Personal Finance

Everybody should have a financial plan. Very few people do. A scientific poll of me, my girlfriend, and our infant daughter reveals that only 33% of Canadians have a financial plan (margin of error of +/- 2.2%, 19 times out of 20). A financial plan is a broad sketch of how you’ll use money to…

I made the final lease payment on my 2007 Hyundai Tucson a few weeks ago.  Next week I’m going to the dealership with a cheque for $10,000 to buy out the car lease.  The vehicle is still in great shape, and with only 74,000 kilometres on it, I plan on driving it for at least…

Russell Brand stands to make an estimated $20 million from Katy Perry’s fortune because under California law, the community property clause splits money and property acquired during the union 50/50 when there isn’t a prenup. While most of us can only hope to be in that kind of financial situation, a recent survey says that…

The conventional wisdom in relationships is that opposites attract.  It seems very common for a compulsive spender to hook up with a compulsive saver. Research shows that men are nearly three times more likely to be tightwads than spendthrifts. In my family it’s just the opposite.  I’m the saver and my husband is the spender. …

Wayne Manderly recently separated from his wife after 30 years.  He lives on a very small CPP disability pension of $745 a month.  Part of the separation agreement means Wayne receives an additional $320 a month in support, bringing his monthly income to $1,065. After selling their mortgage-free home, Wayne moved in to a townhouse…

Whenever our 3-year old daughter finds a quarter or a loonie lying around the house, she takes it and puts it in her piggy bank.  Some people might call this stealing, but I see it as the early signs of a good saver. Now that her piggy bank is getting full, I like the idea…

After four—or more—years of hard work, you’ve earned your college degree – celebrate!  Preparing for your life after school is a good opportunity to consider how your financial actions, as you transition to the working world, can have a big impact on your economic status going forward.  I saw so many of my college classmates…

Last year the results from a Task Force on Financial Literacy were published and the findings were totally not surprising to me. The Task Force defines financial literacy as “the knowledge, skills and confidence to make responsible financial decisions” that are applicable to the many decisions that people make on a daily basis – comparing…

Much has been written recently about the financial state of young Canadians.  The Globe and Mail’s Rob Carrick thinks today’s young adults have it tougher than ever, and financial expert Kurt Rosentreter thinks Canadian 30 year olds are screwed because we spend too much time on the internet. I get it.  We’ve just experience a…

I spent most of my twenties paying off student loans and credit card debt.  When I reached my thirties, my financial priorities shifted from paying down debt to saving for the future, with an eye towards financial freedom. We want to find the right balance between saving, investing and paying down our mortgage.  After our…