Personal Finance

“This $6 bottle of wine tastes awful.” “What did you expect – you get what you pay for.” It’s true, in most circumstances, that the quality of products and services increases as the price increases. You get what you pay for. When you cheap out on something, be it a bottle of wine, pair of…

As part of my budgeting plan, I transfer a set amount every month into my chequing account to pay for the household bills and regular monthly spending. I have this figured out pretty accurately. This month, I was pleasantly surprised to see that I had almost $700 extra – money that wasn’t spent. I told…

Like many parents of school-aged children, our kids regularly attend or get invited to birthday parties for their friends and classmates. We’ve noticed more and more of these birthday parties for kids are being held at an all-in-one facility such as a gymnastics centre, trampoline park, or other play centre. The children play run around…

When my husband turned 60 I was eager to have our banking switched to a seniors plan with all the accompanying benefits. When I worked at the bank that I currently deal with, customers were automatically enrolled into “Plan 60” on their 60th birthday. This meant all kinds of perks including no-fee chequing, drafts and money…

If you’ve ever taken a psychology course you may be familiar with Abraham Maslow’s Hierarchy of Needs. In ascending order, the needs are: Physiological Safety Social / Belonging Esteem / Achievement Self-Actualization / Reaching your potential The theory states that people need to fulfill their basic needs before devoting energy to the higher levels. So,…

All across the country, university and college students are finally donning their robes and mortarboards and stepping across the stage to receive their diplomas. It’s an exciting time. For many new graduates, it may be the first real taste of independence – finding a job, a place to live, paying off those student loans. It…

The rule is simple. Cut out all non-essential spending for one month. No dining out. No trips to the craft or home improvement store. No new clothes or gadgets. No movie theatre, local pub, or sports event. Absolutely no credit card purchases. You still need to pay your normal bills – rent or mortgage, utilities,…

Let me share a cautionary tale about taking out a second mortgage. I got into a lot of financial trouble in my early twenties. Even though I bought my first home on my own at 23, my finances were a mess and I was stuck in a big-time credit card debt trap. My only saviour…