Author: Em Norton

Being a renter can be frustrating, especially in a city like Toronto, where rent prices increased significantly over the past five years.

That being said, a December 2024 report from Rentals.ca found that rents declined 9.4% annually in Toronto for apartment and condo listings, revealing a glimmer of hope for those looking to relocate to or within the city.

For Torontians looking to move, this is great news. But, while the stats are enticing, it’s important to take a look for yourself and see what’s out there. Lucky for me, this big drop in rent prices coincided with my own apartment hunt, so I was able to get up close and personal with the current renter’s market before I signed a lease.

Average Toronto rent prices

As of February 2025, the average asking rent in Toronto for a one bedroom apartment was $2,370, $3,081 for two bedrooms and $3,633 for three bedrooms, according to Rentals.ca.

The past month, I’ve been on the hunt for a two bedroom apartment, so my personal experience exploring the market is shaped by those parameters.

Rents have gone down, but what kind of places are actually out there?

In looking for a new apartment to call home, I attended at least 20 showings. Among them there were definite no’s, plenty of maybe’s and a handful of yes’ worth applying for. The places I viewed ranged from as low as $2,400/month and as high as $3,000/month. Their prices varied depending on size, location, number of bathrooms, utilities and non-essential features, like balconies.

Here are some standout things I noticed (both positive and negative) while looking for an apartment in Toronto:

There are hidden costs

While some apartments seemed pretty affordable up front, there was more than meets the eye in terms of the asking rent price in the listing. When I went to view some units on the lower end of the price spectrum, I was met with additional costs that were not mentioned in the listing. Sometimes this would include utilities that weren’t included in the rent price, coin laundry fees and internet. One unit I saw charged $65/month for an in unit laundry machine, which made the place an immediate no for me.

If you’re looking to rent a parking spot, this is typically another additional fee for the units that have them. While one apartment I saw included a garage parking spot free of charge, most that had available parking spots charged $80 to $150/month for them. Even if you opt for street parking, you’ll be paying around $30/month for it, so it’s worth keeping that in mind when determining your budget for a new apartment.

Having outdoor space is a real possibility

Green space is certainly not the first thing you think of when you envision living in Toronto. That being said, many of the units I viewed did have some sort of outdoor space available — though it was more grey than green.

Whether it be a shared backyard with other units, a porch or a balcony, it is possible to find a space to enjoy fresh air in a Toronto apartment.

You can’t always trust photos

The photos in apartment listings are varied. Some are likely professionally done, and others are definitely not. That being said, it is often worth it to check out the places that don’t have the best photos — so long as their description and price is right for you — as you truly can’t know what to expect until you see the place. Many blurrily-photographed places ended up being top contenders in my apartment hunt, and some that looked nice online turned out to be quite dingy.

More square footage isn’t always better

Having ample space in your apartment is ideal, but it’s worth noting that sometimes the higher square footage may be due to an unconventional layout. For instance, I saw a lovely apartment that was great on paper, but had no storage space and its only bathroom was in a windowless basement corner. Unfortunately, the pretty stained glass windows and cute front porch weren’t enough for it to be worth it.

Getting an edge as a renter

With all these factors in mind, I was able to find an apartment that was the right fit for me. And after going through this process, I’ve also come to gain some insight on what it takes to have an edge as a prospective tenant.

Be ready to apply

Most apartment applications require the same basic components — a credit report, job letter, references (both from personal connections and prior landlords) and proof of income, like a payslip.

When you are ready to start applying for apartment rentals, it’s best to have everything prepared so you can be first in line for units that you’re interested in.

See as many places as possible

While it is a tiring process, seeing as many places as possible can help you have a better idea of what types of units are out there, and what you can use as leverage for places you’re interested in.

Practice your negotiation skills

In an interview with CBC, Errol Paulicpulle, a real estate agent with Harvey Kalles Real Estate, shared that there are more rental properties available than there were a year ago. With that in mind, renters are not holding back from negotiating when making offers on apartments, so you should definitely consider amping up your negotiation skills to ready yourself when making an offer.

Paulicpulle told CBC: “The tenants who are moving in are asking for more things … Both sides have sensed that there’s a change in the market. The tenants have sensed that they have a bit more leverage and most of the landlords have sensed that they need to be a little more flexible."

I was able to knock $150 off the asking price for the apartment I just signed a lease on, and it didn’t take much haggling.

Know your rights

Above all else, knowing your rights as a tenant is one of the best ways you can be prepared when looking for an apartment. This can save you a lot of strife down the line and ensure you have a keen understanding of what is legal when it comes to the state of the apartment you want to rent, the details of the lease and future rent increases. Consider brushing up on the Ontario Residential Tenancies Act so you can be prepared to stand up for yourself as a renter.

It’s a renter’s market, so find what’s best for you as a renter

If you’re a renter in Toronto, now is the time to take advantage of lower rents and find the best unit for you. Who knows, maybe you can negotiate a lower price and tuck the money you save on rent into savings to buy a home in the future.

Sources

1. Rentals.ca: December 2024 Rentals.ca Rent Report (Jan 13, 2025)

2. Rentals.ca: March 2025 Rentals.ca Rent Report

3. CBC: Rents dropping for apartments and condos in Toronto, experts say (Jan 6, 2025)

4. Government of Ontario: Residential Tenancies Act

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Being a renter can be frustrating, especially in a city like Toronto, where rent prices increased significantly over the past five years.

That being said, a December 2024 report from Rentals.ca found that rents declined 9.4% annually in Toronto for apartment and condo listings, revealing a glimmer of hope for those looking to relocate to or within the city.

For Torontians looking to move, this is great news. But, while the stats are enticing, it’s important to take a look for yourself and see what’s out there. Lucky for me, this big drop in rent prices coincided with my own apartment hunt, so I was able to get up close and personal with the current renter’s market before I signed a lease.

Average Toronto rent prices

As of February 2025, the average asking rent in Toronto for a one bedroom apartment was $2,370, $3,081 for two bedrooms and $3,633 for three bedrooms, according to Rentals.ca.

The past month, I’ve been on the hunt for a two bedroom apartment, so my personal experience exploring the market is shaped by those parameters.

Rents have gone down, but what kind of places are actually out there?

In looking for a new apartment to call home, I attended at least 20 showings. Among them there were definite no’s, plenty of maybe’s and a handful of yes’ worth applying for. The places I viewed ranged from as low as $2,400/month and as high as $3,000/month. Their prices varied depending on size, location, number of bathrooms, utilities and non-essential features, like balconies.

Here are some standout things I noticed (both positive and negative) while looking for an apartment in Toronto:

There are hidden costs

While some apartments seemed pretty affordable up front, there was more than meets the eye in terms of the asking rent price in the listing. When I went to view some units on the lower end of the price spectrum, I was met with additional costs that were not mentioned in the listing. Sometimes this would include utilities that weren’t included in the rent price, coin laundry fees and internet. One unit I saw charged $65/month for an in unit laundry machine, which made the place an immediate no for me.

If you’re looking to rent a parking spot, this is typically another additional fee for the units that have them. While one apartment I saw included a garage parking spot free of charge, most that had available parking spots charged $80 to $150/month for them. Even if you opt for street parking, you’ll be paying around $30/month for it, so it’s worth keeping that in mind when determining your budget for a new apartment.

Having outdoor space is a real possibility

Green space is certainly not the first thing you think of when you envision living in Toronto. That being said, many of the units I viewed did have some sort of outdoor space available — though it was more grey than green.

Whether it be a shared backyard with other units, a porch or a balcony, it is possible to find a space to enjoy fresh air in a Toronto apartment.

You can’t always trust photos

The photos in apartment listings are varied. Some are likely professionally done, and others are definitely not. That being said, it is often worth it to check out the places that don’t have the best photos — so long as their description and price is right for you — as you truly can’t know what to expect until you see the place. Many blurrily-photographed places ended up being top contenders in my apartment hunt, and some that looked nice online turned out to be quite dingy.

More square footage isn’t always better

Having ample space in your apartment is ideal, but it’s worth noting that sometimes the higher square footage may be due to an unconventional layout. For instance, I saw a lovely apartment that was great on paper, but had no storage space and its only bathroom was in a windowless basement corner. Unfortunately, the pretty stained glass windows and cute front porch weren’t enough for it to be worth it.

Getting an edge as a renter

With all these factors in mind, I was able to find an apartment that was the right fit for me. And after going through this process, I’ve also come to gain some insight on what it takes to have an edge as a prospective tenant.

Be ready to apply

Most apartment applications require the same basic components — a credit report, job letter, references (both from personal connections and prior landlords) and proof of income, like a payslip.

When you are ready to start applying for apartment rentals, it’s best to have everything prepared so you can be first in line for units that you’re interested in.

See as many places as possible

While it is a tiring process, seeing as many places as possible can help you have a better idea of what types of units are out there, and what you can use as leverage for places you’re interested in.

Practice your negotiation skills

In an interview with CBC, Errol Paulicpulle, a real estate agent with Harvey Kalles Real Estate, shared that there are more rental properties available than there were a year ago. With that in mind, renters are not holding back from negotiating when making offers on apartments, so you should definitely consider amping up your negotiation skills to ready yourself when making an offer.

Paulicpulle told CBC: “The tenants who are moving in are asking for more things … Both sides have sensed that there’s a change in the market. The tenants have sensed that they have a bit more leverage and most of the landlords have sensed that they need to be a little more flexible."

I was able to knock $150 off the asking price for the apartment I just signed a lease on, and it didn’t take much haggling.

Know your rights

Above all else, knowing your rights as a tenant is one of the best ways you can be prepared when looking for an apartment. This can save you a lot of strife down the line and ensure you have a keen understanding of what is legal when it comes to the state of the apartment you want to rent, the details of the lease and future rent increases. Consider brushing up on the Ontario Residential Tenancies Act so you can be prepared to stand up for yourself as a renter.

It’s a renter’s market, so find what’s best for you as a renter

If you’re a renter in Toronto, now is the time to take advantage of lower rents and find the best unit for you. Who knows, maybe you can negotiate a lower price and tuck the money you save on rent into savings to buy a home in the future.

Sources

1. Rentals.ca: December 2024 Rentals.ca Rent Report (Jan 13, 2025)

2. Rentals.ca: March 2025 Rentals.ca Rent Report

3. CBC: Rents dropping for apartments and condos in Toronto, experts say (Jan 6, 2025)

4. Government of Ontario: Residential Tenancies Act

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are 5 credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are 5 credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are 5 credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Signing the lease for a new apartment is an exciting experience. But, the financial implications of furnishing an apartment can be overwhelming.

According to Furniture Bank — a Toronto-based social enterprise that re-homes furniture to those in need — the average cost to furnish a one bedroom apartment is $8,353. Now that, plus the cost of first and last month’s rent and a security deposit, is a lot to fork over.

While furniture is going to be a bit costly regardless, there are still ways you can furnish your new apartment without totally breaking the bank and still making it feel like home. Here are three ways you can furnish a new place (methods I’ve used myself) and keep the cost to a minimum.

Buy secondhand

While it can be nice to buy brand new furniture, if you’re on a budget, shopping secondhand is a great way to be able to affordably furnish a new place. The best part is, you can find practically everything you need for a new apartment secondhand.

I’d recommend checking out local thrift stores or online resale platforms to find what you need. My personal favourite to use is Facebook Marketplace. I’ve been able to find a used sectional in great condition for half its retail price, a solid wood refurbished dresser for $100, and more.

Take your time

Furnishing your new place doesn’t have to be a mad dash. While it’s nice to make a new apartment feel like home as soon as possible, rushing the process might lead to impulse purchases and wasted money.

The more time you take to curate your home’s furniture, the more time you have to find pieces you truly want and space out your spending to avoid maxing out your credit card. If necessary, you can buy cheaper alternatives in the interim to keep the place functional while you seek out your ideal furniture. This cheaper piece may be purchased secondhand or even from IKEA, which specializes in more affordable furniture options.

Start an apartment fund ASAP

The sooner you save money for a move, the better as it’ll make it easier for you to furnish your new place without the financial pressure.

Prior to moving, you might want to consider opening up a TFSA to put aside money for your move. A TFSA is a great option for saving for short term goals (like furnishing an apartment) so when the time comes you’re equipped to start making your new place feel like home.

Sources

1. Furniture Bank: How much does furniture cost for a new apartment?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are 5 credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

One in five Americans over the age of 50 have no retirement savings, according to a survey by the AARP.

And even if you have something tucked away, it may not be enough — though that is something you can change even late in the game.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

According to The Federal Reserve, the median retirement savings for households with members between ages 55 and 64 is around $185,000 – likely not enough for a comfortable retirement.

It’s never too late to ramp up your retirement savings — so here are four tips to secure your nest egg.

Review your investing strategy with a pro

You don’t have to navigate your retirement savings alone. People who work with financial advisors see a 3% increase in net returns, according to a report from Vanguard.

There are free online services that are designed to match you with experienced financial advisors who can assess your financial situation and tell you if you’re on the right track for retirement.

Advisor.com, for example, is an online platform that simplifies the process of finding a financial advisor you can trust. They match you with several vetted fiduciary advisors who are evaluated based on their credentials, education, experience and pricing.

How it works

Three easy steps to get matched with a financial advisor.

• Step 1: Answer a few quick questions about yourself and what you would like help with.

• Step 2: Advisor.com will match you with a vetted advisor who can provide you with a personalized plan to meet your financial goals.

• Step 3: Book a free, no-obligation consultation to confirm if your match is right for you.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Protect your retirement fund with a gold IRA

With the economy in such a volatile state amid high inflation and stock market uncertainty, your 401(k) or IRA — and your retirement itself — could be at risk.

A Gold IRA is a great alternative to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power since 1971, gold’s purchasing power tends to remain stable over time.

Gold is regarded as a hedge against inflation for a simple reason: It can’t be printed out of thin air like fiat money.

The enthusiasm of investors has indeed propelled the price of gold to record levels with the precious metal recently surging past the $2,700 per ounce mark.

So what better asset to help bolster your retirement savings?

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

Automatically invest your spare change

You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.

Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you.

Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

Plus, if you sign up now, you can get a $20 bonus investment.

Find additional sources of passive income

Real estate is an asset class that has historically been reserved for investors with a lot of capital.

You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

What to read next

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.