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Category: Saving strategies

How important is your credit score, really?

Lenders use your credit score to determine your ability to manage your debt.

  You know you have a credit score, you may have even checked it once or twice, but do you know how your credit score is calculated? Do you know how lenders use your credit score? Credit scores are a valuable way to show lenders that you are a responsible consumer. For example, when you … read more

Financial mistakes I’m glad I made

Personal finance expert Barry Choi shares some of the financial mistakes that he’s glad he made.

Although my parents taught me about money management from a young age, I still managed to make quite a few financial mistakes over the years. None of these mistakes were overly serious and I’m actually happy I made these mistakes. Many of these decisions were made because I was uninformed (or misinformed), and once I … read more

Breaking down the 50 / 30 / 20 Rule

The 50 / 30 / 20 Rule is intended to help make it easier for you to manage your budget.

It’s human nature to seek an easier way to deal with a complex task, and for many people, developing and managing a personal budget can qualify as a challenge. This explains why there are so many budgeting approaches out there intended to help you better manage your money. Some, like the “envelope system” for instance, … read more

How a GIC can help you save

A Guaranteed Investment Certificate can help you diversify your portfolio holdings.

When it comes to investments, diversification is key and the saying “don’t have all your eggs in one basket” is as true today as when it was first coined. Savvy investors understand the need for diversification and they make sure to have their money in a range of products and holdings. When it comes to … read more

TFSAs and your retirement

Read how you can use a Tax-Free Savings Account to help boost your retirement savings.

When Canadians turn their thoughts to retirement savings, it is the Registered Retirement Savings Plan (RRSP) that typically first comes to mind. This is understandable as the RRSP program dates way back to 1957 and remains a popular way for Canadians to build their retirement savings. One of the primary features of an RRSP is … read more

How I’m making my TFSA work for me

Learn how Barry Choi uses a Tax-Free Savings Account to save for his retirement.

On January 1, 2009, the Canadian Government introduced Tax-Free Savings Accounts (TFSA). The concept was “simple”; every year, any individual who is 18 years old or older and who had a valid Social Insurance Number could contribute/invest a set amount of dollars. For the first year, the maximum allowable contribution was $5,000. I put simple … read more

Tax Free Savings Account: The basics

Rubina Ahmed-Haq explains the basics of a Tax-Free Savings Account.

The Tax-Free Savings Account (TFSA) turned ten this year and since 2009 everyone in Canada over the age of 18 and who has a valid social insurance number (SIN), is eligible to open a TFSA. However, despite being around now for a full decade, many Canadians still don’t understand how a TFSA works and how … read more

Money rules I live by

Read the latest from financial expert Barry Choi in the Oaken Blog.

Growing up, I was fortunate that my parents taught me some of the basics when it comes to finances. It’s not like they had a ton of money or worked in the financial services industry. They were immigrants who understood the value of a dollar and passed those values down to me. The truth is, … read more