The War On Debt: Save, Pay Down Debt, Or Both?

The war on debt: save, pay down debt, or do both?I read a quote recently that was attributed to Warren Buffett, which went something like, “Do not save what is left after spending, but spend what is left after saving.”

I suspect Warren wasn’t in debt when he said that.

The fact that we had no retirement fund was a niggling worry that we simply pushed away because other things were more immediate—until I watched my parents move into a special care home a year ago…

They had a decent pension. And a lump sum from the sale of their house. But without the provincial financial subsidy that helps pay for their 24-hour care, they would certainly outlive their money.

Since my husband and I have spent a good portion of our working lives as entrepreneurs, we have not paid into any pensions. Our house will be ours by the time we retire...

But if we don’t act now, it’s the only money we’ll have.

And given the uncertain condition of the provincial coffers, I am skeptical that any such government senior care subsidy will exist 30 years from now.

My Three Needs

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Starwood Preferred Guest Program Review

Starwood Preferred Guest Program review

With the negative press Air Miles has received the past few months and now Aeroplan set to undergo major changes in 2020…

Many consumers are starting to rethink their travel rewards program.

Starwood Preferred Guest (SPG) is an incredibly flexible travel rewards program that allows consumers to earn “Starpoints” to use on either their next hotel stay or a plethora of other attractive rewards.

In fact, it’s my all time favourite travel rewards program that I once used to fly Maria and I to Paris for 10 days with most of the airfare and hotel expenses paid just with Starpoints.

Read on to find out why it’s so good:

SPG Membership Tiers

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8 Apps For Spending Less On Groceries

8 apps for spending less on groceries

We can’t do much to lower some of our monthly expenses, as much as we’d like to chop that mortgage payment in half…

But groceries are one of the variables we can control.

Choosing generic products over name-brand products can sliver a bit off the grand total. And so can looking for sticker deals on items that are about to expire.

But one of the easiest – and most effective – ways to spend less at the grocery store is by using the apps designed for this very purpose.

Grab your phone, sit back, and I’ll share my favourite digital apps for saving money on groceries...

Plan ahead

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Tangerine Credit Card Review: No Longer On Top

Tangerine credit card review

Canadian cash back credit cards with no annual fee have been struggling in recent years. Many of the better ones have had their rewards slashed and the features downgraded...

That's why when Tangerine launched their new credit card in 2016, people were tripping over themselves to apply for it. No other card was giving unlimited 2% cash back on bonus categories at all anymore, let alone categories you could choose and change yourself. Back then, spending outside your bonus categories would still net you a pretty decent 1% cash back as well.

It was an amazing deal and, as it turns out, a little too good to stay true.

Exactly 13 months after its initial launch, Tangerine has dropped the 1% cash back rate on non-bonus spending to 0.5%. That's a major reduction in rewards. They've also increased their great 1.5% foreign currency exchange rate to the usual 2.5%, and increased some balance transfer and other fees on top of that.

The real question here is: is the Tangerine Money-Back Credit Card still good?

The short answer - Yes.

The flexible unlimited 2% cash back categories still exist as they were, and that by itself makes the card worth having. You just now have to get creative with how you use it and combine it with another card to maximize your rewards. Check out the How To Maximize Your Rewards section below for more on that.

That said, the card will be dropping from the #1 spot in our no fee cash back credit card rankings all the way down to the #7 spot.

Quick Facts

Annual fee $0
Interest rate 19.95%
Min. income No set minimum
Reward type Cash Back
Reward 0.5% unlimited cash back on regular purchases
2% unlimited cash back on up to 3 bonus categories you choose
HTS reward return 1.1% of spending for a typical person
Sign-up bonus None
Apply Click here

Positives:

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