Category: Financial Advice

Make Your Savings Account More than a Place to Keep Your Money Modest MoneyLeave a comment


Savings accounts are useful, in that you need to keep your money somewhere and you can’t just sew cash into your mattress. But while savings accounts have always kept your money safe, they haven’t paid much out lately. Most savings accounts provide you less than 0.5% interest, meaning that even if you kept your money in the bank for 50 years, it would grow so slowly during this time that it wouldn’t outpace inflation, leaving you poorer for having saved. I’m always going on about how important it is to have an emergency savings account. But how can I justify putting lots of money into a savings account when those funds are just losing buying power? Thinking about it this way, some people might think it’d be better to just invest and not “save” at all. But, then, investments are inherently riskyand you may not be able to access them quickly when you really need them. What is a saver to do?

Enter Scotiabank’s Momentum Savings Account. Scotiabank understands that if you are going to be saving up large amounts of money – money that you want to remain liquid in the case of an emergency or short-term savings – then you really need to see some meaningful returns for…

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By : Adam | 22 May 2015
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Modest Money

Learn the Life Hacks of Wealthy People

By : Adam | 21 May 2015

Mansions, designer clothes and fancy cars aren’t the only possessions that set rich people apart from the rest of society. The one thing that really distinguishes the wealthy is their ability to seize any opportunity and convert it into financial success. Have you always wanted …

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Modest Money

One Generation’s Formal Events Funding the Next

By : Adam | 18 May 2015

Sometimes it’s easy to look at the cost that goes into a beautiful wedding and think, “Nope. Not for me.” While traditional weddings really aren’t for everybody, no one wants to have them be an entirely spartan affair either. And no matter how iconoclast your …

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Peer-To-Peer Lending Finds Success In Canada

By : Adam | 15 May 2015

Canada has long been controlled by a handful of mind bogglingly large banks. The big five control 75-85% of the banking market, depending on the sector that you’re looking at. The oligopolistic structure of the system has long emphasized conservatism in regard to both pricing …

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Flying on Tuesday Evenings Can Help You Save a Lot of Cash!

By : Adam | 14 May 2015

Flying doesn’t come cheap. Plane rides mean you have to have a lot of cash on hand, and in the bank. Flying could be a hassle. Flying is only for the rich and famous, and not for moms who should just be at home. You’ve …

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Supplementing Your Income – the Creative Way

By : Adam | 13 May 2015

Opportunities There are loads of different opportunities for boosting the amount of money that lands in your bank account each month. If you were to look really, really hard then you’d likely find thousands of them. The problem, of course, is that in a lot …

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How to Prepare for a Windfall

By : Adam | 12 May 2015

Windfalls are a topic you see periodically on personal finance blogs like this one. It’s an old-sounding word, like something from a Victorian novel. And in our post-recession world, it’s a somewhat antiquated concept as well. Inheritance? Winnings? These are concepts foreign to a generation …

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