When my husband and I bought our first home we started off with a 5 year fixed rate mortgage with an amortization of 25 years. Within our first year when we looked at our mortgage statement we were floored when we discovered that we had spent more than $7000 in interest in our first year!!! We could hardly believe that on such a small mortgage the interest would be so high. And we had a pretty good interest rate at that time, too. Our interest rate was 4.99% when most people were stuck paying at least 6%.
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Pam
If you currently have a Tax Free Savings Account (TFSA) at a financial institution but you would prefer to have it somewhere else, the good news is that you are able to transfer it; The bad news is that most (if not all) financial institutions will charge you a transfer out fee ranging from $50 to $100.
There are ways that you can avoid this transfer out fee. Check out the tips below to see if one of these will work for you.
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The New Frugality: How To Consume Less, Save More, and Live Better by Chris Farrell
The New Frugality
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We’ve all heard about the importance of having an emergency fund and many Canadians have them nowadays, however, it appears that many Canadians aren’t using them for their intended purpose. Rather than setting aside the funds for true emergencies, many folks are using these funds for day-to-day expenses and completely defeating the purpose altogether.
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Just as there are many types of money management apps for other technological gadgets, the iPad also offers a wide variety of apps that can help you stay on top of your finances.
I recently received an email from one of my readers who shared with me a link to a great article that lists ten iPad apps to help you manage your money. Apps listed include Mint.com, Pageonce, Ace Budget, and many others. Some of these apps will aid you in creating and sticking to a budget. Others help you to locate the closest ATM machine if you need some cash. Another handy one helps you keep track of your bills so that you never pay late fees again.
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Buying extra life insurance that is attached to your mortgage may be a good idea for some folks; however, there are a few things you should consider before making your decision.
1. Do you already have life insurance? You may already have adequate life insurance through your work or another company. If you already have enough to cover all expenses plus your mortgage, then you have no need for additional insurance. However, if you dig up your paperwork and discover that you don’t have enough to cover all anticipated expenses plus your mortgage, you may very well benefit from buying mortgage life insurance.
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I recently had a job interview that fortunately reaped good results. I got the job I wanted! Below are five things I did to prepare for this interview.
1. I didn’t take this interview opportunity for granted. I realized how hard it is to actually get the opportunity for an interview and I wanted to make the most of it. I had sent out so many resumes and I never heard from most of the companies I had submitted them to, so I knew this interview opportunity should not be taken lightly.
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