Author: Carlen Scheyk

RRSP or TFSA?

At this time of year there are a lot of ads out there about getting a Registered Retirement Savings Plan (RRSP) and it can be confusing. Can you imagine laughing and smiling as you learn more about both these RRSPs – and also about Tax Free Savings Accounts (TFSAs)? The “OG” – The Original Granny” may cause you to experience this reaction! Advice from Grandma… Read more

MoneyFit Challenge

Do you want to learn more about financial topics like budgeting and saving, and be entered to win money for doing so? How does $30,000 in prizes sound? The MoneyFit Challenge is a new tool to improve your financial well-being, sponsored in part by the Financial Consumer Agency of Canada and the Economic Club of Canada. You can join this free program by registering at… Read more

November is Financial Literacy Month

Financial Literacy Month (FLM) starts on November 1st.  It’s worth investing time and effort to improve your financial literacy, and FLM is the perfect time to do so! A great place to start is with your financial well-being. “Achieve financial well-being” is this week’s FLM sub-theme, and having a good understanding of money management is key to achieving financial well-being. People who are in control… Read more

Is It Really a Free Trial?

Have you ever signed up for a “free trial” to access a “limited time offer,” only to later find charges on your credit card you can’t explain? The Competition Bureau of Canada has recently issued a consumer alert reminding Canadians to beware of subscription traps. Through advertising on social media, sponsored news articles or pop-up surveys on trusted websites, these companies typically market health or… Read more

How Much House Can You REALLY Afford?

If you ask your bank or mortgage broker this question, they will do a calculation for you based on your income and (potential) housing costs. The problem with this is it doesn’t take into account all of the expenses that come along with buying a home (things like maintenance), or other expenses like child care or saving for retirement or your children’s education. To give… Read more

Spring Clean Your Finances

Many of us tackle a deep clean of our homes during the spring months. A recent Huffington Post article shared 8 ways to spring clean your finances: Get rid of clutter! Go through your house and get rid of things you aren’t using.  A good rule of thumb is if you haven’t worn or used something in 1 year, it’s gone! Try selling items of… Read more

Getting Help to Pay Off Debt or Repair Your Credit

The Financial Consumer Agency of Canada ( FCAC ) has recently issued a consumer alert about being cautious if you are looking for a company to help you pay off your debt or repair your credit. If you are struggling with your debt, you need to remember: 1)      No company can guarantee they will solve your debt problems No one can solve your debt problem… Read more

Financial Stress is Hurting Our Health

This likely won’t come as a surprise to many of you, but Canadians have a lot of debt. According to Statistics Canada (June 2016), for every $100 in disposable income, we have $168 in consumer debt. This debt is often a huge cause of stress in our lives. A 2015 Sun Life Canada Health Index poll showed that the top three drivers of Canadians stress… Read more

Staying Financially Healthy on a Single-Income

Many Canadians are faced with the reality of managing a household on one income. A recent Globe and Mail Article highlighted the story of someone who overnight became a single mother. She reached out to a debt counseling service which helped manage her debt load of $20,000, and to curb expensive spending habits she had developed during the course of her 16-year marriage.  Today, she is… Read more

5 Ways to Make the Holidays Less Materialistic

A recent article on CBC Parents listed five ways to add meaning to your family’s holiday season that doesn’t involve stacking presents under the tree. 1)      Spread the Joy An important lesson we can teach our children is that giving is better than receiving.  Volunteering together helps show our children that the gift of time is more rewarding than a bunch of presents.  2)      Give… Read more