How Do You Define Affordability?
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.…
Read MoreFinancial Independence: Why I Pushed It Back Five Years
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…
Read MoreWeekend Reading: Christmas Handout Edition
Christmas is a time for giving, but how far does your generosity have to reach before it starts to impact your budget? MoneySense reached out to an etiquette expert to ask how much to tip everyone from your hairdresser and manicurist to your personal trainer and housekeeper. Enough is enough, according to Garry Marr, personal finance columnist at…
Read MoreDo You Need A Formal Budget Plan?
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…
Read MoreWhat Are Your Financial Goals For Next Year?
Now that you’ve been through your year-end financial checklist, it’s time to look ahead to next year and set some financial goals. For some, a new year is a good opportunity to establish better habits, such as paying off credit card debt or creating (and sticking to) a budget, while for others a new year simply…
Read MoreWeekend Reading: Oil Slump Edition
No, I’m not talking about the Edmonton Oilers’ 11-game skid. Oil prices have collapsed some 40 percent since the summer and oil and gas stocks have taken a beating. Canadian Oil Sands – the same stock that prompted a reader to ask about leveraged investing – slashed its quarterly dividend from 35 cents to 20…
Read MoreAre You Ready To Give Up Cash?
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…
Read MoreA Two-Fund Solution
While I continue to battle my behavioural biases when it comes to investing, I’ve at least given some thought as to how I’d make the move to indexing from my current portfolio of dividend stocks. The answer is a two-fund solution. To make things as simple (and cheap) as possible I’d start by liquidating all…
Read MoreHigh Value Banking: How Much is the Royal Treatment Worth to You?
Imagine this scenario: you’ve gone into the bank to see about setting up a home equity line of credit, or buying a cottage, or increasing your regular RRSP contributions. You’ve sat down in the banker’s office, gone through the details of your request, and – as you’re talking about how much equity you have, what…
Read MoreHere’s Your Year-End Financial Checklist
The approaching year-end offers a great time to reflect on 2014 and look forward to 2015. It’s a good time to get organized and give some consideration to your finances. There are always changes that might be worth making to better your overall situation. Budget Take a look at your spending pattern for the year.…
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