Mogo Money recently submitted a piece to the Financial Post featuring 10 top financial tips from Canadian personal finance writers and experts. Among the contributors are Chantal Chapman, Jessica Moorhouse, Sean Cooper, and Olivia Lovenmark, on behalf of The Paper & Coffee.
From the Financial Post, by Erin Leroux:
November is officially Financial Literacy Month, and what better way to wrap up the month than with money tips from finance experts in the country. I asked them to share their number one 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.
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, like many people do with credit cards. One way to outsmart the credit card companies and build a great credit score is by ‘Netflix and Chilling’ your credit card: set up any automated monthly payments on your credit card (like your Netflix subscription), an automated payment schedule to ensure the amount is paid off every month, and chill the card in the freezer. This way you’ll show the credit bureau you can make on-time payments, which will have a positive effect on your credit score. Then, use a “spending account” for your discretionary spending instead of a credit card. The simple task of separating your spending money out of our chequing account and not using debt for day-to-day spending will save you from overspending. You can check (and track) your credit score for free, with no impact to your score at Mogo.ca
Chantel Chapman, millennial money expert and consumer media spokesperson for Mogo Finance. Founder of Holler For Your Dollar, a consulting firm that jump-starts anyone who’s ready to dive into the world of Adulting or entrepreneurship. http://www.hollerforyourdollar.com/
Find your “why” when it comes to your money. If you don’t have your goals clearly outlined in front of you, be it affording to take a trip once a year or buying your first home, you won’t ever be motivated enough to follow through with saving, budgeting and being smart with your money.
Jessica Moorhouse, award-winning personal finance blogger, and Podcast host of the Mo’ Money Podcast.
jessicamoorhouse.com
Don’t buy “too much” home. I discuss this in my upcoming book, Burn Your Mortgage. Just because the bank says you can spend, say, $800K on a home, doesn’t you mean you should. A bigger home comes with higher mortgage payments, utilities, home insurance and property taxes. It also has more rooms to clean and furnish. You don’t want to end up “house rich, cash poor,” with all your money going toward your house and little to no money left to save, let alone enjoy.
Sean Cooper, personal finance journalist, and Author of ‘Burn Your Mortgage’.
http://seancooperwriter.com/
Ensure that your financial habits and activities align with your financial goals. Make a list of your 1 year, 5 year, and 10 year goals, understand what you want, whether it’s to buy a home or go on an extended vacation, and what you need to do to get you there.
Olivia Lovenmark, personal finance writer & founder The Paper & Coffee. www.thepaperandcoffee.com
Read the rest of the tips here.
