Affordable advice for life

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

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:

• How to practice self-care on a budget
• 10 creative ways to have fun on a budget 
• How to look great on a budget

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:

• 7 ways to improve your financial literacy
• Financial literacy in schools
• Financial literacy resources for youth
• Take personal finance courses for free
• 12 great ways to invest in yourself

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:

• Payday loans
• Payday loans: pros and cons
• Alternatives to payday loans in Alberta

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:

• Cost-of-debt calculator

Income tax debt

Learn more about the Canada Revenue Agency (CRA), your income tax, and how you can pay back your government debt.

• The CRA and your debt: Tax filing

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:

• Managing your money when interest rates rise
• How rising interest rates affect you and 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:

• Tackle Debt

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:

• Credit ratings and credit scores

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:

• Rent can count towards credit

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:

• How to protect yourself from fraud
• 12 most common types of scams and how to avoid them
• How to spot and avoid payday loan scams in Alberta
• Fraud detection and prevention

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:

• Ten Frugal Habits to Save Money

Learn more ways to save:

• 30 Amazing Timeless Money Tips 
• How to Start an Emergency Fund
• 10 {Fun & Easy} Money Tips for Families

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:

• 8 Tips to Cut Expenses & Manage Your Money in Difficult Times

You can also take a free online course to learn more about spending less:

• Break the Cycle: Spend Less & Save More

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:

1. Plan what you'll eat.
2. Choose healthy foods that your family likes.
3. Follow Canada's food guide for healthy eating.
4. Look at prices in different stores.
5. See if there are days when things are on sale.
6. Compare how much things cost.
7. Buy bigger packs if it saves money.
8. Check out places where you can buy food in larger amounts.

Find more ways to save:

• Household Food Insecurity: Actions in the Community
• Tips to spend less money on food
• Getting the most out of your food

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:

• Reduce your rate
• Shop the insurance market

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:

• How to drive down your home insurance rates

Find more ways to save:

• How home insurance works
• Tips for buying adequate property insurance for insurable perils in Alberta

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:

• Pick the best cell phone service plan for you
• 6 ways to save on your cell phone bill

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:

• Best ways to save money on Halloween this year
• 12 best tips to spend less at Christmas
• The Holiday Spending Treadmill
• 6 tips for affordable camping

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.

• 3 common ways to manage money in a relationship
• Top 10 money mistakes couples make
• How to help a loved one dealing with debt
• Money personalities and relationships

Planning to start a family is an exciting time. To help you prepare for the expenses of being a parent, visit:

• How to financially plan for a baby
• Preparing financially for a baby

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:

• Basic Principles of Buying a First 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. 

• How to calculate the cost of home ownership

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:

• How to financially survive a layoff
• The key to living on an income rollercoaster

To help you manage your finances during a divorce, visit:

• Dealing with finances during divorce 

Whether you are close to retiring or just starting your career, the more you plan your finances for retirement, the better.

Learn more:

• R & R in Retirement
• Financial Planning Closer to Retirement 
• How Much to Save for Retirement Calculator

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:

• 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:

• Money and Mental Health
• Debt & Your Mental Health
• How to Manage Financial Anxiety from Holiday Debt
• How to Stop Stressing About Money and Avoid Burnout

• The sandwich generation: Balancing your finances between kids & aging parents
• Money Personalities and Relationships
• Budget boot camp
• Balancing on unstable income
• Enrich your Kids
• Bring financial literacy to your classroom

• Tackle debt
• Credit cross-training
• Credit rating IQ
• Credit and lending 101
• Fraud detection and prevention

• Money personalities and relationships
• Preparing financially for a baby
• Basic principles of buying a first home
• How to financially survive a layoff
• R & R in retirement
• Financial planning closer to retirement

• Break the cycle: Spend less & save more
• The holiday spending treadmill

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.

• Take personal finance courses for free 

Free virtual presentations

Money Mentors' K to 12 virtual financial literacy presentations in Alberta schools invest in students with money concepts and skills to help them learn money management. 

• Bring financial literacy to your classroom

Free online courses

Have you heard of Money Mentors? They are an important community resource in Alberta that 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' courses are available on-demand 24/7 to everyone to make it easy to learn about personal finance at your own pace.

• Take personal finance courses for free 

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.

• Bank of Canada Museum (K to 6) 
• Math 3 Under the Sea! (Grade 3)
• Les contes qui comptent (K to 4)
• 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)

Money Mentors virtual presentations

Money Mentors' K to 12 virtual financial literacy presentations in Alberta schools invest in students with money concepts and skills to help them learn money management. The virtual presentations are tied to the Alberta curriculum and are designed to build on money concepts in fun, engaging and interactive ways.

Learn more about school programs for:

• Grades K to 6
• Grades 7 to 9
• Grades 10 to 12

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.

• Bank of Canada Museum (K to 6) 
• Math 3 Under the Sea! (Grade 3)
• Les contes qui comptent (K to 4)
• 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)

Empower yourself through free online courses and resources to build life-long skills of good money management.

• Borrowing basics
• Debt decisions
• Budgeting 101
• Tax Tips
• Banking on Your Future

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:

• Back-to-School on a Budget
• Save Money on Back to School Shopping

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. Plan your lunch
   • Bringing lunch from home is usually cheaper than buying it at school. You can plan simple and yummy meals to pack.
6. 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.
7. Ask before buying extras
   • Before getting extra things like gadgets or special accessories, check with your family. Make sure it fits in your budget.

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 neighborhoods. 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:

• Household Food Insecurity: Actions in the Community
• Tips to spend less money on food
• Getting the most out of your food

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:

• Reduce your rate
• Shop the insurance market

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:

• Pick the best cell phone service plan for you
• 6 ways to save on your cell phone bill

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 neighbors. Sometimes, they can help watch your child or suggest affordable child care options.
• Babysitting buddies:
  • Find out if there are other kids in your neighborhood, and maybe you can take turns with their families for child care.
• Community or recreation centers:
  • Check out local centers. They might have programs or activities for kids that are affordable and fun.

Learn more about child care options and resources:

• Leisure Access Program (City of Edmonton)
• Canada Child Benefit
• Child Care Subsidy
• Alberta Child and Family Benefit
• Child Care Lookup

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:

• How to practice self-care on a budget
• 10 creative ways to have fun on a budget 
• How to look great on a budget
• 6 tips for affordable camping
• Calgary Stampede on a budget

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:

• Eligibility for Student Aid

Student loans can be a big financial burden. Learn more about repaying your loans and how to pay them off quickly:

• Repaying your student loan
• 12 ways to pay off student loans fast

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:

• 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:

• Money and Mental Health
• Debt & Your Mental Health
• How to Stop Stressing About Money and Avoid Burnout