How to Make Your Money Work For You

You’ve got a steady job, you can pay your bills on time, and maybe you can even start hiding a little bit away into a savings account—but is your savings account really growing? Isn’t there a better way to build your financial health? After all, making money is just the first piece of the puzzle.


For many people, knowing what to do with it afterwards (and how to make their money work for them over the long term) is the greatest challenge of all. Like the riddle of the Sphinx, the answers aren’t always clear cut.


Luckily, you don’t need to be a mythic Greek hero to get to the bottom of successful money management. Making your money work for you is something that anyone can start doing, no matter what your financial situation may be. All you need are the right tools—and we’re here to help you start. Keep reading to see three expert ways to start getting a handle on your financial health and make your money work for you, not against you.


1. Cut down your debt

What’s the first rule of making your money work for you? Simply put: stop spending outside of your means. Whether you have credit card balances, a car loan, student loans, or any other kind of debt, you’re going to be paying high interest rates and fees every step of the way.


And if you’re only making the minimum monthly payments, that debt is compounding by the day. Before you know it, that $300 room at a hotel can turn into $350 or $375—and every little bit counts when it comes to credit card bills.


First, write out exactly how much you owe. This can be a huge step, especially if you’ve been avoiding your credit card statements. Make a list of everything that you have left to pay on your credit cards and loans, and find out what your interest percentages are. It’s important to get a full understanding of where you are at—and even more important to take ownership and acknowledge that debt.


If you use the Snowball Method, you can work on making double payments to your card with the lowest balance first. Then, once it’s paid off, you simply take that amount and apply it to the next card on your list, doubling down on payments until you are free and clear.


You could also consider consolidating your debt, whether it’s combining your student loans, refinancing your mortgage, or getting a payday loan deposited into your account to pay off multiple credit cards at once. You might find that simplifying your finances and taking care of multiple debts in one payment is the best approach for you.


No matter how you decide to approach it, cutting down your debt is the best way to start taking control over your financial health. We’re all tied to our debts in one way or another, it’s not always in our control—but once you start taking care of the things you can control, you’ll start to find that life becoming that much easier (and less stressful).

2. Start using a budget

One of the best ways to ensure that every dollar is truly maximized is to give every single dollar—and yes, we’re talking about those spare loonies and toonies, too—a specific purpose. Budgeting is all about retraining the way that you look at your daily spending habits. Over time, being mindful about how much you are spending and where you are spending will help you start to see your money in a whole new light.

Sign up for a budgeting app

There are plenty of ways to make creating a budget (and sticking to it) as painless as possible. If you like the thought of having your budget at your fingertips, 24/7, you might consider signing up for a budgeting app.


Apps will keep track of each bank transaction and assign it into categories like Groceries, Entertainment, Restaurants, Bills, and more. Since they sync up automatically to your bank account, it’s a good way to start categorizing your spending habits and get a good picture of your financial health with fun tools like graphs, charts, summaries and push notification reminders when you are exceeding your monthly budget in a specific category.

Use the 50/20/30 rule

You may have heard of the 50/20/30 rule before: it’s a tried and true method for organizing personal finances that is widely recommended by financial experts. The main idea behind the 50/20/30 rule is that you separate out each paycheque into percentiles: 50 percent, 20 percent and 30 percent pieces. From there, each piece has its own assigned purpose:



  • 50% goes to Necessities


Take half of your paycheque and put it to the things that you absolutely, positively, without a doubt need to spend money on. Your necessities might not be the same as your neighbor’s, but generally speaking, everyone falls into at least the same breadth of categories.

Necessities apply to things like buying food, mortgage or rent payments, and any minimum payments that you need to make to debit on student loans, credit cards, or car loans.

  • 20% goes to Savings
    Split 20 percent of your paycheque into boosting your financial health. This chunk of money belongs to things like a retirement account, building your emergency savings fund, or making extra payments on your credit card.The key to making this part work for you is treating savings as a non-negotiable, just like filling up your cart at the grocery store. Once you get into the mindset of assigning 20 percent of your paycheque away towards saving and paying down debt, you’ll be much more likely to follow through.
  • 30% goes to Wants
    This is the fun part of living by the 50/20/30 rule: you get to put a whole 30 percent of your paycheque towards fun things. Wants include going out to eat, your Netflix subscription, buying a new pair of shoes, a cocktail night with your friends and more.

Once you start getting used to splitting your income into Necessities, Savings, and Wants, you might find that your percentages have been completely out of whack—like blowing half your paycheque on a weekend trip with friends, or going to restaurants every night instead of the grocery store (we’re all guilty).


Learning how to make your money work for you is all about finding the approach that works best for your lifestyle—and the 50/20/30 rule is about as simple and straightforward as they come, making it a great solution to anyone who feels overwhelmed just by the thought of managing their money.



3. Invest, invest, invest!

Now that you’ve got a little bit of savings under your belt, it’s time to start making passive income. This is the ultimate way of making your money work for you, because it requires almost zero effort on your part! Investing is a great way to ensure that your money is always put to work, even at 3 A.M. when you are fast asleep (except for the night owls, but hey, the point still stands).

Make a Change

There are plenty of ways that you can start investing, but here are two of the most common:

Pension Plans

Find out if your employer offers a pension plan. If they do, you might want to think about enrolling. You can start putting money towards your retirement while getting a little bit of free money from your employer—and let’s be honest, that type of opportunity doesn’t come around often!


A pension plan is super simple. You decide how much you will contribute each pay cheque, and a portion of your pre-tax earnings will be sent to your RRSP, or retirement savings account. Then, your employer uses that amount as a basis to determine how much they will contribute. The amount is different for everyone, but usually employers will pledge to match a certain percentage of the amount you put away each year.

Build a portfolio

The stock market can be a complicated beast if you aren’t familiar with it. Creating a portfolio of investments might feel overwhelming if your day job isn’t being a stock broker—but luckily, there are tons of companies out there that make investing accessible and easy.


Finding the right company or financial planner makes it easy to manage your savings and investments, and can help you plan for retirement, purchasing a home, paying for your children’s college education, and even your dream vacation. Be sure to read online reviews to be sure they’re a great fit.


If you prefer to do it yourself, you can start looking into a collection of low-cost index funds to help you start building your passive income. You’ll pay a 0.25 percent annual fee—but for the ability to grow your finances without lifting a finger, the cost could be well worth it.


Investing apps could also be an option. Something like Acorns takes a slightly different approach to investing—instead of putting large amounts away into an investment portfolio, this app rounds up all of your debit card spending and puts the leftover change into the stock market. It’s a great way to automate your savings and start learning how investments work without putting a ton of thought into the process.


If those options seem overwhelming, you can even choose to set automatic weekly deposits into a high interest savings account at your local bank. Having even a small amount of interest earnings per month could really add up.


At My Canada Payday, we are proud to be one of the country’s leading payday lenders. Helping our customers get back on their feet and learn smart financial habits is our passion, and our 5-star customer reviews prove it! Call (604-630-4783) or email ( us at any time to get in touch with our support team and find out why Canadians across the country are choosing My Canada Payday for their payday loans!

Does Saving Money Really Work ?

Simply put, saving money is hard. Just meeting your monthly bills can be challenging enough, and it’s tempting to put extra cash towards fun things, like a day out with friends or an impromptu date night. Getting into a consistent habit of saving takes dedication and it can certainly be stressful if you’re already tight on budget.


Even if you can only put away small amounts each week, is all of that effort and frustration worth it? Does saving money really work? The short answer is that yes, saving money works! And you don’t have to be putting away thousands of dollars at a time in order to see the benefits.


If you want to be able to afford that new car you’ve been eyeing, finally take the vacation you’ve been planning, start planning for retirement (and you should, because we all know that retirement isn’t always a given these days), or just get a little bit of breathing room for emergency expenses, you’re going to have to start saving.


If you’re feeling overwhelmed already, don’t despair: starting good saving habits can be super simple. In fact, keeping it simple is the best way to ensure success. Once you find your own personal way to start, there’s no limit to the ways that you can see this pay off (literally)! See below for a list of our favorite ways that you can start saving money today.


1. Cut down on your subscriptions.

Online streaming services are great—but when you’re trying to save money, it’s time to re-evaluate and see which ones you are using the most. Services like Netflix, Hulu, and HBO can range from $5.99 per month to $16.99 per month on their own. If you have more than one, you could have a high bill on your hands!


Take a good, hard look at the way that you are using your subscription services. If you only log on a few times a month, it might be worth it to cancel temporarily. Think $16.99 a month doesn’t sound like a lot? Over a year, cutting that subscription cost could save you over $200—and you can put that right in the bank, instead of having it sit unused on your TV.


If you have one that you just can’t let go of, consider signing up for free trials using each email address you have. It’s a hack that won’t last forever, but it could get you through a couple of months of free binge-watching (which could be a life-saver in the winter).

2. Minimize your monthly bills.

We all have the monthly costs that we can’t remove, like rent or mortgage payments, electric and heating, internet and phone bills, car insurance—the list goes on. The good news is that you can take steps to minimize them and keep them under control while you are saving.


  • Rent/mortgage—This is a big one: if your rent or mortgage is overwhelming and is stopping you from saving, you’re going to need to make some changes. Moving isn’t always an option, but you may be able to bring on a roommate as a means to cut down on costs. You could also refinance your mortgage or consider creating a listing on AirBnB a few times a month to bring in some extra cash.
  • Internet and phone bills—Let’s face it, communications companies love selling us on their highest possible speed and data plans. Look closely at your monthly bills to find opportunities to downsize. Switching your internet speed or downgrading your data could be a great way to minimize your monthly living expenses.
  • Car insurance—It’s not always easy to think about switching car insurance companies, especially if you have been with them for a long time. Car insurance premiums vary across provinces and depend on a variety of factors, but shopping around for a better rates could help cut down your monthly and yearly costs.
  • Heating and cooling—While not always the most comfortable of options (especially in our harsh Canadian winters), you do have a lot of control over how much you spend on your utilities. In the winter, adjust the thermostat a few degrees and layer up with blankets and sweatshirts. During the summer, use box fans or choose to adjust the A/C at night when it is naturally cooler. There are plenty of creative ways to decrease spending on utilities, so do what works best for you!

3. Spend time with friends at free events.

Think about how much you spend on an average weekend with friends. It’s so easy to make spending time with friends into an expensive outing. Whether you’re going out to brunch, meeting for dinner, or enjoying a few Saturday night drinks, the costs can quickly add up.


Instead, start boosting your saving power by getting together for free or low-cost events. It’s a great way to get out and explore your local surroundings, find something new and interesting to do, and maybe even get outside to a local park, hiking trail, or farmers market.


Many local communities have a calendar of free events happening in the area, so check online to see what your city offers (and don’t forget to sign up for newsletters or alerts when something new is added)!

4. Keep yourself accountable.

Everyone has their own unique style and needs when it comes to saving, but finding a way to hold yourself accountable can help train your brain to start thinking like a master saver. There are plenty of approaches that you could take to this, but here are a few ideas:


  • Write down your savings goals and keep them somewhere visible so that you see them multiple times throughout the day. Tape them to your bathroom mirror, keep them in your wallet, or leave a note on your fridge to keep saving top of mind.
  • Make your plan as specific as possible. Break your savings down into smaller steps and set mini milestone goals for each. (This is super helpful for long-term goals, since they often feel out of reach.)
  • Talk about your savings goals with friends and family members. Saving is a great goal to have, and you don’t have to keep it to yourself! Don’t be afraid to share your goals with others—they might have some great tips for you, and at the very least, they’ll offer support and encouragement.
  • Enroll in a budgeting app, like Mint to help you track your progress in real time.
  • Use free budget spreadsheets to get hands-on with managing your finances.


Saving money can be challenging, but even taking small steps can have a big payoff in the end! Of course, sometimes the hardest part is getting a handle on your current financial situation. If you want a boost to consolidate some debt before you begin saving, you might benefit from a payday loan. My Canada Payday is proud to be one of the top lenders in the country, and we love helping our customers achieve their financial goals. Call us (604-630-4783) or send an email ( to learn more about our lending process.


Are Payday Loans Quick to Process?

Chances are, if you’re thinking about getting a payday loan, you need money as quickly as possible. Every second spent waiting for a loan to be accepted and processed is a second closer to an overdraft fee, a bounced check, late rent payment, cancelled utility service—the list goes on!

Time is often essential when it comes to your personal finances, which is why so many Canadians tend to opt for payday loans. Payday loans are the best way to get money quickly—in fact, it’s what they are most commonly known for.

Whether you call it a payday loan, a cash advance, or a short-term loan, the basic goal is the same: to get access to funds as quickly as possible.

But just how quick are payday loans? How much time are you really going to spend filling out an application and waiting for a lender to decide whether you are approved?

In the sections below, we’ll take a look at the payday lending process to show you exactly what you can expect—and how fast you can expect a payday loan to really be.

Are Payday Loans Quick to Process ?

First Things First: What is a Payday Loan?

Before we dive into the step-by-step process of getting a payday loan, let’s talk basics. What is a payday loan? A payday loan is a simple, short-term loan that is designed to last from one paycheque to the next, usually in 30-day increments. All payday lenders are different, but most will let you borrow in amounts starting at $100 to as much as $1,500.

There are plenty of reasons that people choose to take out a payday loan, but here are some of the most common:

  • Because their credit score is too low to qualify for a traditional bank or credit union loan
  • Because they don’t meet income requirements for another lender
  • Because their bank account is running low between paycheques
  • Because they need to cover an urgent, last-minute expense

And finally, the most popular reason to choose a payday loan is to get access to funds as quickly as possible. Payday loans let you skip the hassle of filling out long applications and waiting days to hear back on an approval, making for a seamless borrowing process.

Payday Lending Process: Step By Step

Just like banks and credit unions, payday lenders are not created equal, and all have different processes and requirements. Some payday lenders may ask borrowers for additional information, such as whether you are a homeowner or a renter, or require that you fax additional verification of employment and income before getting a payday loan.

However, there are some common threads among payday lenders that make payday loans the quickest options for borrowers that need cash right away. Here’s the general process:

1. Apply online

Payday lenders offer an entirely online application process, meaning you can apply for a loan from anywhere you have an internet connection. Whether it’s from the couch corner, your favorite coffee shop, or sitting in traffic, payday lenders make it easy to apply.

Even better, applications can be filled out in 15 minutes or less, fitting nicely into even the most hectic of schedules. Say goodbye to scheduling time to sit in a stuffy office and talking with a loan officer—with an online application, you can get a loan completely on your time.

2. Get approved

Approval for a payday loan can be granted within minutes of submitting your application, erasing all of the stress and anxiety that comes with sitting and wondering whether you will be approved. You’ll get an email notifying you of your approval, which will take you to a loan agreement and all of the repayment details.

Why Do People Use Payday Loans?

Anyone with a bank account knows the drill—after so many days of positive banking history, you’re going to start getting bombarded by letters and emails to sign up for their newest lending products. We’ve all seen the same headlines: Get a low-interest business loan today! Sign up for our credit card with zero percent interest for six months! 

With so many ways to get a loan, why do people use payday loans? Why not just go to your bank or credit union and apply for a loan or a line of credit? Well, there are plenty of reasons that Canadians choose to get a payday loan instead—and there are even more ways to use a payday loan than you might think.

In the sections below, we’ll look at a few of the reasons why people use payday loans instead of traditional banks or credit unions. We’ll also show you some of the most common ways that borrowers put their payday loans to good use to help you determine if payday loans are right for you.

Here for the money, honey

Personal Loans vs. Payday Loans: What’s the Difference?

Before you run down to your local bank and start filling out paperwork, you should know the difference between bank loans (personal loans) and payday loans. Many times, people use payday loans simply because they make more sense for their financial health and their needs. Here are a few of the key differences between personal loans and payday loans:

Credit scores

Getting a personal loan from a bank often mean meeting high credit score requirements. Banks consider average credit scores to fall between 620-679. If your credit score is lower than 620—or if you have no credit history—you could be denied a loan (or suffer high long-term interest rates as a result).

Payday lenders often have much more relaxed requirements when it comes to credit scores. Although your credit score can still determine the type of interest rate you get, you won’t be denied a loan purely from your credit history. In fact, using a payday loan as a means to build your credit is one of the many reasons Canadians choose to take out their loan in the first place (but more on that later).

Eligibility requirements

Along with credit scores, banks and credit unions may have certain eligibility requirements to meet before you are eligible for a personal loan. All lenders are different, but some of the most common criteria include:

  • Duration of banking history
  • Proof of past lending experience
  • Annual income
  • Tax information, mortgage statements, rent statements, etc.

And of course, credit unions have their own unique requirements for membership, which typically include specific employment or residency. If you aren’t already a member of a credit union, you’ll have to find one to join—and make sure you meet their criteria.

Payday lenders are well-known for their relaxed eligibility requirements, making short-term loans much more accessible. The best payday lenders in Canada will keep it simple, with eligibility requirements like:

  • At least 60 days of banking history
  • Proof of regular income
  • Being at least 18 years of age

Loan amount

Personal loans can be awarded in high amounts, depending on your credit score and borrowing history. In some cases, you could be awarded up to $50,000 or more. Of course, personal loans are naturally set up to be long-term loans—so while you may end up with smaller monthly payments, you’ll be paying more interest over the total life of the loan.

If you need a smaller influx of cash (somewhere between $100 to $1,500) and only want to borrow for a month or two, a personal loan from a bank may not be the right choice. Payday loans are a great option to pay for smaller emergency expenses or to temporarily cover recurring bills like rent, electric, car payments, and more.

Loan type

Borrowers with higher credit scores will win on this one, as they will likely qualify for a standard, unsecured loan. Borrowers with lower credit scores, however, may need to opt for a secured loan. That means a lending officer will require collateral in return (like your car title, or your house, in the case of a mortgage). Missing payments could put you in jeopardy of losing whatever you listed as collateral as a result.

Payday loans, on the other hand, are unsecured loans. That means a payday lender won’t require that you attach something of value to back up your loan—which means you get to keep your favorite things right at home where they belong, safe and sound.

Loan applications and processing time

While most banks and credit unions will offer an online application process for a personal loan, they don’t always give applicants the benefit of a quick decision. The review process alone can be anywhere between a day or two to a couple of weeks. If you’re waiting up to two weeks for a decision alone, it’s anyone’s guess as to when that money will actually appear in your account.

For those times where you need to count on a quick decision, payday loans are your best bet. Payday lenders offer approval within minutes, and can deliver funds in less than an hour after approval. Even better, payday lenders provide easy online applications and processing that be completed start to finish anywhere on the go—even from your phone!

Woman On Phone

What Can You Use A Payday Loan For?

Because payday loans are both fast and flexible, there are plenty of ways to use them. Here are some of the ways that Canadians across the country have used payday loans:

  • Covering emergency expenses, like car or home repairs
  • Emergency tech difficulties, such as replacing a broken laptop or a lost phone
  • Getting a little extra breathing room from one paycheque to the next
  • Paying monthly bills, such as rent, mortgage, electric, gas, internet, etc.
  • Consolidating other debts to pay them off in a short period of time
  • Financing an unexpected trip or vacation
  • Establishing a good lending history
  • Boosting credit scores with on-time loan payments

When it comes to how to use payday loans, the options are endless! After all, there are plenty of times where you may find yourself in need of a little additional cash (and, alas, without a fairy godmother to grant your wish).

Of course, no matter what you use a payday loan for, the best way to utilize short-term loans is to apply them to short-term expenses. Payday loans are an easy way to get access to funds quickly, but they are not designed to be long-term payment solutions. (Here’s where we tell you to not get in a cycle of paying your rent every month with a new payday loan!)

As with any loan, you’ll want to make sure that the borrowed amount and the payments are feasible for your income and your monthly budget. Whether it’s 30 days or 60 days in the future, make sure that your repayment plan sets you up for success without leading to more debt.

When used responsibly, taking out payday loans for one-time, unexpected expenses is a great way to boost your financial health. They can also help you learn key budgeting and borrowing skills to help you keep your wallet—and your bank account—in top shape.

Want to learn more about payday loans and how you can put your loan to good use? My Canada Payday is one of the top payday lenders in Canada, and we love partnering with first-time borrowers and seasoned pros alike.

Cash Advances: How They Work and How They Can Help

Let’s face it: not having cash on hand can be frustrating. Credit card bills, car payments, and rent schedules don’t always line up with our paycheques, leaving us strapped for cash at the last minute. We’ve all been there!


Add in the last-minute expenses like having to replace the brakes in your car, purchasing a new water heater, or—knock on wood—accidentally dropping your phone in the toilet, and you could easily find yourself in a bind.


Saving for emergencies is not as easy as it sounds. In fact, only 25 percent of Canadians have money set aside in a rainy day fund. When an emergency hits and your wallet is light, cash advances are a great way to get access to the funds you need,—especially if you need it quickly.


But what is a cash advance and how does it work? In the sections below, we’ll dive into all of the details of cash advances to help you make the best choice for you—and your wallet.


What is a Cash Advance and How Does it Work?


A cash advance is a short-term loan that has one sole purpose: to get you your money as quickly as possible. Short and sweet, right? Well, there are actually a few subtle differences in how you can get a cash advance (and how this type of loan works). There are two ways that you can get a cash advance:

Get a cash advance through your credit card

These days, most credit cards offer a cash advance option. This lets you borrow against your available credit to get access to funds quickly. If your credit card has a pin attached to it, you can simply go to an ATM and withdraw cash, just like you would with a debit card. If not, you’ll need to find a bank that offers cash advances through your network (Visa, Mastercard, Discover, or American Express).


Using a credit card for a cash advance can be a quick fix to an empty bank account, but there are a few disadvantages to consider before you start opening your wallet:

  • Interest rates
    Credit cards are notorious for high interest rates, and cash advances are no exception. The average credit card APR can be as high as 25 percent, and many cards tack on higher fees for cash advances.

    Of course, if you have high credit scores, your overall APR will likely be lower—but using a credit card for a cash advance isn’t exactly saving you money. While regular purchases don’t start accruing interest until your billing cycle ends, cash advances will start accruing interest immediately. Without a grace period, you’ll have to be prepared to start repaying that loan right away.

  • Extra fees
    Along with high interest rates, you’ll also need to pay a few fees. Every credit card has its own rules and regulations, so there are a couple of different ways you might see fees show up on your monthly bill.
  • Low withdrawal limits
    Even if you have thousands of dollars in available credit (yes, we’re dreaming of that day too), keep in mind that you won’t be able to take out the entirety of your spending limit. Most credit cards limit cash advances to a few hundred dollars—so if you need to cover more than the cost of a good steak dinner, you could be out of luck.


If you only need a couple hundred dollars—and you’re willing to put up with the extra fees and higher interest rates—using a credit card for a cash advance could be a good solution.


But what can you do if you don’t have a credit card, or if you’ve already maxed out your line of credit? And what if you need more than what your credit card will let you borrow? Luckily, there is a second option: payday lenders.

Get a cash advance through a payday lender

Payday lenders offer short-term loans that are borrowed against your next paycheque. In this scenario, your cash advance will need to be repaid when your next paycheque comes in (although some lenders will allow for longer-term loans). Similar to a credit card, taking out a cash advance with a payday lender lets you get money quick, bypassing the long wait times from traditional lenders, like banks or credit unions.


So what’s the difference between getting a cash advance from a payday lender instead of using your line of credit? Here are a few key reasons why using a payday lender might be a better option for you:

  • Online access
    Most payday lenders offer a completely online process. You can fill out an application and get approved on the same day, all while sitting in a coffee shop, waiting for an Uber, or even binge-watching your favorite show. Plus, being able to apply for cash advance loans online means you don’t have to deal with standing in line in a bank or at an ATM—or even worse, scheduling an appointment to speak with a lending officer.
  • 24/7 application and approval
    You can’t predict when you’ll need a quick influx of cash—it could happen at two o’clock in the afternoon or two o’clock in the afternoon. No matter what time of day or night (here’s looking at you, night owls), a cash advance loan through an online lender makes it easy to get the funds you need.

    The best short term loans in Canada will provide instant e-transfers to deliver funds. This means your money is immediately deposited into your account after approval, taking away the stress of constantly refreshing your banking app, wondering when your money will be available.

  • Larger borrowing limits
    Getting a cash advance through a payday lender means having access to larger loan amounts. Payday loans in Canada range from $100 to as much as $1,500, making it easier to cover larger expenses—like when you get a flat tire, or need help covering the rent.


If you have a steady, reliable source of income and can pay back your loan in a short period of time, getting a cash advance through a payday lender is a great option. This process lets you get cash fast without jumping through hoops—which is the last thing you’ll want to do when you’re strapped for cash!