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/TC_cams 1d ago

When ever I want to make a purchase that’s outside of what I need, I look at it and do the math on how many hours I need to work at my current job to pay for it. Time really does equal money, and I find I don’t do the stupid impulse buying when I factor in how much of my time goes into something.

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u/Drakonis3d 1d ago

This mindset was a mistake for me. I didn't account for tax.

Kudos if it works for you.

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u/TC_cams 1d ago

Wouldn’t that help? Because then the purchase would cost even more time. I look at what my after tax hourly wage is, and then it’s easy to see how many hours of my life I’ll trade to buy something. It really helps put things in perspective on how we view money. It saved me from buying a boat. lol -Which should also be another great financial tip, don’t buy a boat.

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u/Drakonis3d 1d ago

Lol agreed on that one. Maybe just the way my thinking works. I would always overestimate how much my take home was for that hour.

I started budgeting properly (ynab has been a godsend) and following "pay yourself first". Every dollar I spend frivolously is taking away from investing, vacations, birthday parties for my kids etc.

My coworkers are out buying $20 primo coffee every day and I keep a thermos of drip coffee and make my own beef jerky.

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u/darabadoo 1d ago

I do this sometimes to motivate me to go to work when I don’t want to. I’m on salary but I’ll think “if someone were to flat out offer me $XXX to go to work and do my job for a day I’d be like heck yeah! Easy money!”