Tag: Money

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Finance

What Are the Best Alternatives to the Zelle App in Canada? Find Out Now!

Photo by Austin Distel on Unsplash

Does anybody out there need money? Well, probably everyone, especially during these difficult times when the world is going through major economic problems. They say that money won’t bring you happiness, but if you seriously lack it, that will definitely bring you misery and suffering.

Money transfers through mobile apps don’t represent anything new, and the only issue is which service to use for such a task. Today, we’re here to speak about Zelle, meaning a safe, fast, and easy way to send money directly from one bank account to another in the US. All you need is a few minutes for a transaction to be finalized, and perhaps the best part is that there are no errands involved when it comes to sending or receiving money through the app.

But despite Zelle’s strong advantages, you may still not like it, as it’s impossible to please everyone in life, regardless of how much you try. That’s why you should definitely keep a few alternative apps in mind if you’re interested in sending or receiving money through a mobile app and if you live in Canada.

Scotiabank’s e-Transfer

Scotiabank is one of the major Canadian banks, and it stands out for providing its own e-Transfer service. Those willing to send money in a secure way can use their mobile app. If, on the other hand, you’re the kind of person who’s hesitant to install new software on your phone, you need to know that there’s also the option to opt for an online banking platform. Scotiabank’s e-Transfer is usually used by the bank’s clients due to the seamless integration with Scotiabank accounts.

Square Cash

Square Cash, which is commonly known simply as Cash App, is also pretty popular in Canada despite being more prevalent in the US. Users are able to send and receive money through this service very easily. Cash App is also very user-friendly, as those who decide to use the software won’t get caught in difficult situations too often, not knowing how to proceed. Cash App also has some interesting features beyond simple money transfers, and it’s also involved in cryptocurrency. That’s right, you can use the app to buy Bitcoin. You can even use it to invest in stocks.

PayPal

PayPal is a globally recognized digital wallet and also a highly potent money transfer platform. The service is also widely used in Canada when it comes to online transactions. Users are free to connect their bank accounts or credit cards to send money to those they want, such as friends, family, or an annoying and persistent acquaintance. Of course, they can also make online purchases using PayPal.

PayPal also has its own dedicated mobile app that users can enjoy for convenient on-the-go transactions.

Revolut

Revolut has also received a lot of love in recent years due to its outstanding services. We’re talking about a financial tech company that has a range of banking services to offer, and money transfers are also included. It’s not a traditional bank, that’s true, but users are free to create an account with Revolut and benefit from its features, such as international money transfers with competitive exchange rates. Those who make international transactions and like to travel are the most common users of Revolut.

Zelle even allows its users to send money to their friends or loved ones who live abroad, which is why millions of people enjoy using the app. They can send money fast and without headaches, but once again, knowing a few alternatives as an ace up your sleeve can always be a plus.

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Finance News

Does Money Buy Happiness?

One of the most popular cliché quotes has to be “Money doesn’t buy happiness.” It’s a quote you may hear from many people, and it’s easy to see why this quote is floated around. There are cases where the richest people are depressed are unsatisfied with life, while someone who lives a humble lifestyle is happy.

However, there is no doubting that having money is good for your mental health. Here are a few ways having money can help improve your mental health.

Peace of Mind

There is nothing more peaceful than having less worries. And one of the biggest worries someone has is being hit with an unexpected bill and not having the means to pay for it. By having money in the bank, it does give you that mental tranquility that does help you. Proper money management can help anyone on any budget save some money, so try it and see what a difference it makes.

New Experiences

One of the best ways you can stimulate your mind is to have new experiences. If you have the money to do so, traveling can help open your mind to many new experiences and make you happy as a result. You don’t need to travel far if you don’t have the budget, either. Traveling to the next town over may be something you can consider.

Investment

If you have money, you can make investments and open up a business of your dreams. This will allow you to grow as a person and it can give you an incentive to take risks. Having less money means fewer chances of taking risks, which does not stimulate the mind whatsoever.

It Provides for the Family

If you have children you want them to be the best they can be. Having money means your children are well-off and prepared for the future. Not just for their college funds or to buy them a video game, but because you know that if something happens, they are safe. If you feel like you’re not really bonding with kids though, go here for some great activities you can do with them.

It Gives You Extra Time

Some people are overworked. They have to spend time mowing the lawn, taking care of the kids, and other chores outside of work. Money allows you to pay people to do these things for you, allowing you to do the things you want to.

You Don’t Need That Much to Reach Happiness

You may think you need to be a millionaire to reach happiness, but studies have shown that this is not the case. The amount of money you need to be happy averages at $75,000 a year. For some, it may be higher or lower depending on location, but if you have about that much, you are happy with life.  If you have more, there may be less correlation with money and happiness.

Of course, for many, reaching that goal is still far away. Especially if you are working at a dead-end job that doesn’t pay you enough. Luckily, there is hope, and that hope comes from

Seeking Help

If you are stuck in a job that is not ideal, or you just want to learn how you can manage your money better, there is no shame in talking to a counselor to help you. Sites such as Regain provide online counseling on your own terms and there is a counselor for every budget.

Paying for a counselor may sound counterproductive, but the knowledge you can learn can help you get a better job, manage your money better, and prepare you for the future. Try it out and see what we mean. Chances are, you can save and make more money, and thus be happier than ever.

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Finance News

How to Save Up Some Money and Invest

Before the Internet, you needed thousands of dollars to make an investment that would generate a decent return. But the Internet and smartphones have made it much easier for anyone to invest, even if you only have a small budget.

An app like Acorns, for example, rounds up the purchases you make with your credit or debit cards and invests that spare change for you. Sounds interesting? Read more about it in this Acorns app review. It suffices to say that today, there are plenty of ways to save and invest your money.

However, statistics show that saving is not as simple as it seems (let alone investing). Apparently, 65% of Americans save little or nothing, and 50% of Americans could end up struggling in retirement.

Even if you live from paycheck to paycheck, there are ways to save up some money. And it starts with the right mindset.

Change Your Thinking

First of all, you need to believe there is plenty of money to go round for everyone. Anything that you want is abundantly available if you give it time and dedicate yourself properly. When you move from thinking that everything is scarce and hard to get by, to thinking everything is abundant and available, opportunities will present themselves.

In terms of saving, the key is to start small. In the beginning, start with $10 a week. Put it in an envelope, shoebox, safe, or the good old-fashioned cookie jar. Or an online savings account. That $10 a week will amount to over $500 a year.

When you feel comfortable, slowly increase that the money you want to save. Could you make it $15? Try $15 for a few weeks. Make it a habit to regularly put some money away every week.

Invest Your Money

Once you feel you have enough money saved up and you have a rainy-day fund to cover sudden expenses, you can look to invest some of your saved money.

If you have any debt, your number one priority should be to pay off that debt first. This is particularly the case if your interest rates are double digits. You won’t find an investment that can consistently perform better than the interest rates of your debt, so pay off your debt first.

But if you don’t have any debt, a great way to invest is in your employer’s retirement plan. Again, start small. Invest 1% of your salary, to begin with. Then slowly increase that percentage. The tax deduction will make your required contribution even smaller!

Otherwise, you could look to invest in US Treasury securities. Although they certainly won’t make you rich, it’s a great place to park your money and earn a bit of interest. Some US treasury securities are also protected against inflation.

And once you feel you’re ready, you can invest your money in stocks, bonds, collectibles, commodities, and more. They’re higher risk, but they produce a higher return too. Educate yourself and step into a world where instead of working for money, your money will be working for you.

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