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Posts from the 'Money Management' category
After suffering financial difficulties it is important to start rebuilding your credit. What is a credit score? Your credit score is what new lenders check before they approve a loan. It is provided by a credit reporting agency who collect information on your repayment history from your previous lenders. Good repayment histories lead to high scores and the ability to borrow more. Poor histories, including late payments, collections and consumer proposals lower your score and can result in a loan being refused. In Canada...[more]
What is a Secured Credit Card? Secured credit cards are credit cards that require a deposit to be put down against the credit limit. Dependent on the card the credit limit will either be a percentage of this deposit, or the same as the deposit. This deposit will be placed in an untouched high interest account and will be returned in full, upon cancellation of the card (assuming you don’t default on your payments). It's difficult today to get by without a credit card. If you want to stay in a hotel, rent anything, or...[more]
One of the keys to maintaining good financial health is taking time to check in with yourself and your accounts. Finances that are ignored or neglected can easily get out of hand and your financial health can take a hit. If you...[more]
If you are struggling with debt, there are many different solutions you can look into. Sometimes the only answer left to you is bankruptcy, but often your debt isn’t as unmanageable as you fear. Before going through a formal solution which can put a black mark on your credit card, consider whether a simple budget could help you manage your debt and pay it off in a timely manner. We hear it time and again from financial experts, but starting a budget can be daunting and hard to stick to. Here are some tips to get you started on the path to a successful...[more]
In today’s world credit is king, and you have to be careful with your credit rating. Many people damage their rating through completely preventable things. Below are five common ways that people damage their credit rating without even realising.
- Shouldering too much debt No matter what you earn, there is a cap on the total amount of debt you can be in. Even if you are making all of your payments, a large amount of unpaid debt will lower your rating and make it difficult to get more loans
Saving is important; all the financial experts tell us so. Generally though people are saving for more than one thing at a time, and sometimes you want to keep the money for your down payment separate from your rainy day fund, so what are...[more]
When something breaks from your favourite pair of boots to your microwave the question becomes should your repair it or replace it? This depends on many things including what it is that is in need of repair. Below are some things to take into consideration when making this decision.
Cost and the 50% RuleThere is a general financial rule of thumb when it comes to replacing stuff, known as the 50% replacement rule. If the repair will cost more than 50% of simply buying the item new, then invest in a new one. New wipers on a 4-year-old car are a good investment, a...[more]
When you are struggling with debt it can become overwhelming very quickly. There are plenty of options out there to give you some debt relief, including filing for bankruptcy or a consumer proposal. However these are somewhat drastic measures that can harm your credit rating, so it is always best to consider other options first. Many people are unaware that a simple budget could help them get their finances under control and make the payments that they are currently juggling. If you are already far behind or receiving calls from a collection agency then you may need to seek...[more]
Some of us really struggle to save. We have good intentions, but we fail to keep track of our money, or we make too many little “one latte won’t hurt” purchases that quickly add up. If you are always dipping into your funds because there was a deal on a sofa that was too good to pass up, and you really had been meaning to buy a new one for the last year anyway, then possibly you need some help keeping money from yourself. Here are some tips to keep your savings safe from your impulse purchasing. Tip # 1: Have your bank remove access to your savings account from...[more]
Emergencies happen, and more often than not they are costly. If you aren’t prepared for an emergency then the cost of it can put you in serious financial trouble. If you were keeping up with your debts before but suddenly you can’t work how are you going to pay them? If your boiler breaks down in the middle of winter can you fix it? Often people don’t prepare for emergencies, so when they happen people have to over extend themselves on credit. If knock on effects from dealing with an emergency were what started your financial troubles in the first place, post-bankruptcy you...[more]
The summer is a great time to save a little extra money because there are so many easy ways to cut costs. This post covers 5 easy ways to cut costs over the summer and do some summer savings
- Groceries – There is fresh local produce everywhere, and because it is in season it is cheaper than in the winter. Try to make a meal plan and stick to fresh local ingredients. You can also consider buying in bulk produce that you know is going to rocket in price during the winter months. Things like berries are easy to buy in bulk and freeze really...[more]
Saving money on Energy Everybody has to pay for power, and we tend to think of it as a fixed cost that we simply have to account for in our budget. While this is true there are ways to get the number down. BC Hydro has lots of resources on their website for ideas of how to be power smart. Here are some of the big ones Spare/old fridge – An inefficient fridge could be using up to $85 of energy a year. BC Hydro offers a fridge buyback scheme where they buy your old fridge...[more]
There are some really easy but often overlooked ways to save a little extra in the summer. Here are 5 places to cut costs and save a little extra
- Turn of the Air Conditioning – You don’t have to suffer through sweltering heat, but an AC unit can dramatically drive up your utilities bill. Only use it when necessary, turn it off when you leave the house, and try to plan ahead. If you know it is going to be a cool night, open some windows and turn it off before bed. Don’t forget to replace your filters, as this can really up the efficiency of your...[more]
Whether you want to be debt free by 2023 or you simply want a holiday to the Caribbean, setting financial goals can help you stick to a budget and get the most out of your money. So how do you get started?
Step 1: Set your short term goalsShort term goals are important because they can keep you on track when your long term goal seems too far away to provide any real motivation. They also give you more immediate gratification and help you build up you budgeting momentum and confidence.
- Make a list of short term goals you want to achieve and put...[more]
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Many people who struggle financially suffer from a lack of financial organisation. Money comes in and goes out, but if asked they couldn’t really tell you where it went. If you don’t consciously track your finances then you can’t map put places where change is possible or identify waste. A lack of organisation doesn’t only make it hard to budget efficiently but it can actually cost you money. How many people have had an appliance break and had to replace it out of pocket because they remember where they put the warranty or receipt? Keeping good records can also help you remember to...[more]