The Penguin Random House Canada Student Award for Fiction supports emerging writers on their learning journey! The competition for this endowed award is open to all learners who have taken a creative writing course at SCS in the previous year. These writers have taken a spark of an idea and transformed it into a piece of writing they (and we) are proud of. 

Congratulations to these finalists, who have unleashed their creative potential! Winners and Honourable Mentions will be announced soon! 

Finalists

Kimberley Alcock, Twilight
Diana Blackmore, Amid the Spaces
Mark Burgess, A Letter from Bielefeld
Jim Colbert, Alphabet: Twenty-six Letters
Melany Franklin, Sanctuary
Caitlin Garvey, The Chrysalis Protocol
Kathe Gray, Panorama
Susanne Kwon, Jack that 8
Nadja Lubiw-Hazard, Saving Seraphina
Megan Tady, Dark Horse

Picture this: you take a skill-development course, gain exciting new abilities, and list the course on your resume and social media profiles. Sounds familiar, right?

But wouldn’t it be great if there was a quick and easy way for your professional network —including potential employers—to view and understand the awesome new competencies you’ve gained?

We get it.

That’s why we will now be issuing micro-credentials for our micro courses! We appreciate that the concept of both micro courses and micro-credentials may be new to you. So, here’s the top five things to know about micro-credentials at SCS.

1) What are micro courses?

All of our micro courses (which are short, targeted learning opportunities that focus on skills and competency development), will now issue a micro-credential upon successful completion.

2) What are micro-credentials?

Micro-credentials are a digital representation of the set of competencies or skills that you have achieved in a U of T SCS course! Micro-credentials are a powerful way for you to showcase your abilities to your personal and professional networks. 

3) How do micro-credentials work?

You can easily share your micro-credential over social media. When someone clicks on the micro-credential, or link to the micro-credential, they will be directed to a web page that displays the full micro-credential, which highlights important information such as your learning outcomes, key competencies/ skills that you gained, and the date that your micro-credential was issued. 

4) How do you share your micro-credentials with your network? 

It’s super easy! With a few simple clicks, you can:

• Share on your LinkedIn profile. 
• Share with friends and family through Twitter and Facebook.
• Copy your micro-credential link and share with your network through email.
• Include your micro-credential with your resume, by downloading a secure PDF version.
• Add your micro-credential to your “digital wallet” or online portfolio.

5) Is there funding for micro courses?

Micro courses are accessible, and you can check out funding opportunities available on our Financial Aid page, including the Canada Training Credit, OSAP and Scale AI funding.

Take a micro course, earn a micro-credential, and showcase your skills in a whole new way!

Visit our Micro Courses and Micro-Credentials page to learn more.

When Nitin Sanan began pursuing his Strategic Leadership: Advanced Certificate at the School of Continuing Studies (SCS), his perspective, career options, employer support, and personal brand expanded exponentially. With a background in engineering and an MBA in marketing, Sanan lives in China working as a Senior Manager in plastic manufacturing. After relocating to China from Canada in 2013, Sanan studied French for Absolute Beginners online at SCS in an effort to communicate better with his wife’s French-speaking family. He loved the experience so much, he began exploring other learning opportunities at SCS. 

“I started working towards my Strategic Leadership: Advanced Certificate. I’ve been with my company for 13 years now; I know the company inside out, and manage 37 people. However, I wanted to go further, and enhance my leadership skills. One particular course in the certificate, Digital Media Strategy for Leaders, was a real game-changer,” recalls Nitin. “I didn’t know much about social media at the time, but this course helped me develop skills in personal branding. I started using social media, especially LinkedIn, on a whole new level, and developed a personal brand statement. I started sharing content, thinking strategically about what I was posting and when. For example, I presented at an event, and asked my instructor Lina Duque how I could share a photo of my talk on social media. She helped me develop a strategy to share it over LinkedIn, Twitter, and Instagram. It received over 1,800 views, and I even wrote an article about.”

Nitin’s new social media presence did not go unnoticed; he was approached by recruiters and offered two jobs. The marketing and sales teams at his company noticed his social media skills as well, and Nitin began sharing best practices and ideas across the organization. Even his manager saw what a difference Nitin was making throughout the company, and asked to learn more about his studies. “My boss asked me about my learning at SCS and was impressed. She spoke to our board, and they offered to fund the remainder of my certificate, which I’ll be completing this fall. My new social media presence and personal branding quickly paid off,” says Nitin. “My company has been incredibly supportive of my learning, and they allow me to have flexibility in my schedule to accommodate the time difference.”

According to Nitin, continuing education is a must-have to avoid falling behind on important trends and industry insights. “Once you disengage from school, you can get so caught up in work, family, and daily routine, it’s easy to fall out from what is new. We get comfortable. But meeting new people, hearing fresh ideas, you realize how much insightful information there is to take in. I learned from both my instructors and my classmates. They inspired me to keep learning! It’s a way of updating myself,” reflects Nitin. “I want to be a great leader and really understand people. I’m learning that true leadership involves looking at the big picture and learning to let go. I’m committed to my studies; once you get a taste of continuing education, you want to keep going.” 

Fifty years from now, when historians look back at the COVID-19 pandemic, they will realize the unimaginable economic fall-out from it. COVID-19 has significantly transformed the North American economy. Here’s what strikes me as the three most important ways our economy has been transformed. Not surprisingly, they are interrelated.

1) When it comes to working, there’s no place like home

Recently, Jaime Dimon, CEO of JP Morgan, said that every employee was obligated to reveal their COVID-19 vaccination status by the end of June, and he expected everyone back in the office a week later. To me, this is one of those cases where the exception proves the general rule! Scores of other companies including Microsoft, Apple, and Google, have announced that there will be a mixed employment model going forward, with the majority of time spent working from of home.

There are two good economic reasons for this, one that benefits the employer and one that benefits the employee. From the employer’s perspective, it means paying for less office space. From the employee’s perspective, it means saving both time and money. The commute from one’s bedroom to one’s den is a lot shorter than from one’s house to a downtown office! And now that employee no longer has to spend money on either public transit or gas.

My prediction is that this will have the impact of reducing wage increases for what we would term “white collar workers”, as businesses recognize how much further ahead their home-based employees are in cost savings.

2) The new real estate landscape

Even before the onset of COVID-19, there was a significant shift from bricks-and-mortar retail to online channels. COVID-19 accelerated this trend. It is now estimated that roughly one quarter of North American malls are scheduled to close in the next few years. As I walk the downtown streets of Toronto – where I’ve lived for the past forty-five years of my life – I’ve never seen anything similar to this vacancy rate. My guess is that it will be getting worse before it improves, as businesses that have been hanging on for dear life realize that the rebound is going to be far less robust than many imagine.

I’ve already talked about the working from home phenomenon, and this has a tremendous impact on commercial rents. I spoke with a couple of good friends involved in that business, and what they’re seeing is a great deal of negotiation between landlords and existing tenants. However, they don’t see any uptick in demand as more and more work is done from home

This helps explain why house prices are appreciating as rapidly as they are; more people are spending more time at home than they ever have before. It makes sense that you’d want more space, because if there is a couple who both work from home, you simply need it. Unless mortgage rates tick up significantly, it looks like there will be a long-term bull market in residential housing.

3) The emergence of cryptocurrencies

To combat the government-imposed shutdown, there has been an almost inconceivable amount of fiscal stimulus, combined with the monetization of debt. By the way, what “monetization” means is that when debt is issued by the government, rather than finding a legitimate, arm’s length buyer, the Central Bank simply runs the printing presses to come up with the money. There is the belief among many that fiat currencies issued by governments aren’t reliable. In previous generations, gold would be the safe haven. But that was then, and this is now. Today, many are piling into cryptocurrencies.

Let me get something on the table: I think that crypto is a Ponzi-scheme and there will be a monumental collapse sooner or later. I don’t know what will precipitate it. But I think it’s inevitable, and my hope is that the collapse happens before there is too much “value” tied up in cryptos. I hope their demise doesn’t pull the real economy down with it.

The best-case scenario is that the developed world will find a way to flatten out its accumulation of debt. If economic growth could be 3%, while the debt would grow at a slower rate, it would restore faith in fiat currencies, and that would gradually and gently take the air out of the Bitcoins of the world. Fingers crossed that it plays out this way.

But here’s the really important economic lesson from COVID-19: If you allow an economy to efficiently allocate resources, in the short run there will be winners and losers. But in the long run, everyone wins because the machine will find a way to generate goods and services of real value.

Michael Hlinka received his MBA from the University of Toronto in 1986, became a CFA Charterholder in 2004, and is a tenured professor at George Brown. Michael specializes in industry licensing courses such as Canadian Securities, Derivatives Fundamentals and Portfolio Management. In addition to his teaching duties, Michael is a regular commentator on CBC Radio's Metro Morning is a nationally syndicated radio columnist, and writes a regular weekly column for Outreach Magazine, marketed by Toronto's homeless and unemployed. 

Michael instructs our Passing the CFA® Exam preparatory courses as well as Passing the Canadian Securities Course®.

There are many risks in life that are worthwhile! However, gambling with your finances isn’t worth it for most of us. Here are some simple tips to avoid financial mistakes that could reap unfortunate consequences. 

1. Don’t buy a house you can barely afford when Canada’s real estate market is on fire. Beware of FOMO (fear of missing out). Don’t get into bidding wars or make an unconditional offer to purchase a property.
2. Don’t gamble on growth stocks (Tesla, Canopy Growth, Gamestop), or cryptocurrency investments (Bitcoin, Ethereum ), based on tips from friends. 
3. Don’t shop at payday loan shops or alternative lenders without understanding the costs. They can be very high. The same goes for “buy now, pay later” plans. 
4. Don’t order from online goods and service providers without checking their reputation first. Use the Better Business Bureau (BBB.org) to search for consumer complaints and reviews.
5. Be smart about insurance! This is a big one. If you travel outside Canada, you need travel medical insurance. You also need trip cancellation insurance in case you get sick before you leave, and trip interruption insurance in case you get sick while away and have to return home.

If you have a mortgage, you need enough insurance to maintain the payments in case of illness or death. Shop around. The best deals usually don’t come from a mortgage lender.

Once you retire the mortgage, ask your home insurance carrier for a mortgage-free discount. A paid-off home is seen as lower risk by insurers.

Also, consider critical illness insurance, even if you’re young and healthy. You never know what life will bring. Check out Darin Diehl’s medical story and Kerry Taylor’s medical story. 

Here are some great quotes to inspire smart financial choices:

“Almost everyone wants you to spend as much as possible – your kids, friends, real estate agents, bankers, retailers, restauranteurs. When it comes to saving, you don’t have much of a support group.”

“Spending less than you make won’t be easy. People are going to fight you every step of the way. And the person who will fight you the hardest will be yourself.” 

– David Chilton, The Wealthy Barber Returns

“Run, don’t walk, to get a disability quote from an insurance agent. You insure your house and car. But what about your single biggest asset: the ability to earn an income for the rest of your life?” 

“Think of borrowing money today as negotiating a pay cut with your future self.”

– Preet Banerjee, Stop Overthinking Your Money

“I hate debt. It’s going to sound extreme, but for me, owing money is like making a deal with the devil. I would worry what would happen if I lost my job and couldn’t meet my debt-obligation payments.”

“Thinking of debt as a life-threatening, contagious disease served me pretty well. Once you’re debt-free, there’s no feeling like it.”

-Andrew Hallam, Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School

Ellen Roseman is a personal finance columnist and former business editor at the Toronto Star. She is the author of Money 101: Every Canadian's Guide to Personal Finance, and she is Chair of FAIR Canada, a non-profit charity that advocates for investor rights. She has had a long career as a journalist specializing in consumer advocacy and personal finance. Ellen teaches our Investing for Beginners course, and our Introduction to Investing Workshop. She will be teaching The Smart Consumer course in spring 2022.

When Edinair Damasio Barbosa came to Canada from Brazil five years ago, she was eager to continue her career as a lawyer. However, on top of the challenges associated with moving to a new country, Edi faced professional barriers. “I had been a lawyer for ten years when I immigrated to Canada, and wanted to practice law in Toronto. As a step towards earning my Ontario license, I decided to pursue the Global Professional Master of Laws (GPLLM) at U of T, which required obtaining a top mark in a program that satisfies the university’s language proficiency requirement (Academic English-Advanced Level 60),” recalls Edi. “I tried a couple English classes, and felt really frustrated. I was learning the basics of language, but nothing about culture or true communication. It was a means to pass a test, not a real immersion into the English language.”

When Edi found the Academic English Program in our School of Continuing Studies’ English Language Program (ELP), she immediately felt at ease. “From the very first day, it was clear we were learning how to communicate effectively, not just speak English. The online learning experience was great; our instructor used various teaching tools such as videos, slides, and podcasts to help us learn. She encouraged classroom discussions, group work, and online socializing, which allowed us to practice our social and speaking skills,” reflects Edi. “My classmates were from all over the globe, which enhanced the learning experience as we bonded and grew from one another’s experiences. We learned about effective English communication, such as how to write persuasively and clearly, summarize information, and even write effective and concise emails. My husband—who is Canadian and a native English speaker—was amazed at the skills I was gaining. He even said ‘oh my gosh, I can’t even write this way!’”

Edi felt supported both by her instructor, and the administrative team at ELP. “My instructor was so supportive, like a mother almost. She was professional, knowledgeable, and all learners got 1-1 time with her each week to work on specific skills,” says Edi. “The ELP team also contributed to the learning process by providing support and encouragement throughout the program. I am grateful; they played an integral role in my successful completion of the class. This experience wasn’t about passing a test; it was about learning how to thrive in an English-speaking setting. These are skills I will use daily in my educational and work experiences.”

Having completed the Academic English Program in April 2021, Edi has been accepted into the GPLLM program, and is excited to move her career forward. “This program has ignited my confidence. Now, I am so excited to write in English, I can’t stop! The skills I’ve learned will help me write persuasively, speak in court, and negotiate effectively,” smiles Edi. “Today, I feel ready to step into the next chapter of my life.”

Forgiveness is anything but easy, but philosophies of the Stoics give us an antidote. 

If we hold on to unforgiveness, we become slaves to the actions of others and lose our freedom. In fact, it’s our judgement of things that truly upsets us. When we are able to focus on controlling our minds, instead of trying to manipulate outside events, we can forgive, and live the life we want to live; we can be the person we want to be. 

Join me as we explore how mindful practices and stoicism can help us forgive and take back control of our own feelings and fate. If you would like to learn more, check out my recent Knowledge Hub webinar titled Stoicism - Strategies for Resilience and Joy.

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Ranjini George Philip's work has appeared in Hamlet Studies, Peregrine, Agni, So to Speak, Room of One's Own, The Sincerest Form of Flattery: Contemporary Women Writers on Forerunners in Fiction, Modern English Teacher, Commonwealth and American Women's Discourse, The Victorian Newsletter, Write (a publications of the Writers' Union of Canada), among others. A recipient of the Arnold B. Fox Award in Research Writing (1989), a Georges and Anne Bochardt Fiction Scholar at the Sewanee Writers' Conference (2005), and the first prize winner in the Canada's inaugural Coffee Shop Author contest (2010), she holds a PhD in English from Northern Illinois University, USA, an MA in English from St. Stephen's College, New Delhi, and an MFA in Creative Writing from the University of British Columbia, Canada. Her book, Through My Mother's Window: Emirati Women Tell their Stories and Recipes was published in Dubai, the United Arab Emirates in December 2016. In 2019 she won the Excellence in Teaching Award at the School of Continuing Studies, University of Toronto. She can be contacted at her Facebook page, Ranjini George, Writer or on her website.

For Charles Musa, continuing education not only helped him launch a new career, but it provided him with motivation and focus during a challenging time. When the financial company he was working for closed their Toronto office, Charles found himself laid off, and faced with the daunting but exciting opportunity to re-assess his career. “In late 2019, I Iost my job, and had to decide what I wanted to do next. It was time for a career change, and to get back to my marketing research roots. To ease this transition, I started pursuing a Marketing Research Certificate at the School of Continuing Studies (SCS),” recalls Charles. “I had just begun my learning when COVID hit, making the job market even harder to navigate, especially for someone trying to return to an industry after many years away. My finances were affected, so I knew I needed to find ways to support my learning.”

Charles explored funding opportunities at SCS. He applied for -and received- the School of Continuing Studies Bursary. “The funds allowed me to continue my learning. I was both excited and relieved to receive this support,” says Charles. “It was a very anxious time for me, and being able to continue my studies boosted my confidence as I searched for a job. Studying gave me a plan, and something positive and productive to focus on.”

In May 2020, while working towards his certificate, Charles landed an interview at Numeris, a Canadian audience measurement organization. “The knowledge I gained at SCS was critical in how I performed in that interview. It just so happened that in one of my classes, we had discussed Numeris in a conversation around brand equity,” he recalls. “I brought this knowledge up to the interviewer, and they were impressed by how timely and relevant my comments were. I got the job, and now I am back in the market research industry.”

The skills Charles learned at SCS have also impacted his entrepreneurial spirit. “I’ve always been passionate about market research, and studying at SCS inspired me to take a business plan I had in my head, and make it a reality,” explains Charles. “I started an ecommerce business, World of Daily Essentials, at the end of 2020, using the marketing research abilities I gained in class. I also have greater confidence in my capacity to implement plans based on smart market data. Having this business makes me feel empowered both personally and financially.” 

As Charles completes his certificate, he is grateful for the support he received from SCS, and is eager to grow into a management role in the market research industry. “Continuing education can only help; it can only advance your career. There is truly nothing to lose,” says Charles. “SCS supported me when I needed it most, and now I have a career I love. One day, I want to give back and financially contribute to the bursary program at SCS, so other learners can have the same life-changing experience that I did, regardless of their financial challenges.”
 

Sophie had always loved studying language. After earning a Bachelor of Arts degree in English and Spanish in 2010, Sophie pursued a career in administration. A decade later, she made the bold decision to explore new possibilities and broaden her employment prospects. “French is my first language, so as someone who speaks English, French, and Spanish, I was typically the sole multilingual employee in most workplaces,” reflects Sophie. “I was often relied on to provide translation, interpretation, and other language services. I was browsing through the University of Toronto School of Continuing Studies (SCS) website one evening in January 2020 and came across the French Translation Program. It seemed like a natural and logical fit: I figured that if I was going to continue to provide translation services off the side of my desk, it was a good idea to formalize what I was doing.” 

She decided to go for it, and began taking the first course in our Certificate in Translation: French to English. “I figured, if nothing else, it would give me something more to do outside of work, and I would learn a few things. If I liked the introductory course, I could carry on with the next one and perhaps all the courses required to obtain the certificate, and I would think of what to do next after that,” says Sophie. “When I signed up for the introductory course, learning was my only expectation. I had no way of knowing that 15 months later, I would end up being a living ‘best case scenario’ embodiment of what continuing education at SCS is all about.”

Sophie immediately connected with her instructor, Pamela Lipson. “Not only is Pamela an engaging, knowledgeable, and motivating instructor, she also did a great job of simulating the real, professional world of translations,” recalls Sophie. “As part of assignment feedback and at every webinar, Pamela provided insider knowledge of what the professional translation field is actually like, examples of what distinguishes top quality translations from passable ones, and so much practical advice on how to stand out in this competitive field. We went beyond the fundamentals of translation, and Pamela consistently emphasized the importance of mastering related skills, including scrupulous research practices, quality control procedures, and revision strategies. She coached us to sharpen these important skills.”

As Sophie neared the end of her certificate, she felt confident in her new abilities and began applying for translation roles. She was hired by a linguistic services company, and is now applying her translation skills on a daily basis. “I felt appropriately prepared throughout the testing and interview process, and I’m now employed as a full time French to English Translator,” shares Sophie, who earned her certificate in May 2021. “Thanks to SCS, I feel well-equipped and ready to enter this exciting new chapter in my career. Pamela’s holistic approach, combined with her expertise and intellectual generosity, set me up for success in this field.” 

For Clara Tsim, lifelong learning is a way of life. After earning a business degree, Clara began her career working for the Canadian Government. “I’ve always been curious. After completing my degree, I was eager to do some personal development, and wanted to learn to speak Mandarin to learn more about my culture,” explains Clara. “In 2004, I started learning Mandarin at the School of Continuing Studies (SCS), and had a really positive experience. So, when I wanted to do some professional development, I knew SCS was the right choice. Much of my work is project-based, so I decided to start by earning a Project Management Certificate at SCS, and my love of continuing education just snowballed from there.”

Over the next 17 years, Clara earned certificates in Mandarin, Risk Management, Financial Analysis and Investment Management, Financial Trading and Option Strategies, and Applied Specialization in Mindfulness Meditation. She also earned a Master of Public Administration at the University of Victoria. “I enjoy taking a mix of courses that help me develop both personally and professionally. And some do both! For example, my finance-focused certificates have helped me not only on the job, but also in my personal finances,” says Clara, who received a Marilynn Booth Award of Excellence from SCS. “The biggest effect continuing education has had on my career and life is my increased confidence. Taking a wide range of courses has diversified the tools in my toolbox, opened doors, opened my mind, and allowed me to see things from different perspectives. I know my skills are transferable, and this has diversified the types of projects I can work on, and multiplied my career options.”

According to Clara, a commitment to lifelong learning has allowed her to enter any work situation with confidence and a problem-solving mindset. “When you are armed with knowledge, you are able to make better decisions, both professionally and personally. Learning has helped me relate to other people, work collaboratively, build relationships, and understand other people’s perspectives,” she reflects. “I work on a lot of multidisciplinary teams, and having skills in project management, risk, financial analysis, trading, language, and mindfulness, allows me to contribute, break down silos, and lead on a whole new level.”

In order to succeed in her studies, Clara — who is currently a Senior Financial Analyst with Employment and Social Development Canada (ESDC) —was adamant about time management, and carving out dedicated time for her learning. “I appreciated the flexibility of online learning, which I was able to make work with my schedule. I also gave myself breaks between courses, really scheduled my time carefully, and tried to avoid rushing assignments as much as possible. In many classes, we did a lot of group work and team building; it was great to grow with likeminded people from different sectors, and learn from their experiences,” reflects Clara. “My instructors were really inspiring. In fact, my Risk Management instructor gave me a strong academic reference to support my application for my Master of Public Administration.” 

For Clara, studying at SCS has meant the ability to say “yes”. “A commitment to lifelong learning has allowed me to try new things, and build transferable skills,” she says. “When I am given new challenges, I can say YES, because I have the confidence I can do it. Learning at SCS has given me a ‘can-do’ attitude, and taught me that I can overcome any challenge.”

How has COVID-19 affected your finances? The answer will show how you rate on an important quality called financial resilience.

Has the ongoing health crisis cut back your employment income to the point you can’t manage your monthly expenses without deferring your mortgage and credit card payments? Do you worry about paying bills once the federal government’s COVID relief measures end?

If so, you fall into the category of financially vulnerable, meaning you haven’t been able to save enough to offset your lost income, and will probably cover your spending needs with borrowed funds. This can feel very overwhelming and stressful. I’m here to share some tips to help you better manage your finances during difficult times. 

The goal is to become financially resilient, so you have a savings cushion to help you achieve your goals and sustain your lifestyle despite the curve balls life throws at you.

The good news: according to the Seymour Financial Resilience Index developed by a Vancouver consulting firm, 60% of Canadian households are either financially resilient or approaching resilience. 

The latest index report in February 2021 shows that 27% of Canadians are reducing or consolidating their debt, compared to 18% in October 2020. Almost 30% are setting up or building their emergency savings funds, up from 19% in October 2020. 
When asked if they agreed with this statement, “I want to better understand my household's financial resilience and how I can improve it,” 77% of Canadian survey respondents said yes.

Here are my ideas on how to improve your financial resilience in five steps.

Step 1: Track your spending in detail

• Keep every receipt. Record expenses in a notebook, spreadsheet or free online app (such as Mint, or other top spending and budgeting apps).-Review your monthly bank and credit card statements. Ask your bank about expense items you don’t recognize.
• List your irregular expenses (such as gifts, donations, home and car repairs) that may occur only once or twice a year.
• Total your expenses and sort them into categories. Do this for at least 3 to 6 months.

Step 2: Find areas where you can save money

• Review your monthly bills. Look for mistakes, overcharges, and late charges you incurred.
• Negotiate better rates on your banking, home heating and air conditioning, telecom services internet, TV, phone) and insurance (life, health, travel, car and home insurance). Learn to compare rates online, so you can bargain more effectively.
• Calculate your food costs. How much do you spend monthly on groceries for home cooking, takeout food from stores and restaurants, meal preparation kits and food delivery apps? Try to cut down the last three categories.
• Analyze your needs vs. your wants: do you need to own a home? Can you rent instead? Buy used cars rather than new—or no cars at all? Do you need the latest high-tech gadgets? Look into your closets and drawers at home to find older “must have” gadgets now gathering dust.

Step 3: Decide how to save money in the future

• Do research before buying. Compare the prices of similar products at multiple stores. 
• Use comparison sites for financial services (Ratehub.ca, LowestRates.ca, RateSpy.com). To compare telecom services, check out this list of comparison shopping sites from Canada’s telecom regulator (the CRTC).
• Remember the little things; they add up! Track where your small change is going (miscellaneous fees, delivery costs, restocking fees, sales taxes) and look for suppliers with lower fees.
• Check the subscriptions you signed up for (Netflix, Spotify, Apple, Audible, Amazon Prime, Costco). Make sure you still use these services. Note the expiry dates and cancel well ahead.
• Avoid 1-click purchases when shopping at Amazon.ca. Remove your credit card information and shipping addresses. Creating friction will force you to stop and ask yourself if you can wait and if you really need the items.

Step 4: Invest your windfalls from reduced spending

• Set up an emergency fund. Start small, but save regularly, with the goal of putting away enough to cover your living expenses for 3 to 6 months. Keep the money in a separate account that is hard to tap.
• Pay yourself first. Make saving a top priority. Set aside part of your salary when it comes in and live on the rest. You won’t miss it after a while.
• Put your saving on autopilot. Set up automatic transfers from your chequing to saving accounts every 2 or 4 weeks. Save money from tax refunds, gifts, and salary raises. 
• Make your savings grow. Use a tax-sheltered RRSP or TFSA to save for the long term. Find the best savings rates online (Ratehub.ca, HighInterestSavings.ca, RATESDOTCA).

Step 5: Keep a tight rein on credit purchases

• Limit the number of credit cards you hold. Keep your credit limit low to avoid problems with ID theft and fraud. If offered a higher limit on a credit card, think twice before saying yes.
• Pay the balance in full each month. If you can’t, pay as much as you can before the due date. Set up regular payments from your bank account. Pay more than the minimum.
• Never skip a minimum monthly payment. Credit card issuers can hike your interest rate if you miss 2 to 3 minimum payments in a year. Call the company if you’re having money problems. 
• Check your credit report and credit score once a year to find any problems or errors. With a good credit score, you can get a better rate on loans, apartment rent, and home insurance.

Ellen Roseman is a personal finance columnist and former business editor at the Toronto Star. She is the author of Money 101: Every Canadian's Guide to Personal Finance, and she is Chair of FAIR Canada, a non-profit charity that advocates for investor rights. She has had a long career as a journalist specializing in consumer advocacy and personal finance. Ellen teaches our Investing for Beginners course, and our Introduction to Investing: A Workshop. She will be teaching The Smart Consumer course in spring 2022.

Our Academic English Program in our School of Continuing Studies’ English Language Program (ELP) attracts learners worldwide. Recently, we connected with Farhane Onifade, to learn about her unique experience with the program. Farhane, who is from Benin, West Africa, shared why she chose the Academic English Program. 

Having studied English in school, Farhane knew she wanted to enhance her English-speaking abilities. After seeing her sister participate in the program, she was impressed by how well her reading, writing, and communication skills improved. This experience inspired Farhane to go for it and enrol! 

Check out Farhane’s story.
 

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