Personal Finance

Someone who is just starting out in life, or a beginning budgeter, may wonder how they should be allocating their money. Here is a general rule of thumb to consider when budgeting. Where should my money be going? Begin by recording your net income and your expenses, and track your spending. Then divide your expenses…

Next to buying a house, raising children is a large ongoing expense for couples. Often both are experienced at the same time. If you’re renting a one-bedroom apartment, the upcoming birth of your child brings out the desire for a 3-bedroom house with a big yard. I understand that not everyone wants kids, of course,…

Charitable giving is often an important part of a sound financial plan. In fact, philanthropy is one of the top four characteristics of wealthy people (the others are – spending wisely, investing for the future, and having multiple streams of income). Many people have a cause they care deeply about – specific charities, research organizations,…

I was 19 years old when I first started investing. I diligently set aside money every paycheque, starting with $50 every two weeks and eventually increasing that to $200 per month, to save for retirement inside my RRSP. Sounds like I was off to a great start, right? Wrong! Even though my intentions were in the…

It can get expensive when you’re dating. Going out to a fancy restaurant, movie and overpriced bars for drinks afterwards can really do a number on your finances if you do it often. Do you: Really need to maintain an image of having plenty of money? Always dress to the nines on a date when…

I embraced the tax free savings account with open arms when it was first introduced back in 2009. I made the maximum $5,000 contribution in 2009 and again in 2010. My TFSA game was strong, indeed, as I invested those funds in Canadian dividend paying stocks and quickly turned $10,000 into $15,000. But then I…

The most influential teacher your young child will ever have is you – their parent, especially Mom. Your children are considerably affected by how you use money on a day-to-day basis. Kids are watching and listening to you all the time, and they learn a lot through their observations. Your children’s future habits are being…

We love to have rules of thumb to guide us. They are designed to give you a rough idea of what to aim for so you can get started on your goals. A rule can sometimes help make decisions easier. However, it likely will not give you an accurate answer for your own personal situation…

We’ve reached the halfway point of 2016 so it’s once again time to take a deeper look at my finances and update my net worth. This year has been fairly quiet on the financial front. I continued to simplify our investments, this time by transferring a small RRSP account from Tangerine over to our TD…

Chances are good that one or both of you will have brought some form of debt with you when you entered into your relationship. You may also have accrued some debts together, or racked up more on your own since. Of all the financial issues you’ll deal with as a couple, debt is one area where…