.The Canadian Saver: Recent Episodes
The Canadian Saver
My name is Eva. I have always been passionate about personal finance. I am continually looking for ways to better myself financially and I would love to help anyone reach their financial goal. I share tips that I learned over the years on how to pay off debt, save more, earn more money and be financially free. If you are interested in this type of content, I'll talk to you soon!
Last week we discussed steps you can take to actively change your mindset about money and cultivate healthier financial habits.. Today, let's dive deeper into the remaining 30 practical strategies to help you on your journeyto financial stability and freedom.
Last week we discussed the impact of your mindset onyour finances and how important it is to recognize the role your thoughts and beliefs play in shaping your financial reality. Today, let's dive deeper into actionable steps you can take to actively change your mindset about money and cultivate healthier financial habits.
Welcome to the wonderful world of money mindset, where our beliefs about money shape our financial reality. But fear not, because we are about to unravel this mystery together.
First things first, what exactly is a money mindset?Think of it as the lens through which we view money. Some see it as a source of stress and worry, while others view it as a tool for creating freedom and abundance.
Which group do you fall into?
For a lot of people, owning a home has been a lifelong dream. However this dream is becoming harder and harder to reach. Unless you have been living under a rock, you might have heard about the Canadian housing market and the fact that home prices are reaching higher and higher levels every day. When the pandemic hit, the prediction was that the economy would take a hit and home prices would drop. The predictions were right on one point, the economy did take a hit. However, the same can’t be said for home prices in Canada. After a drop in residential sales activity a few months into the pandemic, the Canadian real estate market has rebounded nicely. A little too nicely, actually.
Buying a home is the single biggest Investment most people will ever make in their life. Buying your first home can be a very exciting project. As a first-time home buyer, you need to make sure you are getting all the information you need so you can avoid costly mistakes during the home-buying process. So here are 5 mistakes to avoid as a first time home buyer so you can have a smooth transition between renting and owning a home.
Inflation measures the overall impact of changes in price for different types of products and services. It allows for a simple value representation of the increase in the price of goods and services over a period of time. Simply put, inflation is the rate at which prices of our goods and services rise. This means that what you could buy with $100 before will need to be increased in order to buy the same products and services today.
A financially savvy person is someone who deals with spendings, credit and other money matters. Financially Savvy people know how to manage their finances in an orderly fashion. Essentially, the overall idea of being financially savvy means having a handle on your money and maintaining a healthy financial situation. In order to master being financially savvy, you need to be able to have a financial plan for the present and for the future. Are you financially savvy?
An RRSP loan is just as the name suggests. It's a loan you can contract for the purpose of investing in an RRSP. Essentially, an RRSP loan allows you to get a loan in order to save for retirement. But what would drive someone to get a loan in order to save for retirement? When does it really make financial sense to get a loan for the purpose of retirement saving?
A Registered Retirement Savings Plan (RRSP) is an investment account designed primarily for retirement saving. Either you or your spouse can contribute to an RRSP. This account is regulated by the Canadian government thus the word registered. Any interest or investment income that you earn in an RRSP is exempt from tax as long as the funds stay in the account.
As you can see from today's title we will discuss whether you should save or pay off debt. Let's verify these different scenarios together Saving and paying off debt are both very important goals when it comes to personal finance. But when you are tight in your budget, you don't have enough to spare for debt payment and for Savings. So which one should you prioritize? This will depend on your situation and on a few other factors.
Money is a tool we use to live. The quality of life you get usually depends on how much money you make. We've all heard this before: "Money does not buy happiness". What do any of us need to be happy? The answer to this question can be different for everyone. However, we are united on one thing: everyone needs a minimum of money to be able to live a somewhat decent life.