debt avalanche vs debt snowball

The Debt Avalanche vs. The Debt Snowball


When it comes to paying off debt, there are two popular strategies that are typically encouraged: The Debt Avalanche method or the Debt Snowball method Both of these winter-themed strategies are effective for getting you to debt-free, but each has pros and cons. The Debt Avalanche method The Debt Avalanche method consists of paying off your debt with the highest interest rate first. Once it’s paid off in full, you then focus on the next highest interest rate debt, and so on, until you pay off your lowest interest rate debt last. Because you get rid of your highest interest debts first, the Debt Avalanche method saves you the most money overall. For this reason, it is mathematically the best solution to paying off your debts. Using the Debt Avalanche method, you will likely focus on paying off things like credit cards and lines of credit before you tackle traditional low-interest debts like student […]

young homeowners perspectives

Real Millennial Homeowners Perspectives


As the Money After Graduation community starts to number in the thousands, I feel so privileged to be able to hear your stories and share them with others. One of my favorite posts of all time is Your Dark Financial Fears, and last week’s The Truth About Millennial Debt shed even more light on your experiences. The past 5 years of my own financial journey is documented in the archives of this blog, but that is only one perspective and doesn’t speak to the diversity of experiences each of you have when it comes to income, debt, and financial goals. It’s for that reason that I love when you share where you’re at, where you’re going, and what you think about your journey. This is another one of those posts. The stories below are shared by 20- and 30-somethings across Canada and the US. Some are new homeowners, some have had […]

tfsa vs rrsp girl

The TFSA vs. The RRSP


When it comes to saving, many young Canadians are confused about whether to put money into a TFSA or an RRSP. They can easily become overwhelmed by the complexity of both, that they choose neither, and miss out on the awesome tax advantages of both these accounts. The TFSA and RRSP at a glance Below is a short summary of the differences between the TFSA and RRSP: Similarities between the TFSA and RRSP Both the TFSA and RRSP are registered accounts. This means they are tied to your social insurance number and the Government of Canada monitors your contributions and withdrawals. This is because there are penalties to over-contributions to both accounts, as well as rules as to when you can open one (age 18 for the TFSA and have to have a taxable income for the RRSP) or what you can withdraw money for. Both the Tax-Free Savings Account and […]

truth about millennial debt

The Truth About Millennial Debt


Paying off debt sucks. But being debt-free doesn’t. My student loan debt is what inspired the creation of Money After Graduation in the first place. I created this website when I was drowning in over $20,000 of student loan debt with no idea of how to tackle the balance. I paid it all off in less than two years, and I love sharing my strategies with other debt-laden new graduates so they can achieve the same financial freedom of a debt-free life. The first product I ever created was my free Debt Crusher eCourse, an online program that helps millennials get control of and pay off their debts. Over the past few weeks, I went back and completely re-vamped and updated the program, and now it is AMAZING! I mean, I like to think it was pretty good before, but now it’s a new level of awesome. I shortened and simplified the curriculum […]

why you need disability insurance in your twenties

Why You Need Disability Insurance When You’re Young


A few weeks ago, I published a post on why you should choose term life insurance over whole or cash-value life insurance. In  the comments, many readers said they already knew to buy term life insurance, but they were less certain as to whether or not they needed disability insurance. As per their requests, here’s a post to hopefully sway you to purchase disability insurance in your 20’s! You’re more than 4x more likely to become disabled than die by age 65 If  you’re 25 years old, the likelihood that you’ll become disabled at some point in your working lifetime for 3 months or longer is 58%. What’s more, there’s a 38% chance that disability will last 5 years or longer. In other words, there’s a good chance you might not be able to work, sometimes for years, during the prime earning time of your career. If you have bills to pay, […]