Personal Finance

Better Finances for a Better You

Topic: "Personal Finance"

← Curating the web to find the most interesting and helpful information about your money.

Infographic of the week

Navigating the personal finance landscape requires skills or knowledge in the following foundational areas

Personal finance isn’t just about dollars and cents. The reason it’s so hard to master? It’s actually a multi-disciplinary field that requires foundational skills ranging from psychology to negotiation.

Navigating the personal finance landscape requires skills or knowledge in the following foundational areas Navigating the personal finance landscape requires skills or knowledge in the following foundational areas →

Infographic of the week

Charted: Who Has Savings in This Economy?

The Visualcapitalist visualises the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by age and education qualifications. Data is sourced from a National Endowment for Financial Education (NEFE) report, published last month.

Charted: Who Has Savings in This Economy? The Impact of Higher Education on Earnings and Savings →

Infographic of the week

Where Does One U.S. Tax Dollar Go?

Come tax season, a common refrain is: “what do my taxes even pay for?” To answer that question, we visualized U.S. federal government spending by function, referencing expenditure to a single federal tax dollar. Data is for the fiscal year ending September 30, 2023 from the U.S. Bureau of the Fiscal Service. Total spending amounts are converted to cents on the dollar and percentages, to show where one tax dollar goes.

Where Does One U.S. Tax Dollar Go? Major Areas of U.S. Government Spending →

Saving

5 savings mistakes people make when building their financial life by Kunyi Yang

  1. Waiting too long to start retirement saving
  2. Not maxing out a 401(k)
  3. Falling victim to lifestyle inflation
  4. Not having enough emergency savings
  5. Keeping too much in volatile assets like cryptocurrencies
Here are the five most common mistakes young adults are making when building their financial lives →

Saving

Has your financial situation changed? Has your income decreased? Are you looking to save money for a project? It may be the perfect time to review your budget and adopt new habits to save money. Here are 35 tips to help you!

35 tips to help you save money →

Word of the week

Simple Interest

Simple interest is interest that borrowers pay lenders for a loan and does not take into account the interest that has been added to the account; rather, it calculates interest just on the original amount. Simple interest does not just relate to loans. Banks sometimes pay customers simple interest on their savings accounts.

Simple Interest: Who Benefits, With Formula and Example from Investopedia →

Infographic of the week

Charted | The Wealth Needed to Join the Top 1%, by Country

The last decade has witnessed a remarkable surge in the global number of millionaires. By 2022, 1.1% of the world’s adults were millionaires, up from 0.6% in 2012. So, how to know if you belong to the top 1% in your country?

Charted | The Wealth Needed to Join the Top 1%, by Country Wealth Needed to Join the Top 1%, by Country →

Infographic of the week

Mapped: Which is the Best U.S. City for Entry-Level Jobs by Pay?

The anxieties around a first-job are immense: fear of the unknown, performance pressure, and the need to navigate new professional environments. But good pay can help manage these worries. Lots and more has been written on which careers are the highest-paid, but how does geography factor into the equation?

Mapped: Which is the Best U.S. City for Entry-Level Jobs by Pay? Ranked: 50 U.S. Cities By Entry-Level Job Pay →

Serious stuff

When couples move in together for the first time, many financial questions and tasks arise, leaving room for disagreement and awkwardness.

Ana Teresa Sola on financial tips for couples moving in together for the first time →

Budgeting

7 tips to save money on family expenses from Discover

  • Focus on food costs
  • Keep birthdays simple
  • Give secondhand a chance
  • Choose frugal fun
  • Plan ahead for the holidays
  • Hack your housing costs
  • Talk budgeting and saving with your kids
Get the whole family in a savings mindset with these tips →

Infographic of the week

How Much Do Text Message Scams Cost Americans?

The Visualcapitalist visualizes the amount of money that Americans lost from scam text messages in the year 2022. These figures are sourced from reports filed to the Federal Trade Commission (FTC), accessed via USA Facts.

How Much Do Text Message Scams Cost Americans? Type of Text Message Scams by Cost to Americans →

Serious Stuff

7 Ways to Manage Financial Stress from TIMEstamped

  1. Figure out where the money stress is coming from
  2. Create a budget or spending plan
  3. Start an emergency fund
  4. Increase your income
  5. Automate some of your financial transactions
  6. Improve your money communication style
  7. Get outside advice and help
Here are some suggestions for taking charge of your money and feeling better about your circumstances →

Serious stuff

Jessica Lutz @ Forbes: How I Worked Through My Financial Baggage And Got Serious About Saving Money

This is all temporary and you can figure it out →

Did you know?

Some 56% of Americans are unable to cover an unexpected $1,000 bill with savings, according to a telephone survey of more than 1,000 adults conducted in early January 2022 by Bankrate.

Most Americans are still struggling to build solid savings accounts →

Budgeting

The word "budget" means different things to different people. You might think of budgeting (or "living on a budget") as living below a certain standard or not being able to afford the things you want. On the other hand, you might think of budgeting as a tool to prioritize your spending, and to help determine and reach your financial goals.

Northwestern University on Financial Wellness and Money 101 →

Budgeting

Finding the balance between your needs, wants and savings can be difficult. Forbes highlights seven simple steps for creating and managing a successful monthly budget.

How To Budget In 7 Simple Steps →

Did you know?

According to the U.S. Bureau of Labor Statistics. The average person spends about $199.91 per day. This figure includes spending on housing, food, transportation, entertainment, clothing, healthcare, and other goods and services.

How do American spend their money? See how you compare →

Investing

This Money Checklist Will Help You Crush 2024

Money.com provide a 10-step guide to crushing your financial goals in 2024 (and beyond). For expert insights into the housing market, ways to save money on EVs and more.

What do you hope to accomplish in 2024? →

Saving

So, you splurged. Now what? The urge to splurge is universal. After the bleakness of the pandemic, people are spending more on the big and little things that bring them joy.

Stress Test Podcast: Rob Carrick and Roma Luciw speaks with Shannon Lee Simmons, a certified financial planner and founder of the New School of Finance →

Serious Stuff

The 6-step method that helped a 34-year-old pay off $30,000 of credit card debt in 1 year


Step 1: Survey the land

Step 2: Limit and leverage

Step 3: Automate your minimum payments

Step 4: Yes, you must pay extra and often

Step 5: Evaluate the plan often

CNBC: How a personal finance blogger managed to pay off 5-figure credit card debt in just 12 months →

Saving

Rob Carrick and Roma Luciw chat with the reporters who wrote some of the best-read personal finance stories from The Globe and Mail this year.

Saving Stress Test Podcast: The top personal finance stories of 2023 →

Budgeting

5 Tips for Low-Effort Budgeting from Experian


Here are five low-effort budgeting tips to make sticking with a budget less work:

  1. Start by looking back
  2. Use a flexible budgeting system
  3. Set up automatic savings
  4. Use a budgeting app to track spending
  5. Put your bills on autopay
Here are five low-effort budgeting tips to make sticking with a budget less work →

Serious stuff

The biggest money mistakes that could change your future — and how to get ahead of them right now

Sophie Kiderlin of CNBC make it: Avoiding the most common financial mistakes →

Investing

Ways to supercharge your CD investments

CDs offer a guaranteed interest rate that’s typically higher than a savings account, and you get the safety of FDIC insurance to ensure your money will be there when you need it. They’re not right for every situation, but they can be an effective way to save for short-term goals or create a predictable stream of income.

How to find the best CDs to invest in →

Investing

What Is the Fear and Greed Index?

The Fear and Greed Index is a tool developed by CNN (yes, the news network) to help gauge what factors are driving the stock market at a given time.

Guide to the Fear and Greed Index →

Word of the week

Annuity

An annuity is a type of insurance contract in which the insured (you) and the insurer (insurance firm) agree that the insurer will pay you either on a regular basis or one-time disbursements to you as a payout for your contributions. Usually, people utilize an annuity as a retirement income source.

Use our free retirement calculator to see how an annuity make get you closer to your goals →

Budgeting

10 Budgeting Tips to Increase Your Money Management Skills, from Rachel Dalrymple

  1. Identify Your Purpose
  2. Write Down Income and Expenses
  3. Follow the 50/30/20 Rule
  4. Practice Zero-Based Budgeting
  5. Plan for the Unexpected
  6. Develop Habits That Support Your Budget
  7. Utilize Budgeting Tools
  8. Evaluate and Adjust Regularly
  9. Keep It Attainable
  10. Run Your Household Like a Business
Leaders.com on details the 10 steps for a brighter future →

Infographic of the week

Warren Buffett's Portfolio Visualized

Warren Buffet is probably best known for being one of the world’s most successful investors. See what Berkshire Hathaway are holding and learn from the legendary value investor known as the 'Oracle of Omaha'.

Warren Buffett's Portfolio Visualized How They Make Money: Why the Oracle of Omaha tends to bet on the status quo →

Serious stuff

Khan Academy has a great free financial literacy course. From understanding interest rates to navigating the stock market, this course breaks down complex concepts into easy-to-understand lessons that will empower you to take control of your money.

Khan Academy Financial Literacy Course created by Sal Khan →

Word of the week

Financial Advisor

A financial adviser is a professional that possesses the certifications, abilities and experience to help with a number of financial matters. The term's broad definition encompasses a variety of specialities and qualifications. A financial advisor may assist you in deciding how to manage your finances for long-term goals like retirement and your children's education, purchasing a home, or more immediate goals.

Choosing a financial advisor →

Budgeting

Budgeting Tips - Incorporate only attainable income - Be reasonable with your spending - Keep an eye on your purchasing patterns - Regularly review your budget - Avoid using credit cards - Stay positive

Start building a better future with a budget today →

Budgeting

New York Times Quiz The newspaper wants to help young people get a better handle on their money. To begin, we want to hear from you.

Complete their short quiz, to let them know what your biggest questions are when it comes to personal finance →

Infographic of the week

The Monthly Cost of Buying vs. Renting a House in America

With home prices and mortgage rates both rising, the U.S. is now witnessing the biggest numerical gap in the monthly cost between owning a home and renting in over 50 years. Americans, however, have seen similar scenarios occur since the early 1980s.

The Monthly Cost of Buying vs. Renting a House in America See the difference of buying vs. renting a single-family residence in the U.S. since 1970, adjusted for inflation. →

Budgeting

Diving into the world of money management might feel a bit like riding down a river that’s full of twists and surprises. No need to worry - having a good plan can make this entire experience much easier.

Budgeting Tips: 5 Successful Ways to Boost Your Money →

Investing

10 Approaches to Smart Investing

Smart investing helps you do three important things: - Allows you to create an additional source of income - Provides for long-term financial security - Helps create sufficient post-retirement wealth

Top 10 ways in which you can become a smart investor →

Serious Stuff

How to deal with money struggles during a financial crisis:

Navigating a financial crisis can be overwhelming.

  • How do you decide what expenses should be prioritized?
  • Should you tap into your retirement accounts?
  • What about asking friends or family for financial help?
  • Should you apply for a payday loan?

The first step of creating your emergency plan is understanding your essential needs.

What to do with your money when crisis hits →

Infographic of the week

Visualizing U.S. Wealth by Generation

The distribution of wealth is an important measure of the economic power of each generation. In the U.S., for example, baby boomers own half of the nation’s $156 trillion in assets despite making up 21% of the country’s population.

Visualizing U.S. Wealth by Generation Visualizing $156 Trillion in U.S. Assets, by Generation →

Word of the week

FICO

The three-digit FICO Score, or a Beacon Score, determines whether your credit is good or bad. Fair Isaac & Company, also known as FICO, is a US-based business that sells Equifax and TransUnion Canada their unique rating system. When you apply for credit, lenders can quickly and reliably learn details about your finances thanks to the FICO Score.

Getting your credit report and credit score →

Serious stuff

You might not realize it, but there is something called financial personality, and it can play a big role in your ability to handle and manage money.

How Your Personality Is Affecting Your Finances →

Did you know?

The first War Savings Certificates and Victory Bonds were issued in Canada during the First and Second World Wars. They went towards paying for the war effort.

Browse through the gallery and view the timeline to learn about the History of Canada Savings Bonds. →

Investing

Investing Introduction

Whether you are new to investing or new to Canada, investing for your future is important.

Investing for your future →

Did you know?

The word ‘budget’ derives from the French word bougette, which means leather bag. The bag contained the papers setting out France's revenue, expenditure and tax.

Start your personal bougette today →

Serious stuff

In 2021, 24% of people aged 15 to 49 had changed their plans with regard to having children as a result of the COVID-19 pandemic. Most often, they planned on having fewer children or having a child later.

Family Matters: A new addition to the family? It depends →

Serious stuff

Learn the 101 of financial literacy with a fun, dynamic guide that makes money feel empowering, financial literacy becomes a life-long habit that pays dividends.

Financial literacy 101 from the Canadian Foundation for Economic Education →

Budgeting

Finance thinkfluencers vs economists

It turns out that there's a large gulf between the advice given by the authors of popular finance books and academic economists.

How their tips square with traditional economic thinking? →

Infographic of the week

Visualizing Annual Working Hours

Comparing the number of hours people work in different countries can provide insight into cultural work norms, economic productivity, and even labor laws.

Visualizing Annual Working Hours Where does Canada rank? How do your working hours compare? →

Investing

The Basics of Investing

Read about some of the most common types of investments including the Canada Savings Bond (CSB), Guaranteed Investment Certificate (GIC) and Treasury bill (T-bill).

Jargon-free investment terms →

Word of the week

Financial Literacy

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. The earlier you start, the better off you will be, because education is the key to success when it comes to money.

Financial Literacy: What It Is, and Why It Is So Important →

Did you know?

There are over 1.5 billion Canadian bank notes in circulation. In fact, if you stacked them all together they’d reach a height of over 150 kilometres. That’s officially outer space!

Canadarm2 and the $5 polymer note →

Serious stuff

"How improving your financial literacy can help ease stress in a tough economy. Brushing up on your financial knowledge can help to build confidence and freedom."

Managing money can be difficult for anyone, regardless of their financial situation →

Serious stuff

Take this self-assessment quiz to figure out how your financial literacy skills and knowledge measure up compared to other Canadians.

Financial literacy self-assessment quiz →

← Curating the web to find the most interesting and helpful information about your money.