Banking

What Is CDIC And Why Is It Important?

What is CDIC?

While some Canadians bank at credit unions, many more deal with the big banks.  The major banks in Canada are all insured by the Canada Deposit Insurance Corporation (CDIC).  So, just what exactly is CDIC?  Well, it’s actually a federal Crown corporation that was created by the Canadian Parliament in order to protect your deposits in case the bank ever happened to go under.

What CDIC is NOT

CDIC is not a private insurance company and neither is it a bank.  The main point of the creation of CDIC is to help keep Canada’s financial system as strong as possible.

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November 22, 2012
Earn Extra Money

How To Make Money Subletting Properties

What is a sublease?

First of all, do you know what a sublease is? A sublease is when you lease out a property to another renter. A lot of people don’t know they can do this and in some cases you can’t, it all depends on how the lease was written up.

Find A Potential Fixer Upper

I know you might be wondering how you can make money subleasing a property and that is what I am here to talk to you about. The key here is for you to lease a property that is not completely fixed up. By this I am talking about old paint, torn up flooring and things like that. If you can lease a property like this for a very small amount, then you can put a little bit of money into it and fix it up and then sublease it to another renter for a little more than you are paying.

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November 19, 2012
Money Saving Tips

Saving Up For Your First Home

There will come a time when you wish to say goodbye to rental properties and purchase a home of your own. Indeed, often a mortgage works out cheaper than renting anyway.

The Largest Purchase You Will Ever Make

Saving money for a house is unlike saving for most other things. The amount will usually be larger than for any other goal you have ever tackled, and so the time frame will be much longer. The amount required is notoriously difficult to calculate and the sum of money you need will be much less intimidating if you think of it as a monthly amount rather than a lump sum. The larger the deposit you save, the more flexible the mortgage and the more competitive the interest rates. It is wise to create a graphical tool to motivate your saving, for example, a money thermometer. In the run-up to your purchase, you could free up money by avoiding or at least reducing the cost of renting by moving in with your parents or in-laws or sharing a house with friends.

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November 15, 2012
Shopping

10 Great Items To Buy In Bulk

Buying in bulk doesn’t always work. Unless you’re running a restaurant, it’s hard to guarantee that you’ll use up all of a bulk perishable before the expiration date. The cheaper base price can get quickly canceled out – and even completely overwhelmed – by the cost of what was wasted.

This list of smart bulk buys is a safe bet for any household shopper. It includes not just savvy buys that are unlikely to go bad, but also items that are most commonly discounted and give the best savings when purchased in bulk.

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November 14, 2012
Budgeting

An Easy Way To Budget For Groceries

My husband and I like to eat, and I would say that we are both fairly big eaters.  We eat a lot of fresh produce and keep our fridge stocked full of a wide variety of veggies and fruits.

That being said, sometimes I find it difficult to keep our grocery spending in control.  In order to control our spending, we came up with a plan.  Here goes:

We decided to limit our spending to $400 per month for groceries.  Each month I keep track of every grocery purchase I make.  At the end of the month, I total the amount and see how we did.  By keeping track of our grocery spending throughout the month, it has been easier for me to know where we’re at.  It eliminated any guessing.

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November 14, 2012