Tag: household budget

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Living as a Couple – Time for the Talk

Your relationship is going well, and you take the big step to move in together. However, reality soon comes crashing down. Before you know it, the honeymoon is over, and you’re disagreeing about every little aspect of your lives together.

One of the biggest sticking points for couples is finances. You may find that you each hold completely different views about the importance of budgeting, or when you do budget, you disagree on what is or is not a priority. These are the times that will try your relationship, but the good news is, you can get through it and reach an accord.

First of all, there is no way around it – you need to be honest with each other. Discuss all your assets and debts, so there are no unpleasant surprises. You then need to decide whether to share financial responsibilities and to what degree. One person may be bringing a lot more debt to the relationship, which is why it is important to have this conversation early in the relationship.

Make sure to discuss your individual credit history, too. Your ability to borrow as a couple will be greatly impacted by your past spending. Don’t panic if your partner has taken out a lot of credit in the past; this is your opportunity as a couple to explore options for getting to a place of financial stability. Talk about setting a budget and goals for clearing debt, and decide on a ratio of responsibility for that debt.

While it is important that both of you contribute financially to your budget and the paying off of debts, you should also play to your strengths. The person who is better at managing monthly bills should take care of that side of your finances; however, it is important that both people in the relationship share the overall responsibility of maintaining the budget.

Compromise and communication are key to a strong financial relationship so make sure you discuss and come to an agreement on where your money is going and when. A relationship takes work, but by having this honest conversation early on and staying on track with budgeting and spending, you may find that your relationship is stronger for it.

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Work with St. Amant Important to Creditaid

When you live in a community as great as Winnipeg, you don’t have to look far for support of community efforts.

Look all around you to see evidence of how companies in our city are helping improve the lives of our fellow Manitobans, especially those who depend on organizations for vital care.

At Creditaid, we take pride in the assistance we provide to Manitobans. This is not only part of our credo as an organization, but extends to our volunteer efforts in the greater Winnipeg community. As such, we have been extremely supportive of St. Amant. A comprehensive resource for Manitobans with developmental disabilities, and autism, We believe strongly in the work St. Amant does, which includes a large residence for complex-care, 50 community sites and homes, the St.Amant Research Centre, the St. Amant School and River Road Child Care.

On Saturday, September 21, Creditaid will be taking part in St. Amant’s Free the Spirit Festival, 10am to 2pm at the John and Bonnie Buhler Reflective Gardens, and our President, Brian Denysuik, will be participating in the Fundraising Walk, benefiting the life-changing studies conducted by the St. Amant Research Centre. In addition to the walk, the day will be highlighted by games, music, snacks and prizes for the entire family.

If you would like to join us – or sponsor Brian – click here for full information.

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Getting Your Financial Life in Order

Just as spring is often the time that we clean-out and reorganize our homes, it is a good time to bring some order to our financial lives as well. We’ve put together a few tips to help you do just that.

1. Balance your checkbook. For some people, this may be a ‘duh’ statement, but for others it is actually a big step. If you have not been balancing your checkbook with your monthly bank statement each month, now is the time to start. Knowing that the balance in your checkbook is accurate can relieve a lot of stress and save you plenty of money in overdraft fees. If you’re having trouble getting it balanced, take it into your bank and ask them for help. They can help you get to a good clean starting place for the spring.

2. Write out a monthly budget. It doesn’t have to be overly detailed, just start by listing out all your monthly bills and the average amounts due each month. Then add in budget amounts for groceries, fuel for your vehicles and other expenditures you make that do not come to you in bill form, like entertainment, giving and clothing. Schedule when each bill will be paid on a calendar, based on its due date and when your income comes in.

3. Make an appointment for credit counseling. There are experts available to help you sort through your finances and give you the advice you need. Pick up the phone and make an appointment with one of our credit counselors.

4. Open a savings account. Even if you don’t have much to put into it, open a savings account and begin the process. Determine an amount to deposit into it each week or each month. Perhaps you’ll want to set aside a few dollars from each pay check, or maybe you’ll do the ‘save my change’ game and deposit your extra change each week. No matter how small it is, begin the process of building a savings account for yourself.

These are just four simple steps to help get your financial life in order and heading in the right direction. Spring is as good a time as any to start fresh.

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Tips for Saving on Kids Sporting Activities This Spring

As parents, we want our kids to be involved in sports. We recognize the benefit these activities give to our children’s lives. Sporting activities provide enrichment physically, socially and psychologically. In spite of all the benefits, sports can be very expensive to participate in. So, we’ve come up with a few tips to help you keep your kid’s activities affordable.

Buy Secondhand – You can often buy used sporting equipment from other parents whose kids have out grown their previous year’s equipment. There are also secondhand shops that specialize in recycled sporting goods. Garage sales and craigslist are two other sources for buying used sporting goods.
Family Discounts – If you have more than one child ready for sports, try and enroll them in the same sports program. Often times there are family discounts for families who have multiple siblings enrolled in the same program.
Early Bird Discounts – Don’t wait until the last minute to get the kids signed up. Many sporting activities encourage early enrollment by offering early bird discounts.
Avoid Traveling Teams – Having to travel out of town for your kid’s sports activities can be very costly. Try to find sports where the teams compete locally, rather than out of town.
Swap Skills – Check to see if there are discounts for parents who help with the coaching or management of teams. See if there is another service you can provide in exchange for the service your child is receiving.
Choose Lower Priced Sports – Sports that require expensive equipment will be more expensive, such as hockey and bike riding. Swimming and running have very little equipment involved, and therefore, much less expensive.

Simply put a little extra thought into the choices of your kid’s sporting activities can save you plenty.

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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.

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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.

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Canadians Act on their 2011 Resolutions Early

TD Canada Trust has just released the results of their Holiday Survey.

Here is a glimpse of the resolutions Canadians are doing today.

  • Spend less and avoid buying things I don’t need (53%)
  • Look for better deals (38%)
  • Build up savings to cover at least two months of living expenses (30%)
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On the Path to Successful Budgeting

So you figured out your income and expenses and have started to budget around it, now comes the next step, keeping track of your money and how to maintain a budget month to month.

There are a few things you can do to keep track of the flow of your money and make certain that you are sticking to your budget. Set goals for yourself. This will allow you too feel the satisfaction of accomplishment. If you set a goal to save money for something important like a vacation or a new car, you will be able to save more effectively and carefully. Another tip is to set appointments. You can do this two or three times a month so you can review your budget and make sure you are on the right path. This can be created into family time, get everyone in your household involved as previously mentioned. Begin to pay attention to the areas where spending is most important so you know where your priorities are in your budget and where money is really needed.

You have reviewed your expenses, created a budget journal, and now learned how to keep track of your funds. You are on your way to having a successful budget and a better understanding of where your money goes.

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Money Saving Tips

If things are tight at home, we can adjust our lives so we can save more for what is important in life.

Here are a few money saving tips:
– Pack a lunch to work instead of buying one.
– Take the bus instead of driving.
– Shop for clothes out of season.
– And of course before making a purchase ask yourself – “Do I need it?” “Do I need it now?”

Consider getting everyone in your family involved. They’ll feel included in the overall household choices.  Having children involved helps educate them about money which enables them to make good financial choices for their future.
By reducing your expenses, it will mean more money at the end of the month and improved personal finances.