11. Open a My Account with the CRA
Now it’s time to create a CRA My Account, which will become your tax management hub and allow you to view your tax information online, file your return electronically, and make payments. It’s a secure and convenient way to manage your yearly taxes. You’ll also find payment information about the Canada Carbon Rebate, Canada Child Benefit, and more.
12. Know your budget top to bottom
Creating a budget helps you track your income and expenses and ensures you’re not spending more than you earn. Whether you prefer a simple spreadsheet (as Knox says, “There’s nothing wrong with an Excel spreadsheet.”) or a budgeting app, find a system that works for you, she says. Popular budgeting apps include Koho, YNAB and MoolahMate. (Download this free budget template.)
Another popular budgeting strategy is the 50/30/20 rule: Allocate 50% of your income toward needs, 30% toward wants, and 20% toward savings and debt repayment. Regularly reviewing where your money is going helps you stay on track and adapt as your income or expenses change.
“Just because one approach doesn’t work [for you], it doesn’t mean that creating and adhering to a spending plan doesn’t work,” Knox says. “It just means that you haven’t found a system that works for you—yet.”
13. Build your professional brand
Let’s face it, first impressions matter. Having a professional online presence can benefit you in various ways. Whether you’re actively seeking employment, plan to be self-employed or simply want to showcase your skills, create a resume, an online portfolio and LinkedIn profile that’s consistent, cohesive and reflects you as a professional. When opportunity strikes, everything will be current and ready to go.
14. Comparison shop for adults spends
When it comes to big-ticket items like your first car, comparison shopping can save you hundreds, even thousands of dollars. Get quotes from multiple dealerships and insurance providers before making a decision. (Check out our list of the best used cars in Canada.)
Compare personalized quotes from Canada’s top car insurance providers.All in under 5 minutes with ratehub.ca. Let’s get started.*You will be leaving MoneySense. Just close the tab to return.
15. Build strong references
Building positive relationships with professors, employers, colleagues and landlords can provide valuable references down the road. Strong references give you a competitive edge in the job market and speak to your work ethic and skills. So nurture your network—you’re guaranteed to need them.
16. Plan your dream trip
Planning, budgeting and going on a trip abroad is a masterclass in budgeting—and it’s fun and rewarding. It tests your ability to source deals, manage expenses, and make informed financial decisions. Always ensure your passport is up-to-date and factor in hidden costs like travel insurance and currency exchange.
17. Read a personal finance book
If knowledge is power, then it’s time to sink your teeth into a relatable personal finance book to empower your money moves. It can provide valuable insights, strategies, and motivation to manage your money effectively. Search for popular new releases online or on your favourite audiobook app. Knox also recommends reading the following:
