Personal Finance

It’s easy to see how savers feel punished in today’s low interest rate environment. You have to look hard to find a daily savings account that pays more than one percent. Fixed income investments aren’t much better, with 5-year GICs barely touching 2 percent. All of this means that parking your short-term savings will do little more…

I like to keep tabs on my finances for both the short-and-long term. A monthly spending summary is great for keeping track of where your paycheque goes, and an annual forecast works well for spotting trends and opportunities for your money. But it’s also nice to gaze into the future. I want to know what…

Most consumers generally fall into two camps when it comes to buying a car: those who buy new for the latest technology and safety features, and those who buy used because they believe buying new is a waste of money. We all know that a car is a depreciating asset and it loses the most value…

In many ways, Elizabeth Warren’s 2005 bestseller All Your Worth was ahead of its time. Warren, a relentless consumer advocate, eschews mindless frugality and focuses instead on finding the right balance so that you always have enough to pay your bills, have some fun, and save for the future. It’s called the 50/30/20 rule and…

Folks, it’s time to break out your fluorescent orange safety vests and get ready for hunting season. Across the country, bank employees are flipping through lists of RRSP leads, and – if you any products at all with the bank – your name is on one of those lists. Normally, of course, an orange vest…

January is typically the time to make resolutions for the coming year. They most often involve some type of self-improvement – lose weight, get more organized, get a handle on your finances. Yet the reality is that by the end of the month almost 90% have already bailed on their resolutions. Most often it’s because…

A TV commercial for a local credit union features people discussing finances at a “round table.” One man comments, “It depends on how you define affordability?” Huh?? Is it affordable? Tanya sees a great sale on a designer scarf for $200. This brand almost never goes on sale and she just has to have it.…

Last summer I thought I’d be financially free by 40. Reality – and unplanned expenses – set in this year and I’ve adjusted that ambitious projection by five years. I’m still on track to reach a net worth of $1 million by the time I turn 41, but financial independence will have to wait a…

Standard advice from most financial planners is that it’s essential to create a budget to track all expenses.  It’s the best way to figure out where your money is going and to rein in any unnecessary spending. 5 Reasons to budget It helps you gain control of your finances. It helps you to achieve your…

When I went shopping the other day there were a number of young girls at the cash registers bagging people’s groceries. They were raising money for their dance troupe and expecting donations. It occurred to me that not many people actually carry cash around anymore. How did this affect their fundraising efforts? I wonder if…