This is – exactly – how I manage my money.
Managing your money seriously does not have to be so hard – after all, we live in incredible times.
I can deposit a cheque from my phone, you guys.
There are so many amazing tools available to help you rock your finances, and this list is only a short sample of them.
Specifically, it’s the list of tools that I have experience using and that have worked for me. So if you’ve been wondering where I bank or invest (no? I’m the only one who’s that nosy?) this list should give you the answers, and a bit of an idea of how each one has helped me.
Pssst. Looking for a whole resource library full of free tools to help you manage your money? I got you fam. Click on that button, tell me where to send you an email, and I’ll shoot you the password ASAP.
EQ Bank made its formal debut on the online-banking-in-Canada scene in January with a staggering 3% interest rate on all of their accounts.
I know. 3%. Massive.
Since then, the interest rate on their accounts has gone down to 2%, but it’s still where I’m keeping my emergency fund and my house down payment fund for now. Having the accounts separated from my everyday banking helps me avoid spending my savings, and the $20 I earn in interest every month isn’t too shabby, either.
I wasted so much time letting my long-term savings sit around in cash, earning next to nothing in interest. Sure, I knew I was supposed to be investing, but I never really knew how to get started.
Then I started to hear about robo-advisors, which will recommend and rebalance a fairly straightforward portfolio for you, with really reasonable fees. After some research, I went with Wealthsimple, and I’ve been super happy with them ever since – even though I invested right before the downturn. Their customer service has been really responsive, and even with a few bumps getting my automatic transfers set up, they were really open and communicated super well with me.
If you sign up with Wealthsimple through this link, you’ll get your first $10,000 managed fo’ free. Pretty sweet, especially if you’re a beginner like moi. And even bigger bonus: they’re available in the US and Canada!
PS. Need some help getting started? Take my free, beginner-friendly investing course: Zero to Investing Hero.
I can’t even tell you how long I’ve been complaining that no one in Canada offered free credit scores. Sure, you can get your free credit report every year – and you should – but I was always hella curious about my score.
That’s why I was so stoked when Borrowell started offering free credit scores, no commitment required. They’ve teamed up with Equifax to give people scores for the low, low price of $0, and you can check your own right here.
Even though I’m well-versed in all the different home-affordability guidelines – Rob Carrick’s “Put 10% down, stay for 10 years” edict, the “Don’t buy more than 3x your salary” rule, and just about everything in between – I’m still obsessed with mortgage affordability calculators.
As a self-confessed calculator addict, I still haven’t found one I like more than Ratehub’s. This mortgage affordability calculator lets you compare multiple scenarios at the same time, side by side. Want to see the different between 5% down and 15% down? They’ve got your back.
Bonus, they also estimate your monthly costs – like, total costs, not just your mortgage payment.