Personal Finance Canada is organized into individual posts, mostly questions about anything related to money: taxes, saving, investing and real estate. The surprising thing is that much of the advice in that sub is actually, well, good.
Those niches each develop their own culture and focus, and in a “sub” called Personal Finance Canada, about 800,000 members turn to each other for advice on all things financial. Reddit hardly seems like a bastion of calm rationality for the nervous investor.īut Reddit is organized into groups called subreddits, siloed off into an endless array of topics – science, coffee, politics, transit and so on forever. Last year, the Wall Street Bets forum was the engine behind the meme stock phenomenon that pushed AMC Entertainment, GameStop and other equities to arguably unjustified highs.
Beyond the more extreme material, Reddit has also developed a reputation for fostering reckless investing. The social news site has, over the years, been home to a variety of questionable things, including bigoted and obscene content. That name can conjure a raised eyebrow or two – as it probably should. To try and get a handle on this new responsibility, I turned to what some may consider an unlikely source of advice: Reddit. Were bonds still vital for retirees in an era of record-low interest rates? Were Canadian dividend exchange-traded funds best kept in a registered or unregistered account? You know you’ll likely pay upwards of $100 for putting the pedal to the metal a little too aggressively.While I had some familiarity with the basics of investing, I nonetheless had questions. Reddit user u/Shariq1989 saved over $20 just by calling the manufacturer instead of trashing an old garbage disposal.Ħ. Some manufacturers offer discounts on new appliances even if the warranty on your old one is expired. Your old appliance may just help you get a discount on a new one. This proactive step likely saved thousands of dollars.ĥ.
REDDIT PERSONAL FINANCE INVESTING CRACKED
When the homeowner brought the issue up to a friend, they ended up finding a cracked water main that was on the verge of rupturing. And commit to building an emergency fund so you can do without credit card insurance altogether. Check your credit card terms and understand what you’re paying. While there are some legitimate reasons for having credit card insurance-payment protection or interest suspension during a crisis-you certainly don’t want charges piling up that you aren’t aware of. After a little research (and many hours of phone support), he got to the ugly truth: he’d been paying for credit card insurance-for a long time. Reddit user “u/Underwater_Grilling” noticed small, unrecognizable charges on a store card. Yup, another credit card tip, but we bet you haven’t heard of this one.
Watch out for automatic credit card insurance charges. This Redditor has done the math for you, and it’s an eye-opener.Ĥ. You’ll end up paying more principal and less interest, thus paying your balance down much faster. If you can afford this month’s minimum payment, make that same payment next month, instead of the new minimum. If you do find yourself in a cycle of credit card debt, you need a new plan. Game the minimum payment system to pay off credit card debt. With APRs climbing as high as 29.99% on some store cards, you’re probably better off ignoring the promo and skipping the extra card.ģ. According to Reddit user u/pretend_im_right, the average time it takes someone to pay off a single purchase is a whopping six years. Yes, the promotional savings on that back-to-school haul may be tempting, but paying the balance off may cost you big in the long run. And everyone knows impulse buying can derail even the best laid finance plans.Ģ. After all, if you weren’t planning on buying the item in the first place, you’re just spending more money.
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