Carte-Blog

A simple approach to money management when you’re starting out

01
Nov

Listen to this Podcast


A simple approach to money management when you’re starting out

When you’ve finished school and are trying to get your career off the ground, there’s a lot to worry about. Don’t let finances be one of them. Follow these basic rules of money management.

1. Pay down debt
Many people graduate with debt, making it that much more challenging to get established. Always make your scheduled student loan payments, and if you are struggling, speak to your lender rather than falling behind or defaulting.

If you have other debts, focus on paying these down, starting with those that have the highest interest rates, such as credit card balances.

2. Balance the budget
To avoid falling into (or back into) debt, make sure your income is always higher than your expenses. How? Keep discretionary spending (non-essentials like entertainment, restaurant meals and fast foods, unused gym memberships) in check and cut back if you have to. If that’s not enough to balance the books, find other ways to trim (such as sharing accommodation or finding a cheaper phone plan), or boost your income by taking on extra work.

The Ontario Securities Commission has prepared an excellent budget worksheet that can help you track your income and expenses.

3. Save, save, save
If you’re not putting any money aside, start now — even if it’s just a few dollars a week. If you’re already saving, try to boost the amount. An Automatic Savings Plan (ASP), which transfers money from your chequing account into a savings account, makes it easier. A high-interest savings account is a good way to make the most of your shorter-term savings

For funds that you won’t need to tap into very often, open a Tax-Free Savings Account (TFSA), so the interest or earnings can grow tax-free.

4. Invest for tomorrow
Many young people avoid investing. But it’s about the only way to stay on top of the eroding effects of inflation.

There’s an overwhelming number of investment options out there. A financial advisor will find investments based on your goals, time horizon and risk tolerance. It can be challenging to find an advisor when you are younger and your assets are still low, but we work with a number of younger clients and are happy to work with you.

5. Take advantage of “free” money
If your company has a pension plan that matches your contribution, sign on as soon as you’re eligible — even if you feel you can’t afford the contributions, or retirement seems a long way off. If you opt out, you’re passing up “free” money from your employer’s contribution. This could add up to a significant sum, once you factor in compounded returns over the decades of your career.

2,651 thoughts on “A simple approach to money management when you’re starting out”

  1. Natasha says:

    Hi, very nice website, cheers!
    ——————————————————
    Need cheap hosting? Try webhosting1st, just $10 for an year, VPS plans starts with $6/Mo.

    Reply
  167. full spectrum cbd oil says:

    I am the proprietor of JustCBD company (justcbdstore.com) and I am currently seeking to broaden my wholesale side of business. I really hope that anybody at targetdomain give me some advice . I thought that the most suitable way to do this would be to connect to vape companies and cbd retail stores. I was hoping if anybody at all could suggest a reliable website where I can purchase CBD Shops B2B Marketing List I am presently checking out creativebeartech.com, theeliquidboutique.co.uk and wowitloveithaveit.com. On the fence which one would be the most ideal solution and would appreciate any advice on this. Or would it be simpler for me to scrape my own leads? Suggestions?

    Reply
  202. 1st Counsel says:

    Having read this I believed it was extremely enlightening. I appreciate you taking the time and effort to put this content together. I once again find myself spending a significant amount of time both reading and posting comments. But so what, it was still worth it!

    Reply
  206. Create Online Course says:

    After I initially left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and now every time a comment is added I receive four emails with the exact same comment. There has to be a means you can remove me from that service? Appreciate it!

    Reply
  212. Aastro Roofing says:

    An outstanding share! I’ve just forwarded this onto a colleague who was conducting a little homework on this. And he actually ordered me lunch simply because I found it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanx for spending the time to talk about this topic here on your web site.

    Reply
  215. the dark side techno says:

    The next time I read a blog, I hope that it does not disappoint me as much as this particular one. After all, I know it was my choice to read, nonetheless I actually thought you would probably have something interesting to say. All I hear is a bunch of moaning about something that you could fix if you weren’t too busy searching for attention.

    Reply
  219. cialis generic says:

    It can also be a component transfusion to slenderize into more fine points around the us and electrolyte of a weighty in proffer to see which on tap laryngeal effects are close by, and how they can other you. casino slots casino online games

    Reply
  272. Fredric Zarucki says:

    Oh my goodness! Amazing article dude! Thank you so much, However I am going through problems with your RSS. I don’t know why I am unable to join it. Is there anybody else having identical RSS issues? Anyone that knows the solution can you kindly respond? Thanx!!

    Reply
  289. Additional info says:

    Hello there! This blog post could not be written any better! Going through this article reminds me of my previous roommate! He always kept talking about this. I am going to send this information to him. Fairly certain he’ll have a good read. I appreciate you for sharing!

    Reply
  291. here says:

    I blog often and I genuinely appreciate your information. Your article has truly peaked my interest. I am going to take a note of your website and keep checking for new details about once per week. I opted in for your RSS feed as well.

    Reply
  298. Synthesia says:

    You are so awesome! I do not believe I have read something like this before. So great to find another person with a few original thoughts on this subject matter. Seriously.. thanks for starting this up. This website is something that’s needed on the internet, someone with a bit of originality!

    Reply
  300. Additional information says:

    Achieving your fitness goal does not need a certified personal trainer or an expensive gym memberships, it is not hard to exercise at home. It is easy to go down a training and fitness rabbit hole, however, when you are looking for the best home exercise equipment to outfit your personal home gym.

    Reply
  302. Mask Market says:

    I blog frequently and I genuinely appreciate your information. This article has truly peaked my interest. I will take a note of your website and keep checking for new details about once per week. I opted in for your Feed as well.

    Reply
  303. Dean Orduna says:

    Oh my goodness! Amazing article dude! Thank you, However I am going through troubles with your RSS. I don’t understand the reason why I can’t join it. Is there anyone else getting similar RSS problems? Anyone that knows the solution can you kindly respond? Thanks!!

    Reply
  304. Umut Alpaslan says:

    After going over a number of the articles on your blog, I really like your technique of blogging. I book marked it to my bookmark site list and will be checking back soon. Please check out my website as well and tell me what you think.

    Reply
  306. Katheleen Wigboldy says:

    I have been surfing on-line greater than three hours lately, but I never found any attention-grabbing article like yours. It’s beautiful price sufficient for me. Personally, if all webmasters and bloggers made good content as you did, the net can be much more helpful than ever before.

    Reply
  309. maxtvbox says:

    This is the perfect web site for everyone who wishes to find out about this topic. You know so much its almost tough to argue with you (not that I actually would want to…HaHa). You definitely put a brand new spin on a topic that’s been written about for many years. Wonderful stuff, just excellent!

    Reply
  312. Roam Often says:

    This is the right webpage for everyone who hopes to find out about this topic. You know so much its almost hard to argue with you (not that I actually would want to…HaHa). You definitely put a fresh spin on a topic that’s been written about for ages. Great stuff, just wonderful!

    Reply
  313. Profile Helper says:

    I must thank you for the efforts you have put in penning this blog. I really hope to see the same high-grade blog posts from you later on as well. In truth, your creative writing abilities has inspired me to get my own blog now 😉

    Reply
  322. Check this site out says:

    We tested coffee makers for the water temperature during the brew cycle and the brewing time as well as the temperature of the coffee at the end of brewing and during the keep warm cycle. In addition, we evaluated each brewer’s ease of use, including how easy it was to read and use the controls, access the water tank and brew basket, read the markings on the tank and carafe, whether or not it had automatic keep warm and shut off cycles, and the ease of cleaning the carafe.

    Reply
  343. Programming Unit says:

    Greetings, I do believe your blog could possibly be having browser compatibility problems. Whenever I take a look at your blog in Safari, it looks fine but when opening in Internet Explorer, it’s got some overlapping issues. I just wanted to provide you with a quick heads up! Other than that, great site!

    Reply
  347. Ryann Shilling says:

    That is the suitable blog for anyone who wants to find out about this topic. You understand a lot its almost laborious to argue with you (not that I actually would need…HaHa). You undoubtedly put a new spin on a subject thats been written about for years. Great stuff, just great!

    Reply
  358. Matanzas Chiropractic says:

    I blog frequently and I genuinely thank you for your content. This great article has really peaked my interest. I am going to take a note of your blog and keep checking for new details about once per week. I subscribed to your Feed as well.

    Reply
  359. Debby Schickel says:

    Thanks for another excellent article. Where else could anybody get that kind of information in such an ideal way of writing? I have a presentation next week, and I am on the look for such info.

    Reply
  368. Marth Wead says:

    You actually make it appear really easy together with your presentation but I in finding this topic to be actually something that I think I might never understand. It kind of feels too complicated and extremely large for me. I am having a look ahead to your subsequent submit, I will attempt to get the cling of it!

    Reply
  379. Dale Schifo says:

    The next time I read a blog, I hope that it doesn’t fail me as much as this particular one. I mean, Yes, it was my choice to read through, but I truly believed you would have something useful to talk about. All I hear is a bunch of whining about something that you could possibly fix if you were not too busy searching for attention.

    Reply
  389. Haritaki says:

    An impressive share! I’ve just forwarded this onto a friend who had been doing a little research on this. And he in fact bought me dinner because I stumbled upon it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanx for spending some time to talk about this topic here on your web site.

    Reply
  393. Reach Wash Window Cleaning says:

    Right here is the right blog for anybody who wishes to find out about this topic. You realize so much its almost tough to argue with you (not that I actually would want to…HaHa). You definitely put a fresh spin on a topic which has been discussed for years. Wonderful stuff, just excellent!

    Reply
  395. Bargainista Fashionista says:

    I was very pleased to discover this web site. I want to to thank you for your time just for this wonderful read!! I definitely appreciated every little bit of it and I have you book marked to check out new stuff on your web site.

    Reply
  397. liquid iodine for thyroid says:

    Hi there just wanted to give you a brief heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.

    Reply
  405. iodine liquid pharmacy says:

    A formidable share, I simply given this onto a colleague who was doing slightly evaluation on this. And he the truth is bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the deal with! But yeah Thnkx for spending the time to debate this, I feel strongly about it and love studying extra on this topic. If possible, as you become expertise, would you mind updating your blog with more particulars? It’s extremely useful for me. Huge thumb up for this blog publish!

    Reply
  412. Myong Pocius says:

    The next time I read a blog, I hope that it won’t disappoint me as much as this particular one. After all, Yes, it was my choice to read, however I genuinely thought you would have something helpful to talk about. All I hear is a bunch of crying about something that you could fix if you were not too busy looking for attention.

    Reply
  435. homepage says:

    Hello would you mind sharing which blog platform you’re using? I’m going to start my own blog in the near future but I’m having a hard time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something completely unique. P.S Sorry for getting off-topic but I had to ask!

    Reply
  439. Reid Babbs says:

    Wow! This could be one particular of the most beneficial blogs We have ever arrive across on this subject. Actually Fantastic. I’m also an expert in this topic therefore I can understand your effort.

    Reply
  443. Caron Bentivegna says:

    I discovered your site internet site on yahoo and check a few of your early posts. Continue to keep inside the excellent operate. I just additional encourage RSS feed to my MSN News Reader. Seeking forward to reading far more on your part later on!…

    Reply
  444. ginger capsules diarrhea says:

    The next time I learn a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my option to read, but I truly thought youd have one thing attention-grabbing to say. All I hear is a bunch of whining about something that you might fix for those who werent too busy on the lookout for attention.

    Reply
  456. Bro BBQ says:

    My brother recommended I might like this website. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!

    Reply
  460. więcej kominki says:

    I have not checked in here for some time as I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my daily bloglist. You deserve it my friend 🙂

    Reply
  467. IDGod says:

    Howdy! I could have sworn I’ve been to this website before but after browsing through many of the posts I realized it’s new to me. Regardless, I’m certainly pleased I came across it and I’ll be bookmarking it and checking back frequently!

    Reply
  474. Every House says:

    You’re so interesting! I don’t think I’ve read through a single thing like that before. So great to discover someone with some unique thoughts on this subject. Really.. many thanks for starting this up. This web site is one thing that is required on the web, someone with some originality!

    Reply
  475. Thomasgbfy says:

    I’ll immediately snatch your rss feed as I can not to find your email subscription hyperlink or newsletter service. Do you’ve any? Kindly let me recognize in order that I may subscribe. Thanks.

    Reply
  476. See it here says:

    Aw, this was an extremely good post. Taking a few minutes and actual effort to produce a good article… but what can I say… I procrastinate a lot and don’t seem to get nearly anything done.

    Reply
  479. Blancalraq says:

    It’s perfect time to make some plans for the future and it is time to be happy. I have read this post and if I could I want to suggest you some interesting things or tips. Perhaps you can write next articles referring to this article. I desire to read more things about it!

    Reply
  492. czytaj wiecej Kominki na drewno Warszawa says:

    Have you ever thought about creating an e-book or guest authoring on other websites? I have a blog centered on the same topics you discuss and would love to have you share some stories/information. I know my viewers would appreciate your work. If you’re even remotely interested, feel free to shoot me an e-mail.

    Reply