Saving Money

Mutual Fund Purchase Options Are Not All Equal

Coreen T. Sol, CFA | Posted 11.21.2014 | Canada Business
Coreen T. Sol, CFA

Take a look at your most recent investment statement. Do you see the acronym DSC on any of the pages? If you do, you'll want to keep reading.

Help Your Kids Grow Up to Be Savers

Melissa Jarman | Posted 11.18.2014 | Canada
Melissa Jarman

November is Financial Literacy Month in Canada. All month long, there are activities across the country to help Canadians of all ages to better understand how to make informed choices about their money. The concept of money is understood from a young age, but it is difficult to fully grasp.

A Black Friday Deal Is Only Good if it's Something You Need

Anita Saulite | Posted 10.31.2014 | Canada Business
Anita Saulite

Both sides of the border will be vying for our hard earned money. We are going to have to get smarter and more strategic on how we spend and on what. It's easy to get caught up in the hype, excitement and euphoria of great deals. A deal is only good if it is something you really need.

How to Build an Emergency Fund

Jeffrey Schwartz | Posted 10.21.2014 | Canada Business
Jeffrey Schwartz

Thirty-nine per cent of Canadians surveyed have no idea how they would pay for their expenses if they had no income for six months -- and the number swells to 44 per cent for those under the age of 35. Here are five easy steps you can take to start building up an emergency fund.

How to Save Money Without Sacrificing the Things You Love

Andrew Tai | Posted 11.23.2014 | Canada Living
Andrew Tai

Let's face it: we all like buying things. What we don't like is spending our hard-earned cash, especially when whatever it is we desire beyond our financial capability. What's not obvious, however, is figuring out what you can save on.

Follow This Money Do Checklist To Change Your Life in Six Weeks

Anita Saulite | Posted 11.20.2014 | Canada Living
Anita Saulite

Put your saving strategy and bill payments on auto pilot. We all know it, but saving money each month is saving for the future. Just know, savings are what you pay yourself, and if you want to secure your golden years and worry less, then pay yourself first. Set up automatic bill payments.

We Are Living Longer and Not Saving. Let's Change That

Anita Saulite | Posted 10.12.2014 | Canada
Anita Saulite

The fact is we are living longer and not saving. And most of us have no idea how much to save in order to have a care-free retirement that reflects our lifestyle needs. Recent research suggests that a nest egg of $750,000 is required.

What To Consider When Lending Money To Loved Ones

Jeffrey Schwartz | Posted 09.28.2014 | Canada Business
Jeffrey Schwartz

Have you ever had one of your friends ask to borrow money from you? Most of us are willing to oblige when the amount is small -- like $10 or $20 -- but what about when the amount is more significant? You are placed in an extremely difficult spot when a friend or family member is asking for $1,000, $5,000 or more.

How To Start Pulling Yourself Out of Debt

Jeffrey Schwartz | Posted 09.13.2014 | Canada
Jeffrey Schwartz

The important thing is to write the goals down and post them somewhere that you see them everyday. Don't be embarrassed about putting them on the fridge and having your friends see them when they come over for a visit. You may not be proud of falling into debt but you should be proud of overcoming it.

Saving Tips for Canadians, Eh?

Jeffrey Schwartz | Posted 08.24.2014 | Canada Business
Jeffrey Schwartz

Canada Day is coming up on July 1. Proud Canadians will be gathering with their friends and family to celebrate the birth of our nation all those years ago. And in true Consolidated Credit fashion, utilize these truly Canadian ways to ensure that you and your family have a financially secure future.

Before Your Debt Gets Out of Control, Make a Plan

Shaun Goolcharan | Posted 08.16.2014 | Canada Business
Shaun Goolcharan

For the average person, debt management seems like a simple strategy. But it is easy for debt to get out of control -- the sooner you make a plan and stick to it, the better it will be for you in the long run.

Be Tax-Savvy With Your Investment Dollars

Sarah Twomey | Posted 08.04.2014 | Canada Business
Sarah Twomey

You survived the debt temptations of the holiday season, achieved your personal best in RSP contributions and only had to pay a small amount in additional taxes for the last year. Now you can relax until the whole headache starts again in a few months. But what if you could avoid the hassle by setting up a plan that could help reduce your next end-of-year tax bill?

We Can Learn a Lot About Saving Money From Victorian England

Jeffrey Schwartz | Posted 07.14.2014 | Canada Business
Jeffrey Schwartz

People in the Victorian Era, including the Queen herself, lived lives of remarkable frugality and resourcefulness. They made do with what they had and worked hard to get it. Consolidated Credit has looked at the way people lived 150-200 years ago in England and found some things we could learn.

Thoughtful Mother's Day Gifts That Won't Break the Bank

Jeffrey Schwartz | Posted 07.07.2014 | Canada Living
Jeffrey Schwartz

"It's the thought that counts." So, with Mother's Day right around the corner, Consolidated Credit has compiled some great gift ideas that will show your mother how much you care, without causing you to dip into your savings.

How to Spend Money Mindfully

Anita Saulite | Posted 06.23.2014 | Canada Living
Anita Saulite

Making mindless decisions with our money may create short term bliss or satisfaction but can have long term impacts on our financial well-being and financial security. When we make mindless decisions with our money, we don't take the time to really understand our thoughts, feelings and actions around our choices.

Budgeting Today Will Set You Up For Success Tomorrow

Shaun Goolcharan | Posted 06.14.2014 | Canada Business
Shaun Goolcharan

Do you have a budget? It is one of the most fundamental steps in making your money work for you. A personal budget is a basic estimation of the revenue and expenses over a specified period of time. Whether your goal is a down payment for a new house, saving for your child's education, a dream vacation or simply retirement, a budget is the answer to helping you reach your financial goals.

Simple Ways to Make Tax Season Painless

Jeffrey Schwartz | Posted 06.11.2014 | Canada Business
Jeffrey Schwartz

Tax season has begun. This yearly tradition is dreaded by many Canadians, but it doesn't need to be. Taxes are what keeps our roads paved, our schools running, and our health care free. When we think about the money we give to the government, we don't always realize that our money is going towards things we take for granted every day. So, approach the upcoming tax filing deadline with a positive outlook.

The Australian Pension System Won't Work For Canada

Robert L. Brown | Posted 06.08.2014 | Canada Business
Robert L. Brown

Now, in Australia, you get a lump sum pay-out (hardly any Aussies annuitize their lump sum). Once again, you have to manage your retirement on your own. Now, even if you knew exactly when you were going to die, this would be difficult, but when you have no idea of your personal life expectancy, this is a problem beyond the capabilities of the average Canadian.

This Is Why You're Broke: Canadian Credit Card Debt And You (INFOGRAPHIC)

Posted 04.04.2014 | Canada Living

Canadians carry a lot of consumer debt, and a huge amount of it is on credit cards. In 2012, nearly 40 per cent of Canadians carried an outstanding ba...

Do You Know How Much Your Stock in Life is Worth?

Anita Saulite | Posted 05.03.2014 | Canada Living
Anita Saulite

Most of us don't take the time to take stock of our lives -- to sit back and reflect because we have a 1,001 things going on and we are distracted. Who really has the time to hit the pause button and reflect on their lives when career, kids, and household demands trump our waking moments, thoughts and activities?

How To Get the Most Out of Your RRSP Contribution

Leanne Kotchonoski | Posted 04.30.2014 | Canada
Leanne Kotchonoski

With only about one third of Canadians making an RRSP contribution according to the Sun Life Annual Check-up Survey, make this year the year that you start to reap the benefits of your RRSP. Top up your RRSP before March 3 and make an appointment with your advisor to plan how best to invest your tax refund (or tax savings). Your tan may suffer but your net worth will thank you.

How to Talk About Money With Your Partner (and Keep Your Cool)

Anita Saulite | Posted 03.18.2014 | Canada Living
Anita Saulite

Do you talk about money with your partner, better half, significant other? Many of us don't have this conversation and struggle just to address the topic. If we find the courage to reach out and engage in conversations about money how do we keep our emotions in check?

I've Decided To Stop Shopping Until May

Arti Patel | Posted 03.10.2014 | Canada Style
Arti Patel

Last year I challenged myself to not buy new clothes for five months. While I just wanted to save in general, a financial expert I spoke to said closets end up being the biggest piles of "debt" and if you really look at what you own, you can actually see how much you spend. That day I went home and looked at my closet and it wasn't a pretty sight.

10 Easy Ways to Feel More Festive

Anita Saulite | Posted 02.17.2014 | Canada British Columbia
Anita Saulite

Having trouble getting into the holiday spirit? Christmas can be very stressful, especially if you are shopping for gifts on a budget, juggling work, an active family and festive social commitments. It so important to manage everyone's expectations, including your own. We've come up with 10 simple luxuries that will help you find your inner Santa, astonish loved ones on your gift list and get you in the holiday mindset with enhanced peace and calm.

Suffering from Black Friday Buyer's Remorse?

Anita Saulite | Posted 02.01.2014 | Canada British Columbia
Anita Saulite

Shopping on Black Friday and on the weekend was a frenzy as retailers advertised huge discounts to part people from their money. So, I want to know, was it worth it? Did you get what you were looking for? Did you find the best bargains and save money on Black Friday? Let's pause. All right, how much did you REALLY spend? If you are like most of us you probably spent more then you planned and are now looking through your receipts to tally up your spending for the BIG REVEAL.