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Making every day more affordable
Alberta's economy remains strong, but we know Albertans are not immune to the high cost of living being experienced around the world. Learn ways you can meet the challenge of affordability with helpful tips and resources on financial literacy, debt management, and savings that empowers you to manage everyday expenses and prepare for life events.
Topics
Make informed money decisions by learning how to manage finances and make budgets.
Understand what you owe and how to handle your debt and credit when interest rates are high.
Strategies and tools to be ready for life events and care for your mental well-being.
Find resources to help students learn the value of money, how to budget and the importance of saving.
Find affordable ways to get a post-secondary education, pay for everyday essentials and loan repayment options.
Financial literacy
Make informed money decisions by learning how to manage finances and make budgets.
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Organize finances
Handling money can be tricky, especially when unexpected things happen, like changes in interest rates. Managing your money well helps you and everyone around you live better and can help you be prepared when the unexpected happens.
Learn ways to help organize your finances:
- The importance of financial check-ups
- Your financial to-do list
- How to set SMART financial goals
- The key to living on an income rollercoaster
- Rekindle your relationship with your money
- How to move forward after a financial mistake and love yourself again
- How to talk about your finances
- 3 common ways to manage money in a relationship
- How to help a loved-one dealing with debt
- The sandwich generation: Balancing your finances between kids & aging parents
- Money personalities and relationships
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Create and maintain a budget
A budget is like a plan for your money. It helps you decide how much you can spend and how much you need to save or set aside for different things.
Learn more about creating a budget:
- 5 simple steps for creating a budget and maintaining it
- 5 reasons why you should start a money diary
- 6 tips to help you start a money diary
- The cash-only budget
- Budget boot camp
- Balancing on unstable income
Budgeting doesn't need to be boring. Here are some ways to budget for the things that make you happy:
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Improve financial literacy
Financial literacy means knowing how money works and how to manage it wisely, so you understand things like saving, spending, and making smart choices with your money. Learning how to use your money in the best way possible helps you reach your goals and be prepared for the unexpected.
Learn more about financial literacy:
Debt management
Understand what you owe and how to handle your debt and credit when interest rates are high.
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Understanding your debt
Debt and loans
Dealing with debt can feel like a big challenge for many Albertans. Things we need every day, like food and gas, are getting more expensive, making it harder for many people in Alberta to handle their debts.
Some people borrow money using payday loans or a line of credit. Before deciding to borrow, it's important to know their benefits and drawbacks.
Learn more about payday loans:
Learn more about lines of credit:
- Line of credit basics: What is a line of credit and how does it work?
- Bill collections & debt repayment
- What creditors can do if you don’t pay
Cost-of-debt calculator
A cost-of-debt calculator can help you figure out how much your debt is actually costing you:
Income tax debt
Learn more about the Canada Revenue Agency (CRA), your income tax, and how you can pay back your government debt.
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Understanding interest rates
When you borrow money, the lender asks for something extra called interest. This is what you pay them for letting you use their money. Banks and other lenders have different interest rates for different types of loans, like a mortgage, line of credit or car loan.
Interest rates can fluctuate - when they go up, it makes borrowing money more expensive. This can affect you if:
- you have a loan with a variable interest rate
- you need to renew a loan with a fixed interest rate
Learn more about interest rates and debt:
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How to manage your debt
Dealing with a lot of debt can feel really heavy and tough for many people. Learn how to manage your debt and start feeling better:
- 8 ways to manage your debt
- 15 Practical Ways to Get Out of Debt in Alberta
- Debt Repayment: What Debt Should I Pay Off First?
- Debt repayment calculator
- Consumer proposal
- The Pros and Cons of a Consumer Proposal in Alberta
- Pay off your debt with the Alberta OPD program
- Um, what is refinancing?
- Bankruptcy Alberta: How Bankruptcies Work
- Best Bankruptcy Alternatives in Alberta
Learn ways to pay off credit card debt, car loans and other debts faster:
- How to pay off gambling debt
- How to pay off credit card debt
- How to pay off your Alberta car loan faster
Learn ways to handle your debt through a free online course:
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How to manage your credit
Credit ratings and credit scores help lenders understand how you've handled money in the past and if you're good at paying back what you owe. Learn more:
Learn more about managing your credit:
- How to rebuild your credit
- How to choose a credit counselling agency
- Credit cross-training
- Credit rating IQ
- Credit and lending 101
Did you know that paying rent on time can also help your credit? Learn more:
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How to protect yourself from scams
It's important to be alert and aware of how scammers try to trick you out of your money. Learn more about scams and how to avoid them:
Savings tips
Find ways to save more money and spend less on regular bills and everyday essentials.
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How to save more money
It's always been tough to save money, and now, with prices going up more than they have in a long time, it's getting even harder for some people to save. But here are 10 simple ways to help you save money:
Learn more ways to save:
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How to cut expenses
It's really important to spend less money when times are tough. Here are 8 ways to do that and handle your money better, especially when you're not sure what might happen next:
You can also take a free online course to learn more about spending less:
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How to lower your bills
Renegotiating with companies that give you services can help make your everyday bills cheaper.
Utilities
For utilities like electricity and natural gas, there are different ways to pay for them. If you have any problems or questions about these bills, there's a team called the Utilities Consumer Advocate's Mediation Team that can help. They can also help you understand your bill better, find ways to save money and compare costs. You can also ask them to direct you to financial help.
Find more ways to save:
- Understanding your bill
- Payment options
- Tips to save money on utility bills
- Use the cost comparison tool
- Contact a Utilities Consumer Advocate mediation officer
- Ask for financial assistance
Food
When it comes to buying food, here are some tips to help you spend less:
Shopping
- Compare prices in different stores using flyers or flyer apps
- Take advantage of special promotion days and price matching
- Consider using coupons and/or store reward cards
- Limit the purchase of prepared foods, which tend to be more expensive and less nutritious than home-cooked food
- Consider buying food in bulk to save money while being mindful of overbuying and food waste
At home
- Plan what you eat
- Refer to Canada’s food guide (which includes recipes) to prepare healthy meals at home for a fraction of the price of dine-in or take-out restaurants. Fast food may cheaper up front but it can lead to long-term health impacts
- Avoid food waste – be mindful of the shelf life and condition of food in your pantry and refrigerator to limit food spoilage. The average Canadian household wastes 140 kg of food, (about $1,300) each year
Find more ways to save:
- Tips to spend less money on food
- Getting the most out of your food
- Household Food Insecurity: Actions in the Community
Car insurance
In Alberta, you need to have basic car insurance which helps if there is an accident or if you hurt someone else. In order to ensure basic coverage is affordable and accessible, Alberta has established a maximum amount that can be charged for basic coverage. Learn more about automobile insurance in Alberta.
Find more ways to save:
Home insurance
When it comes to home insurance, it's important to get enough protection for your big investment. Here are 10 ways to help you spend less money on home insurance:
Find more ways to save:
Cellphone
Having a cellphone plan is a need for many people in Alberta but the cost may be higher than some can afford.
Find more ways to save:
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How to verify if you own unclaimed property or money
Could you be one of the 350,000 Albertans with unclaimed money held by the province? Take a moment to do a free, quick search on Alberta's unclaimed property registry to reunite someone with money that they may not even know they were entitled to.
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Seasonal advice on saving money
After a vacation or the holidays, you might see a big bill from your credit card. Here are some tips for spending less money during special times of the year:
Prepare for life events
Strategies and tools to be ready for life events and care for your mental well-being.
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Relationships and money management
Talking about money with your partner can be awkward and uncomfortable, and can sometimes cause conflict. Learn ways to make those conversations easier and have a healthy relationship with money.
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How to plan financially for a family
Planning to start a family is an exciting time. To help you prepare for the expenses of being a parent, visit:
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Buying a house
Buying a home is the biggest investment most Albertans will make with their money. This process can be exciting, challenging and emotional, particularly with the purchase of your first home. To make the experience easier, learn more about buying a home:
Home purchase calculator
A mortgage loan calculator may help you understand your debt and mortgage loan better, before you start looking for your new home.
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Navigating a lay-off or inconsistent income
Changes in income or a lay-off can feel scary and stressful. Having a financial plan in place can help minimize the impacts. Learn more:
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Divorce
To help you manage your finances during a divorce, visit:
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Retirement
Whether you are close to retiring or just starting your career, the more you plan your finances for retirement, the better.
Learn more:
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Money and mental health
Your mental health is important
When it comes to financial stress and worry, the first thing to take a hit is our mental well-being. We often worry about our bills, paycheques and the day-to-day expenses, but what we don’t realize is how quickly these worries can become a mental health crisis.
For information, support or assistance with your mental health through a financial crisis:
- 211 Alberta – it is free, confidential and available 24 hours a day, 7 days a week
- Counselling Alberta – offers same-day, affordable virtual and in-person counselling services
- Your Mental Health is Important
- The Canadian Mental Health Association in Alberta
- Alberta Mental Health Help Line (available 24/7): 1-877-303-2642 (toll free)
Learn more about managing your mental health through financial anxiety and debt:
Free financial courses
Find free courses on financial literacy, debt management, preparing for live events and saving tips.
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Financial literacy for students and adults
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Debt management
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Prepare for life events
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Savings tips
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Free online courses and teaching resources
Free online courses
Money Mentors' courses are available on-demand 24/7 to everyone to make it easy to learn about personal finance at your own pace.
Free teaching resources
Money Mentors offers free school worksheets, fun money games and financial literacy activities to teach kids about money.
Resources for K to 12 students
Find resources to help students learn the value of money, how to budget and the importance of saving.
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Financial literacy in school
Free teaching resources
Money Mentors offers several free online courses that can help you talk your kids about money. For example, the Enrich your Kids course, which helps you show your kids the value of money, how to budget allowances, the importance of saving, how to afford what they need, and the benefits of banking.
Money Mentors also offers free school worksheets, fun money games and financial literacy activities to teach kids about money.
New LearnAlberta
Alberta's bilingual platform for teachers, parents, students and other education partners. Find resources for Grades K to 12 that support financial literacy learning outcomes through age-appropriate activities, simulations and games.
- Make It Count and Faites que ça compte (Teachers)
- Money Mentors Extension Activities (K to 12)
- Bank of Canada Museum (K to 6)
- Math 3 Under the Sea! (Grade 3)
- Les contes qui comptent (K to 4)
- Counting on Each Other and Bons comptes, bons amis (Grade 4 to 6)
- Convenience store cash register (Grade 8 to 12)
- Auto mechanics cash register (Grade 8 to 12)
- Diner cash register (Grade 8 to 12)
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Managing money and understanding credit for high-school students
Empower yourself through free online courses and resources to build life-long skills of good money management.
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Back to school on a budget
For parents
Getting your kids ready to go back to school can be stressful. To help you budget for the inevitable expenses that come with this time of year, see:
For students
Getting ready to go back to school can be exciting, and it's important to do it in a way that doesn't cost too much money. Here are some easy tips for going back to school on a budget:
- Reuse your stuff
- Check if you have any school supplies left from last year. Things like backpacks, rulers, and scissors can often be used again.
- Look for sales
- Keep an eye out for sales and discounts when you're buying new things. Many stores have special prices for school items.
- Make a list
- Write down what you need for school. This way, you can focus on getting the important things first, like notebooks and pencils.
- Ask for help
- If you need help buying school supplies, talk to your family or a teacher. They might know of places that can help you get what you need.
- Plan your lunch
- Bringing lunch from home is usually cheaper than buying it at school. You can plan simple and yummy meals to pack.
- Share with friends
- If you and your friends need some of the same supplies, consider buying things together. This way, you can split the cost.
- Ask before buying extras
- Before getting extra things like gadgets or special accessories, check with your family. Make sure it fits in your budget.
- Reuse your stuff
Resources for post-secondary students
Find affordable ways to get a post-secondary education, pay for everyday essentials and loan repayment options.
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Affordable living
Post-secondary education may cost you thousands of dollars for the major expenses like tuition, housing and food. Learn how to live affordably and pay for your education.
Tuition
To learn about the different ways you can pay for your tuition, see the Funding your education tab.
Housing
Learn different ways to keep housing costs affordable:
- Create a budget for your rent and housing expenses, like utilities and insurance.
- Start your search early. Affordable apartments are the first ones to go, so if you wait too long, you may be forced to rent out of your budget.
- Compare on-campus vs. off-campus housing.
- Consider living with roommates to share costs.
- Look at different neighbourhoods. Sometimes, you can find affordable places in areas that are a bit further from your post-secondary institution.
- Check with your post-secondary institution for housing resources.
Food
When it comes to buying food, here are some tips to help you spend less:
- plan what you'll eat
- choose healthy foods that you like
- follow Canada's food guide for healthy eating
- look at prices in different stores
- shop the sales
- compare how much things cost
- buy bigger packs if it saves money
- cook at home
- pack a lunch
Find more ways to save:
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How to lower your bills
Renegotiating with companies that give you services can help make your everyday bills cheaper.
Utilities
For utilities like electricity and natural gas, there are different ways to pay for them. If you have any problems or questions about these bills, there's a team called the Utilities Consumer Advocate's Mediation Team that can help. They can also help you understand your bill better, find ways to save money and compare costs. You can also ask them to direct you to financial help.
Find more ways to save:
- Understanding your bill
- Payment options
- Tips to save money on utility bills
- Use the cost comparison tool
- Contact a Utilities Consumer Advocate mediation officer
- Ask for financial assistance
Car insurance
In Alberta, you need to have basic car insurance which helps if there is an accident or if you hurt someone else. In order to ensure basic coverage is affordable and accessible, Alberta has established a maximum amount that can be charged for basic coverage. Learn more about automobile insurance in Alberta.
Find more ways to save:
Cellphone
Having a cellphone plan is a need for many people in Alberta but the costs are often higher than we can afford.
Find more ways to save:
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How to find affordable child care
Child care expenses can often deter students with children from completing their education and from obtaining employment. Learn about some different, affordable options for child care:
- Ask for help:
- Talk to your family, friends or neighbours. Sometimes, they can help watch your child or suggest affordable child care options.
- Babysitting buddies:
- Find out if there are other kids in your neighbourhood, and maybe you can take turns with their families for child care.
- Community or recreation centres:
- Check out local centres. They might have programs or activities for kids that are affordable and fun.
Learn more about child care options and resources:
- Ask for help:
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Money management
Savings tips
Learn ways to spend less and save more while attending post-secondary:
- Preparing for post-secondary education: A survival guide for students
- 10 money-saving tips for students
- Best money saving apps and websites
Student discount cards
A student discount card is a staple for student affordability. It can get you discounts on everyday purchases on things like books, school supplies, snacks and even fun outings with friends. It's one benefit to being a post-secondary student that lasts only while you are in school.
Visit your student services union in your post-secondary institution for more information.
Budgeting
Managing post-secondary expenses means figuring out how much you can spend and how much you need to save or set aside for different things.
Learn more about creating a budget:
- BMO Student Budget Calculator
- The cash only budget
- 5 simple steps for creating a budget and maintaining it
- 5 reasons why you should start a money diary
- 6 tips to help you start a money diary
- The cash-only budget
- Budget boot camp
- Balancing on unstable income
Budgeting doesn't need to be boring. Here are some ways to budget for the things that make you happy:
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Funding your education
Learn more about the different ways to pay for your post-secondary education:
- How to pay for your post-secondary education
- Student loans vs student lines of credit: paying for education
Learn more about applying for financial support when attending a Private Career College:
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Student loan repayments
Student loans can be a big financial burden. Learn more about repaying your loans and how to pay them off quickly:
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Money and mental health
Your mental health is important
When it comes to financial stress and worry, the first thing to take a hit is our mental well-being. We often worry about our bills, paycheques and the day-to-day expenses, but what we don’t realize is how quickly these worries can become a mental health crisis.
For information, support or assistance with your mental health through a financial crisis:
- 211 Alberta – it is free, confidential and available 24 hours a day, 7 days a week
- Counselling Alberta – offers same-day, affordable virtual and in-person counselling services
- Your Mental Health is Important
- The Canadian Mental Health Association in Alberta
- Alberta Mental Health Help Line (available 24/7): 1-877-303-2642 (toll free)
Learn more about managing your mental health through financial anxiety and debt:
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Surplus supply savings
Whether in need of cheap school supplies or items for day-to-day life, furniture and more check out the savings at surplus supply store.
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