As the prime rate rises, so does the cost of borrowing money, or taking out any type of loan. Here are other areas where students can expect rising interest rates to affect their finances come September.
It is ever a good idea to hand your kids the plastic? Will giving them access to credit at an early age help teach financial responsibility – or will it end in a mountain of debt? Learn how to walk kids through the life lessons of credit and ensure they’ll grow up to be financially responsible adults.
Whether you’re saving for your kids’ education, or building up your retirement fund, a savings strategy is a must. But don’t just sit on your nest egg – explore diversification options like RESP’s, GIC’s and TFSA’s to make the most of your stashed-away funds.