Are you looking to…
Bank with less fees
Tangerine offers no-fee banking and competitive interest rates. If you sign up using my Orange Key (32251507S1), you’ll receive a $25 bonus. Tangerine offers chequing accounts, savings accounts, and mutual funds. You can hold these as unregistered, or within a TFSA or RRSP.
Questrade is an online brokerage with very affordable trade commissions, which is ideal for small time investors. You can have unregistered accounts, or hold stocks within a TFSA or RRSP.
I personally use the MBNA cash-back credit card, but you should select a rewards card that maximizes its value for you. This might be through cash-back, travel rewards, or another reward system.
Track your spending and/or make a budget
Money 4 by Jumsoft is a mac app and my program of choice, and where most of my charts and graphs come from. The software does not link to your bank accounts, so you need to manually enter every transaction. However, you can set up automatic transactions for regular income and expenses (ie. rent or your paycheque).
Pay off debt
The Know What You Owe tool from SALT allows you to keep track of all your debts in one place — and make a plan to start paying them down.
Ready For Zero is a website that offers FREE debt-killing web tools to help you meet your goals. You can sign up to receive a personalized debt-repayment plan, and as you move towards your goal, the site will generate charts to track your progress.
Save for retirement
In your 20’s, saving for retirement might seem like overkill but now is the best time to begin. Check out these posts on building your nest egg when you’re just starting out:
- How Much Should You Have Saved For Retirement By Age 30
- Ways To Use Your RRSP For Things Other Than Retirement
- When Maxing Out Your RRSP is The Wrong Choice
- How My RRSP Helped Me Pay Off My Student Loans, Go Back To School, and Save For The Future
- Should You Ever Withdraw Money From Your RRSP?
Save for another goal
Not all savings are for when you’re old and grey! Some life events will arrive sooner than retirement so why not work towards them now? Whether you’re saving for a wedding, a car, or a down-payment on a home, big goals require big planning.
The SavedPlus app let’s you save automatically when you shop! When you track your spending in this app, it will automatically transfer a fixed percentage of everything you spend from your chequing to your savings account. Currently it’s available in the US only but I love this idea!
Invest in the stock market
LearnVest is an only program to help you build an investment portfolio. This is a paid service that sets you up with an advisor online, who will guide you through everything from making a budget to investing in stocks.
- Thinking of buying stocks but feeling unsure? Take a practice run by creating a mock portfolio on Morningstar.com. Make your choices, then watch them for three months and see if you’re ready to put some real money in.
- Try using the FinWiz Stock Screener to get an update on any ticker, then check Yahoo! Finance for everything from dividend payouts to analyst’s recommendations.
- Track your portfolio returns using the Weigh House Investor Services calculator.
- How To Build An Investment Portfolio With ETFs
Money After Graduation produces all its own content, but we’ve been inspired by a great number of financial gurus. If you want to absorb some financial, career, and life knowledge in paperback form, we recommend: