The current financial landscape offers a unique blend of opportunities and challenges. While soaring interest rates may pose concerns for mortgage holders, they also bring a silver lining in the form of historically high savings account rates.
Category: Saving
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
Outsource and Save: Home-Based Hacks for Your Wallet that could save you hundreds or thousands
Embracing a lifestyle of cost-effective home practices and strategic outsourcing can yield significant financial and time savings. From establishing a home gym for convenient and affordable fitness routines to brewing your own coffee, these small changes accumulate into substantial annual savings.
How to best use your Income Tax Refund?
Getting an income tax refund is great, but deciding what to do with that refund is even more important. What to do with it and how to save it, depends on personal cirmrutances, but some combination of saving for RRSP, paying down debt, general savings, would be preferable.
Einstein called it the eights wonder of the world: Use this Financial Phenomenon to Multiply your Money in less Time
Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it” . If something has the backing of arguably one of the smartest people in history, you can surely trust it! Compounding is the process whereby interest is addedto an existing principal…
Unleash the Power of Financial Efficiency: Cut Your Wasteful Spending, while Maximizing your Savings and Wise Spending
Financial efficiency is key to achieving financial freedom and climbing the wealth ladder, but it seems to be lost on many on what it means.
One Resolution for 2022 Transformed My Health and Wealth in a Huge Way – Discover How I Kept My Weight in Check and Saved $625 in One Year
In 2022, I implemented a resolution to cut down on junk food spending and save that money instead. I succeeded in sticking to my goal of only buying fast food once a week, resulting in 24.5 lbs weight loss and $625 savings. Better yet, I continued this success in 2023. This resolution proves that one effective decision can have a positive impact on multiple areas of life.
Being Selfish and Strict about this Habit will Guarantee you a very Wealthy Future and Financial Stability.
There are many powerful concepts in the personal finance literature to get you to financial freedom, but none are as important as that of paying yourself first (PYF)
2022 Showed me the Power of Emergency Savings and how Financially Empowering it is!
We have all heard of an emergency fund, where you set a set amount money on the side to use for a rainy day and the unexpected, be it expensive car repairs, medical bills, home issues or anything else that you couldn’t have foreseen and would cost money to tackle. And while most probably have…
Creating financial goals can help you get there easier, but there is an even better way!
One of my goals for 2022 is to get active with push-ups. To be more specific, I set to do 10 push-ups a day and increase that by 1 extra push-up per month. So for January, I started with 10 a day and I have since increased that to 11 a day for February. For…