September 8, 2020
Freelance or Side Gig? Here are 3 Tips to Make Being Self-Employed Work

Freelance or Side Gig? Here are 3 Tips to Make Being Self-Employed Work

If you are a budding entrepreneur, freelancing full time, or even just working on building up your side hustle here are 3 tips that will help ensure your success.
August 19, 2020
Your credit score can have a big impact on your life, and many people don't know much about it. Let's talk about what you need to know and how your credit score is calculated in Canada. What exactly is a credit score? Your credit score is a number that helps lenders predict how likely you are to repay future debt. A credit score can be anywhere from 300 to 850 (900 on some scales). Simply put, if you have a high credit score, it will be easier to borrow money and you'll have lower interest rates. There are five main factors that go into determining your credit score. Payment History (35%) The most important factor is your payment history, which makes up 35% of your score. Lenders want to know if you've repaid your debts on time in the past. It's the easiest way to tell if you can be trusted to make your payments on time in the future. How Much You Currently Owe (30%) Another key factor is the total amount of debt you currently have. If you already have a lot of debt, it's harder to take on more. To a lender, it might look like you are overextended and that you will have trouble paying it off. Your debt-to-credit ratio is also taken into account here, not just the total amount you owe. If you're close to maxing out your credit cards or line of credit, that will negatively impact your score. Length of Credit History (15%) The longer you have used credit, the easier it is for lenders to figure out how likely you are to make your payments on time. For this reason, people with no credit history start with lower credit scores. New Credit (10%) Applying for a lot of new credit within a short amount of time can sometimes mean a person is in financial distress. If you can, try to not open a lot of new accounts at the same time. When you open a new account, the lender makes what is called a "hard inquiry," which goes on your credit report. Checking your credit score, however, is considered a "soft inquiry" and won't hurt your score. Credit Mix (10%) This aspect of your score deals with the different types of credit you may have. Lenders like to see that you can be trusted to manage different accounts responsibly. If you have a lot of different types of credit, it can improve your score. Your credit mix shouldn't affect your score too much, though, if you have a history of making your payments on time. At the end of the day, that's the best way to keep your credit score in good shape. In Canada, there are three national credit reporting agencies: TransUnion, Equifax, and Experian. They each determine your score in a slightly different way, but they all follow the same basic guidelines. You are also entitled to a free credit report from each every year, which can help you stay on the right track. Sometimes life happens, and we need a little support to figure it all out. Visit our blog for more helpful tips on saving money and other interesting stuff.

How Is Your Credit Score Calculated in Canada?

Your credit score can have a big impact on your life. Let's talk about what you need to know and how your credit score is calculated in Canada.
August 19, 2020
Too Much Clutter? Here's How to Sell Your Extra Stuff for Cash Online

Too Much Clutter? Here’s How to Sell Your Extra Stuff for Cash Online

Got a lot of unwanted stuff cluttering up your home? Here are 6 important tips for how to sell your extra stuff for cash online.
August 4, 2020
3 Ways to Save Money You May Not Have Thought Of

3 Ways to Save Money You May Not Have Thought Of

"Make a budget and stick to it!" Sure, we've all heard that one before, but it is so much easier said than done. Here are 3 unique ways to save money.
August 4, 2020
4 Tips to Reduce Stress on a Budget

Feeling Overwhelmed? Try These 4 Tips to Reduce Stress on a Budget

Sometimes life can be overwhelming. Don't be afraid to take a little time for yourself—here are 4 interesting tips to help you reduce stress on a budget.
May 15, 2020
Status of Low-Income Essential Workers Salary Top-Up

COVID-19 Assistance Decoded: Current Status of Canadian Low-Income Essential Workers Salary Top-Up

Are you an essential worker? Here's a quick and simple overview of what the low-income essential workers salary top-up means for affected Canadians.
May 15, 2020
Filing Your 2019 Taxes in Canada: What changed because of COVID-19

Filing Your 2019 Taxes in Canada: What changed because of COVID-19

Has COVID-19 derailed your tax preparation plans? Here's a few things you should know before filing your 2019 taxes in Canada.
April 29, 2020
Things You Should Know Before Filing Your 2019 Tax Return

NEW Things You Should Know Before Filing Your 2019 Tax Return

Before you file, here are some NEW things to know before filing your 2019 tax return in Canada. (Deadline extended to June 1, 2020!)
April 15, 2020
How to Spend Less on Gas for Your Vehicle in Canada

How to Spend Less on Gas for Your Vehicle in Canada

You may not realize it, but the way that you drive can affect your gas mileage. If you want to spend less money on gas, you need to pay attention to the way that you drive.