Monthly Archives: October 2016

Are You A Poor Money Manager?

We would all like to think we are good at managing money, but unfortunately–many of us are not! Good money management is a process, it’s not something you are just good at. Now, even if you want to become proactive and become a good money manager, you’re going to have to do more than just read a bunch of articles. You have to be willing to take accountability and take that responsibility.

You shouldn’t wait until your drowning in debt to begin to be a responsible money manager either. If you don’t begin to pay attention to your habits and especially, your spending habits–it’s easy to end up in a nightmare situation you can’t get out of fast enough! So, how do you know if you are a poor money manager? Well, there will certainly be signs.

Let’s examine some of the characteristics of a poor money manager right now and see if we can find solutions to correct these traits.

How You Can Avoid Becoming a Poor Money Manager

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  1. Not keeping or maintaining a budget is a sure sign you’re a poor money manager and this will always set you up for failure. Setting a budget and managing it well is the only real way you can begin to take control of your financial life. Also, don’t think because you have few bills you have more reason to spend. The wise thing to do is save your money and plan for the future. Here is a fact–if you don’t know how much money you have how can you properly establish and set up a budget? You can’t! So, get smart and start making a plan for your money today.
  2. You don’t have to buy everything new, but there are so many Canadians who fall into this trap. You also don’t have to buy name brand either. If you visit a second hand shop, you’ll see the quality is still there. You don’t want to go broke trying to keep up with every new gadget or clothing fad that materializes. So, don’t! New items do cost more, and staying in this bad habit is just no good!
  3. Stop spending more than you make! Too many Canadians use credit for personal expenses and other unnecessary spending. You don’t need to try to pretend you’re something you’re not and then end up financially blind-sided down the road. Be happy with what you have and start enjoying life without endless shopping! You’ll be far happier and live with minimal stress too.
  4. Are you saving for emergencies? This is also an area that many people don’t pay enough attention to. Emergencies arise at one point or another in life–the question is “Are you ready?” Being financially prepared for the unexpected really demonstrates proper money management!

If you follow just one of these tips you can improve your financial situation and become a better money manager as well. Don’t follow the crowd and end up with the same problems. Be independent and be ready to make a difference in your financial life! As you grow older you’ll be glad for making those smart choices now!

How To Go Broke

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Learning how to go broke is an odd topic, isn’t it? Well, we felt it was a smart one too. It’s important what NOT TO DO if you don’t want to go broke. Too many people today keep making the same financial mistakes over and over again. The same excuses are used. Canadians claim to have no time to budget, and no time or money to purchase software programs to help them manage their money better. While there are improvements across Canada, there is still a huge problem. Still, today, there are more than enough families learning how to go broke. They are one paycheck away from eternal loss. It’s sad, but as we’ve always said–choices lead to consequences.

You can certainly buy nice things and not go broke, it’s all in how you approach your finances. The main goal should be to not live above and beyond your current means–this is where the problem comes in at. Now, if you think living above a standard you can afford is going to make you happy, you’re wrong. This is only going to give you a great load of anxiety and stress. So, if you don’t want to go broke when you spend money you should be aiming to improve your life, not live above your means.

Below is some wise advice on how not to go broke. You can break all those habits that have led you down that path of destitution in the past. Live better–take care of your money and it will take care of you!

Never Go Broke Again

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Let the following tips be your friendly guide to improving your happiness and always having some money in the bank! You can save and still live a fulfilling, satisfying life!

  • Stay out of debt–You should only pay for big purchases you can afford, and that means pay with cash! If you do use a credit card, pay it off in full each month.
  • Use one credit card–If you can manage a credit card stick to one, and take advantage of the points you can earn! Pay it off every month and never exceed what you can afford. Too many dig themselves a hole they can’t get out of. One can be good, but more can be evil!
  • Don’t pay bank fees–If you manage your money properly you won’t have bank fees. Don’t go into overdraft, and if you have bounce protection, try not to use it. You’ll pay excessive fees for minor transactions
  • Stop being an impulse buyer–Pay attention to your purchases and don’t over indulge on shopping in anyway.

This advice really might start helping you make some changes in your spending and your financial habits in general! It never hurts to try!

 

7 Ways You Can Rent Even With Bad Credit

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Renting that first apartment can be an exciting experience, but dealing with bad credit is a trying one. It is extremely difficult dealing with bad credit when you’re looking for an apartment, or home for rent. We will tell you that finding approval for a home rental can vary depending on what part of Canada you’re within. If you have strong rental references and a good steady income, renting won’t be as daunting a task. We will tell you that some debt works differently than others and some doesn’t carry as much weight as others either, which can be a good thing.  Take for instance, medical debt. While this lowers your FICO score, it won’t make it necessarily harder to rent an apartment either.  However, if you’ve been evicted from a previous apartment or home, you will definitely have some barriers to contend with.  Let’s take a look at some potential remedies or alternatives to this problem now.

Tips To Make Renting With Bad Credit Easier

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Don’t forget it’s good to weigh all of your options when renting. Also, for those with bad credit–looking for properties for rent owned by an individual is smart. Credit checks are standard procedures at apartment properties, but for the individual with bad credit–privately owned rental property might be more of an option because there is more flexibility. Below are some other tips and strategies that might prove very worthwhile.

  • Having a cosigner might be a life saver for you!  This can override any bad credit you have and help you get that rental you really want–as long as your income shows you can pay for it!
  • Provide a landlord with a verifiable way to view your income off and on during your lease period.
  • Be prepared to pay more at signing your lease than others with good credit would.  This will help you have more of a chance of getting approval.
  • You can request a month to month arrangement just to prove you’re trustworthy and will pay your rent on time every month.  Once you’ve established this, a landlord will be more willing to sign a years lease with you.
  • You can also agree to sign a lease that allows a landlord to automatically deduct rent from your bank account.  This is almost like a security policy.  The landlord won’t be at such risk of facing a loss in a circumstance such as failure to pay rent.

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These tips can really be beneficial for those who have been struggling to find a nice place to live. We all make mistakes, and no one’s financial portfolio is perfect. Discover what landlords are on the lookout for today and begin the proper search. It might take a little extra time, but your efforts will pay off in the long run.

 

 

 

 

Stockpiling Food Can Save Canadian Families on Groceries

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Stockpiling is a vey common practice, but will it work for you the way you expect? The first tip to start saving money stockpiling on groceries is to only get those things you know you’re going to use–it makes sense, right? Within just a few months you can have a nice stockpile of necessities and groceries! There are rules to maintaining your stockpile as well–so the money you spend will pay off for the long-term. You want to make sure your food stays fresh, so it is a good idea to keep things rotated. Now you’ll read many tips and strategies on just how to shop to create a surplus, but you’ll find a variety of information here, in one convenient place! We try to give the most updated info, so if you’re ready to really start improving on saving money grocery shopping through bulk buying, we’ve got the answers you’re looking for. Let’s get right to it!

Save Money Annually When You Stockpile on Groceries

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Don’t forget, to properly get started, begin with a list of all the more common items you use on a daily basis. This saves time, money, and frees you from clutter too! These below pointers just might be very beneficial to those newbies beginning a plan like this!

  • Don’t forget you should rotate your oldest foods to the front so that those get eaten first.  This. will ensure all food gets eaten and money isn’t wasted.
  • Once you have a stockpile you should shop from your pantry, not run back to the grocery store for more.
  • Use a menu based plan, and create your menu on what you have on hand.  Grocery shopping will then become easier and you just replace what you run out of.
  • Store your food in airtight containers and keep them in a cool, dry place.  This will prevent spoilage and any possible pest problem as well.
  • Many don’t realize that non-perishable items can go bad just like other food can.  Therefore don’t stock up so much that expiration dates are reached.
  • Don’t overstock on OTC medications because they can lose their potency over time.
  • To preserve your fresh foods you can freeze them–but remember they also have a shelf life.

You can easily overdo stockpiling, so just pay attention to your buying and don’t go overboard.  You are going to save a great amount on toothpaste, as long as you don’t buy too many on sale. It is better to get enough to keep you stockpiled for 2 to 3 months–that is the ideal time frame. No matter what you choose, don’t forget to pay attention to expiration dates at all times!