Credit score range… where do you stand? Your credit score is a numeric expression of your behaviour with money from the eyes of money-lenders (for example a bank) at a given point in time. It is important to have good credit, even if you don’t think you need it. In Canada, there are several different […]
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Lifestyle creep: Are You Allowing it to Sneak Up On You? I had a disturbing conversation with a friend the other day, where she told me about her new promotion which came with a parking spot right outside her new office. I asked her, “What are you going to do with the parking spot, since […]
When you are thinking about a high interest savings account, make sure you’re not giving your money away… To the banks that is! Many of us are so afraid to lose our hard earned money through investing that we stash our funds in a high interest savings account. While this is a better option than […]
Nominal interest rate and effective interest rate…. you’re paying HOW MUCH? I’m sorry what? Many of us don’t realize that we are paying more than the posted rates we see in commercials. What we are actually paying is the effective interest rate, which is based on how often the interest on our balance owing is […]
Cash, debit or credit… what’s your payment preference? Most of us put very little thought to how we pay for everyday purchases. In fact, I would go so far as to suggest that our method of payment is so automatic, that we don’t even stop to consider why use cash, debit or credit or the […]
Taking advantage of an employer matching program is like getting free money! Free money is sometimes attainable if you know where to look. I’m baffled at the number of people who do not take advantage of an employer matching program, which can be considered free money. Many companies both large and small can have employer […]
Secured Credit Cards are like having a second chance at building your credit! A second chance at rebuilding your credit that is! Most of us aren’t taught in school what a credit score is, let alone how to manage and build our credit. It’s no wonder when it comes time to qualify for a mortgage […]
Have you heard the expression ‘throwing good money after bad’? Well this idiom can also be applied to understanding sunk costs! Let me explain… have you ever spent money on an item or experience and later, had to pay more money towards the same original expense? This could be considered throwing the good money after […]
Here’s my best money saving tip; know the trade-off! My best money saving tip when saving for something really big is to break it down into bite sized micro-saving goals and understand the trade-off. It is very common to get overwhelmed when you are saving for something really big. It is easy to think that […]
Let your money reach it’s full potential with compound interest. According to Albert Einstein, compound interest is the 8th wonder of the world. Compound interest is interest added to a principle amount, which in turn earns additional interest. To clearly understand compound interest, it is best to contrast it with simple interest. With simple […]
