themoneysavvyblog

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10 Signs You're Financially Healthier Than You Think

It’s easy to feel behind financially, especially in today’s economy and social media frenzy, but you may actually be doing better than you realize if some of these signs sound familiar: 1. You’re Free of High-Interest Debt If you’re not carrying high-interest debt like credit cards or payday loans, you’re ahead of many. Paying off high-interest debt frees up more of your income for savings and…

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6 Fun Ways To Teach Kids About Money

Teaching kids about money doesn’t have to be a dull chore; in fact, it can be a lot of fun! By incorporating games, activities, and creative approaches, you can instill important financial lessons that will stick with them for life. Here are some enjoyable ways to teach kids about money. Play Money Games Board GamesGames like Monopoly, The Game of Life, or Cashflow are classic ways to teach…

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Understanding Velocity Banking: A Potentially Powerful Tool To Pay-off Debts

In a world where financial literacy is more crucial than ever, innovative strategies are emerging to help people take control of their finances. One such strategy that has gained popularity is velocity banking. But what exactly is velocity banking, and how can it benefit you? Let’s dive into this lesser-known financial concept. What is Velocity Banking? Velocity banking is a financial strategy…

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Finding an ESL Teaching Job as a Non-Native English Speaker

If you’re a regular reader of my blog, you may remember that last year, I volunteered teaching ESL for 2 weeks in Guatemala. I also wanted to make a career switch to ESL teaching. However, it didn’t happen. A few people reached-out to me with questions on how to find an ESL teaching job as a non-native English speaker. My first language is French. I was born and raised in France before coming to…

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The Cost of Eating Out, 10 Years Later

My very first post on my blog was about the cost of eating-out. I thought it would be interesting to revisit the matter a decade later. With grocery prices surging about 9% in 2022, and another 8% in 2023, Canada-wide, is it cheaper to eat out instead in Canada, as I sometimes ear? Let’s dive-in into some numbers. Assumptions If you ask 50 people about their eating habits, you’d probably get…

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Sinking Funds Explained

The term “sinking fund” is relatively recent in the world of Personal Finance. What is a sinking fund, and should we have one? Let’s find out! Definition In Personal Finance, a sinking fund is money set aside for specific goals/purposes, usually on a short-term basis, i.e. from 6 to 18 months. Basically, it’s planned savings for planned spending. We all have 1-time big expenses, or expenses…

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Top 5 Money Mistakes

Sometimes it seems like the financial part of our lives is the most challenging area in which to succeed. There’s always something that moves us backward instead of ahead toward a bright financial future. Maybe it’s some unexpected medical expenses. Perhaps the car needs major repairs. Even when we’re happy, healthy, and have a great car, we might suddenly find ourselves in between jobs! Isn’t…

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10 Years of Blogging, Now What?

This month marks the 10-year anniversary of my blog. This is quite an accomplishment in this day and age. Most blogs last for about 2 years. Some blogs only last a few months. The Internet space is littered with dormant blogs. Reflecting on 10 Years 310 posts, hundreds of comments, likes and followers. First, I want to thank all the people who read and follow my blog, like my posts and comment…

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6 Steps to Repay Your Student Loans

After years of reading, researching, writing and cramming, you did it! You’re officially a university graduate. Congratulations! Like most young Canadians, it’s very likely that you’ve had to take student loans to see you through your educational journey. As a new chapter of your life begins, you need to close the previous one by repaying the money you borrowed. This can be a daunting…

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5 Budget Busters (and what to do about them)

If the balance in your savings account isn’t growing fast enough, a common budget buster might be to blame. Sadly, you’re not alone in missing your financial goals. Thankfully, there are steps that you can take to get your finances back on track. Use these strategies to stick to your budget and achieve your financial goals: Impulse shopping If impulse shopping is your weakness, resist the…

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4 Ways to Teach Personal Finances to Your Kids

I received a question from a reader about teaching good money habits to their children. This is becoming a concern for a lot of parents. Question My wife and I have done a better-than-decent job of saving and investing our money so far. We work hard and use our credit cards wisely. We don’t spend money frivolously. But I’ve noticed that, as our kids mature, we’ve started some unnecessary…

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Top 5 Costs That Retirees Often Fail to Foresee

Many folks nearing retirement fail to fully appreciate just how expensive retirement can be. Have you sat down and considered the expenses you’re likely to face in retirement? Whether your vision of retirement includes traveling the world in first-class or staying at home with the grandkids, there are likely to be expenses that you either failed to consider or drastically underestimated. It’s…

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6 Steps to Financial Stability

Most of us wish we were rich, but financial stability might be even more important. It’s not the inability to buy a mansion that makes people unhappy. Rather, it’s the inability to move beyond living paycheck to paycheck. If you’re not happy with your finances, it’s likely that greater financial stability will have a major impact on your sense of well-being. Follow these steps and enjoy…

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4 Dirty Tricks Credit Card Companies Like to Play

While your credit card company might like to pretend they have your best interests at heart, it turns out that’s not always the case. Credit card companies, like most other businesses, have ‘loopholes’ in place to drain every cent they can from you. Being aware of these tactics is the best defense. Otherwise, you’ll be paying astronomical interest rates and navigating through a minefield of…

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Bye 2023, Hello 2024

Just like at the beginning of 2023 with the year 2022, I’m glad that 2023 is over. My 300th post summarized what last year was like for me. I definitely want my 2024 to be better than the last 2 years. Here are my goals for 2024: Finances Reduce overall expenses: over the last 5 years, my overall expenses have remained stable and in the same range. They even slightly declined during the…

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What's Your Personal Rate of Inflation?

Inflation has been all over the news for the last couple of years. The amount of money printed during the pandemic and ongoing supply chain issues increased prices across the board. In Canada, the Consumer Price Index rose to 6.8 % in 2022, compared to 2.4% in 2021. It’s anticipated inflation will be around 3.1% for 2023, largely due to massive hikes in interest rates. What is the Consumer…

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5 Saving Tips That May Not Work

There is a plethora of advice on how to save money, including on this blog. Although well-meaning, sometimes financial tips just don’t work. Here are a few tips that never worked for me. Couponing I previously wrote about couponing, whether extreme or not. Couponing is a lot of work, and may not save you as much as you think, particularly in Canada. It sure never really worked for me. Bulk…