While at work a little while ago, I was wondering about the disastrous affairs of people’s finances. Personally, I am extremely debt-averse, and do my absolute best to keep some money in my chequing account.

I work for one of the big five Canadian banks, and see first hand the state of people’s finances. However, our society’s dependence on debt and the average financial knowledge of people only became clear to me after a conversation with a coworker, who was looking to get a line of credit. I asked her whether she was returning to school, whether she was going to purchase a car, or what. She answered “no” to everything.

She then told me she wanted to get this line of credit, not because she needed it or was even in any sort of financial trouble, but because she wanted a little bit of extra spending money. I asked her whether she thought paying back a line of credit at 11% per year was worth this, letting her know that on $5000 she would have to pay back over $500 per year. I explained to her that she could be investing that money, or putting it towards saving for a home, but that getting a line of credit for the sake of being able to spend more at Guess wasn’t the greatest idea.

It was from this conversation that I decided to create this blog. We can all use some basic financial tips, and sometimes some not-so-basic ones that can help keep our finances in order and save us more money for whatever we wish: a vacation, our retirement, that 42″ LCD TV at Best Buy and yes, even clothes.

Drop by for new daily tips and advice to make your money work for you. You’ll also find links to great offers, coupons and other money-savers!

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