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
Ranked: The Worst U.S. States for Retirement
This chart ranks the 10 worst U.S. states to retire in, according to Bankrate.com, as of 2024. What this ranking is not showing are states that people prefer to retire in for more qualitative reasons. Factors like weather are considered, but financial aspects of a state are weighted higher in this ranking.
This chart ranks the 10 worst U.S. states to retire in 2024 →Serious stuff
Financial wellness tips to help improve your financial future
Get ahead and learn how to improve financial wellness through simple spending, saving and budgeting tips →Infographic of the week
How Much Does it Take to Be Wealthy in America? by the visualcapitalist
The is graphic looks at data from the 2023 Modern Wealth Survey by Charles Schwab, which asks respondents what net worth is required to be considered wealthy in America.
Wealthy in America: A Closer Look →Infographic of the week
The Countries With the Highest Wealth per Person
In 2023, global wealth increased by 4.2% as global stock markets rebounded and inflation eased. While Europe, the Middle East, and Africa achieved the strongest wealth growth, the U.S. accelerated at roughly half the rate of these regions, at 2.5% annually.
Highest average wealth per person, by country. Where does your country rank? →Serious stuff
Key Strategies for Improving Your Financial Wellness By Terry Turner and Thomas J. Brock, CFA®, CPA
You can enhance your financial wellness by improving various aspects of your personal finances →Infographic of the week
Where Are Salaries the Highest?
Broadly speaking, average salaries are going to be higher in countries with a higher cost of living. For example, Switzerland is one of the most expensive countries to live in, with monthly living costs of $2,497 USD according to World Population Review.
The average annual salaries of OECD countries →Saving
Money Saving Tips For Young Adults
Here are tips and hacks young adults should be aware of to manage their money better. →Serious stuff
According to the American Psychological Association (APA), 72% of adults report feeling stressed about money, whether it's worrying about paying rent or feeling bogged down by debt.
Financial Stress: How to Cope By Elizabeth Scott, PhD →Saving
Check, please! The etiquette of splitting the tab
NPR Life Kit: Chef and food writer Kiki Aranita walks us through common dining scenarios to ensure the bill is handled fairly and smoothly. →Serious stuff
From the best ways to budget to how to boost your earning potential like a pro, these nuggets of financial wisdom are as fresh as the day they were published.
50 Personal Finance Tips That Will Change the Way You Think About Money by Alden Wicker →Investing
Financial advisors agree: These are the 3 best investing tips for beginners by Elizabeth Gravier
1. Audit your finances before you even start to invest 2. Utilize retirement accounts as much as you can 3. Know you don’t have to be an expert
If you’re just getting into investing, consider these 3 tips →Saving
Should you merge your finances with a significant other? Keep them separate? Or something in between?
NPR Life Kit Podcast: Healthy money habits for couples →Serious stuff
It's hard to know where to start with personal finance — saving, budgeting and everything else in between. These TED Talks provide insightful perspectives and practical advice to help you face your financial situation with honesty and compassion.
How to take charge of your personal finances from TED Talks →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 →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.
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.
Major Areas of U.S. Government Spending →Saving
5 savings mistakes people make when building their financial life by Kunyi Yang
- Waiting too long to start retirement saving
- Not maxing out a 401(k)
- Falling victim to lifestyle inflation
- Not having enough emergency savings
- Keeping too much in volatile assets like cryptocurrencies
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 →Serious stuff
Dreading your taxes? How to deal with the 'homework of life' from NPR Life Kit
Life is full of tedious and time-consuming administrative tasks. Here's how to conquer your 'life admin' so you can get back to real life →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?
Wealth Needed to Join the Top 1%, by Country →Saving
Tips to visualize your way to better money management by Emma Edwards
Visualization can help you develop positive money habits and set you up for financial success. →Serious stuff
The Connection Between Financial Well-Being And Mental Health
Paula Thielen on how to empower people for both financial security and mental health →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?
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
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.
Type of Text Message Scams by Cost to Americans →Serious stuff
Gen Z, millennials say money talks should happen before the relationship gets serious, study finds
Ana Teresa Solá explores navigating big feelings when financial planning with a partner →Serious Stuff
7 Ways to Manage Financial Stress from TIMEstamped
- Figure out where the money stress is coming from
- Create a budget or spending plan
- Start an emergency fund
- Increase your income
- Automate some of your financial transactions
- Improve your money communication style
- Get outside advice and help
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 →Saving
Can you really afford a dog?
Stress Test Podcast: Rob Carrick and Roma Luciw speak to Shawn Morey, the executive director of the Peterborough Humane Society and two people that became first-time pet owners in their 20s →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
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.
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:
- Start by looking back
- Use a flexible budgeting system
- Set up automatic savings
- Use a budgeting app to track spending
- Put your bills on autopay
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 →Saving
Sales Are Shams but Deals Are Real: Here’s How to Know the Difference
Wirecutter on spotting an overhyped “sale” that doesn’t provide a meaningful discount or an actual deal →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 →Serious stuff
6 Estate Planning Must-Haves Everyone benefits from ensuring assets and finances are managed as they wish.
Here is an estate planning checklist of items every estate plan should include →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 →Saving
How to pick a bank that works for you
Are you happy with your bank, or is it time for a change? →Serious Stuff
5 Easy Ways to Take Control of Your Personal Finances by Kiara Taylor of Ascend
- Budget, budget, budget
- Create an emergency fund
- Be honest with yourself
- Ask for help
- Track your progress
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
5 Ways to Manage Your Personal Finances by Rakshitha Arni Ravishankar
Here are five pieces of advice from our authors on how to feel in control of your personal finances →Saving
6 big purchases that can save energy and money at home
NPR Life Kit: Here are a few energy-saving solutions to consider →Saving
A shame-free guide to digging out of debt
NPR Life Kit: In this episode, they offer shame-free solutions for digging out of debt →Budgeting
10 Budgeting Tips to Increase Your Money Management Skills, from Rachel Dalrymple
- Identify Your Purpose
- Write Down Income and Expenses
- Follow the 50/30/20 Rule
- Practice Zero-Based Budgeting
- Plan for the Unexpected
- Develop Habits That Support Your Budget
- Utilize Budgeting Tools
- Evaluate and Adjust Regularly
- Keep It Attainable
- Run Your Household Like a Business
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'.
How They Make Money: Why the Oracle of Omaha tends to bet on the status quo →Saving
How TikTok changed the vibe of personal finance advice
Podcast: Stress Test by columnist Rob Carrick on how Gen Z and millennials are getting a lot of their money advice from TikTok, where personal finance videos have more than 5.8 billion views. →Saving
Who Should You Trust With Your Money?
Half Banked Podcast: Hosts Cadeem and Bethan break down the difference between financial advisors and planners and the red flags you should watch out for →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.
See the difference of buying vs. renting a single-family residence in the U.S. since 1970, adjusted for inflation. →Serious stuff
Why making more money may not solve your financial problems
Rob Carrick on why making more money doesn't always solve your money problems →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.
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 $156 Trillion in U.S. Assets, by Generation →Serious stuff
Fifty Money Questions to Ask Your Partner
Use these 50 questions across four categories to jumpstart the conversation. →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. →Saving
Recession-beating tips for the job market, housing, investing and the cost of living
Podcast: Stress Test by columnist Rob Carrick on on how to prepare for the changes in the job and housing markets, investing and the cost of living →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.
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.
Where does Canada rank? How do your working hours compare? →Serious stuff
The Bank of Canada has increased its benchmark interest rate to 5 per cent, the highest in 22 years.
What happens when interest rates rise in Canada. What does that mean for you →Saving
How much money do you need to retire?
Start planning for your retirement with our free calculator →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 →Saving
101 Ways To Save Money
Tips for saving up for a big goal, paying down debt or cutting costs →Investing
Millennials: 4 Tips to Start Investing Today
1. Build your credit 2. Open a TFSA 3. Invest what you can 4. Set some goals
Here are some tips to get started from Motley Fool →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 →Serious stuff
Despite labour disruptions, the tax filing deadline has not changed. Canadians should take steps to ensure their return is filed by May 1, 2023, along with payment for any balance owing.
Filing dates for 2022 taxes →Serious stuff
Tax season is upon us. Find key dates including filing and payment due dates and dates for receiving credits and benefit payments from the CRA.
Due dates and payment dates →← Curating the web to find the most interesting and helpful information about your money.