The Burden Of Debt
An RBC survey showed that average non-mortgage debt has increased again this past year by an average of 21% or almost $2,800 for a total consumer debt load of nearly $16,000. Some reasons are given, such as lagging job growth and incomes only rising moderately, but the actuality is that people are still spending beyond…
Read MoreWould You Buy Your Groceries Online?
Amazon, the online retail giant, started selling groceries on its website last week. The line-up consists of over 15,000 non-perishable grocery and gourmet food items, including well-known brands such as Kellogg’s, Pepsi, Campbell’s, and Knorr. At first glance, it’s difficult to see how Amazon can compete on price once they factor in the cost of…
Read More7 Stocks With Double Digit Dividend Growth
Last month we looked at the Canadian dividend aristocrats, a list of companies that have increased dividends each year for the past five years. The list of stocks is a good starting point for dividend investors, but it also reveals a number of flaws when looking to invest in a company. Some companies grow their…
Read MoreDo Budgets Allow For Overspending?
Preparing a budget is a very basic element in a financially ordered life. It enables you to monitor your spending and become more conscious of where your money goes. But a survey done jointly by Brigham Young University and Emory Business School surprisingly found that consumers with a budgeted amount for goods are likely to…
Read MoreTime To Shop For A New Travel Rewards Card
Travel rewards were thrown into the spotlight this summer when TD Bank and CIBC fought for the right to issue Aeroplan credit cards. While the battle raged on, other banks and card issuers were busy enhancing their rewards programs and coming up with offers to entice new customers. What it all means for consumers is…
Read MoreWeekend Reading: Bank Fee Recap Edition
Earlier this month I sent out a note to our e-newsletter subscribers asking for feedback and examples of their most hated bank fees. Incredibly, I received over 50 responses and stories about how the banks can nickel-and-dime us at every turn. I was collecting the information for a feature story I wrote for the Toronto…
Read MoreDreaming Of A Lottery Win
A survey done by Capital One Canada showed that one-third of respondents admit their financial plans include a future injection of good luck, either by receiving a large inheritance (10%) or by winning the lottery (18%). Surveys like this have been done from time-to-time for several decades and it continues to surprise me that, even…
Read MorePortrait Of An Ideal Saver
The money makeover profiles in the Globe & Mail, MoneySense magazine, and the Toronto Star are designed to give readers a peek into the life and finances of real families dealing with real money problems. But more often than not the articles feature high income earning couples who just want to know if they can…
Read More4 Online Personal Finance Communities Worth Joining
Many people turn to the Internet for personal finance advice these days. From blogs to online forums to social media sites, there’s no shortage of great (and some dubious) personal finance information being shared online. Here are four online communities I visit daily to catch up on the latest in personal finance and investing news,…
Read MoreRRSP Contribution Or Mortgage Pay Down?
One question I was often asked when I worked in banking was, “Should I pay down my mortgage or maximize my RRSP contributions?” Being a good employee concerned with the (you know who’s) bottom line, the simple answer was usually, “Maximize your RRSP contribution, then use your (considerable) tax refund to make a lump sum…
Read More