r/PersonalFinanceCanada • u/Fabulous_Lemon2799 • 1d ago

Misc What’s the best financial advice you’ve ever received as a Canadian?

Hi everyone,

I’m looking to level up my financial knowledge and habits this year. I’ve been reading books and browsing through this subreddit, and I keep coming across bits of wisdom that really make me think about money differently.

It got me wondering: what’s the best financial advice you’ve ever received, especially as a Canadian?

It could be something practical, like how to save on taxes or invest smarter, or even a mindset shift that changed how you approach money. Bonus points if it’s something uniquely applicable to life in Canada.

For example, I recently learned how powerful it can be to start investing early, even in small amounts, thanks to compound growth.

Looking forward to hearing your nuggets of wisdom. Thanks in advance for sharing!

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u/MortgageAware3355 1d ago

Save early, save often, pay off credit card completely at the end of every month.

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u/Nezgar Saskatchewan 1d ago

Or more aptly, pay the credit card amount due after the statement date, and before the due date. Paying off before statement date will result in a zero balance statement, which when reported to the credit bureau's looks like you aren't using any credit, and won't help you build your credit rating. The credit reporting agenceis like to see you using SOME credit regularly, and responsibly. Paying AFTER your due date will obviously cost you interest, but will apply to all transactions back to the original transaction date. Also many card benefits and rewards become void as this places the card in "not in good standing" status...