Focused on empowering youth

Are you wondering how much it'll cost to get your own place?

(rhythmic music)

I'll explain it faster than it takes me to repot a plant.

I could win this. I have a green thumb!

Watering a cactus that you got as a gift once a month is not a "green thumb" make.

(grumbling)

(bell dings)

First, make a budget to determine how much you can spend in rent, then visit several different places

and compare prices.

The cost of rent depends on different factors, like the city, the cost of the neighbourhood and

the services nearby.

Next, you'll need some furniture. You don't have to buy all new stuff. Ask your friends and family. Your aunt Tabitha might have a vintage table in her basement that she'd love to give you. For your appliances, check the classifieds. You can often find deals there.

And don't forget, you're gonna have to move all of this stuff to your new place.

So think about setting some money aside for your move.

You can probably take your hat off.

We're in a studio.

Check to see if heat and electricity are included in your rent. If not, ask your landlord if they have an idea of how much you'd have to pay per month.

Each month, you'll also have to pay your mobile, internet, and online subscriptions. Don't forget to include those in your budget.

Now, we really hope this doesn't happen, but if your place gets broken into by a cat burglar, or you're having a self-care night and your bubble bath overflows into your downstairs neighbour's apartment…

(deep breath)

you are gonna be so relieved that you have insurance to protect you.

To figure out the exact cost of your first apartment, you also have to calculate expenses like groceries, pharmacy and cleaning supplies.

Then there are things like Thursday patio nights, personal styling, cardio hip hop, for the glutes, and...

botany classes. If you're a student, think about your tuition fees and school supplies.

The goal here is to be able to have your own apartment without compromising your studies.

To save money, you can get roommates and share rent and living expenses with them.

And that means someone will be home to water your plants when you're not there!

(water gurgling)

(bird chirping)

Oh, you meant me?

(bell dings)

Are you wondering how a credit card works?

(rhythmic music)

I'll explain it in less time than it takes to put together a puzzle.

Uh, where's the lid with the picture on it? I'll explain in less time than it takes

to put together a puzzle without the lid with the picture on it.

Oh come on!

(bell dings)

A credit card is a payment tool that allows you, for example, to buy stuff online. The card issuer gives you a credit limit, and you pay it off later.

You can also use it as a cash advance. That's a cash withdrawal made from your credit card. It can be practical in some instances. Interest on cash advances is higher than on purchases.

And it starts being calculated as soon as you make a withdrawal.

Every month, your bank will send you a statement including your credit card balance, minimum payment amount and a due date. From the moment the statement is issued, you have 21 days to pay off your card.

If you pay off your card in full by the due date, you won't have to pay any interest on your purchases.

However, if you don't pay off the full balance by the due date, the interest will start to accumulate and will be calculated from the date you made your purchase.

Calculating interests can kind of be like putting together a puzzle... A puzzle without the lid with the picture on it? ...but it's not that complicated.

The interest rate for the things you put on your card is annual. The rate depends on which card you pick.

Interest is calculated based on the amount you still owe.

For example, say you owe $ 100 on your credit card and pay $ 15. Until you actually pay the $ 15,

interest will be calculated on the full $ 100. After that, interest will be calculated on the remaining $ 85, until you pay off your card in full.

If you choose not to pay off your card balance in full, the most important thing to do, is make sure you pay at least the minimum amount owed by the due date. If you manage your credit well, you'll help build your credit report, which will influence your credit rating.

This will come in handy when you're trying to sign the lease on a new apartment or buy a new car.

(honking)

Some cards offer other benefits like cash back, rewards or purchase protection.

See, credit cards can be useful.

(ka-ching!)

Oh, there you go… it's a credit card.

(clapping)

(bell dings)

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