Part of growing up is realizing many things are too expensive to indulge in all the time. However, maintaining a healthy social life is just as important as taking care of your finances. This can be difficult when many social activities cost a lot. Balancing money and fun can be challenging, but it is possible. Here are a few ways to have a good time without spending too much money. Go for a picnic Having a picnic can be a great budget-friendly option, especially if the picnic site is within walking distance to save money on gas! Despite its simplicity, picnics are great for their versatility. Friends can play games,…

Oh no, the dreaded credit score. Those are two words I would wager most youth are apathetic toward or, if you’re like me, downright intimidated by. According to a survey by The Canada Life Assurance Co., Canadians in their 20s carried the worst average quiz score (56 per cent) when rating their financial knowledge on various topics. These included inflation, capital gains, registered retirement savings plans and tax-free savings accounts. However, they also showed the most interest in learning more about personal finance. Growing gaps between interest, knowledge and confidence have spurred advocacy for expanding curriculum-linked resources and external educational programming. Corinna Dempster, a consultant with McKinsey & Company, tells…

As teenagers, we often overlooked the significance of money and rarely considered the need to save. Our parents may have given us money, or perhaps we worked our first job, and instead of saving what we earned, we spent it all. This may be because no one explained how important it was to save for the future. After high school graduation, many students are faced with the realization that they need a lot more money than they have. An article by Embark states, “Based on data from Statistics Canada, the average cost of a four-year university degree starting in 2022 is $96,004 for students in residence, or $48,074 for students…

Operating a successful business is a dream for many young Ontarians. However, it’s also not an easy feat.  Businesses need consistent support at a time when inflation in Canada likely won’t stabilize until 2024. Many businesses are also still feeling the damages from COVID-19 lockdowns.  Keeping the doors open and the lights on can be difficult. Knowing this, business owners and their employees are stressing the importance of showing gratitude for local businesses.  Business closures Robin Dickie offers mobile-registered massage therapy services in Toronto’s east end. As the owner of a customer-facing operation, she understands what types of businesses are most likely to close.  “I think restaurants close most often.…

Growing up, Ellyce Fulmore was taught two essential rules about money by her parents: don’t go into debt and save every last penny. These ideas would later have a greater impact on her life.  She didn’t want to disappoint her family and made sure to follow these rules. But one of the first things she did when entering university for physiotherapy, was take out a student loan. After graduation, Fulmore found herself with a lot of student debt and an added high-interest loan. On top of shame, she didn’t feel confident about pursuing physiotherapy anymore, thinking she had made a serious mistake.  “I was so ashamed and threatened by my…

Many young Canadians have to take out loans to attend a post-secondary institution. Statistics Canada reports that, on average, around half of all Canadian students take on student debt. The reality is that students accumulate debt before entering the workforce as full-time employees. In many cases, the burden can be both overwhelming and disheartening.  Nothing can entirely relieve the stress of mounting student loan debt, except for complete government forgiveness. Some intervention from the government has alleviated that financial burden.  One example is Prime Minister Justin Trudeau’s decision to eliminate interest accumulation. Regardless, there may be a need for more tweaking of the system. This would help new graduates switch…

It’s inevitable to feel unsure of what to do after graduating post-secondary school. People will sometimes choose to continue their education by pursuing a graduate degree. Others will try and get their foot in the door by finding a full-time job. However, with no mortgage to worry about and no family to take care of just yet, some post-graduates will often choose to travel before settling into their career or furthering their education. While the lack of commitments to anything back home is a decent enough excuse to explore the world, it’s not ideal to blow one’s entire life savings on a single vacation. Although it may sound difficult to…

 Once upon a time, it was very common for someone to work with the same company from high school until the age of 65 and receive a lucrative pension plan to commemorate their dedicated tenure and support them throughout their golden years.  Life is not so simple anymore, explains Millie Gormely who works as certified financial planner with IG Wealth Management. People are changing jobs and career paths more often while companies are also less eager to hand out sustainable pension plans, leaving the responsibility onto the individual to plan ahead.  If the furthest you’ve planned for financially is next week and terms like registered retirement savings account (RRSP) leaves…

Student loans, mortgage prices and insurance payments tally up to a significant sacrifice made to remain a functioning member of society.  Amid all this, young people entering adulthood may be forced to choose between what they want and what they need. In an economy that is continually shifting and changing, finance experts advise people to start young when it comes to learning about money.  “Financial knowledge is financial freedom,” says Ariana Masse, chief marketing officer at PennyDrops. Created by two McGill University students in 2015, PennyDrops offers personal finance courses and guidance to young people ranging from high school into post-secondary. Their extensive programs cover personal budgeting, credit cards, loans…

In February 2020, tickets to the Immersive Van Gogh Exhibit Toronto were made available to purchase for $39.99. Located at 1 Yonge St., digital art projections of some of Van Gogh’s most famous paintings such as Starry Night and Sunflowers were cast upon the 600,000 cubic feet during the 35-minute experience that was offered to guests. The event was so successful that it was brought back to Toronto in 2021. Vincent Van Gogh was a perfect example of the “starving artist.” Throughout Van Gogh’s life as a painter, he suffered mentally, physically and financially. His work was unknown until March 1901 when 71 of Van Gogh’s paintings were displayed in…

Moving out is an exhilarating experience for young people. The thought of decorating a new living space, having privacy and gaining independence can motivate young adults to save up and get out of their parent’s house as soon as they can.  However, while owning property at a young age may have been the standard 40 or more years ago, it isn’t anymore.  In today’s financial climate, buying property as a young adult isn’t an affordable possibility for many. Because of this, most people looking to move out often have to rent instead. More than half of Ontario homes are rented by adults between the ages of 25 to 34, according…

When Canada went into lockdown, I stopped spending money on commuting, shopping in-person and eating out at restaurants. Like many others, I thought that COVID would quickly be under control. But that hasn’t been the case over a year later. What do you do then to keep yourself distracted from the reality of the pandemic while stuck at home? I found my answer in getting back into K-pop. Short for Korean popular music, K-pop is a genre of which the modern form emerged in South Korea in the 1990s. It is heavily influenced by other genres around the world such as pop, hiphop, rock, as well as South Korea’s own…

The COVID-19 pandemic hit the Canadian employment sector hard. But as vaccination rates rise and workplaces begin to reopen, the question is, what long term effects will the pandemic have on Canada’s unemployment—especially youth unemployment? The Ontario Government reported that in the first quarter of 2021, employment declined for all age groups compared to the same quarter last year. Youth aged 15 to 24 saw the largest loss of employment with a decrease of 8.6 percentage points, followed by workers aged 25 to 54 with 1.2 percentage points. Ontario’s unemployment rate in the first quarter of 2021 (9.1 per cent) was also higher than Canada’s rate of unemployment (8.8 per…

The most important part of creating a travel budget is determining the kind of trip you want to take, so that you can plan accordingly. You don’t want to underfund your trip, but it’s hard to save when spending is limited. Fortunately, a budget can help you figure out what sort of trip your finances will allow and how much you need to save to make it happen. Travel hacks on the road will help here and there, but the bulk of your savings will be determined by the decisions you make before you go.  Pick a place Making a choice on where to visit will set the initial benchmark…

Five years ago, I went backpacking in South America and sprained my ankle on a three-day hike around Ecuador’s Quilotoa Loop. A few days later, I had $2,000 worth of possessions stolen from me. Everything from my iPad to bank cards to my running shoes had been emptied from my bags, and I suddenly found myself stranded abroad with a severe limp and no money.  The people I’d befriended at my hostel in Quito were able to help by lending me money while I waited for my bank to send a new debit card. This took about a week, during which time I rested my ankle and it began to…

With the exception of healthcare, the COVID-19 pandemic has had the biggest impact on the tourism and hospitality industry. According to Ontario’s November 2020 budget, tourism saw a decline of 282,100 jobs between February and May of last year, a number which represents a 37 per cent decline in employment. Young workers make up the largest segment of the tourism industry and have been hit particularly hard by the job losses. Beth Potter, CEO and president of the Tourism Industry Association of Ontario (TIAO), says that almost a quarter of Ontario’s nearly 400,000 jobs in the tourism sector are filled by people between the ages of 15 to 24. “The impact of…

I know. Tax season is daunting, especially if it’s your first time filing your claims. Here is a basic list to help you conquer this oh-so-wonderful time of the year. Getting started Before you are ready to start ling taxes on your own, or looking for a tax advisor, there are a few things you will need: Slips (the most common are T3, T4, T5) T4A for students Receipts you may have collected over the year (These can vary but some examples are rent receipts and charitable donations) Last year’s notice of assessment (If applicable) Last year’s return (If applicable) Most employers will send out the required slips you will…

Learning about opening a bank account is an important step into entering the adult world. However, the task can be daunting for many young people. Below, Youth Mind has outlined some steps and advice on what to know before you open your first bank account. Eligibility To open a bank account, must be at least 18 years old, have a permanent address, have confirmation of permanent residency and have two pieces of identification. Canadian residents over the age of 12 can open a bank account as long as it is opened by a parent or guardian.  Types of ID can include: Driver’s license Canadian passport Birth certificate Health Insurance card…

The journey toward being an adult with stability in all spheres of life comes with serious responsibilities and expectations. A secured life is an ultimate goal for everyone. Of course, it includes happiness and good mental health, but managing finances and saving for the future is also a priority. Short-term savings are essential for investment in the long run. Here is a quick guide to understanding the benefits of a tax-free savings account (TFSA). What is a TFSA? A TFSA is a savings bank account that allows you to make secure investments without paying taxes and make tax-free withdrawals for life, under the guidelines of the Canada Revenue Agency. The…