Loonie Saving Tips from Ratesupermarket.ca

Everybody likes to save money. But sometimes it can be hard to do in your day-to-day life. Recently I hit the streets with my partners at RateSupermarket.ca to find out what you do to save money everyday. From students to retirees, everyone had great ideas on how to put a few extra Loonies back in your pocket.

Canada is not in Control

Bank of Canada Govenor Mark Carney is holding overnight lending rates at 1 per cent and hinting they will likely stay there until 2013. He again points the blame at the rest of world stating he can't raise rates with the current economic problems in Europe, the fragile state of the U.S. economy and the volatility in the financial markets.

Canada's hands are tied.

Despite all our earnest efforts to stave off an economic slowdown and another recession,  it's staring us in the face. Canadians are in record debt. The best advice I have to anyone carrying a huge debt is to pay it off with a vengeance while money is cheap. Because when rates start to rise those monthly payment could become unmanageable. Read more on my latest blog on RateSupermarket.ca.

The Occupy Toronto Movement

The Occupy Toronto Movement is now into its fourth day. Protestors have been camped out in downtown Toronto to show their disapproval of how the financial industry and government has acted in the three years since the the economic downturn first started. They want government to step in to stop big banks from continuing to make huge profits at the expense of the middle and lower class. The movement started on Wall Street and has inspired similar movements all over the world. People are fed up with what they call is an increasing divide between the rich and the poor. Read more on my blog at RateSupermarket.ca.

And you can hear my interview with Jerry Agar on what I think of the Occupy Wall Street and Occupy Toronto Movements. 

How to Control Your Student Debt

The average cost for an undergraduate student to go away for university is $65,000.  If you're looking at completing a masters or a professional degree the expense is much higher. This is forcing students to graduate with thousands of dollars in debt. In fact in Canada the average student loan is $23,000. In places like British Columbia, where the cost of living is higher,  that number is closer to $30,000.  

I spoke to Certified Money Coach Karen Collacutt of Money Coaches Canada. Karen is known for her warmth and positivity, which create a comfortable space for talking about financial challenges. She provides direction and encouragement in a way that makes people feel good about what they are doing. She has helped many new graduates get out of debt fast. Here are some of her best tips.  

• Learn to live on less, save part of your student loan to apply to your debt once you graduate. 
• Find unique ways to save money. Offer to be the DD one night a week for the same cost of a taxi. 
• Make sure all your debt is a student loan not personal,  because student debt interest is tax deductible. 
• Parents, get university-bound students to practice grocery shopping and buying household goods. 
• Learn how to make high volume and high calorie meals on a budget.  
• Learn how make a financial plan. Make a realistic budget for the school year. 
• Sharpen your skills of negotiation. Ensure you're getting the highest salary possible when you graduate. 
• Continue to live like a student while you pay your debt off. 
• After graduating devise a realistic plan to pay off your debt and stick to it!

Watch my entire interview with Karen Collacutt from Money Coaches Canada below.

You can contact Karen here.

Job Growth Plays Catch Up in September

Statistics Canada released its Labour Force Survey for September 2011 on Friday morning. Good news the economy added 61,000 jobs. So, why does the outlook still feel gloomy?  More people are working and we should feel great. But if you look back you'll find we've had months of disappointing labour reports and this is simply the economy playing catch-up. Read more on my weekly blog post on Ratesupermarket.ca .
Job Growth Plays Catch Up in September

Steve Jobs 1955-2011: My reaction to his death

Steve Jobs passed away on October 5th, 2011 in California. Jobs life and career is being compared to the likes of Thomas Edison. Jobs is considered a true visionary who changed the way the world communicated. Ironically it was probably on the devices that he created that many woudl have got the news on Wednesday of his passing. Listen to my interview on NEWSTALK 1010 only 40 minutes after learning the co-founder of of Apple had passed.

Bear Market, Greek Debt and Are We In Recession?

I was speaking to NEWSTALK 1010 recently about the current state of the economy. The TSX is now officially in bear market territory, a scary place to be for the second time in 2 years. So why is Canada affected by all the problems around the world? Listen to my  interview below.

What happend to Gold Prices?

Gold has fallen from its record high in September by almost 13 per cent. A heart stopping amount for traders who were assuming the precious metal had nowhere to go but up. But the flight away from the safe haven investment is confusing, because the global marekts are still in turmoil. Many indexes are in bear market territory and there is no real solution in sight.  Read more on my blog entry at RateSupermarket.ca.