If you’re just starting out on your financial journey, it’s essential to establish good saving habits. Key strategies include setting realistic goals, creating a budget, minimizing expenses, and regularly putting money into a savings account. At Loonie Tree, we provide regular tips on saving habits and strategies that can help you build a robust financial foundation.

Building a diversified investment portfolio starts with understanding your risk tolerance, financial goals, and time horizon. It involves spreading your investments across different asset classes such as stocks, bonds, and real estate to minimize risk. Loonie Tree provides comprehensive guides and tools to help you understand and implement these concepts.

Rapid debt reduction strategies often involve making more than the minimum payment, using the ‘snowball’ or ‘avalanche’ method, and possibly consolidating or refinancing your debts. At Loonie Tree, we provide advice on these methods and more, tailored to suit different types of debt and financial situations.

Planning for retirement in your 20s might seem early, but it can lead to a more secure future. Key strategies include starting to save and invest early, taking advantage of employer retirement schemes, and leveraging tax-advantaged accounts like RRSPs and TFSAs. We regularly publish content at Loonie Tree to help you understand these strategies and implement them.

High-interest savings accounts can be a great tool for growing your savings. The ‘best’ one depends on factors such as interest rates, fees, access to funds, and customer service. We periodically review and compare different high-interest savings accounts at Loonie Tree to help you make an informed choice.

Currently, Wealthsimple Cash takes the throne with 3% interest rate earned on your cash balance when you direct deposit over $500 per paycheque. (Last updated June 16 2023)

Improving your credit score involves practices like paying bills on time, keeping your credit utilization low, and regularly checking your credit reports for errors. Our content at Loonie Tree walks you through these steps, helping you build a strong credit profile over time.

A TFSA is a type of savings account in Canada that offers tax benefits for savers. Any income, dividends, or capital gains earned within a TFSA are not taxed, even when withdrawn. At Loonie Tree, we provide comprehensive guides on how to open, use, and maximize your returns from a TFSA.

Budgeting apps can simplify the process of tracking and managing your money. They can help you understand your spending habits, set budgets, and save towards your financial goals. We regularly review and compare different budgeting apps at Loonie Tree, taking into account factors such as usability, features, and costs.

Maximizing credit card rewards involves understanding your spending habits, choosing the right card, paying your balance in full each month, and using your card for regular purchases to accumulate rewards. Our experts at Loonie Tree provide advice on these strategies and review different credit cards to help you choose the best one for your needs.

The COVID-19 pandemic has significantly impacted personal finance, leading to changes in spending habits, saving rates, and investment strategies. We continuously cover this topic at Loonie Tree, providing advice on navigating these challenging financial times, whether it’s leveraging government support or managing your investments during market volatility.