u/MooseyMcSaver

Aditi interviewed three newcomers who shared what they learned from financing their first vehicle here. And there were some strong common themes...

Build your Canadian credit history as early as you can, even if you don't need a car right away.

Shop around for financing instead of taking the first offer from a dealership.

Don't focus only on the monthly payment. Insurance, fuel, maintenance, repairs, and registration add up and can blow your budget.

Your first car doesn't need to be your dream car. A reliable vehicle that gets you to work is the smartest financial move while you're getting established.

A couple of the people Aditi talked to wished they'd budgeted for the total cost of ownership, not just whether they could qualify for the loan.

If you've immigrated to Canada, what was your experience buying your first car? Any advice you'd add for newcomers?

She makes over $130,000 a year, has a credit score over 700, and has started building a diversified investment portfolio. Most of her investments are in GICs, with a large portion also in the S&P 500 and a small amount in crypto.

But even with a six-figure income, she's still carrying about $12,000 on one RBC Avion credit card and roughly $50,000 in student loans. She says her biggest financial mistake was moving for a job in 2023, which cost her around $40,000 out of pocket.

Big career moves can come with huge hidden costs, especially if relocation expenses are not covered properly by your employer.

Before relocating for a job, run the numbers like it is a business decision. Get the relocation package in writing, estimate the real cost of moving, and figure out how long it will take the new salary to make up for the upfront expense.

A higher-paying job can still leave you worse off in the short term if the move drains your savings or pushes you into debt.

A secured card requires a cash deposit, then lets you borrow against that limit. The key benefit is that on-time payments are reported to the credit bureaus, which can help rebuild your credit history over time.

Jeremy tested 3 cards: Capital One, Neo, and Home Trust. The applications temporarily lowered his score, but after using the cards, he says his score started going up again.

Capital One was the practical winner. He applied online, went through a hard credit check, put down $75, and had a virtual card ready within minutes. The physical card arrived about a week later. There is no monthly membership fee, and it includes Credit Keeper, which gives TransUnion credit score monitoring and shows factors like payment history and utilization.

Neo is best if you don't have a lot of money on hand for a security deposit, or if earning cashback is important to you. It had the lowest deposit requirement at $50 and has a really useful and comprehensive app ecosystem. Its Build membership costs $7.99/month unless waived, and it adds credit-building guidance, milestones, tips, and cashback perks, including 1% cashback on gas and groceries plus partner offers.

Home Trust offers the lowest interest rate at just 14.90%, but the user experience sucks. Like, really bad. The $500 minimum deposit is already a higher barrier, and he ran into repeated portal errors, IP lockouts, transfer issues, timeouts, and months of unresolved customer service problems. To date, he still does not have the Home Trust card, and his customer issue remains unresolved.

The interest rate is actually irrelevant because your goal should be to pay the balance in full every month. If you carry a balance on a secured card, you're paying interest to borrow against your own deposit, which makes absolutely no sense. Plus, paying the balance off in full every month is the fastest way to rebuild credit.

Have you used any of these cards to rebuild credit? Share your experience with us in the comments.

Erin did a super practical price comparison between Walmart’s Great Value products and their name-brand equivalents. And she also looked at the cost per 100 ml, 100 g, or per bag, because package sizes were not always the same. Basically, we all need to be shopping with calculators now, and I think that's kinda depressing.

She compared 11 common grocery and household items, including ketchup, chips, soy sauce, bleach, freezer bags, cream cheese, laundry detergent, baking soda, paper towels, whipped topping, and lunch meat.

Buying the Great Value version instead of the name-brand version would have saved $19.59, or about 34%, across her basket. If the name-brand items had not been on sale, the savings would have jumped to $31.39, or about 45%.

Great Value was cheaper in 10 out of 11 comparisons. The only exception was paper towels, where the Great Value version actually cost more than Royale and performed about the same.

The biggest savings were on things like soy sauce, laundry detergent, chips, whipped topping, and ketchup. In some cases, the Great Value version was 40% to 50%+ cheaper.

Erin even went so far as to compare the taste, freshness, potency, and effectiveness of the items she bought. She found that Tide cleaned slightly better and smelled fresher, Spam had a stronger flavour, Ziploc bags felt sturdier, and Philadelphia cream cheese was smoother.

The Great Value ketchup was apparently very close to Heinz. The bleach performed the same as Clorox. Baking soda is baking soda.

I don’t think this means everyone should automatically buy generic everything. But it does make a strong case for testing the generic version of products you buy regularly, especially boring staples and household basics.

Even saving $10 to $30 per grocery trip adds up quickly over a year.

Where do you refuse to buy generic, and where do you think the name brand is mostly a waste of money?

Debt consolidation is new credit used to pay off multiple debts (usually high-interest debt), and rolls them into one monthly payment. It can take the form of a personal loan, line of credit, balance transfer card, or a Home Equity Line of Credit (HELOC).

But it only works if it solves your cash-flow problem and you change your behaviour.

Heidi talked to five people who consolidated their debt in different ways. One needed a consumer proposal when the consolidation didn’t fix the deeper problem. And another chose a formal debt management plan after her bank refused to consolidate all her debt.

In most cases, debt consolidation can lower your interest rate, reduce your monthly payment, and make your debt easier to manage.

But it can also backfire if you use it to clear your credit cards, then start spending on them again.

If you go through a bank, they will likely make you close your credit cards or reduce the limits.

The 0% interest rate offer on balance transfer cards typically lasts a year before an actual rate kicks in. And the limit on the new card may not be high enough to consolidate all your debt.

Lines of credit are usually cheaper than credit cards, but they are easy to re-borrow from.

And defaulting on your HELOC payments could mean losing your home.

If you're considering a debt consolidation, it's important to ask yourself what happens after your credit cards are paid down to a zero balance.

If the answer is “I’ll finally have breathing room and a path to get out of debt faster,” a consolidation might help (if you're disciplined).

If the answer is “I’ll probably start using the cards again,” a consolidation is definitely not for you.

In theory, reporting rent on your credit report should help you build credit, right?

Right?

Anya tested Borrwell's RentAdvantage subscription service that reports your rent payments to Equifax...

And her credit score stayed exactly the same. Literally zero change.

Her TransUnion score also stayed the same because Borrowell RentAdvantage reports to Equifax only, not TransUnion.

She signed up, paid for monthly rent reporting, paid extra to add two years of past rent history, uploaded proof of rent payments, connected her bank account, then waited 30 days. The first-month cost was $88.53, made up of the monthly reporting fee and the fee to add historical rent payments.

Her rent history was added, but her credit score did not move. The service technically worked, but the practical outcome was underwhelming.

Anya says it's probably because she already had an excellent Equifax score of 849, established credit history, active credit cards, and a record of on-time payments. There simply may not have been much room for improvement.

This type of service is probably more useful for people with thin or damaged credit files, including:

• People who are new to Canada
• Younger renters with limited credit history
• People rebuilding after bankruptcy, missed payments, or other financial trouble
• Renters who pay reliably but do not have many traditional credit products

If that's you, then rent reporting might help create a stronger payment history because rent is often your biggest monthly bill.

But if you already have a strong credit file, paying to report rent may not be worth it.

Colin tested KOHO for one week, then Neo for one week, using both for everyday spending.

He said KOHO is better if you want cash back on more everyday spending categories. But Neo is better if you want no monthly fee.

KOHO’s paid plans offer cash back on groceries, transportation, food, and drinks. So Colin was able to earn cash back on more transactions, including dining and fuel. He spent $125.20 and earned $0.99, or about 0.80% cash back.

On the downside, KOHO cash back requires a paid plan. The cheapest plan starts at $7/month, so you need to spend enough for the rewards to outweigh the fee. Without a paid plan, KOHO has no monthly fee, but you don’t earn cash back on everyday purchases.

Neo’s Money card has no monthly plan fee. Instead, your cash-back rate depends on how much money you keep in the account.

Colin spent $94.28 and earned $0.55, or about 0.60% cash back. The lower return was because Neo rewards gas and groceries, but he didn’t buy gas that week and didn’t earn on fast food or coffee purchases.

Colin says the headline cash-back rates only matter if they match your actual spending.

KOHO gave him cash back on food and drinks, but the monthly fee eats into the value. Neo has no monthly fee, but its strongest rates require you to keep thousands of dollars in the account, and it doesn’t reward dining the same way KOHO does.

So the best card is less about “which one pays more?” and more about “which one pays on the stuff I actually buy?”

No-credit-check apartments do exist, but they’re not common. Anya talked to 20 GTA landlords, and only 11 said they required a credit check. That works out to 55%.

Landlords often use credit as just one risk signal. Many also care heavily about whether you have stable income, steady employment, good references, a believable explanation for any credit issues, or a guarantor.

Big property management companies tend to have standardized screening rules. Smaller landlords or direct-owner rentals may be more willing to look at the full picture.

No credit and bad credit are treated differently. No credit may just mean the landlord needs more context. Bad credit, especially late payments or collections, can raise bigger concerns because it suggests past repayment problems.

Several landlords said they cared more about reliable income and job stability than a perfect credit score. Some may accept a guarantor or co-signer to offset weak or missing credit.

Credit checks matter more in competitive markets. If demand is high, the unit is managed by a large company, or the applicant lacks strong income/references, credit becomes harder to negotiate.

If you have bad or limited credit, focus on building the strongest possible application by providing proof of income, employment stability, references, rental history, and a clear explanation of any credit issues. Independent landlords, smaller buildings, Facebook Marketplace, Kijiji, and direct-owner rentals are probably your best shot.

I interviewed a guy who works part-time at Tim Hortons and makes extra money reselling clothes on Facebook Marketplace. His best week brought in $1,000!

He buys vintage jerseys and flips them online or with specialty shops. Sometimes he even gets the jerseys signed by players at meetups.

So far, his biggest side hustle mistake is not inspecting the clothes carefully enough. Obviously, nobody wants to buy something that's stained or damaged.

I'm legit impressed. I thought flipping clothes was dead because the market is now so oversaturated. But this guy still managed to find a profitable niche.

But remember, side hustles are still a business. Even if you’re flipping clothes from Marketplace, you need to know your product, inspect before buying, understand demand, and avoid emotional impulse buys just because something looks like a “deal.”

Has anyone here made decent money flipping clothes, shoes, furniture, electronics, or other Marketplace finds? What’s the best or worst flip you’ve ever had?

Visa gift cards are better than they used to be, but Heidi thinks they're still a garbage gift.

She tested the only two options in Canada: the Vanilla Prepaid Visa, and the Joker Prepaid Visa.

Both worked for basic purchases, but the fees and restrictions were not worth it. The $20 Vanilla card had a $7.95 activation fee (not including tax), which is almost 40% of the card’s value. That means you pay nearly $28 so your recipient can spend a measly $20.

Nor can these cards do everything a regular Visa can do. You generally cannot use them for recurring bills, pre-authorized payments, or cash withdrawals. And they're not reloadable.

Vanilla also clearly says it cannot be used for pay-at-the-pump gas purchases. Joker has similar restrictions, and some online retailers may decline it unless you pay an optional $2.50 verification fee.

It's also hard to use up the full balance. If your purchase is more than what’s left on the card, you have to ask for a split-tender transaction. Tell the cashier the exact amount left on the gift card first, then pay the rest another way.

Vanilla is probably the better pick if you must buy one, because it has slightly cheaper fees and clearer restrictions. Joker may be a little more flexible, especially because it offers cardholder verification and possibly more online acceptance, but that costs extra.

Heidi says don’t buy these as gifts unless you have a very specific reason. Cash, an e-Transfer, or a gift card to a store the person actually likes is the way to go.

Or, y'know, engage in some basic human interaction and get something relevant to their interests 🤯

My favourite part was when I asked if he’d ever missed a credit card payment, and he immediately said, “No, I’m very on top of that.”

Cool, do you have a system?

"I do have a system. It's called a calendar."

Sir, you basically said romance is a line-item expense and then casually shamed anyone who's ever missed a credit card payment. Ngl, I'm here for it!

This man is drowning in student loan debt, building a hydroponic herb garden, and still has the moral high ground over people ruining their credit because they forgot calendars exist.

Honestly? Let him cook.

Preferably with homegrown basil.

Stefani tested both cards by using them for everyday spending and comparing the rewards.

Neo earned more cash back in her test, but only because her spending lined up with Neo’s targeted cash back categories.

She earned $2.55 with Neo versus a projected $1.85 with EQ Bank, even though she actually spent more money with EQ. Neo pulled ahead because she used it more for groceries and gas, where Neo offers 1% cash back.

But EQ Bank is simpler. It gives 0.5% cash back on everything. There’s less guessing about categories, partner merchants, or how a store will be coded. That makes EQ better for general spending.

Neo is stronger if you regularly spend on groceries and gas, but the merchant coding isn't exactly intuitive. A butcher, dollar store, small market, or convenience store may sell groceries, but still not count as a grocery store for cash back.

Stefani says the best strategy for her was to use Neo for groceries and gas, then use EQ Bank for everything else.

Both are prepaid cards, so you’re spending your own money instead of borrowing. Stefani also noted that both accounts had a delay before transferred money became available, so neither is ideal if you need instant access to newly moved funds.

For Stefani, Neo wins for targeted spending categories. EQ wins for simplicity.

Using both might be the best move if you want to maximize cash back without using a credit card.

Do the boring stuff now so future you gets the reward!

This girl gets it.

She's living at home and making smart money moves that are already paying off. She has no credit card debt, uses two basic credit cards, has an 850 credit score, $20K savings in her FHSA, and a car loan that’s almost paid off.

Budgeting, saving, and investing aren't always fun, but they're fundamental to financial wellness.

Those boring money moves compound and give future-you more choices.

And more choices = more freedom

What boring financial thing are you doing right now that your future self will thank you for?

Erin compared 88 food items at Dollarama against Walmart, No Frills, and Food Basics. Only 36 out of 88 items were actually cheaper at Dollarama, which works out to 40.91%. Even if you include the three items that tied in price, that only rises to 44.32%.

And it's mostly to do with package size.

Dollarama often sells smaller versions of brand-name items, so the sticker price looks cheap, but the price per 100g or 100ml can be worse than grocery stores. For example, Honey Nut Cheerios were 272g at Dollarama compared with 430g at Walmart/Food Basics, and Kraft Cheese Whiz was 250g at Dollarama versus 450g elsewhere.

Some of the best Dollarama deals were tomato paste, Campbell’s Cream of Mushroom soup, strawberry jam, Quaker Harvest Crunch, Joe Louis, sardines, pickles, Starburst, table salt, and Viva Puffs.

Some of the worst buys were peppercorns, mayo, soy sauce, peanut butter, mustard, ketchup, granola bars, pudding cups, Jell-O, and Worcestershire sauce.

Dollarama still can be great for certain pantry items, small households, or when you only need a little bit. But if you’re feeding a family or already going to a grocery store, the better deal is often Walmart, No Frills, or Food Basics, especially when sales and store brands are involved.

This software developer makes over $100K per year and has a near-perfect credit score.

He said financing a $42,000 car was the worst financial decision he ever made.

And his best financial decision is actually an ongoing habit of setting money aside from every paycheque.

He makes six-figures running his own marketing agency. Maybe he should also consider motivational speaking because now I'm inspired AF.

He went bankrupt in his early 20s, then rebuilt his life as a successful entrepreneur making bank with an 875 credit score and no debt.

Oh, and he's worth seven figures.

He says getting married helped him rebuild his financial life.

I love that for him.

Heidi spent a full 40-hour work week trying to make money using only her phone.

The grand total was... *drumroll*

$339.

She tested the usual internet-approved side hustle suspects like Swagbucks, Fiverr, Upwork, Rover, Facebook Marketplace, odd jobs, and local gigs. The apps that promised “easy money” mostly delivered tiny payouts and platform headaches.

The real money came from the offline work she found. Heidi walked dogs, weeded gardens, and flipped some kids' clothes on Facebook Marketplace.

While obviously you can make money using your phone, the whole "easy/quick money" narrative is deeply unserious.

According to Heidi's experiment, your phone is useful for finding work, messaging people, applying for gigs, and getting paid. But most of the actual money still comes from doing something valuable, annoying, sweaty, skilled, or inconvenient.

She made $339 and learned that side hustle advice on the internet needs a reality check and maybe a light slap.

A student who only works during the summer and makes about $10,000 a year max said the worst financial decision she ever made was spending $300 on plushies in one shot.

Three. Hundred. Dollars.

On plushies.

While being financially supported by her parents.

Girl, what?!

Then she said the best financial decision she ever made was buying Papa John’s garlic knots the other day. And dear god, I hope she was being facetious.

But when asked what financial advice she’d give her younger self, she actually gave a pretty solid answer...

"Think of things as liabilities and assets," admitting she spent too much on liabilities.

Mistakes are part of learning. At least she’s self-aware and appears to be working on her financial literacy (fingers crossed).

He makes $92k, has zero credit card debt, and a 700 credit score.

His biggest win? Starting to save and invest early!

He keeps it simple with index funds.