From 0.5% to 5%: The Bank of Canada’s Unprecedented Interest Rate Hikes, Their Consequences, and what to do about it?

In this challenging financial landscape, it’s clear that Canadians are feeling the heat of unprecedented interest rate hikes. of the last 18 months. From adjusting budgets to exploring alternative mortgage solutions, there are ways to weather this storm. By making informed decisions, seeking professional advice, and taking advantage of high-interest savings options, individuals and families can navigate these turbulent times with resilience and hope for a brighter financial future
Navigating the Infinite: Teaching My Son the Value of Money

Guiding children to comprehend the value of money is a vital parental responsibility. Despite the challenges that arise, the journey is a significant investment in their future financial well-being. Starting early, using practical examples, teaching the significance of priorities, involving them in household tasks for earnings, and introducing the concept of a piggy bank all contribute to their financial education.
Navigating Financial Goals: Building Momentum Through Gradual Changes

So you have laid out your financial plan, whether it involves chipping away at debt, save a large sum of money for a down payment, or pursuing another substantial financial milestone. Unfortunately, given the enormity of your plan, some big sacrifices are needed. Truth be told, this isn’t a walk in the park. You are […]
Breaking Free from the Debt Cycle: Strategies to Overcome the Interest Trap

Being trapped in a “debt cycle” or “interest treadmill” occurs when payments towards credit card debt mainly cover the interest, preventing progress in reducing the principal balance. To overcome this situation, strategies such as increasing payments, prioritizing high-interest debt, considering balance transfers or debt consolidation, adjusting spending habits, seeking professional help, and increasing income can be effective in breaking free from the cycle and regaining control of your financial situation.