Managing your Money

Budgeting, borrowing and investing are important parts of managing your money.

Many of us are careful about spending and saving money, but still need help to budget.  Here are some tips:

• Plan according to your take-home pay.  Taxes and other deductions can take up to 35 percent of your paycheque. There may be additional taxes and deductions you need to cover if you are self-employed.  The Canada Revenue Agency’s Guide for Canadian Small Businesses has more information. 
• Set long and short term goals
• Track your expenses and check them against your budget every month 
• Choose housing you can afford
• Look for sales and specials (You can find store sales flyers in newspapers, on store websites, or in stores)  
• Look for coupons to save on specific item
• Join a community garden to grow your own food if you don’t have space for a garden at home
• Buy second-hand (used) clothing and furniture
• Walk, ride, bike, or take the bus instead of a car or taxi  
• Save a small amount from every paycheque
• Save for big items before buying them
• Save for things you will pay for later, like college or university
• Save for emergencies
• Put money in a Registered Retirement Savings Plans (RRSP)

Find out more about saving money when shopping at Settlement.Org. 

Financial Counselling Services

Counselling can help you with money management problems or other life issues.  Counselling services in Waterloo Region include:

• KW Counselling Services
• Catholic Family Counselling Centre

The Community Information Centre of Waterloo Region lists immediate or emergency services and basic needs services in Waterloo Region.

Credit services include:

• Credit cards
• Lines of credit
• Mortgages
• Loans

All credit services mean borrowing money and paying it back later with interest (fees).  Interest rates are often very high, so pay the full balance as soon as you can.  Be sure that you understand the terms of your credit card and any other credit services you use.

To get a loan or mortgage, you need a good credit history in Canada. One way to get a Canadian credit rating is to use a credit card.  Overdue bills and any other over drawn credit bills make your credit rating bad.  When using credit services, learn how to keep good credit. 

Some banks offer Sharia compliant mortgages like lease-to-purchase (buy).  Ask if your bank, trust company, or credit union offers Sharia compliant mortgages

There are many ways to save and invest money, including Registered Retirement Savings Plans (RRSP).  Visit Settlement.Org for more information about investments.

More information

• Managing Money describes how to budget, use credit, and stay out of debt
• The Government of Ontario also has information about Managing your Debt through their life events page