Why Our Debt To Income Ratio Is Misleading
Much has been said about the current state of Canadian household debt. The latest numbers from Statistics Canada revealed our debt-to-income ratio is now a record 164.6%. But what does this number really mean? In simple terms, you add up everything you owe – your mortgage, line of credit, car loan, credit cards and student…
Read MoreA Monthly Financial Planning Checklist
Getting organized is a key step in applying discipline to your financial and investment planning. Here is a checklist that shows suggested financial planning activities for the next year. January A good time to meet with your financial advisor to review and rebalance your investment portfolio. Calculate your net worth for a financial snapshot of…
Read MoreNet Worth Update And Year-End Review
I like to review our finances at the end of the year so that I can update our goals and objectives and calculate our net worth. There was a lot going on in 2012. Here’s a quick recap: Expenses Owed additional taxes for the first time in my life which resulted in a $2,000 bill.…
Read More2012 Tech Recap – Don’t Get Caught In The Upgrade Cycle
The holidays are coming to an end and 2013 is just around the corner. For my last post on B&E in 2012, I’m going to do a roundup of the some of the technology that came out this year. Lots of bloggers write articles on this subject like “the 10 best gadgets of the year”…
Read MoreHave You Been Regifted?
The Christmas gift from your sister Barb is beautifully wrapped and beribboned. The card attached to the outside includes a thoughtful note. Tucked inside the box is a small envelope with a Bridal Shower card inside it. The envelope is addressed to Barb, and inside is a card signed by Shelley. You have been regifted,…
Read MoreWhy Budgeting Is Not A Waste Of Time
The key to building a strong financial plan for the future is to understand how much money you’re currently spending and saving. Budgeting and tracking your expenses can give you the knowledge and control you need to get through the various financial changes in your life. We started budgeting and tracking our spending a few…
Read MoreHow To Calculate Capital Gains And Adjusted Cost Base (ACB)
Capital gains are profits you earn through buying and selling capital assets. These include, but are not limited to, stocks, mutual funds and bonds. In the US, the IRS estimated that it was losing $11 billion per year in tax revenue by taxpayers misreporting their capital gains. As a result, in 2011 they implemented new…
Read MoreShould You Pay Off Your Mortgage Early Or Invest?
One of top priorities for many Canadians is to pay off their mortgage early. A recent survey showed that current homeowners believe they’ll be mortgage free by the time they’re 55, which leaves a short window of opportunity to ramp up their savings before retirement. To reach mortgage freedom faster, you can capitalize on today’s…
Read MoreBest Budgeting Apps To Manage Your Money
A reader wrote to me a couple of weeks ago and brought up the subject of mobile budgeting applications. He was wondering how to find the best budgeting apps amongst the huge number of options available. Since I’m sure a lot of people have the same issue, I thought I would cover mobile budgeting apps here on…
Read MoreEmail Money Transfer: A Convenient Way To Send Cash
More and more Canadians are embracing the convenience of using an email money transfer to send money quickly and easily to friends and family: from splitting the bill at a dinner party to chipping in for birthday and Christmas presents. An email money transfer is a fast and secure way to send and receive money…
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