When it comes to your finances and working through debt – you need someone that you can completely trust.
Staycation This Summer
With the high cost of fuel prices, traveling any distance can become quite costly. However, that doesn’t mean your family needs to forego your vacation time. Often times, we overlook options that are close at hand when planning vacations.
Plan your week out just as you would if you were traveling to a vacation destination. Take in some local attractions as a family, that you might not otherwise. Take a tour of a historical museum and then eat dinner out at a landmark restaurant or hotel in town. You might plan one day as a nature adventure and go on a hike and pack a picnic lunch. You could end the day with a campout in the backyard. In reality, you don’t even need to leave the house. You could have a vacation from cooking, chores, and laundry for a week and spend the time playing games, hanging out at the pool and eating pizza delivered to your door.
Vacation is about how far you go or how much money you spend. It’s about spending time together, relaxing and having fun. You can accomplish those things at home by simply putting yourself in the ‘vacation mode’.
Canadian debt hits $1.5 trillion!
Once again the federal government and Bank of Canada is sounding the alarm bells! Canadian debt hits $1.5 trillion!
We need to starting taking these warns seriously.
“We have very low interest rates in Canada,” Flaherty said. “We need to remind Canadians that historically low interest rates will not be there forever, that interest rates really only have one way to go and that’s up,” Flaherty said.
read on….
Renting Versus Buying a Home
A lot of people make the mistake of simply comparing the cost of a rent payment to the cost of a mortgage payment, when considering whether they should continue renting or purchase a home. There are several other things that need to be taken into consideration when comparing these two options.
The first thing to remember is that in addition to the mortgage payment on the house, you will need to pay house insurance and property taxes. These costs will vary depending on the value of the house and the location of the house. You will also need to make a down payment and pay closing costs when purchasing a home. Cost of utilities paid in each of the different scenarios need to be considered in the comparison also. When looking at homes to purchase, it is always wise to ask for statements that show the costs of utilities for the previous year.
Another difference between renting and owning a home is the time and costs of maintenance, in and outside of the home. Are there areas of the home that will need replacing in the near future, such as roofing, exterior finishes or floor cover? What ongoing maintenance will be involved in the home: water softener salt, lawn care, snow removal, exterior painting, staining or cleaning? Are you prepared to make those commitments of time and funds?
Each individual needs to carefully consider their own financial situation, and weigh ALL the costs involved when making this kind of decision.
FCAC – OECD Conference on Financial Literacy – Day One.
Brian Denysuik is attending the FCAC OECD Conference on Financial Literacy.
Here is a summary of what he’s learned from Day One.
We spent the day hearing update on the current state of financial literacy in Canada with different perspectives from around the world. The workshops were very educational and covered some interesting ways on how social media and technology is being reviewed as delivery channels.
Education in the school systems is going to be a very important delivery channel as the provinces role out their models. The studies on gender and financial education were a key interest as they compared where each gender believes they are at with understanding. Alison Griffiths, Toronto Journalist, financial author and TV host of Maxed Out concluded the day with an energetic presentation.
Looking forward to another day, stay tuned.
How to Tune-up your Finances this Spring
Have you given any thought to tidying up your finances? Here are 5 tips for putting a spring in your finances.
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.
What can a Credit Counsellor do for you?
Credit Counsellors help individuals in need to develop a plan to get out of and stay out of debt. You can learn more by reading Barbara Bowes Winnipeg Free Press column. This article is part of the radio show, Bowes Know that featured Creditaid’s Brian Denysuik. Click here to read the WPF Article.
Debt Management Tips
The best debt management tip is to not have debt at all, but to be realistic, that is never the case. Whether it’s your mortgage, credit card bills, and monthly expenses, it is hard to avoid debt. So what is important? Here are a few debt management tips to consider.
1. See where your money is going and how much is coming in.
2. Be aware of monthly expenses. Keeping track of credit card purchases, utility bills, your mortgage and so on.
3. Pay off major credit card debit first like bills with appliances, home improvement renovations, and furniture. Before you sign up for another credit card, it is important to see what your options are before you borrow and read the fine print.
4. Be sure to have a plan. Plan out how much money will go to each expense and payment.
Debt may be hard to avoid, but it can be easy to manage.