Category Archives: Uncategorized

renovation-basement

4 Ways to Refinance A Renovation

When our second child was on the way, my wife and I took a look around and realized we were running out of space.

Our 3-bedroom townhouse would still be big enough for our family, but we wanted room for our guests to stay, a place for the kids to play, and a way to get more use out of our home. So, we looked downstairs and dreamed about finishing our basement.

There’s a problem with renovation projects, though: they’re expensive. Even though we were able to find an awesome contractor, do a bit of the work ourselves, and get deals on some of the components like flooring, the project still cost close to $20,000. And we just didn’t have the money available to pay for the work out of pocket.

Fortunately, we were able to access equity in our home to pay for the job. And whether you’re planning to finish a basement, remodel a bathroom, or finally update your very dated kitchen, you may be able to borrow money secured by your home to do the work.
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baby

How to Save When You’re Planning a Family

Whether you’ve decided to start a family, or a family has just decided to start (hey, things happen), you’re probably worried about money.

They’ll all warn you how expensive diapers are, but they’re really not that bad. I spend about $2 a day to keep my two kids in brand name diapers.

The real expense comes in the form of lifestyle changes. If you live in an apartment or urban area, you might be considering buying a new home. You might need a new car to fit your precious cargo, and all the cargo that comes with it. And childcare is a big expense that can make a dent in any budget.

If you’re planning to take leave from work, all of these big expenses might come up while your income is greatly reduced. In Canada, maternity and parental leave are paid by employment insurance (EI). You’ll get 55% of your regular earnings, but only to a maximum of $547 per week. There’s also the Canada Child Benefit, which pays up to $533.33 per month for children under 6 depending on your income in the previous year.
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