Every few months there’s a report on the news telling us what the average debt-to-income ratio is in Canada. This number is used, in theory, to tell people just how bad their debt level is and, on a larger scale, to help analysts determine just how precarious our national financial situation is. Calculating Your Debt-To-Income…
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In our last article, we discussed paying off debt or investing in your RRSP. That really begs the question about debt, and whether all debt is equal or if some debt is ‘good’ while another debt is ‘bad’. Most people tend to see debt in those two categories, but definitions vary and of course, your…
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We’re already in February and that means every finance blog in Canada is talking about RRSP season. RRSP’s are a fantastically powerful investment vehicle, which is why banks tell you if you don’t have the money to contribute, it makes sense to take out an RRSP loan. The pitch is pretty simple: You’ll get a…
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Most of us grew up with almost nothing in the way of education about money. We modelled our parents and eventually either continued to copy their behaviour or ended up doing the exact opposite. If you have teens, you have the perfect opportunity to teach them not just valuable financial skills, but also valuable life…
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Most of us aren’t so lucky that money frequently falls out of the sky. When it does, whether in the form of an annual bonus, income tax refund, insurance settlement, income from the sale of something, or as an inheritance, deciding what to do with it can be a bit overwhelming. What Are You Doing…
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Cutting spending is one of the first steps to taking control of your finances and getting out of debt. But there are always bills that seem necessary and we don’t really think about reducing them. Today we’re going to talk about the 3 R’s for how to negotiate discounts on your bills. Remember that every…
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See if the following sounds at all familiar to you: “Hmm, I can’t really afford this car/vacation/TV/whatever else, but I’ve been working really hard lately and haven’t done anything for myself – I DESERVE this” If you’re like most people, you’ve had lapses in judgment like this where you justified a purchase you couldn’t afford…
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The most common debt-reduction strategies always seem to focus on cutting back. Made popular by David Bach with his “Latte Factor”, the idea is that by eliminating these tiny transactions you make every day you’ll end up saving a ton of money that you could be putting towards debt or investing. The True Price Of…
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New Year’s resolutions always sound like a good idea. We like making them because it’s such a specific and distinct point. The idea of a NEW year gives us an excuse to break from the past and, in some ways, start with a blank slate on a given area of our lives. They rarely work,…
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In our series “Couples and Money” we’ve discussed money fights, setting goals, spenders vs. savers, and how to deal with one spouse not changing. But what happens when both spouses are presumably agreed on a strategy, but one keeps going off-script and behaving badly? Every relationship has rules. Whether these are socially imposed rules like…
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