Managing personal finances, one of the top five stressors, can be understandably tricky. To help, we have sourced the following five articles, covering a variety of common aspects of personal finance and cashflow. Whether you are debating opening that joint bank account, finally noticing how much interest rates really cost you, managing a huge financial windfall or simply want to stress less about money, we have you covered.
Canadians have been largely ignoring interest rates for the better part of a decade, but that is about to change. We may not have paid much attention, but we can no longer afford that luxury. In this podcast, veteran business and personal finance journalist, Bryan Borzykowski, expertly covers why Canadians need to prepare for a rate spike that will noticeably impact their pocketbook. “What if not thinking about it is costing us money?” Read more
Extensive research studies have proven that certain life events cause most humans to feel stress. Of all life’s stressors, stress related to personal finance ranks in the top 5. So it goes without saying that managing money well is important. Becoming aware of what is causing you the most stress is the first step to setting yourself free. These seven tips will help you determine what blockages may be standing in the way of your financial peace of mind and how to move beyond them. Read more
As with any relationship, good communication is at the core of any successful financial arrangement. Joining accounts can simplify, increase efficiency, and reduce fees in certain situations, but there are some scenarios where maintaining separate accounts is a wiser choice. More than simple dollars and cents on a bank statement, ensuring all points are clearly discussed and agreed upon by both parties ahead of time is integral. Read more
There are many ways someone can come into money, such as making a lucrative business deal, receiving an inheritance, or winning the lottery. But whether it’s a cool million (which doesn’t go so far nowadays) or much more, here are some time-tested suggestions to help the newly ‘rich’ make the best decisions for managing their new wealth. First things first: Wait. Especially if it was sudden, public, or unexpected – sit on it until the initial shock and/or excitement wears off. Read more
Small, daily habits repeated over time have the largest impact. This is true for many things, but especially when it comes to managing cash flow. Develop a system with a professional advisor that’s customized for your individual needs – then actually stick to it. This is easier said than done and will take intentional time and effort before it becomes “easy.” Read more
Managing your personal finances well can be time consuming, but it doesn’t have to be difficult. The effort spent creating a plan with the help of a professional, then following through on it, will be worthwhile. Know when to seek advice, take those small steps consistently, and you will inevitably see results.