Listed here are all our personal finance guides and tips, collected in one place
Do you decide yourself to become financially literate?
If I'm being honest, before I began working at LowestRates.ca, my knowledge of personal finance was very limited. I knew the basics – I knew budgeting was something people did and I should probably try, and that i knew it was vital to pay for my charge card on time. Apart from that, I never really thought about it, and that i definitely didn't consider why I ought to care about it.
Looking back, a huge reason I didn't bother considering what financial options I had is because I didn't know where to start. To me, finance was another language. It involved big numbers and weird terms that made my head spin. It had been overwhelming.
So, I worked out my life sweeping my financial insecurities under the rug and hoped things would just fall into place. In the end, that is what my friends did plus they seemed to be doing just fine.
It was only once i started working at LowestRates.ca did I recognize this is a big problem. Why was personal finance so scary in my experience and my peers? Why didn't people take time to explore their financial options? Did people know they'd options? The financial questions were burning inside me. I think lots of fear originated from the very fact we were never taught personal finance lessons in class, but for some reason, understanding the Pythagorean theorem was crucial to success.
If you're like me and wish to master #adulting and be financially literate, I'll be your guide. Continue reading to check out the best personal finance advice LowestRates.ca has to offer.
So, you have a car
Getting the first car is a huge step. Most teens learn to drive utilizing their parents' cars and can use that very same car until they move out or buy one. If you're in the market to purchase a car, check out these helpful articles.
The 2021 Canadian Car Buying Guide
This article covers everything you should know about buying your first car. We provide information on new versus used cars, how to set up your license and registration, your financing options, proper maintenance and auto insurance.
Should you receive your car serviced at an auto shop or dealership?
At some point, you are going to need to get your car serviced. Whether you have significant harm to fix or simply need frequent maintenance, you may either visit a dealership or perhaps an independent auto shop. If you aren't sure which one to go to, this information will assist you to decide based on the work you need done.
This is how the vehicle you drive affects your insurance rate
When a new driver gets auto insurance for the first time, it's common to just stick to the company their parents or friends are with. However, this produces a large amount of wasted money, as every car differs, and insurance is not only solely based on a driver's gender or age. In the following paragraphs, we break down the 4 key traits that insurers will consider when assessing your car and the type of coverage it needs.
Bucket list: own a home
Now that condo prices have soared, buying a home can occasionally seem like an unachievable goal, and it is adding stress to people's lives. However, if owning a home is a goal of yours, or if you're already house hunting, we are able to assist you to navigate the complicated world of housing and mortgages.
The 2021 first-time homebuyers guide for Canadians
Congratulations, you need to purchase your first home! After the initial excitement wears off, it's natural to feel overwhelmed. After all, there is lots to consider – and that is where we come in. We created an extensive guide to take you step-by-step through mortgages, deposit, house-hunting home insurance and renovations.
How mortgage anniversaries can help you reduce your interest payments
Mortgages are expensive plus they take too much time to pay off. What if you could reduce your charges? There's a way you can shave off a ton of time off the life span of the mortgage also it all starts with your mortgage anniversary date.
Cemeteries, highways, gas stations: This is what decreases your home value
When buying a home, location is key. Since a home's value could possibly increase as time passes, we discovered what surroundings you need to avoid if you wish to make money from the home you purchase.
Charge it to the card
My understanding of charge cards was simple: if you want something you do not have sufficient money for right now, charge it to the card and deal with paying by using it later – try not to be late. My credit score never crossed my thoughts, and that i never knew there have been cards that offered sweet perks and rewards. Whether you need to customize the card or need advice on paying down your card, we've articles to obtain on track.
Will cancelling my credit card damage my credit score
No one really wants to hurt their credit score. In the end, your credit rating affects obtaining a mortgage, a car loan, or even a new charge card. The truth is, though, you might outgrow the first card and wish a card that provides better rewards. While you could just add another credit card to your wallet, lots of people don't love doing that becasue it is another card to keep tabs on and pay off. We spoke with an expert to discover whether cancelling credit cards damages your charge card.
These are the best travel rewards credit cards in Canada in 2021
Are you usually dreaming about travelling and being on vacation? Most. Saving up for a trip can take awhile, depending on where you are going as well as for just how long, but are you aware? You are able to accelerate the process having a travel rewards card. We did the job and found out which travel rewards cards you should think about getting.
Rewards points can help you reduce debt, but most Canadians don't know this
Do you collect rewards in your credit card? You can actually repay lots of debt and save lots of money should you actively keep an eye on your points and funds them in.
Are you covered?
Insurance – it's expensive but worthwhile to be prepared for that worst case scenario.
Who covers the costs if your tree falls on your home or car?
Accidents happen, but who's responsible if your tree is at fault? Rainwater conditions can result in trees falling over and damaging the nearest object in their path. In case your car or home was destroyed with a tree, know that has to pay up so you aren't stuck with the balance.
When do you need life insurance? We spoke with an expert to find out
For some reason, getting life insurance coverage isn't that common for young people. But why is the fact that? It's as if we believe we're invincible and going to live to be 100 or something. While that's unrealistic, life insurance coverage ought to be as important as auto insurance. Without having life insurance yet, that's okay, but here are some milestones to consider that will help you decide when the time's right to get coverage.
This is how traffic tickets affect your insurance rate in Ontario
So you see flashing lights behind you. First suggestion, take a deep breath. Unfortunately, traffic violations will impact your annual premium, however the damage varies in line with the kind of offense. We break down examples of minor, major and heavy offenses, and just what transpires with your rate accordingly.
For better or for worse – money talk
Talking about cash is among those topics that usually get people to feel uncomfortable. In the end, spilling how much money you are making, how much debt you're in, or the way you spend your money makes you feel naked and exposed. While sweeping the cash talk under the rug works for awhile, it could cause problems in the future. Here are a few strategies for obtaining the conversation rolling.
This may be the proper way to speak to your partner about money
Are you prepared to have “the talk”? Hopefully when you choose to create up the topic, you and your partner take presctiption the same page, or things could get awkward fast. If your relationship is moving in the right pace and you see a future together, getting the “money talk” is essential. Here are some helpful tips to ensure a successful talk that will ultimately provide you with two closer together.
When should you merge finances with your partner?
What's mine is yours, right? No two couples are going to have the same timeline of when to merge finances. Actually, some couples won't ever combine their finances whatsoever. Should you choose want to join financial forces, there is lots to think about. This information will assist you to decide once the time's right.
Why couples should consider signing a financial contract
Creating an economic contract inside a relationship, whether it's a prenup before a wedding or perhaps a common law situation where both parties have assets, is very unromantic. However, having a financial contract is really to your advantage and may protect you should you break up or get divorced. Before you decide to lower the thought of a financial contract, this short article could change your mind.
Extra personal finance advice for good measure
There's no such thing as too much personal finance advice. Here is a round-up of some additional financial advice you might find helpful and interesting.
This is how much it costs to live as a teenager in Toronto in 2021
Living in Toronto isn't cheap. If you're thinking of moving to Canada's biggest city, budgeting your life is an art you'll need. We did the study, and broke down the cost of living in Toronto, including housing, internet, transportation, groceries, entertainment and insurance. If you wish to scrape by, you need to be making at least $40,583 annually.
Burial plots, funeral services and more – this is the way much it costs to die in Canada
So, we simply broke down just how much it costs to live in Toronto, but we're pulling a 180 present breaking down just how much it costs to die in Canada. Spoiler alert, it ain't cheap. We discovered the costs of all things that should be taken care of. Our recommendation? Help your loved ones and get a life insurance policy to assist curb the costs.
I ditched my bank for any new one and you can too
If you're like me, you've probably been with similar bank all of your life. After all, who would like to go through the hassle of changing? You could, however, obtain a better deal elsewhere, and it's important to know that you've options. Look around, and if you're ready to switch banks, visit this short article to make the transition fast and painless.