Managing your finances after immigrating

Piggy bank with savings chart on black boardYour family financial situation will be of top concern after you immigrate to Canada. You are going to have to juggle many expenses to start your new life in Canada. The cost of living in Canada can be quite high compared to earnings, so be prepared to budget and plan how much you earn versus how much you spend.

While getting a credit card and building your credit history is important for your future (i.e., applying for a mortgage), it’s important you don’t get caught up in the mistake of spending too much on credit than you can really afford.

Too much debt can impact your ability to buy a home and build a solid life in Canada.

Personal Finance

canadian two dollar coins

One of the most important factors in your personal financial situation is how much you earn, versus how much you spend. It’s important not to spend more than you earn, but many Canadians get caught in too much debt, trying to “keep up with the Jones” — in other words, have everything you want, from cars to electronics, even if you can’t afford it.

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