Credit cards have this sneaky way of keeping us in debt, and even encouraging overspending. In fact, people spend 12-18% more when using credit cards*. They’re what’s considered “revolving debt” - meaning you can continue to spend what you pay down. If you’re like 46% of Canadians who carry a credit card balance every month*, you’ve probably experienced what we like to call... The 5 stages of credit card debt. Giphy Stage 1: Denial Your bank upped your limit...you’re feeling super rich. You can totally handle this extra room on your card like an adult. Right?? Giphy Stage 2: Anger Okay the extra limit maybe got the best of you. You “accidently” balled out on VIP Drake tickets...oh and that brand new outfit to wear to the concert too. Oops. SH*T! You know you’re maxed out and you won’t be able to pay the balance off this month. We probably shouldn’t mention that maxing out your credit card wrecks your credit score as well… Giphy Stage 3: Bargaining Okay okay...what if you can just majorly cut back on everything else this month... You consider eating only instant noodles,

Buying a home is one of the best investments you can make and a super exciting milestone. But, your 25 year mortgage amortization period can sometimes feel like a life sentence. There’s actually a lot of ways you can pay it off faster - without sacrificing your other money and life goals in the meantime. Putting extra money towards your mortgage means huge interest savings and being mortgage-free faster. And, who doesn’t want that. Set up bi-weekly payments Once you have your monthly mortgage payment figured out, set up bi-weekly payments rather than monthly payments. By paying every two weeks rather than once a month, you’ll actually end up paying 13 monthly payments a year - which is an extra payment every year. This will cut your 25 year mortgage down by a few years and will save you money in interest. Put “extra” money towards it If you have a yearly bonus, or get money back on your tax return, (and you don’t have other high interest debt to pay off) consider putting that amount directly towards your mortgage. Look at your housing situation for opportunities Consider ways you could supplement your mortgage payments using

Meet Sean Cooper, he paid his $420,000 Toronto mortgage off in 3 years before he turned 30, and then wrote “Burn Your Mortgage” to tell his story. How did he do it? Not gunna lie, he took some pretty extreme measures. He lived in the basement of the house and rented out the rest of the house. He lived super frugally and cooked all his own meals - hooray for KD! He also took 2 extra jobs, working around 100 hours a week, and rode his bike everywhere. Sean’s story is super crazy and super cool. It’s all about having a goal, and figuring out what you’re willing to sacrifice to get there. You might not be keen to kill your social life to get where you want to be financially, but you can definitely take a page out of Sean’s book (pun intended) and set your own #DoMoreSpendLess money goals. Sean Cooper | Personal finance expert | Financial journalist | speaker and money coach How did you get into personal finance? Sean: My reason is altruistic. I am passionate about financial literacy. I want Canadians to be better informed when making

Buying a home is one of the biggest and most important investments you’ll make in your life (did someone say adulting?). It’s still the single largest source of savings for Canadian households, since every payment you make builds equity. If buying a home is in your 5 year plan, there’s some key steps you should take to make sure you reach your goal and get those dream digs. Know your current credit score and improve it You might not realise how much your credit score matters when buying a home. Ultimately, having a high credit score could mean you qualify for a higher mortgage. A good rule of thumb: if your credit score is between 620 to 680 you’ll qualify for a good mortgage product - BUT if it’s 680 and above you’ll qualify for a significantly better mortgage. So, get your credit score looking good before you apply for a mortgage. If your score is below 680, good news: you can improve it. If it’s low strictly because of debt utilization ratio, it could improve in as little as 30 days if you pay down your credit card balance so it’s

In our first blog post in the New Year’s Money Resolutions series we talked all about facing your holiday credit card debt head on (and what to do about it). Check it out here for a refresher. If you’re like a lot of Canadians and you blew the budget over the holidays, let’s talk about that credit card that’s maxed to the limit.... Maxing out your your credit card has a negative impact on your credit score. And we’re not just talking about the 46% of Canadians who carry a monthly credit card balance. That includes you punctual peeps who pay it off every month. Your debt “utilization ratio” (aka your level of indebtedness, or how much of your total available credit you’re using) makes up approximately 30% of your overall credit score. Say what? ...We know what you’re thinking, Why didn’t anyone tell you this!?! Well, now that the bad news is out of the way, here’s the good news: Fixing your utilization ratio is one of the fastest ways to fix your credit score if it’s not so hot, or even just needs a little improving. You just

We’re feeling all inspired to ditch our stuff and simplify our lives after binging on The Minimalists documentary on Netflix. If you don’t know what we’re talking about or haven’t watched it yet, you know what your plans are tonight. Get on it. Here’s a nice little recap in the meantime. Basically they’re challenging consumerism, and the concept of being attached to our “stuff.” We can all relate to the feeling that if we buy ____ it’ll make us feel good/happier/better. And, that’s actually a huge factor keeping people in debt. The average Canadian owed $21,348 in consumer debt in 2016—that’s a 2.7% increase over the past year. We’ve been socialized to feel like there are things we “need” to be happy. But when ‘The Minimalists’ (Joshua Fields Millburn and Ryan Nicodemus) started decluttering and letting go of stuff that didn’t add value to their lives, they started feeling freer and happier. A super cool quote from the film that resonates with us: “Love people, use things. The opposite never works.” (so frameable. 🙌 ) Our Do More, Spend Less concept is all

So, you overspent and overate. Your finances are feeling as tight as your fave pair of jeans. You said you’d stick to your holiday budget but then you found the new Snapchat Spectacles on eBay and obvi needed to buy a pair for your bae—okay, and maybe one for yourself too. You blew it. But instead of commiserating in a pool of self-loathing and anguish (so dramatic), face your spending hangover head on with our New Year's money remedies. No, we’re not going to recommend ‘hair of the dog.’ (Sorry.) Over the next few weeks, we’ll hook you up with our easy-to-follow spending tips to help get you back in the black, and on track to ball out in 2017. And by ball out, we mean spend and save like a responsible adult. 😜 First up: NY Money Remedy #1: Consolidate credit card debt (AKA) How to break the credit card debt cycle with an installment loan. You had every intention to keep your holiday budget in check. You made a list, checked it twice, and even scaled back your other spending leading up to December. But then that extra space on your card + the temptation of

We got some hot money tips from finance experts across Canada. 🔥 💸 We asked them... What’s your #1 finance tip for millennials and young Canadians? From mortgage advice and budgeting, to credit card and financial planning tips, their answers could help you get on track this month and on to a financially healthier 2017. Nice. “” My number one tip hands down is to get help, and get qualified help. You don’t pay a personal trainer $80 a hour to watch you on the treadmill. You know that having pro can help you identify blind spots and fast-track your path to financial success. It’s never too early (or late) to engage with a Certified Financial Planner. You can find one at FindYourPlanner. Kelley Keehn | Author, personal finance educator and the consumer advocate for the Financial Planning Standards Council. | Kelleykeehn.com “” Know your credit score. Keeping tabs on your score is a good way to gamify your financial fitness. It will keep you mindful about not racking up debt, and a good score can save you money in interest. If you understand how to get a good credit score, you are less likely to abuse credit,

With the new mortgage rules coming into effect across Canada, you might be wondering what that means for you—and whether you can still enter the market. One of the new rules applies a stress test to borrowers, which means you need to qualify at a higher rate when you have less than 20% as a down payment. Before these new rules, mortgage borrowers who took a 5-year fixed-rate mortgage only had to qualify for the mortgage payment based on the interest rate they were getting. Now with the new rules, you’d have to qualify for a rate at the Bank of Canada’s 5-year fixed posted rate, which is currently 4.64%. The new rules aim to make sure that if interest rates ever go up and are much higher than they are today, homeowners will still be able to make their payments. But the result is also an approximately 20% decrease in the amount of mortgage money available to borrowers. One factor that you can focus on that is within your control to maximize your affordability: your credit score. A higher credit score could result in a higher mortgage pre-approval amount. Why your credit score matters: Canadian

Let me tell you a tale… quite possibly a familiar one in your own life. So, Topshop has their annual sale on, which of course I have to hit up. I spot the highly coveted Olivia Palermo bomber jacket which of course just happens to be the last one left and is in my size. I head to the register, bomber in hand, ready to take home my fashion find. As I reach for my wallet, the salesperson tells me I’ll get 15% off if I sign up for the store credit card and use it today. I’m all like, sweet I’ll take it. I charge the $141.33 to my new store credit card, and head off into the sunset. The next day (being the responsible adult that I am) I transfer $140.00 from my bank account onto the store credit card. I’ve got it covered right? A few weeks later, I get a statement in the mail from the store, which I immediately throw in the trash without even opening it. In my mind, I’ve taken care of it. Next month, the same thing happens. Repeat step 1: straight into the trash.