Detox your spending and experience better financial health + MORE Jan 2nd

If nothing else, tax-free savings accounts (TFSAs) have been a boon to Canadian financial writers and bloggers. Two noteworthy examples: A blog on Boomer & Echo by CFP Robb Engen (also a MoneySense ETF expert panelist for the annual Best ETFs in Canada feature) comparing TFSAs to registered retirement savings accounts (RRSPs), and a Cash Flows & Portfolios blog that goes so far as to declare that the TFSA may be all one needs to retire on. 

I don’t know about the second post, but I do agree we’ve come a long way from 2009. It was then when my wife and I made our own first tentative $5,000 contributions to our TFSA, thinking at the time it seemed like a mere drop in the bucket. Even then, right at the start of the new year, we maximized contributions to all our newly opened TFSAs, including our daughter’s, who was fortunate enough to have turned 18 just in time to qualify.

Every year since, as close to January 1st as possible, we faithfully add the maximum contribution amount (initially $5,000, briefly $10,000 and currently $6,000) to each of those accounts…

You probably know you should care about your credit score, but do you know why? Simply put, this three-digit number can either help or hurt you in your journey towards financial wellbeing—and it can have far-reaching effects.

Your credit score affects your chances of getting approved for a credit card, a mortgage or a personal loan. It can influence your chances of getting lower interest rates on loans, and it may even impact your ability to land a job or rent an apartment.

What is a credit score?

A credit score is a number, usually between 300 and 900, that indicates your creditworthiness. The higher your score, the better. Numerous factors affect your score including how much debt you carry, whether you pay your bills on time, and your credit history. (Not everyone has a credit score. If you’re a student or a newcomer to Canada, or if you haven’t used credit in a while, the credit bureaus may not have enough information to determine your score.)

The higher your score, the greater confidence banks and other lenders will have in your ability to pay them back…

Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes.

Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes.

Whether you’re building your savings account or getting a rush from buying items on sale, there’s something deeply satisfying about saving money. 

But determining when saving is truly worth it is an important part of managing your money. While some deals do save you cash upfront, you might find yourself spending more money in the long run than if you’d paid in full. Sometimes, a lowball price tag isn’t actually that great for your overall financial goals.

If you’re a renter, you might be frugal with certain items, or go without them, to save a few dollars. Here are the times when it’s not really worth it to aim for a bargain.

Not buying tenant insurance

If you’re an inexperienced renter (say, a post-secondary student), you’re on a tight budget or you just don’t like paying for something intangible, you might be tempted to forgo tenant insurance. 

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