Spotlight: Jack Prenter on personal finance: Proven tips every Canadian should know – SooToday
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Jack Prenter is an entrepreneur and personal finance expert. He is the CEO of Dollarwise, a platform dedicated to helping Canadians find the best financial products. In this exclusive interview, Jack Prenter shares practical advice for Canadians looking to improve their personal finances.
Jack Prenter: Start simple. Track your expenses for a month to understand where your money is going. It's hard to reach your goals if you don't know where you're spending your money. Total your expenses by category, so that you can see how much you're spending on housing, groceries, takeout, clothes, entertainment etc. You'll probably be surprised at how much you spend in some areas!
Jack Prenter: With the current economy, a lot of us are struggling to get by. Don't be too hard on yourself, just do the best that you can. Even setting aside $10 or $20 a week can make a difference over time. If you can find ways to cut discretionary expenses—like eating out or subscription services—that's great. If you're finding that you end up splurging and can't control your spending habits, consider automating your savings so that as soon as your paycheque hits, a certain amount is moved to your savings account.
Jack Prenter: Focus on high-interest debt first using the avalanche method, where you pay off debts with the highest interest rates while making minimum payments on others. If you're mainly dealing with credit card debt, find a balance transfer card. You'll transfer your credit card debt from all your cards to that one balance transfer card and pay a lower interest rate. That alone could be enough to take the edge off and allow you to start making a dent in the debt. If you're heavily in debt, consider a consumer proposal with a Licensed Insolvency Trustee. The impact on your credit score is often worth it to finally find a way out of your debt.
Jack Prenter: Start with understanding your goals and risk tolerance. For beginners, low-cost index funds or ETFs are excellent options because they’re diversified and require minimal management. Open a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) to benefit from tax advantages. If you’re unsure, consider using a robo-advisor, which can create and manage a portfolio for you.
Jack Prenter: It's not your fault. The price of housing in Canada is among the highest in the world relative to income. Renting is often the right financial choice anyways, because you can rent the same house that you'd buy for a fraction of the cost. I've decided not to buy until prices become much more reasonable, and renting is saving me a lot of money each month! I'm also considering moving to a more affordable area, where housing is cheaper.
You can connect with Jack Prenter on LinkedIn and X. Join the Dollarwise Newsletter for daily personal finance tips.
© 2025 SooToday.com
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Join now, it's FREE!
Jack Prenter is an entrepreneur and personal finance expert. He is the CEO of Dollarwise, a platform dedicated to helping Canadians find the best financial products. In this exclusive interview, Jack Prenter shares practical advice for Canadians looking to improve their personal finances.
Jack Prenter: Start simple. Track your expenses for a month to understand where your money is going. It's hard to reach your goals if you don't know where you're spending your money. Total your expenses by category, so that you can see how much you're spending on housing, groceries, takeout, clothes, entertainment etc. You'll probably be surprised at how much you spend in some areas!
Jack Prenter: With the current economy, a lot of us are struggling to get by. Don't be too hard on yourself, just do the best that you can. Even setting aside $10 or $20 a week can make a difference over time. If you can find ways to cut discretionary expenses—like eating out or subscription services—that's great. If you're finding that you end up splurging and can't control your spending habits, consider automating your savings so that as soon as your paycheque hits, a certain amount is moved to your savings account.
Jack Prenter: Focus on high-interest debt first using the avalanche method, where you pay off debts with the highest interest rates while making minimum payments on others. If you're mainly dealing with credit card debt, find a balance transfer card. You'll transfer your credit card debt from all your cards to that one balance transfer card and pay a lower interest rate. That alone could be enough to take the edge off and allow you to start making a dent in the debt. If you're heavily in debt, consider a consumer proposal with a Licensed Insolvency Trustee. The impact on your credit score is often worth it to finally find a way out of your debt.
Jack Prenter: Start with understanding your goals and risk tolerance. For beginners, low-cost index funds or ETFs are excellent options because they’re diversified and require minimal management. Open a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) to benefit from tax advantages. If you’re unsure, consider using a robo-advisor, which can create and manage a portfolio for you.
Jack Prenter: It's not your fault. The price of housing in Canada is among the highest in the world relative to income. Renting is often the right financial choice anyways, because you can rent the same house that you'd buy for a fraction of the cost. I've decided not to buy until prices become much more reasonable, and renting is saving me a lot of money each month! I'm also considering moving to a more affordable area, where housing is cheaper.
You can connect with Jack Prenter on LinkedIn and X. Join the Dollarwise Newsletter for daily personal finance tips.
© 2025 SooToday.com
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
