What’s the Big Deal?
The news coming out of the USA that up to $10,000 of student debt was being eliminated for most students by the government has dominated the news these days as we once again approach the beginning of school.
And it’s no wonder why that’s such a big deal as post-secondary costs continue to rise not just in the USA, but right here in Canada.
With the current low mortgage rates, I am finding a lot of my members have the same question: should I try pay down my mortgage faster, or should I start/continue investing in my future? My answer is always the same: it depends! The reason I cannot give a definitive answer is due to the number of factors that make each of us unique. In this blog, I would like to share some of the factors I consider when giving advice to my members, and I am hoping I am able to help more people make the decision that is right for them.
“An ounce of prevention is better than a pound of cure.” So said Benjamin Franklin, who didn’t have to live through 2020 and eat his way through 32 pounds of home-baked bread. But he was on to something. What he suggested was that we should deal with a problem by putting in a bit of time and planning upfront, instead of constantly ducking like we’re living in a real-life game of whack-a-mole.
When it comes to personal finances, Canadians have a lot of choices. It can be overwhelming. While there are plenty of options to choose from, have you considered a credit union?
Credit is a staple in our modern world. And many of us have been impacted by the COVID-19 pandemic over recent months. As businesses begin to open up, we thought it would be an appropriate time to discuss some ways to improve your credit score. Gone are the days of buying a home with two bags of flour and a handshake. You need credit to qualify for big-ticket items like cars and homes, and often for smaller items, like mobile phones. Your credit score determines whether financial institutions and other lenders will give you money for such purchases.
Are you ready to make the leap from renter to homeowner? You’ve saved your nickels. You’ve been watching the housing market and found a neighbourhood you like. You’ve gotten tired of lugging groceries up 6 flights of stairs every time your elevator is out. Buying your first home is an exciting time. It is also a huge decision. Here are the five things you should think about before you buy.
Welcome to your 30s! You’ll be spending less money on fun and more money on necessities. You’ll be spending less time with friends and more time at work. Your 30s are a time defined by one thing: change.
It’s everyone’s favourite time of the year: tax time! Get ready for the banners and balloons and celebrations… or hide your paperwork in the closet and hope the receipts magically sort themselves out. That sounds more realistic! You may want to hide from your finances, but you can gain a lot by dedicating adequate time and resources to bookkeeping and accounting. This is particularly true for business owners.
Financial institutions are not all created equal and neither are their Members. As a member of the team at PenFinancial Credit Union, I get to see how unique our Members and their needs are and how we can help them everyday.
After your parent’s made you read Catherine’s blog on how to fund post-secondary education, you may think you’re all set for school.
