10 Financial Strategies for Newcomers
Overview Newcomers face numerous obstacles in Canada. Between the unfamiliar culture and financial system and the cost-of-living crisis, many struggle to achieve a good financial outcome. In this article, we will explore 10 smart financial strategies to help newcomers thrive. Strategy #1: Create a Budget Given the high cost of living, a sound budget should […]
5 Budgeting Tips for Freelancers and Gig Workers
Overview As the economy has shifted toward more precarious employment situations, many workers are left with variable incomes. Due to the lower levels of job security, budgeting can be particularly challenging for many. In this article, we will explore five budgeting tips for freelancers, gig workers, and self-employed workers. Tip #1: Track All Income Sources […]
5 Ways to Pay Off Your Credit Card Debt Faster
Overview A persistent and growing gap between wages and prices has Canadians struggling to pay for their expenses. Many Canadians rack up credit card debt to help them keep up with the cost of living. According to one report, more than half of Canadians carry credit card debt. High-interest credit card debt results in high […]
Inflation & Its Impact: 7 Coping Strategies
Overview: Inflation and Its Impact Inflation is the rate at which the price of goods and services increases, typically measured by the Consumer Price Index (CPI). The CPI is usually calculated by dividing the cost of the basket in the current year by the cost of the basket in a base year and multiplying the […]
Debt-to-Income Ratio: Why It’s Important and How to Improve It
Your debt-to-income ratio (DTI) is an important metric that helps creditors gauge your overall creditworthiness and your repayment capability. In this article, we will discuss the meaning and importance of your debt-to-income ratio as well as ways to improve it. Debt-to-Income Ratio (DTI): What Is It? Your debt-to-income ratio is a financial measure of your […]
10 Tips for Borrowing Responsibly in Canada
While it’s usually better to cover any expenses outright, it’s not always possible. If you are in need of quick funds, a personal loan may help. However, before you borrow money, consider the following ten tips for borrowing responsibly in Canada. 1. Know Your Financial Situation Begin with the basics: your total monthly income and expenses […]
Are You Living Paycheque to Paycheque? Learn How to Break the Cycle
Living paycheque to paycheque is stressful. About half of Canadians reporting living paycheque to paycheque, and over half report being just $200 or less away from insolvency. Given the cost-of-living crisis, the housing crisis, and a challenging job market, the majority of Canadians are struggling to stay afloat. Despite these dire circumstances, there are proactive […]
Online vs. In-Person Loan Applications: Pros and Cons
Intro Those who are new to borrowing may wonder whether to apply for a loan online or in person. An online application process offers the benefit of speed and convenience as well as more relaxed requirements. An in-person application allows you to interact with a loan officer and ask questions directly. Some people may prefer […]
Personal Loans vs. Credit Cards: Which Is Right for You?
Personal loans and credit cards cater to different needs and represent different types of credit. Consumers who cannot access traditional financial services may opt for online personal loans instead. Read on for a more detailed look at the two types of credit. Overview: Personal Loans Overview: Credit Cards Personal Loans vs. Credit Cards A Hard […]
How to Manage Your Cashflow When Money Is Tight
Managing your cashflow can be a challenge at the best of times. When your income is not covering your expenses, it is even tougher. However, there are strategies you can use to balance your budget, so to speak. Step #1: Keep Track of Your Income and Expenses Use an Excel spreadsheet or a budgeting app […]
