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It’s that time of year again! Someone close to you is finishing school. Whether wrapping up an undergraduate, graduate, or professional degree (or even high school!), someone in your life is graduating. A good book is a great graduation gift, but what are the best books to gift a new grad? One of the favorite books people love to gift new grads is also the most useless: Oh, The Places You’ll Go! by Dr. Seuss. I understand the sentimental value, but there’s a good chance your new grad is grappling with tens of thousands of dollars of student loan debt and no idea how to make their dreams a reality. RELATED: The 14 Books You Must Read to Get an MBA Education At Home The world outside the university campus can be difficult to navigate. Thankfully, there are a few great guides available. The Best Books to Gift a New Grad Adulting: […]

The post The Best Books to Gift a New Grad appeared first on Money After Graduation.

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When it comes to buying your first home, the first thing many people focus on is saving their downpayment. While this is not the largest financial burden of ownership, it is the first big hurdle you need to clear. Figuring out how to save a down payment can be challenging. Before we jump into it, I want to point out that renting is totally cool. It will often even give you more money in the end than buying. However, there are a lot of non-financial considerations that make home ownership a goal for many. There’s nothing wrong with that either. Whether you choose to rent or buy is entirely up to you! RELATED: Should You Rent or Buy? If you are leaning towards buying over renting, you’re going to need to figure out how to save a down payment. Here’s why and how to do so. How much do you […]

The post How to Save a Down payment For a House appeared first on Money After Graduation.

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You’ve probably heard about the Debt Avalanche” or the “Debt Snowball”, but might be less familiar with the Debt Snowflake method. However, if you’re currently slugging away at paying down a big balance, this is a repayment strategy you want to have in your arsenal to eliminate that debt because it will work in conjunction with whatever you’re already doing. I know it’s already springtime and you’re probably as sick of snow as you are of your debt, but stick with me on this one because the Debt Snowflake method is worth knowing how to do. What is the Debt Snowflake Method The Debt Snowflake Method is using small, unexpected savings to incrementally pay off debt. These “snowflakes” are tiny cash windfalls that may actually only be a few cents at a time. They’re so small we don’t see them as having any real potential on their own, but much like […]

The post How to Use the Debt Snowflake Method appeared first on Money After Graduation.

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Most people think breastfeeding is “free” or “frugal” — as a breastfeeding mother of an almost-9-month-old, I assure you, it’s not free. Not even close. What’s an even bigger shocker, you do have to buy things in order to breastfeed. Well, that’s not entirely true. You don’t have to buy anything, but I will attest that breastfeeding is way easier when you do have the right supplies. I filmed the above video a few months ago, but recently took a look at it again after a pregnant friend asked me what she needed to buy to breastfeed (that friend is Alyssa of Mixed Up Money if you’re looking for more personal finance moms to follow!). Here are my favorite breastfeeding accessories: The NatureBond handheld silicone pump ($20) I still rank this in my top 3 purchases for having a baby, and it’s the least expensive of all. This silicone handheld […]

The post Frugal Finds to Make Breastfeeding Easier appeared first on Money After Graduation.

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If you’re looking for a place to stash your cash to help it grow without the roller-coaster volatility of the stock market, your options are a high-interest savings account or a GIC. In Canada, we typically imagine the only banks available are “The Big 5” but truthfully Canadians have dozens of options — if they’re willing to go online. Many people are still wary of online banks even though more likely than not, they already do most of their banking online. Personally, the only thing that ever takes me to a physical bank branch is cashing US cheques, but I’ve since opened a US savings account so maybe that’ll be going by the wayside soon. In any case, a CDIC-insured online bank is as safe as a brick and mortar one, and they typically offer higher-paying products. If you’re wary of switching to an online bank, opening a savings account to […]

The post The 4 Best High-Interest Savings Accounts in Canada appeared first on Money After Graduation.

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Between my business and personal accounts, I have financial relationships with seven (7!) different financial institutions. That seems like an obscenely high number, but truthfully each one serves a purpose in my financial blueprint. Some people manage all their money out of one chequing account, but they miss out on rewards for their spending and returns on their savings. Others split their efforts over a dozen (or two) different accounts, but end up paying tons of fees and never earning enough rewards to do anything. Finding the right balance for you depends on what you’re trying to achieve with your money, but here’s my list of the five must-have bank accounts to manage all your daily expenses and long-term goals. 1. A no-fee chequing account for day-to-day banking If your bank is charging you any fees whatsoever to access your own money, ditch them and switch to someone who isn’t. […]

The post The 5 Bank Accounts Everybody Needs appeared first on Money After Graduation.

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For many people, just the words “tax season” bring on financial stress and headache, but filing your taxes has never been easier. Before we jump into it, I want to invite you to join me and H&R Block Canada tax professionals for a Tweet Chat tomorrow! #GetWhatsYours H&R Block Canada Tweet Chat Tuesday March 27, 2018 @ 6pm CST / 7pm EST Follow @moneyaftergrad + @HRBlockCanada Over $700 in prizes! While I hire an accountant to manage my business financials, I’ve always taken care of filing my personal income taxes myself. While initially intimidating, once I became familiar with the process and the paperwork, filing my own taxes became quick, easy, and saved me hundreds of dollars every tax season. Now that Canada Revenue Agency (CRA) is moving more and more towards digital records, filing your own taxes is easier than ever. Furthermore, choosing the right software helps you avoid […]

The post How to Painlessly File Your Own Taxes appeared first on Money After Graduation.

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Children are expensive. But what may surprise you is children are far and away more expensive for women than men. How much does it cost to be a mother? The cost to raise a child from birth to age 18 is pegged at $250,000, but this number represents only out of pocket costs — food, clothing, extra-curricular activities, and so on. It doesn’t reflect the hidden costs and sacrifices parents make in lost income by switching to less demanding jobs, declining promotions, switching to part-time work, or even withdrawing from the workforce, temporarily or permanently. But these costs are not borne by each parent equally. Mothers disproportionately shoulder the financial, as well as physical and emotional, burden of raising children becaues they are almost always the primary caregiver. The Motherhood Tax The “Motherhood Tax” or the “Motherhood Penalty” is used to describe the financial penalty women experience for having children. […]

The post The Impossible Price of the Motherhood Tax appeared first on Money After Graduation.

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When it comes to saving money, it’s easier said than done. Most people actually suck at saving, with most households only socking away a pitiful 4% of their income. We used to be better at it, but easy credit, high debt loads, stagnant wages, and giving into our temptations to buy everything in sight has eroded our once good money habits and left little but spare change in their wake. You know you should save more, but you’re not sure how. Here are 5 hacks to save more money, faster, and easier than ever. Throw out ‘savings challenges’ There’s a popular chart that’s gone viral on the internet, as much as personal finance advice online can go viral. It outlines saving incrementally more each week, beginning with $1 and working up to $52 per week. It made its most recent rounds in January, when people were setting their New Year money resolutions, […]

The post 5 Essential Saving Secrets & Money Hacks appeared first on Money After Graduation.

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I’ve been juggling motherhood and work for 4 months, and it’s only now that I feel I’m starting to get the hang of it. After finding myself unexpectedly pregnant in 2016, I had to hustle both before and after my baby was born. In Canada, working women are entitled to 15 weeks of paid maternity leave, and then 35 weeks of paid parental leave can be taken by either parent. However, because I am self-employed, I didn’t qualify for this generous government-sponsored leave. I went back to work only 3 months after my baby girl was born, and one of the biggest challenges has been to earn more money while working fewer hours. Thankfully, parenthood not only makes you super efficient, guarding the livelihood a tiny little human is also hugely motivating. I now work 10-15 hours per week and generate the amount of business (and income!) I used to earn […]

The post How to Hustle as a New Parent appeared first on Money After Graduation.

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