Money Talk

We speak about resources and money openly and with excitement.

It's super important to ditch the old stigmas about women and money. Learning all about finances gives us the power to steer our careers in the right direction. Knowing how to handle money is key to building our own success stories.

Settling Basics
Budgeting
Passive Income & Side Gigs

Settling Basics

Just a heads up, taxes are a thing on most purchases here in the Comox Valley, and tipping is pretty common in certain spots. Take a bit of time to get the lowdown on how taxes work and when tipping’s expected. It’ll help you budget smart and show your appreciation for the awesome service you get!
Budget around a 12% more for each purchase.

When you land in the Comox Valley, one of the first things to sort out is getting yourself a Social Insurance Number (SIN). You’ll need this document for jobs, filing taxes, and tapping into government services. Swing by a Service Canada center with your documents to get your SIN card.

Time to get your finances sorted, lady! Choose a bank that offers services aligned with your needs and visit a local branch with identification documents to initiate the account opening process.

Time to get your finances sorted, lady! Choose a bank that offers services aligned with your needs and visit a local branch with identification documents to initiate the account opening process.

Let’s talk taxes! Understanding the Canadian tax system and filing requirements to comply with regulations is key. Whether you’re employed or self-employed, filing income tax returns accurately and on time ensures compliance and eligibility for potential benefits and refunds.

Colleges and Universities usually have an office to assist you with tax filing. And organizations like the Immigrant Welcoming Center have free assistance services.

Find a  FREE TAX CLINIC near you!

Budgeting is the art of planning your spending

Let’s talk about budgeting – yeah, I know, it sounds about as exciting as a Monday morning meeting, but trust me, it’s a game-changer.

$ coming in vs coming out

 Start by calculating your monthly income from all sources, including wages, benefits, and any other financial support. Then, list out all your monthly expenses, such as rent, utilities, groceries, transportation, and any other regular payments. Be thorough and include both essential and discretionary spending.

Set Clear Financial Goals

Determine what you want to achieve with your budget. Whether it’s saving for education, building an emergency fund, or eventually buying a home, having specific goals will give your budgeting efforts purpose and direction. Break down your goals into short-term and long-term targets to make them more manageable.

Create a Budget Plan

Based on your income, expenses:

  • Create a budget plan based on your income, expenses, and financial goals.
  • Allocate funds for:
    • Necessities
    • Savings
    • Discretionary spending
  • Regularly track spending and adjust the budget as needed.
  • Use budgeting apps or spreadsheets for organization and monitoring.
  • Maintain consistency and discipline to master budgeting as an immigrant.

Grab your coffee, let's dive in and show those numbers who's boss!

Pasive Income & Side Gigs

By following these steps, you’ll be able to identify a side gig that not only fits your personal and professional life but also brings you satisfaction and potentially, a good source of extra income. Remember, the key to a successful side hustle is finding the right balance between profitability, passion, and practicality.

Step 1: Assess Your Skills and Interests

  • Inventory Your Skills: Make a comprehensive list of your skills, both professional and personal. This includes everything from technical skills specific to your career to general skills like communication or organization.
  • Identify Your Passions: Consider what you enjoy doing in your spare time. Passion projects can make fulfilling side gigs because you’re more likely to stick with them.

Step 2: Evaluate Your Personal Conditions and Time Availability

  • Personal Life Assessment: Take into account your current personal and family commitments. How much time can you realistically dedicate to a side gig without compromising your health, relationships, and primary job?
  • Time Management Plan: Create a rough schedule. How many hours per week can you dedicate to a side hustle? This will help you identify what types of gigs are feasible.

Step 3: Research and Identify Opportunities

  • Market Research: Look into current trends and demands in the gig economy. Which of your skills are in high demand? Use job boards, social media, and professional networks to explore opportunities.
  • Explore Different Avenues: Don’t limit yourself to one type of gig. Consider various formats like freelancing, consulting, creating digital content, or selling products online.
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Step 4: Consider the Financial Viability

  • Initial Investment and ROI: Estimate any upfront costs involved (equipment, training, etc.) and weigh them against potential earnings. How long will it take to break even and start making a profit?
  • Market Rate Evaluation: Research what others in your chosen side gig are charging. This will help you set competitive rates while ensuring your time is adequately compensated.

Step 5: Test and Adjust

  • Start Small: Begin with a small project or a limited product range. This allows you to test the waters without overwhelming yourself.
  • Solicit Feedback and Iterate: Use feedback from your initial clients or customers to refine your offering. Be prepared to adjust your approach, pricing, or even the gig itself based on what you learn.