Have you given any thought to tidying up your finances? Here are 5 tips for putting a spring in your finances.
Joe’s Debt
A look at a regular Canadian making a living in today’s Canadian economy.
Spring is Here … Time for a Financial Tune-up
The warm weather is finally here. Your thoughts turn to spring cleaning and outdoor living. So have you given any thought to tidying up your finances along with your patio?
Here are a few ideas for putting a spring in your finances:
– Double Up on Payments- If you’re like a lot of people, the holiday season has you off to an already sluggish start financially. Why not consider using that tax return to make an extra car or house payment? It’s an ideal opportunity to give yourself some breathing room early on in your fiscal year.
– Shop for Deals – Take a look at what you’re paying each month for phone/internet/TV services, insurance, etc. Contact providers about getting a better deal. Are you watching all of those channels in your cable package? Have you used all of those features/minutes in your wireless plan? Check for better rates on home and car insurance.
– Cash in on Spring Cleaning – You’ve probably got money laying around the house that you didn’t even know about. Books, clothing, tools, and assorted goods are just taking up space. Instead of paying to store it all, make some extra room in your garage and your budget with a yard sale.
– Check Your Credit Score – Make sure all of your accounts are up to date with all three major reporting agencies, and look for any erroneous entries.
An honest assessment of your finances along with a little creativity can go a long way toward a fresh financial start this spring.
Partnering to Turn Financial Literacy into Action
Margaret Johnson and Brian Denysuik have been invited by the Financial Consumer Agency of Canada to represent the Canadian Association of Independent Credit Counselling Agencies at the “Partnering to Turn Financial Literacy into Action” conference this May 26th -27th 2011. The conference’s focus will be on how organizations can help individuals improve their financial knowledge and the way they manage their personal finances.
It will focus on how organizations can help individuals improve their financial knowledge and the way they manage their personal finances.
Brian will provide an update when he returns from the conference.
How to politely say “No Thank You”
Are you finding yourself on the right track of saving money? Do you find that it is sometimes derailed by the good intentions of family and friends with their invitations for dining out, at home selling parties and fundraising events?
Here is an article that we found online that provides 7 Ways to Politely Say No.
1. That won’t work for me but I could do this instead.
2. I’m on a strict budget right now.
3. Sorry, I can’t make it to that event.
4. It’s tough finding people to pay for these things, isn’t it?
5. I already ate but I could come just to hang out with you.
6. Why do you want me to spend on this item?
7. I would prefer not to.
Click here to read the article in its entirety – 7 Ways to Say No by Kathryn Vercillo.
Household Debt By Region Assessed
TD Economics released their report on household debt vulnerability by region today.
“The focus nationally on household debt has raised questions about which regions face the most significant challenge,” according to Craig Alexander, TD’s Chief Economist
and co-author of the report. “This new index does not predict events, but it does shed light on those provinces that are most susceptible to downside risks.”
Its good news for Manitoban’s who are the least vulnerable. Households in British Columbia, Alberta, Ontario and Saskatchewan households were found to be at greater risk with Atlantic Canada and Quebec in the middle.
Are you paying to take out cash from ATM’s?
It is really scary to think that it could cost you up to $8.00 to withdraw cash from an ABM that is not owned by the financial institution where you bank.
Click here to see examples of what it might be costing you!
Holiday Spending Hangover
You did what you said you wouldn’t do over the holidays and that was over spending. Unfortunately, what’s done is done, you beat yourself up over it, and now you just need to move forward to fix it.
First thing to do is to assess the situation. See how much you have spent over the holidays and how much damage was done to those debit and credit cards. Then figure out a payment plan. Determine which debts to pay off first and prioritize when you will pay them off. While doing this, take a look at how much you will be bringing in over the next couple of months and if you have money left over after paying off your fixed debts, put that money towards your extra debt you accumulated over the holidays. Also, stop all unnecessary spending habits such as shopping, dining out, movies and entertainment, and vacations. It may be painful to give up some of your luxuries for a while, but it will be worth it once you have paid off your debt.
Additionally, to find extra income during this financially trying time, try getting your taxes done early and you never know, you might receive a significant amount on your tax return that you can put towards your debt.
The final tip is to learn from this preventable mistake. Plan ahead for the next holiday season and you are sure to make all the right choices next year.
Canadian Government Tightens Mortgage Rules to Stem Consumer Debt
Federal Finance Minister Jim Flaherty announced new mortgage changes this morning to combat the rising household debt levels of Canadians.
Three main changes are:
· The maximum number of years the government will back a mortgage was lowered from 35 to 30.
· The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.
· Government insurance backing on home equity lines of credit, or HELOCs, has been removed.
The home equity change is the result of the Government’s concern that homeowners are rolling too many consumers purchases into their insured mortgages. “These loans are not used to create housing. They’re used to buy boats, and cars and big screen-televisions,” Flaherty said. “That’s not the business that home insurance was designed for.”
December Poll reveals Canadians are concerned!
Knowledge Bureau shared the results of their online poll – “Are families in your community more worried about their financial affairs this Christmas shopping season compared to a year ago?” 78% said yes. Some comments were:
– “They have to curtail their shopping, as they are worried about the financial situation their families are in.”
– “I think everyone is worried about their financial affairs”.