Personal Finance
How Has Your Food Spending Changed During The Pandemic?
The Consumer Price Index (CPI) measures changes in prices paid for a basket of goods and services (i.e., inflation). For the past three decades the Bank of Canada has successfully targeted an inflation rate of between 1% and 3%. The latest figures show year-over-year inflation at 1.9%. But as you know, our personal inflation rate…
Read MoreFinancial Freedom 45 Update: Have I Already Achieved F.I.R.E.?
For years I’ve been tracking my net worth with the dual goal of becoming a millionaire by the end of 2020 (Ha!), and achieving financial freedom by age 45 (in 2024). The financial freedom target did not necessarily mean a full-stop early retirement, but a point when I could realistically leave my day job to…
Read MoreHow To Give Financial Advice To Your Millennial And GenZ Kids
Many Boomer and GenX parents are both puzzled and frustrated by their children’s finances. Are kids these days really blowing money that could be used for a house down payment on lattes and avocado toast? Acknowledge that times of have changed One of the main points of contention between Boomer or GenX parents and their…
Read MoreAre You Making Rational Financial Decisions?
Economists have long argued that, given the choices available, people will make rational decisions that provide them with the greatest benefit or satisfaction. Then behavioural economics, led by the likes of Daniel Kahneman and Richard Thaler, came along and showed how people behave irrationally all the time due to psychological, cognitive, and emotional factors. For…
Read MoreSticking To Your Financial Goals During The Pandemic
My wife and I had big plans for 2020. I had recently quit my day job to pursue my financial planning and freelance writing career full-time. We were going to travel the world, with trips booked to Maui, Italy, the U.K., and Victoria. We also had financial goals – specifically to max out our RRSPs,…
Read MoreHow I’m Managing My Finances Amid The COVID-19 Crisis
Here’s how I’m managing my finances amid the COVID-19 crisis, including how my financial goals have changed and how I’m managing my investments and debt.
Read MoreHigh Interest Savings Account vs. GIC
Cash is king during times of economic trouble. Working families need emergency savings to pay the bills in case of job loss or a reduction in wages. Retirees or near retirees need a cash cushion to avoid selling stocks at a loss. But should you park your cash in a high interest savings account or…
Read MoreHow To Apply For EI: Employment Insurance and EI Sickness Benefits
The COVID-19 pandemic has wreaked havoc upon the global economy. Efforts to contain the virus, such as public closures, social distancing, and self-isolation will mean that hundreds of thousands of Canadians will be laid off from their jobs. Many more have self-isolated and will lose the ability to earn an income. This article will explain…
Read MoreShould You Pay Off Your Partner’s Debt?
One of the first issues that couples face in a serious relationship is how to handle their finances. Dividing up the household bills is one thing, but what happens when one partner brings other financial baggage – such as credit card or student loan debt – into the equation? In marriage, what’s yours is technically…
Read MoreEarn up to $150 an Hour as the CFO of your Personal Finances
This is a guest post by Steven Arnott, a fellow reader and author of The Snowman’s Guide to Personal Finance: A simple approach to managing your money. You can find more of Steven’s work at snowmansguide.com or by following him on Twitter (@snowmans_guide). This article provides step by step instructions to earn between $60 to…
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