Accelerating Mortgage Payments will Free up Cash for RESP, Retirement Savings

Accelerating Mortgage Payments will Free up Cash for RESP, Retirement SavingsA couple we’ll call Harry, 35, and Tina, 37, are thriving in their careers. Harry, a geologist with a large company, brings home $5,730 a month. Tina, a management consultant in the chemical industry, adds $3,880, for total monthly disposable income of $9,610 a month. They have a two-year-old child. You could say that Harry and Tina are typical Canadians. Their income, though above average, is just enough to get…

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If You Are Saving For Your Old Age You Might Be Saving Too Much

If You Are Saving For Your Old Age You Might Be Saving Too MuchWhen I tell people that their retirement income target may not be as high as they thought, a common response is, “Yeah, well what about long-term care?” Everyone has an anecdote, perhaps involving an aunt or the parent of a friend, who needed extensive, round-the-clock care at the end of their lives and ended up burning through half a million dollars or more. If we take a closer look at…

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5 Major Differences Between Cheap and Frugal

5 Major Differences Between Cheap and FrugalIn response to my recent post about splitting expenses with friends, one commenter wrote that there is a fine line between cheap and frugal. I happen to agree. For example, when dining in a group, I recommend that each individual calculate tax and tip based on what they ordered, but I would never dream of leaving less than a 18 percent tip on my tab, unless service was abysmal. I…

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The Realities of Home Ownership

The Realities of Home OwnershipSometimes folks say they want something, but then do things that totally work against them achieving their goal. Home ownership is a perfect example. I get letters every week from people who say they want to own their own homes. They can even paint a pretty clear picture of what that home will be like, where it will be and what it will feel like to live there. What some…

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The 5 Financial Habits that Changed My Life

The 5 Financial Habits that Changed My LifeI don’t try to hide the fact that we used to be pretty sucky with our finances.  Although we never let things get too out of hand, I finally accept the fact that we used to waste most of our income.  We bought stuff.  We went on trips.  If we didn’t have the cash, we would finance anything that we desired.  Even furniture.  And vacuums.  I swear. We also lived without any sort…

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Shopping Leads to More Shopping

Shopping Leads to More ShoppingEver notice how sometimes when you go shopping for one thing, you end up bringing home four or five other things? How many times have you heard, “I only came in for…” at the check-out? Stanford University did some studies about how shopping can lead to more shopping. It seems that buying that fateful first item sets you on a shopping track that can end with you spending far more…

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Tips to Save Money During Winter

Tips to Save Money During WinterGoodbye Christmas!!! (Thank God!) Hello Snowpocalypse 2012!!! As you may have heard, we here in the Midwest took a fierce body punch from one of the first major winter storms of the season. We were covered with about about 10 inches of snow a few days ago. For those of you in the South, that sounds like Armageddon. For those of you in Minnesota, that sounds like a Tuesday. The…

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Making a Lot of Money – The Opportunity to Not Be Broke

Making a Lot of Money - The Opportunity to Not Be BrokeI hate to be the one to break it to you, but making a lot of money does not guarantee that you will have financial success. Of course, it could mean that you reach financial greatness. It is possible that you make enough money so that all of your dreams come true. Yes, making a lot of money can be a great thing…but only if you play your cards right….

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Half of Canadians Live Paycheque to Paycheque

Half of Canadians Live Paycheque to PaychequeAlmost half of Canadians live paycheque to paycheque, a new survey has found. But that number is down from last year. According to a Canadian Payroll Association poll, 47% of Canadians live payday to payday in 2012, reporting they would struggle if their paycheque was delayed by even one week. That’s down from 57% in 2011. That kind of financial juggling is most common in the Maritimes, where 54% rely…

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How We Tamed Our Debit Card Urge

How We Tamed Our Debit Card UrgeAt a time when we were really watching our pennies, my husband and I decided to use an old-school trick for budgeting to stop us from frittering our money away. I wasn’t sure exactly how much money we actually spent week to week — we were in the habit of going to the bank machine and using our debit cards whenever we needed to buy something…

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