Personal Finance
What Are Your Money Dials?
One of the keys to designing a great lifestyle is to align your spending with your values, or to practice conscious spending. But what does that mean, exactly? If you showed me your budget would I be able to tell if you’re a world traveler, a wine connoisseur, a golfer, a philanthropist, an outdoorsman, or…
Read MoreWhy We Ditched Our Endy Mattress And Went With Novosbed
This is the story of why we ditched our Endy mattress and chose Novosbed for our remodelled bedroom. Four years ago, my wife and I wanted to replace our 12-year-old Sealy Posturepedic mattress. We heard about the bed-in-a-box trend – dozens of brands were selling foam mattresses online and shipping them directly to consumers –…
Read MoreWhat Will It Take For You To Save More This Year?
I know it can be tough to save money. It’s even more difficult to up the ante and save more year-after-year. But saving is necessary to meet both our short-and-long term financial goals. Without any savings, you’ll live paycheque-to-paycheque (or worse) every month with no retirement plan whatsoever. Related: Retirement planning for late starters So…
Read MoreA Sensible RRSP vs TFSA Comparison
Should you contribute to your RRSP or your TFSA? It’s one of the most frequently asked questions here and on other financial forums, yet the answers couldn’t be more divided. Furthermore, there is a growing sentiment among Canadians that somehow RRSPs are a government scam because you’ll be forced to pay tax on any withdrawals…
Read MoreThe Path To Coast FIRE
For years I’ve been motivated to reach financial freedom by 45. I started a side hustle to accelerate our savings goals, and eventually turned that into a full-time entrepreneurial pursuit. Now that I’ve left my day job and can work on my own terms, it feels like I can finally coast towards financial freedom. I’ve…
Read MoreReframing The RRSP Advantage
I’ve read a lot of bad takes on RRSP contributions and tax rates over the years. One that stands out is the argument that you should avoid RRSP contributions entirely, and focus instead on investing in your TFSA and (gasp) your non-registered account. This idea tends to come from wealthy retired folks who are upset…
Read MoreCreate Your Own Financial Plan With These Eight Steps
A financial plan is a road map to help guide you to a better future. Not just about budgeting or investing, a good financial plan will help you navigate your way through all of life’s major financial milestones. On one hand, your financial plan acts as a set of rules or principles by which to…
Read MoreWhat’s In Your Wallet?
I’m a self-proclaimed rewards card junkie and always try to optimize my purchases to get the most points or cash back on regular spending. I watch for juicy credit card welcome bonuses and time my new credit applications around big annual purchases like our home or auto insurance so I can easily meet any minimum…
Read MoreHow Has Your Food Spending Changed During The Pandemic?
The Consumer Price Index (CPI) measures changes in prices paid for a basket of goods and services (i.e., inflation). For the past three decades the Bank of Canada has successfully targeted an inflation rate of between 1% and 3%. The latest figures show year-over-year inflation at 1.9%. But as you know, our personal inflation rate…
Read MoreFinancial Freedom 45 Update: Have I Already Achieved F.I.R.E.?
For years I’ve been tracking my net worth with the dual goal of becoming a millionaire by the end of 2020 (Ha!), and achieving financial freedom by age 45 (in 2024). The financial freedom target did not necessarily mean a full-stop early retirement, but a point when I could realistically leave my day job to…
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