Dear Generation X: Here’s How To Fix Your Finances
The number of financial responsibilities facing Generation X – those ages 37 to 52 today – seems overwhelming. Getting married, having kids, and raising a family can be expensive enough. Now factor in building an emergency fund, paying down the mortgage, setting aside money for retirement, saving for your child’s education, and everything else that…
Read MoreWeekend Reading: Gen X Squeezed Edition
Generation X, those born between 1966 and 1981, are feeling the financial squeeze. A Franklin Templeton survey made headlines this week as it revealed that many Gen Xers are being stretched beyond their financial limits. One quarter of Generation X have saved nothing for retirement, with many citing too low of income and/or too high…
Read MoreMoney Trade-Offs And Opportunity Costs
Newly engaged Jared and Maryam are excited to be planning their future wedding. The average cost of a wedding in Canada in 2017 was over $42,000. That’s a lot of money for a party. They could go all out and have the wedding of their dreams and conform to what’s expected of them. Or, they…
Read MoreDebt Avalanche vs. Debt Snowball: When Math Trumps Behaviour
John and Erica Mullen are in their mid-thirties and have two young children at home. Together they earn well over $100,000 per year, but a combination of poor choices and unlucky circumstances have left them buried in debt. Their substantial income affords them the luxury of not having to turn their life upside down by…
Read MoreWeekend Reading: Kelowna Getaway Edition
A work conference had me off to Kelowna for two days of meetings. Trouble is, I’d miss my daughter’s birthday. Not cool. The solution: Bring the whole family out for a bit of a getaway prior to the conference. We love to escape to the Okanagan once every year or so. What’s not to love?…
Read MoreMay Is A Good Month To Do These Things
In the early 1990’s, a phrase came into being: “The Mother of all….” to mean the ultimate. This is a nod to the power of motherhood. Mother’s Day is a salute to all moms. Caring children make it a point to pamper their mothers with gifts, brunch or breakfast in bed. Sales of cards break…
Read MoreShould You Use An Online Mortgage Broker?
When I wrote about my mortgage renewal strategy last week a reader asked if it was a good idea to visit a rate comparison website and simply select the lender with the lowest rate. No doubt if you frequent these sites you’ll have noticed the lowest mortgage rates tend to come from online mortgage brokers…
Read MoreWeekend Reading: Financial Literacy Progress Edition
Financial literacy leader Jane Rooney released a two-year progress report on the advancements in financial literacy research in Canada. The National Strategy was created to mobilize and engage public, private and non-profit sectors to strengthen the financial literacy of Canadians and empower them to manage money and debt wisely; plan and save for the future; and…
Read MoreDownsizing Retirees: Should You Own Or Rent?
There’s been a lot written about the advantages of renting rather than owning a home for young people as they try to find the right balance between their financial situations and their housing needs. These days many older homeowners are struggling with this decision too. Empty nesters are thinking, “Our 5-bedroom house is too large…
Read MoreHow To Save On Meat And Produce
Meat and produce take up a big chunk of our grocery bill. According to Statistics Canada, Canadians spend nearly 20 percent of their food budget on red meat and chicken. Fruits and vegetables take up almost 24 percent of the grocery list. Here’s how to save money on meat and produce: Cut down on meat…
Read More