Knowing how to manage your money can be tough. Personal finance isn't something that's typically taught in schools, and if you don't have a financially savvy person in your life, you might be left to figure it out on your own.
To help you learn more about money management and how to get more value from the things you do every day, Narcity got in touch with Erica Nielsen, Senior Vice President of Everyday Banking and Client Growth at RBC.
They spoke about tips to help you manage your money, and the launch of RBC Vantage — which gives you access to a comprehensive suite of benefits, interactive tools, rewards and savings available simply by having an RBC bank account.
"Saving money is not impossible and reaching your goals is easier if you start by making a plan," said Nielsen. "Having an incentive in mind can also make it easier to avoid spending your savings on an immediate temptation."
As a first step, a good tip is to take stock of where you are financially and put your goals down on paper. Having both short-term goals (like paying off credit card debt or heading off on a weekend getaway) and long-term goals (such as buying a house) will help inspire you to leave that money alone.
Look for a rewards program that makes it easy to earn points for the things you are already doing every day.
With RBC Vantage, for example, eligible clients can now earn RBC Rewards when using debit. Not only will this give you more ways to earn rewards, it's a big benefit if you don't have a rewards credit card. You can also get access to so many more rewards and savings from great Canadian brands like Petro-Canada and Rexall.
"Whether you're saving up for a big purchase or looking for ways to pay for everyday expenses and purchases, rewards points can play an important role," said Nielsen.
Make Sure You Have The Right Banking Products For Your Needs
It may be hard to know which bank account is right for you. A good place to start is by looking for an account that offers features that leave more money in your wallet – from ways to save on monthly fees and unlimited transactions to savings on ATM fees.
To help you in your search, RBC has launched new interactive tools to make it easy to find the account that best meets your needs and discover even more benefits.
And if you are a student, make sure to check out the new RBC Advantage Banking. The monthly fee on this account is free for full-time students during your studies.
AI-driven tools, like NOMI, make it easier to break down some of the barriers some people might face when managing money, such as not having enough time and not paying close attention to your financial situation. From budgeting to saving, NOMI can help you manage your finances with confidence. (More to come on this!)
You can also use a helpful digital platform like MyAdvisor to create a personalized plan and connect with an advisor in your community, online, by phone or in person.
"Budgeting is a fundamental tool that helps you manage your money and stay in good financial shape," said Nielsen. "It puts you in control of your day-to-day spending and financial future by making you more aware of where your money is going."
Despite this, less than half (49%) of Canadians keep a budget, according to the 2019 Canadian Financial Capability Survey. If you're considering getting on top of your budgeting but feel overwhelmed at the idea, rest assured that you don't have to start from scratch.
Consider a digital tool like NOMI Budgets which does the heavy lifting for you. It takes the math out of money management by recommending personalized budgets for you based on your spending habits, and it can help you stay on track with notifications and reminders.
Setting up automatic transfers from your chequing to your savings account can help you keep up with your savings goals, especially if you tend to spend your income as soon as it lands in your account.
There are also convenient tools out there to help you never miss an opportunity to save. Through RBC's NOMI Find & Save, for example, clients may save money they didn't even know they had. This feature "uses predictive technology" to find extra dollars it thinks you won't miss and automatically moves them into a savings account.
A Bombay spokesperson described the maze as a "large-scale [...] whimsical oasis" with walls that "cloak the discoverable experiences within."
The maze installations are being created by Quebec's Charlie Larouche (Glassware Artist), Jeroen Kleijn (DJ & Olfactory Artist) and Chantal Royer (Botanical Artist) who were inspired by the taste of Bombay Bramble, a new naturally-flavoured raspberry and blackberry gin.
The experience will be completely free, and anyone over the age of 18 can take part.
In addition to a Bombay Bramble sample, guests will leave with a signature Bombay Sapphire Balloon Glass that they can use to stir up fun drinks at home.
Hedge Maze at the Old Port
Bombay Sapphire Canada
When: August 6: 4 p.m.-8 p.m.; August 7 and 8: 1 p.m.-8 p.m.
Address: 430, boul. Saint-Laurent, Old Port, Montreal, QC
Why You Need To Go: Hedge mazes are fun, but even better when they're boozy.
Narcity may receive a small commission if you purchase something we recommend in this article, which was created by the Narcity Shop team.
Most of us have been working from home for the last year and a half so we're aware of all the perks: less commuting, cheaper lunches and comfy PJs all day.
If you're looking for a new full-time WFH gig, or maybe you want to launch a side hustle that doesn't require you to leave the house, there's a company that can help you out.
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They have jobs that range from part-time to full-time, and entry-level to executive. If you're just looking to freelance, they have listings for that, too.
Due to the increase in people wanting to work remotely, there's been an uptick in job scams even if you search reputable places like LinkedIn. Luckily, the team at FlexJobs filters through all that so you don't waste your time. It's part of the reason why it's worth paying for premium.
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The monthly fee is essentially the price of two lattes or a frozen pizza at the grocery store. Having this kind of discount is great because you can test out the site for yourself.
The company has a ton of amazing success stories posted on their website if you're still a little skeptical about paying for the service. One person wrote and said how they got hired for a telecommunications job within the first month.
Price: $10.50/month ($14.99)
Details: If you're looking for a full-time or part-time job that's fully remote, FlexJobs is a premium job site that can help you out by vetting employers and filtering out all the scams. You can get 30% off your membership with the code NARCITY30. It's a great resource for finding a new job or a side hustle that doesn't require you to commute to an office.
Right now, you could book a work desk at Burgundy Lion in Little Burgundy, 212 Montreal in Old Montreal, Knox Taverne in Pointe-Saint-Charles, and Riverside, which is in Saint-Henri, along the canal.
You can even bring your dog to work with you at Riverside and 212.
It costs $9.99 to reserve a Workden space for eight hours, which includes a work desk, unlimited gourmet coffee, tea, and water, professional-grade Wi-Fi and access to community events — as well as a Community Manager who will greet you at the door when you arrive for your session.
Five-day passes, monthly passes and group passes are also available.
More Workden locations are expected soon in the Plateau Mont-Royal, the West Island, Brossard, the Mile End and downtown. The collective is also accepting suggestions for workspace locations via email.