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Latest News
This Year’s Best Rewards Credit Cards for Groceries Nov 7th
According to Statistics Canada, the average Canadian household spends $9,102.40 on food every year. And whether you’re single or have a family of growing tots to feed, you understand that spending more than you anticipated at the grocery store is all but too easy (Pro tip: Don’t go to the groce.... More »
Tracking Receipts with the UGO Mobile Wallet + MORE Jul 19th
There’s been a lot of innovation in the banking space lately, an area that is typically resistant to change. Just recently, the big banks got on board and started offering Apple Pay. Now, innovators have introduced the UGO Mobile Wallet.
Today smartphones are so much more than just a phone. Users.... More »
Canada’s best balance transfer credit cards 2022 Nov 1st
If you carry a balance on a regular credit card, chances are you’re paying around 20% in interest. At that rate, it can become difficult to keep up with the payments and your debt can spike—fast. Moving your credit card debt to a balance transfer credit card can help you pay off the principal mo.... More »
S&P revises outlook on Canada’s big six banks to negative Aug 9th
Follows similar move in June by Moody’s on concern about ‘bail-in’ regime
.... More »
How to fight back against rising bank fees on chequing accounts Jan 22nd
Canada’s big banks continue to hike personal bank fees. Many banks are also making it more difficult to avoid one of the largest and most irritating fees — that pesky chequing account charge..... More »
Financial illiteracy costs everyone, especially seniors
– moneysense.ca
An article from the Urban Institute profiled a young woman who “gave up on her local bank five years ago” and now relies exclusively on storefront cheque cashing companies (such as payday loan companies). Her “bank account” is a pre-paid or re-loadable debit card. She admits that she sees no need to ever use a bank again. These less traditional money stores are more accessible to her and offer lower service fees than do traditional banks. This approach takes living paycheque-to-paycheque to a whole new level. Unfortunately, based on the information provided in the article, these non-traditional money exchanges and lenders are increasingly used, by low income earners and surprisingly also used by those earning $50,000 annually.
Living paycheque-to-paycheque provides no cushion or contingency for life’s surprises. Not only are there no savings to rely upon, but future opportunities are limited because no credit history is built. Alternative income sources such as pawn shops can only be tapped into as long as the flow of personal salable goods is available for pawning…
Living paycheque-to-paycheque provides no cushion or contingency for life’s surprises. Not only are there no savings to rely upon, but future opportunities are limited because no credit history is built. Alternative income sources such as pawn shops can only be tapped into as long as the flow of personal salable goods is available for pawning…
