Your child's education is one of the best investments you can make. Grad expectations Does your child dream of going to college or university? Despite the rising costs of post-secondary education, you don’t need to be rich to help your child pay for a higher education. But you do need a plan, because no matter if you child wants to attend a university, college, vocational school or technical school - education costs money. According to Maclean’s magazine, students who live at home are spending an average of $9,300 during one school year. For those who move away costs are closer to $20,000. Creating a solid financial plan is key with tuition costs rising year over year. Not to mention, the financial toll that COVID-19 has placed on student’s ability to find jobs and possibly affected parents’ economic stability. Making a financial plan for your child's education Registered Education Savings Plan...
If you have someone who depends on you, life insurance isn’t a nice-to-have, it’s a must-have for your financial plan. Canadians are carrying more debt than ever before. In fact, Canadians owe $1.67 in consumer debt, mortgages and non-mortgage loans for every $1 of disposable income. It's a good idea to sit down with your family and figure out where you want to be in the next 5, 10 and 20 years. Whether it’s staying in your current home or moving to a larger space, growing your family or considering retirement, your family needs a solid financial plan to achieve those dreams. A good plan will include protection for your loved ones if you were to pass away unexpectedly. Are you responsible for financial obligations such as: Rent or mortgage payments Outstanding debts Tuition fees Funeral expenses Any other living expenses If the answer is yes – your loved ones...
How to avoid burnout as we head into the winter months, because it's already been a long year. In the early days of the pandemic, if you were lucky to work remotely you may have felt happy and safe in your home. Zoom calls were a novelty, everyday sweats were luxury, and in the evening, everyone was making good progress on their Netflix queue. As we’ve moved past the initial days of the pandemic, what felt like only temporary measures have turned into a whole new lifestyle. Now, that we’ve had months of limited social contact and stringent rule following we’re all feeling a little exhausted. With winter coming and the possibility of even more time in our homes, here are 3 ways to help avoid burnout: 1. Be aware of your body’s needs Exercise Keep your body strong and healthy by adopting a regular exercise routine. The Heart and...
Stress and anxiety issues are the rise. Many of us are stressed about money. That worry can affect our physical and mental health, strain relationships and impede our ability to do our jobs. Some researchers believe that worrying about debt can increase stress and make you more vulnerable to mental health issues. But, recognizing the link between financial and mental wellness is the first step in monitoring their effect on each other. Here are three ways to take control of your money and reduce your financial stress: Practice Mindful Spending During times of stress it can be easy spend money impulsively: takeout food, new clothes or beauty products, gifts for kids or leisure toys can make spending the week, and weekend, at home a little more exciting. Sometimes what we want now, takes priority over spending our money on things we need, or things that will improve our lives in...
