Mydoh Blog

Banking

Money management made easy for parents and teens.

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10 Common Money Mistakes Parents Make and How to Avoid them

Juggling the responsibilities of kids and work doesn’t always leave parents much time (or energy) for financial planning. But avoiding these common money mistakes will help point the family budget in the right direction.

February 16, 2024

How Does Income Tax Work in Canada

We’ve crunched the complications out of Canadian taxes to help you explain income taxes to kids and teens.

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January 4, 2024

Income Tax 101: A Guide for Parents and Teens

Our guide on income tax for beginners will help parents and teens with essential tips on filing that first income tax return.

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January 11, 2023

How to Read and Understand a Pay Stub

New job, who dis? If your teen is starting their first real job, it’s time to teach them the lowdown on paycheques and pay stubs.

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December 13, 2022

Socially Responsible Investing (SRI): A Guide for Parents and Teens

Socially Responsible Investing or SRI is a growing trend in the investment world. But what is it and how does it work?

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November 22, 2022

What is a Robo-Advisor: A Guide for Parents and Teens

Think your teens might want to go robo with their future investments? Here’s what they need to know.

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October 7, 2022

How to Apply for Your First Credit Card

Are you ready for your first credit card? Here’s everything you need to know to take this financial step forward.

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October 3, 2022

RRSPs Explained for Kids and Teens

How do you explain the purpose of a Registered Retirement Savings Plan account in simple terms to kids and teens? Find out in this comprehensive look at Canadian RRSPs.

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September 26, 2022

What is Risk Tolerance? A Guide for Parents & Teens

When it comes to investing money, can your teen accept a lot of risk or just a little? Their answer could impact the investment choices they make.

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September 19, 2022

What is a Mortgage? A Guide for Parents and Teens

There’s a lot to think about when considering home ownership, especially when it comes to a mortgage. Here’s how to get your kids and teens to start thinking about the ins and outs of mortgages early on.

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September 8, 2022

Tax-Free Savings Account (TFSA): A Guide for Parents & Teens

Once your kid files their first tax return, they should understand the importance of saving their tax dollars. With a Tax-Free Savings Account, not only can teens earn money through investments but they won’t pay a cent in federal taxes on these earnings, either.

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August 30, 2022

Debt Consolidation: What Is It and How Does It Work?

A debt consolidation loan may help your kid out of a financial jam down the line, but not all loans offer safe harbour from high interest rates. Here are the ins and outs of debt consolidation.

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August 17, 2022

How to Pay Off Debt Fast: A Guide for Parents & Teens

Help your kid learn to manage debt—and eventually get out of it—with these clever strategies.

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August 8, 2022

Tenant Insurance: A Guide for Parents & Teens

As your teen decides where they’ll be living next, they also need to research tenant insurance costs. Here’s how to teach them about protecting their valuables, their guests, and themselves as first-time tenants.

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August 3, 2022

Life Insurance: What Your Teen Needs to Know

Isn’t life insurance for old people? Not in the least. We break down the ins and outs of life insurance, so you can show your teen how important this type of financial protection really is.

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July 26, 2022

Intro to Mutual Funds: An Easy-to-Understand Guide for Parents and Teens

Think your teen is ready to start investing that part-time job money? Mutual funds could be the place to do it. Find out how mutual funds work in Canada.

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July 22, 2022

Exchanged-Traded Funds (ETFs): Guide for Parents & Teens

Exchange-traded funds, or ETFs, are increasingly popular financial products that can help to diversify your investments without getting bogged down by too much research. While this may sound complicated, here we break down what parents and teens should know about ETFs.

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July 19, 2022

Understanding Different Types of Cryptocurrency: A Guide for Parents and Teens

Wait, there are how many types of cryptocurrency out there?! Read on for a primer on what some of the most popular ones are and how they work.

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July 15, 2022

Cryptocurrency for Teens: A Guide to Investing in Crypto

Welcome to the blockchain! We’re here to introduce you and your teen to cryptocurrency and show you around.

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July 4, 2022

Emergency Funds Explained for Teens

Nobody wants to think about emergencies, much less plan for them. But if your teen builds an emergency fund, they’ll have financial peace of mind if something unexpected (and costly) comes up.

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June 29, 2022

Credit Report 101: A Guide for Parents and Teens

Parents know a good credit score relies on paying off debt—but do your kids? Here’s what teens need to know about credit reports.

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June 22, 2022

Best Budgeting Apps and Calculators for Kids and Teens

Gone are the days of glass jars that helped kids visualize spending and saving. To help them track every digital dollar, introduce tweens and teens to budget calculators, instead.

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June 17, 2022

How to Read a Bank Statement: A Guide for Teens

What is a bank statement? Understanding how to read this useful snapshot of your bank account can help tweens and teens build financial literacy skills.

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June 9, 2022

Chequing vs. Savings: What’s the Difference?

It’s time for your teen to open a bank account—but should they choose a chequing account or a savings account? It all comes down to their financial needs and goals.

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June 1, 2022

Common Bank Terms and Definitions for Kids

Conversations about everyday banking are important to have with your kids. We break down 28 banking terms in easy-to-grasp lingo, so you can chat about it with confidence.

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May 16, 2022

Tax Deductions: A Guide for Parents and Teens

Here’s why teaching your teens about tax write-offs and tax credits could help them hold on to the money they’re entitled to and save for their future.

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May 10, 2022

NFTs 101: A Guide for Parents and Teens

Maybe you’ve heard of NFTs, but don’t know exactly what they are. Here are our tips on how you and your teens can navigate the world of non-fungible tokens, the newest kids on the blockchain.

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April 26, 2022

Tax Terms and Definitions for Kids

When hefty, finance-laden income tax terms are explained, it makes filing a tax return a whole lot easier. Plus, understanding these tax definitions can help teens look for additional benefits and deductions when doing their own taxes.

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April 8, 2022

How to Teach Kids & Teens About Insurance

When you explain the ins and outs of insurance to tweens and teens early on, they won’t be so overwhelmed when wading through policies, premiums, and deductibles later in life.

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April 4, 2022

Basic Insurance Terms and Definitions for Kids & Teens

Financial security is all about protecting yourself, and insurance is a big part of that. Here are the basic terms and definitions your teens should understand before they need to sign up for an insurance policy of their own.

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March 29, 2022

Basic Investing Terms and Definitions for Kids & Teens

Learning about financial terminology and investment terms—from assets to volatility—is essential for soon-to-be investors of any age.

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March 25, 2022

Insurance 101: A Guide for Parents and Teens

Life would be a lot easier without accidents, thefts, or natural disasters. But these events happen, and insurance can minimize their full impact. Here’s what kids and teens need to know about insurance.

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March 17, 2022

Stock Market Explained for Kids and Teens

Teaching kids and teens about the stock market can help encourage financial literacy and spark an early interest in saving and investing.

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March 14, 2022

Types of Debt and Their Meaning 

Learning about the many forms of debt can help kids make more informed decisions about which debt to take on—and which debt to avoid.

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March 11, 2022

Investing 101: A Beginners Guide for Parents & Teens

Our guide on investing for beginners will help you and your teen feel confident enough to get started with investing money. Read on for investing basics.

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March 7, 2022

Debt 101: A Guide for Parents and Teenagers

Everything you need to know to teach your teens about good debt and bad debt—and how to manage it all.

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February 28, 2022

How Does Interest Work: A Guide for Parents and Kids

If you’re borrowing or investing your money, it’s important to understand how interest works. These simple strategies will help you educate your kids and teens on interest rates and the cost of borrowing, so they can enjoy a money-savvy future.

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February 9, 2022

Interest Rates 101: A Guide for Parents and Teens

Interest may seem like an abstract concept, but learning what it is and how it operates is a fundamental step toward financial literacy for tweens and teens. Here’s how to make interest work for your kids.

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February 4, 2022

What Is a Credit Card and How Does It Work?

Should teens have credit cards? Here are some things to consider before deciding if now is the right time for your teen to start using a credit card.

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February 2, 2022

Credit 101: A Guide for Parents and Teenagers

Money management for kids isn’t just about saving up for a big purchase. Kids also need to learn how credit works, Here’s everything you need to know about teaching your teen or tween how to use credit responsibly.

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December 22, 2021

Budgeting 101: A Guide for Parents and Teenagers

Teaching your kids how to budget doesn’t have to be a struggle. Here are budgeting tips parents can share with tweens and teens to help them manage their money.

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December 22, 2021

How Kids and Teens Can Make a Budget

It’s never too late (or too early!) to teach your kids how to save money. Here are some of our top practical tips for teaching kids and teens how to create a budget.

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December 22, 2021

Why Kids and Teens Should Start Saving Money Early

When it comes to saving, the younger the better! Teaching your kids how to save money can instill good financial habits for life. Here are some tips for parents to help tweens and teens start saving ASAP.

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December 22, 2021

What Is a Budget? A Guide for Kids and Teens

Learning how to manage a budget is an important skill. Here are some budgeting tips to help parents empower kids and teens to take control of their finances.

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December 22, 2021

Banks vs Credit Unions: What is the Difference?

If your kids and teens are confused about the difference between a bank versus a credit union, they’re not alone. Here’s how each financial institution operates.

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December 13, 2021

How to Explain What a Credit Card Is to Your Kids

We share some tips on your teen’s first credit card including, how to use it responsibly, and why the Mydoh Smart Card is a great alternative to credit for kids.

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December 9, 2021

Parents Guide to Financial Literacy for Kids & Teens

Money shouldn’t be a taboo topic at home. In fact, families who teach financial literacy are helping set up their tweens and teens for a brighter economic future. Here’s how to talk about money with your kids and give them the financial education they deserve.

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December 8, 2021

8 Reasons Why Financial Literacy is Important

Here’s why empowering kids and teens with a financial education early on will help them develop good money habits that last a lifetime.

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December 8, 2021

What is a Bank and Why Do They Exist?

Think banks are boring? Well, you couldn’t buy a Frappuccino or stream Netflix without them. Here’s what banks do and why we need them.

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December 8, 2021

Common Financial Literacy Terms for Kids

Ready to teach your kids and teens about money? Our guide will help you explain common financial literacy terms in a way kids and teens will understand.

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December 6, 2021

How to Explain Banking in Canada to Your Kids

Help give your kids financial literacy skills with this guide to explaining how banking works in Canada to teens and tweens.

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October 15, 2024

What Kids and Teens Need to Know About Financial Scams

Learning how to spot a financial scam and how to protect yourself is one way kids and teens can protect themselves and their money!

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September 25, 2024

What Teens Need to Know About Economic Inequality in Canada

Rich or poor—and in-between—economic inequality affects all of us. Here are the essential facts about inequality and what we can do about it.

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April 3, 2024

The Newcomer Parents’ Guide to Banking in Canada

If you’re a newcomer to Canada, here’s a guide to help you understand seven common banking products for families.

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February 5, 2024

What Teens Need to Know About Loud Budgeting

The money-saving trend that’s taking over TikTok might help you hit your financial goals.

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January 16, 2024

Guide to 2024 Tax Deductions for Families

Unsure of which tax deductions your family can claim when you file your taxes with the CRA? Here are nine tax credits you should know about.

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January 16, 2024

What Teens Need to Know About Filing a Tax Return in 2024

If your teen earns money through a part-time job, there are benefits to filing a return. Here’s what teens need to know about how to file a tax return in Canada.

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November 2, 2023

Financial Literacy Month Toolkit

November is Financial Literacy Month. We’re sharing articles and tips to empower teens to invest in their financial wellbeing.

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September 26, 2023

How to Build a Credit Score in Canada: A Guide for Teens

What do landing your dream job, buying a new car, or renting an apartment have in common? You’ll probably need a credit score for all three.

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August 15, 2023

How to Spend Money According to Your Values: A Guide for Parents and Teens

Here’s what teens and kids need to know about value-based spending and how to spend their money on what matters most to them.

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July 27, 2023

How to Help Teens with ADHD Manage Their Money

Help kids and teens with ADHD or ADD develop money skills. We share 8 tips to help them with impulsivity, improve decision-making and financial literacy.

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June 7, 2023

Financial Issues that Impact 2SLGBTIQ+ Teens

Did you know it could cost more to be queer? Here are six financial issues that 2SLGBTIQ+ teens should be aware of.

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March 29, 2023

Introducing Mydoh By Me

Introducing Mydoh by Me—Canada’s first custom card for kids and teens!

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February 23, 2023

What is a Zero-Based Budget? A Guide for Parents and Teens

Are you looking for a way to show your teens how to manage their money? Learn how a zero-based budget (ZBB) can benefit your family.

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February 6, 2023

Best Personal Finance Podcasts for Parents

Whether you’re money savvy or trying to find your financial footing, relatable financial information has never been as accessible as it is right now. Here’s 10 of the best finance podcasts for parents.

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January 16, 2023

The Parents’ Guide to Teaching Kids About a Recession

As inflation rises, people are wondering if Canada is headed towards a recession. Explain to your kids what causes a recession and how it might impact your family.

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January 9, 2023

Introducing Enhanced Savings Goals Feature

Saving for what you want just got easier with Mydoh’s enhanced savings goals feature. Learn how your kids can put money aside and save for up to three goals.

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November 18, 2022

10 Common Money Mistakes Parents Make and How to Avoid them

Juggling the responsibilities of kids and work doesn’t always leave parents much time (or energy) for financial planning. But avoiding these common money mistakes will help point the family budget in the right direction.

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November 10, 2022

What is Financial Health and Why is it Important?

Did you know that money problems are the top source of stress for Canadians? Breathe easier by improving your financial health.

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November 1, 2022

10 Top Financial Influencers Teens Should Follow

Financial influencers, also known as finfluencers, help make personal finance way less boring. Here’s some of the top finfluencers you should follow.

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October 27, 2022

10 Money Mistakes Teens Make and How to Avoid Them

Good money habits start when they’re young. So do not-so-good ones. Here’s how you can help your teens and kids avoid common money mistakes.

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October 21, 2022

Financial Literacy Survey: How Canadian Parents Feel About Money

Curious to know how parents really feel about money? Mydoh conducted a survey of parents across Canada to find out. Here’s what they had to say.

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August 25, 2022

10 Best Finance Books to Teach Kids and Teens About Money

Give your kids and teens a financial foundation with 10 of the best books about money, savings, and investing.

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August 10, 2022

Co-parenting Tips to Help Manage Finances

As co-parents, sharing the financial responsibilities of kids continues after separation or divorce. Here we outline how to manage your kids’ expenses together.

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July 26, 2022

Introducing Add a Parent Feature

Now you can add a second parent to your Mydoh account at no extra cost, with just a few clicks, right in the app.

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June 6, 2022

Introducing the Mydoh Goals App Feature

Mydoh Goals helps make raising money-smart kids easier. Learn more about our new app feature and how it can help kids and teens save for what they really want!

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May 13, 2022

The Parent’s Guide to Teaching Kids About Inflation

Explaining inflation to kids doesn’t have to be complicated. Teach your kids how and why prices rise with inflation and its potential impacts with this guide.

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March 9, 2022

Buy Now Pay Later (BNPL): Guide for Parents & Teens

Buy Now Pay Later (BNPL) plans may be helping Canadians get goods faster, but it’s helpful to know the full picture before deciding if BNPL is right for your household.

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February 2, 2022

How to Open Your Kids’ First Bank Account

Graduating from a piggy bank to their first bank account is a big step in helping kids manage their money. Discover which bank account is right for your child.

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June 29, 2021

What Parents Need to Know About Debit Cards for Kids

Too old for piggy banks, but too young for credit cards? We explain the benefits of using debit cards to teach your kids about money.

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May 26, 2021

How to Explain What a Credit Card is to Your Kids

We share some tips on your teen’s first credit card including, how to use it responsibly, and why the Mydoh Smart Cash Card is a great alternative to credit for kids.

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August 11, 2020

7 Tips to Teach Your Kids How to Use Credit Cards

When it comes to credit cards, it’s easy for kids to think of them as “free money.” Don’t wait, have “the talk” with them today and get the info you need to teach your kids about credit cards while they’re still young.

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