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How Do Banks Make Money? The Importance of Earning Interest on Your Savings

Think about the last time that you signed up for a bank account. What made you choose that bank? They probably offered you a free checking account or a free cooler or a sweet gift card as part of the deal (and who doesn’t love free things).

But if banks are offering free checking accounts, giving prizes away, and giving some percentage rates of return to your hard-earned savings, how are they making money? Aren’t they just there to keep track of your cash and ensure that it stays safe?

The Best Tried and True Ways to Save Money

There are plenty of tried and true ways to start saving money—and you can start saving money today, all without making huge, stressful sacrifices. In the sections below, we’ll walk you through the best ways to start saving money and show you just how easy it is to take control of your financial health.

Our Favourite Online Resources for Learning About Your Finances

It isn’t easy out there for anyone who is starting at square one with learning about personal finances. Thankfully, there are a ton of valuable resources online to help you start learning about your finances. And without further adieu, here is a comprehensive list of our favourite online resources to guide you along your financial journey.

How to Leverage Debt to Work for You

What is Good Debt vs. Bad Debt?

Even if your plan isn’t to become outrageously wealthy, the path to financial success means understanding how to manage your money, including how to leverage debts. In the sections below, we’ll outline the differences between Good Debt and Bad Debt and show you how to structure your finances for success.

What is a Credit Score and How Do You Increase Yours?

In a world where so many things depend on your credit health, having a good score means much more than being able to afford the things you want or need—it means having financial freedom. It’s getting a 4 percent interest rate on your loan instead of 10 percent. It’s the peace of mind to know that you can confidently apply for a personal loan, put an offer in on your dream house, or finance that cross-country trip you’ve been dying to take. It’s knowing that you can get the financing you need, exactly when you need it.

But before all of that financial bliss and freedom begins, you’re going to have to get a good understanding on what your credit is and how you can start improving it. Here are some facts and tips on how you can start boosting your score today.

What is a Money Order and How Do You Get One?

We all send out payments in many ways each day. Whether it’s getting your morning latte, buying a new pair of winter boots, helping a friend in a financial crisis, or paying electric and internet bills, you’re making payments. And not surprisingly, there are tons of different ways to send your money into the right hands.

Next to good old fashioned cash and cheques, one of the more traditional forms of sending payments is through a money order. If you haven’t used one before, you might be surprised to learn that they’ve actually been around for over a century. They were first introduced in 1882 by American Express, later becoming known as traveler’s checks (take that to your next trivia night).

Meal Planning on a Budget

If you’re struggling with figuring out how to fit your daily meals around into your budget, keep reading! We’ll give you the best tips on how to maximize your budget by decreasing the money you spend on groceries—and how to do it all without going into starvation mode.

How Credit Cards Make Money and Why You Can Be Stuck in Debt

Competitive rates, easy online application process helps My Canada Payday thrive in challenging market

While many Canadian short-term lenders are feeling the squeeze due to new government regulations restricting rate increases and tightening municipal bylaws aimed at limiting the number of physical storefronts, established lender My Canada Payday is seeing an increase in business, mainly due to the company’s longtime commitment to utilizing technology to make its service easy and accessible.