Credit Counselling – Page 6

July 9, 2013

Couponing – You Don’t Need To Be Extreme to Save Money

There are many books, TV shows and online websites dedicated to showing how extreme coupon use can save hundreds and even thousands of dollars. As impressive as these savings may be, they do require an amount of time and dedication that many families cannot or are not willing to give. However, there are ways to make the most of coupon savings without making it a full-time project.

Smart Shopping
There is more to saving substantial money on groceries using coupons than just clipping out the ones that are for products that a family currently needs. The true trick to saving large amounts of money throughout the year is to change the way that a family shops, incorporating coupons into the strategy. By buying items when they are priced the lowest and adding coupons to make the price even lower instead of only buying those same items when they run out, can be a huge money saver.

Prices on all items go up and down, based on many uncontrollable factors, including seasonal changes and corporate buying patterns. Extreme coupon users know this and save their coupons to combine with low prices. By doing this on all items whenever possible, a family may get a years worth of cereal or shampoo at a fraction of the cost of buying it only as they need it.

Look at the Big Picture
To make this possible, instead of only buying what is needed for the next week or two, the bigger picture needs to be looked at. Grocery lists need to be built around savings, stock piling on good coupon deals and doing less impulse buying on wants versus needs. Although it can take a while to get a surplus of items on hand, once this becomes a habit, it can save hundreds if not thousands of dollars a year.

The main idea is to use coupons to save money over the long run, not just on what a family needs today. Combining coupons with sales prices to stock up on everyday items is a way every family can save using coupons, even if they are not “extreme”.

July 5, 2013

6 Tips to Help You Get Back On Track

Whatever your financial life goals are, it often takes discipline, planning and a lot of hard work to achieve them. You need to know where your hard-earned money is going before you can make the necessary changes to your spending habits. Here are 6 steps to follow to help you get on track.

June 10, 2013

Peace of Mind at Retirement

For those who are approaching retirement in the next few decades, the recent recession has changed many goals when it comes to retirement saving. While building a substantial savings for retirement through high earning investments was once the goal of many of baby boomers, a new value has been placed on the peace of mind that comes from stable, safe ways to ensure income for their retirement years.

Security Builds Peace Of Mind
The recession hit many hard, shrinking the size of their accumulated wealth and taking away the financial security that they thought was already theirs. This shock to the economy has made retirement investors more focused on keeping what they have, versus building a monumental retirement savings through higher risk investments. The change has lead to more baby boomers considering fixed rate annuities and other guaranteed investments that will protect their assets and slowly grow their retirement savings.

The quick reduction in investment values in the past decade has changed the entire mindset of those both young and old.For those approaching retirement age, there is no longer the illusion that money lost in high-risk investments can be quickly recouped. Protecting savings to ensure a steady and reliable income for retirement is more important to many than trying to grow nest eggs quickly for a more comfortable lifestyle. Younger generations have seen the backlash that has happened to their parents and grandparents, and many will proceed more cautiously when planning their own investments.

Although the lesson was financially painful for many, it was a valuable lesson to be learned for all investors. High-risk investments can be lucrative and have their place within an investment portfolio; however, the peace of mind that comes from having stability and security for retirement can be even more valuable.

February 21, 2013

Financial Blues – Spending Hangover

There is nothing like a spending hangover to take the wind out of a good spending spree. Once you are done congratulating yourself on the great gifts that you purchased for friends and family, the reality begins to set in. You have stretched your budget beyond all recognition, and have no idea how you are going to pay for all this. It is time to stop thinking in the moment and start planning ahead.

When you look at it, most of what you spend can be anticipated. Holidays, birthdays and seasoning spending are good examples of constants in every person’s life. So why wait until the last minute to generate the income that you need for special occasions? Instead, save throughout the year so that you have disposable income set aside for gifts, holidays and clothes.

Take advantage of sales throughout the year, too. Just because a birthday is a few months away, it doesn’t mean you can’t pick up a great early deal. If you are in a month where you have some spare cash in your budget, take full advantage by getting ahead of the game and purchasing gifts or paying off a holiday early.

You don’t have to spend a fortune every time you take out your credit card or visit an ATM, either. There is much more pleasure to be derived from being creative with your budget. Retro and thrift shores are treasure troths, where you can buy a whole wardrobe of items for the price of two or three. Alternatively, if you have a creative talent you can make your own gifts for little to no cost, which adds a personal touch, too.

It’s the little things that matter, and when it comes to a budget, it’s the little things that often break the bank. You can avoid these last minute expenses by planning carefully for every eventuality. Make sure you don’t end up with a list of things you need to buy, with no room in your budget to pay for them. Make a list for every event, from your daily expense to your next holiday.

October 31, 2012

Financial Tips for University and College Students

Are you struggling with student debts, paying bills or otherwise making ends meet? Well,
knowing where, when and on what you spend your money is the best way to manage your
student budget. If you live month to month, on the premise that there are good times and bad
times, then you need to take a closer look at your finances.

Never spend all your money, just because it is there. Remember those bad times? That
spare cash would have come in pretty handy, if you still had it. Sit down and take stock of
everything you spend each month. Keep all your receipts and create spending categories
such as food, rent, school costs and clothes. Deduct these costs from your income and you
will begin to get a picture of where your money is going. Next you need to decide which
outgoing costs should take priority, and where you can afford to make cuts. Note: This does
not necessarily mean cutting out complete categories, but rather, streamlining what you spend
on each.

Certain categories, of course, are fixed and need to be paid first. Your rent, and loan
payments are examples of fixed costs, however, in some cases you may be able to negotiate
lower payments if you are struggling. Luxuries, on the other hand, are fair game. Until you
have a working budget in place, it is likely that you will have to cut back completely on the
small pleasures in life. Remember, renting a movie costs significantly less than a trip to the
movies, eating in is the new eating out, and thrift clothing is just another name for retro.

Wherever possible, spend cash and avoid using credit cards. If you have to use credit cards
at all, make sure that you pay off the balance in full each month. When you start to see spare
cash in your budget, do not immediately go on a spending spree. Lastly, save whatever you
can, no matter how small an amount, and look at it as a emergency savings or a nest-egg for
the future.

October 29, 2012

November is Financial Literacy Month in Canada

Did you know that the month of November is Financial Literacy Month?

This initiative is a nationwide campaign aimed at helping Canadians increase their financial knowledge so that they can make more informed decisions when it comes to their personal finances. Understanding basic financial principles and practices is an essential ingredient to every household’s financial stability.

At Creditaid, one of our highest priorities is helping families understand how the credit system works and how to manage their finances wisely. Many people fall into financial crisis without being fully aware of how they got there in the first place. We believe a clear understanding of the credit system and available financial tools can help people turn their situations around before they find themselves too far in debt. Financial management is key and we are happy to provide you with the tools and information you need to get there.

Creditaid is committed to helping Canadians and we’re here to help. With the Creditaid Budget Bootcamp, we have taken this commitment one step further. Our Budget Bootcamp will take you step by step through a comprehensive budgeting plan, aided by many of the tools we use to help our clients on a daily basis.

October 15, 2012

Paying Down Debt Is an Increasing Priority According to RBC Survey

There were some very interesting statistics generated from a recent online poll conducted by the Royal Bank of Canada, which made comparisons between the debt carried by Canadian households in 2012 versus 2011. The number of survey respondents who had no personal debt, outside their mortgage, increased from 22% to 26% during the last year; a very positive move towards debt-free living.

In spite of this positive direction, there were still some indicators of concern.

For those respondents which did have personal debt, the average amount of that debt did increase by $84 over last year’s number, instead of going down. Just over half, 51% of the respondents, indicated that they were more concerned with paying down debt than investing in the future. In addition, one in three of the survey’s participants noted that they experienced anxiety over their debt levels, an increase in those statistics over 2011.

Canadians appear to be moving in towards more debt-free living, according to this survey, but there is still work to do, to increase the financial stability of Canadian households in general.

Read More about RBC Debt Poll – http://www.rbc.com/newsroom/2012/1010-debt-poll.html

October 10, 2012

Get your Finances in Shape with Budget Bootcamp

Deciding to set up a budget is the easy part of organizing your finances; doing it effectively
is where things begin to get tricky. Every day we hear from clients who say they attempted to
budget, only to find that they were no better off at the end of each month. It is an extremely
frustrating position to find yourself in, and one that seems hopelessly irresolvable. However,
we at Creditaid know from experience that budgeting works, as long as you have the drive,
the right tools and a well executed plan.

Everyone’s circumstances are different, so what works for your friends and family may
not work for you. We have always been conscious of this, which is why we have created a
number of tools to suit every need. With the Creditaid Budget Bootcamp, however, we have
taken the battle against financial hardship to a new level. The strategy we are bringing to you
today will take you step by step through a comprehensive budgeting plan, aided by many of
the tools we use to help our clients on a daily basis.

The Budget Bootcamp consists of a free five day plan, delivered to you by email. At each
stage you will receive tips and advice on creating a budgeting plan and prioritising your
finances, as well as access to tools that will help you along the way. We appreciate that you
may have questions that are not addressed in the plan, but don’t worry, we won’t leave you to
fend for yourself. Each email you receive will contain links to relevant help pages and tools,
along with a link that you can use to contact us by email. Subscribe today and look out for
your introduction email, which will guide you through the first steps on the road to financial
freedom.

September 25, 2012

Helping Canadians Get Out of Debt

How well do you know the credit counselling agents that you deal with? Are you looking for a more personal experience with a high level of discretion? At Creditaid, we offer you a different kind of experience. Personal finances can get very complicated. Budgets and bills are not just numbers on a piece of paper – they have real life
implications.

July 17, 2012

Its True – Cost of Kids is Rising

You are not imagining things, the cost of raising kids has indeed increased. Everything from food, entertainment, education, sports and clothing, comes at an astronomical cost. We are living in times where prices are rising faster than we can shuffle our budget to accommodate them. We all want the best for our kids, however, we need to step back and redefine exactly what that means. Here is a hint – it doesn’t mean the product with the highest price tag.

Food is perhaps the quickest way to make savings. Buying fresh ingredients, bulk buying staple foods at discount and pre-planning meals are all great ways to cut down your shopping budget. Forget about the high priced brands too, find a cheaper equivalent. Coupons have not gone extinct either, so seek them out in newspapers, stores and online. Most importantly of all, reduce food waste as much as possible. You paid for it, so make sure you use it.

The word retro is your friend – at least when it comes to clothing, sports and entertainment. Ask any musician or sports fanatic and they will tell you that used equipment is best. Second hand musical instruments and sports equipment will dramatically cut your costs. Similarly, you can find last season’s clothes, along with some in-style throwbacks, in any thrift store. As for games consoles and media – pre-owned means paying half the price within a month of release. The average game takes less than a week to complete for most avid gamers. Your kids can also trade in their games, once they have completed them.

Planning for your children’s education will require the most forward planning. Start saving for school, college and university from the second that you find out you are expecting. Contact schools to find out about the annual costs of books, extra-curricular activities and other expenses. Compare college investment plans and choose the one that best suits your budget. When your child begins school, re-evaluate your plan year on year.

Kids can be expensive, but if you plan and spend sensibly, you can greatly cut the cost.