Category Archives: Budgeting

Surviving Bankruptcy: Everything You Need to Know

Educate yourself and plan to avoid making the same mistakes again

 You might feel some relief once you file bankruptcy and your debts are consolidated into that one monthly payment, but do you realize how long this stays on your credit report? While the slate is clean, you still must deal with the crushing blow on your character. Not only can this impact your ability to buy what you want, it can hurt your chances of employment too. However, sometimes Chapter 7 is the only way Canadian families can get on their feet again. If you proceed wisely it can help you, but if not—this could be a big mistake. Let’s look at some steps that will ensure filing bankruptcy will get your debt to income ration in a balance. It’s important to understand what you can and cannot do when you take a step like this.

What You Can and Cannot Do When Filing Bankruptcy

Bankruptcy law

Understanding what debts bankruptcy will do away with and which will still be required for you to pay is extremely important. So, let’s be clear here. Not all debt is erased when you file bankruptcy.  Unfortunately, there are some creditors who can attempt to influence the court not to place a specific debt under bankruptcy protection. While it doesn’t seem fair, it happens more often than not. When you file for bankruptcy (whether Chapter 7 or Chapter 13) your debts are consolidated and separated into categories. Some debts will receive priority over others, and these happen to be the ones that can cause the most problems for those in debt. However, if you are hoping to get rid of medical debt and not be plagued by it—this is removed.

Medical bills are classified as unsecured debts, much like credit card debt. When you file bankruptcy they are gone forever and you can begin recovering from that overwhelming stress and anxiety you’ve been under. However, something such as an automobile loan is not as simple. This can still be repossessed if the loan company pursues it in court. Mortgages can be saved and no one can take your home when you file bankruptcy! Let’s learn how you can avoid ever filing bankruptcy again and getting your life stable and on track.

Don’t File Multiple Bankruptcies: Not Good for the Long-Term

bankruptcy-attorney-bakersfield-ca

You really don’t want to have to go back and ever file another bankruptcy again, not after the first one. So, it is critical to understand what you’re getting into and what is going to happen. Too many are in the dark concerning what Chapter 13 does and what it really covers. To make it easy, filing bankruptcy can be a powerful option used correctly. It can:

  • Removes credit card debt and other unsecured debt
  • Eliminates very specific lien agreements
  • Stops collection activity and prevents harassing phone calls

But Bankruptcy cannot:

  • Secured creditors can repossess property, even with a bankruptcy in place
  • Bankruptcy cannot remove child support payments or alimony
  • Can’t eliminate most tax debt, but some is possible
  • Traffic tickets and other fines cannot be eliminated

While bankruptcy can help with a great deal make sure you’re filing it for the right reasons.  More importantly, make certain the debt you have can be taken care of when you file bankruptcy.  Know what it can and can’t do!

 

 

Time to Start Planning Savings Resolutions in 2017

 

Planning savings resolutions might strike fear in some Canadian households, but it really can be easier than you think! If you’re really going to be successful this time around you have to look at how you’ve managed years in the past too! Find your mistakes and don’t make them again. Pinpoint your weaknesses and do everything you can to avoid them. For example, if you crave dinner out 1 time a week, start making plans to slash that to every other week. At least for awhile. Another thing that smart Canadians can do is connect with other Canadians who are financially conscious. Surrounding yourself with those people who have similar goals is just smart.

Furthermore, we want to stress how significant committing to a specific goal really is. For example, if you decide that there will be a no spending day then you have to stick to a resolution like that no matter how difficult it feels. You can still find a ton of entertainment that is free, and have just as much fun too! However, you don’t want to be so restrictive you feel suffocated. This is something that you’ll find mentioned in many financial blogs across the internet and it is very true.

 

kp251_employee-pension-plans_1200x600

Setting Goals and Sticking to Resolutions

When it comes to your financial goals the first thing you have to do (if we haven’t already mentioned) is to identify them. If you haven’t pinpointed these then it’s time to do so. Identifying a clear goal will motivate you to meet it. You also have to create a plan to resolve difficulties. If you’ve been struggling to meet the same goal every year–develop a new strategy. Sometimes consolidating debt might be an option that works best. Every situation is different, so just weigh the odds. But, don’t ever just give up and say: “next year we will do it.”

We aren’t going to give you the same things other websites do. Here, you’re going to find some unique ways you can start meeting your 2017 goals, so let’s get started. We feel certain you’re already well aware of the importance of staying on budget and cutting back, right?

Consider boosting your 401k retirement savings–Because it just makes sense, right? You better bet it does, and when it comes down to retiring you’ll have more than what most do, all due to smart thinking and pre-planning! The goal should be to contribute at least 3% but better at 6%.

Don’t join a gym, just use what’s available–When you think you need a gym, you’re just looking for excuses to not exercise. Use what is all around you to get that workout in and you’ll find it to be just as good, or even better.

Cut back on bad spending–Forget about McDonald’s and Starbucks, you don’t need it. Focus on trying to live healthier and you’ll save a lot more!

Remember, just small changes will help you get on track. Begin with a plan of action you can accept and will stick with and take it from there. It’s all about progressing to your final goal and achieving life satisfaction.

shutterstock_62795851

Simple Steps For Surviving The Holiday Season

This is one of the most expensive times of the year and for so many it really hits the wallet hard. For those who don’t have as much as others–the anxiety and stress can be overwhelming. Just remember, the holidays aren’t always about gift giving. Money shouldn’t be an issue. The following tips can make a dramatic difference for Canadians this holiday season. If anything, many can find more comfort and peace rather than feel the burden of trying to gift give. So let’s take a look at some of these now and really start enjoying the season as we should!

Holiday Tips for Alleviating Financial Stress

quebec-xmas

  1.  Don’t purchase new clothes every holiday season, it is just a waste. Instead, go to a second hand shop where you can find gently worn name brand clothing at more affordable prices. Also, make sure you can carry what you purchase over into the year. You don’t want something you can only wear once.
  2. Pick and choose the holiday events you plan to attend. It is just unrealistic to think you can go to every party and corporate get together. That costs quite a bit. List what events matter most to you and choose only a select few from that list. In this respect you’ll walk away with a little money left in your pocket.
  3. Make a list of who you have to purchase gifts for. After that, start thinking about a budget, but think about an original gift idea too. You don’t have to spend a fortune to make someone happy. Think about what they enjoy the most then go from there.
  4. Stick to a budget and don’t waver. Don’t suddenly decide to buy an item not on your list just because you have the extra bills on hand to do so. Stay focused and always think practical too.
  5. Make sure that your friends and family’s expectations of you are also realistic. Be honest and tell your loved ones what you can afford and what you’d like to do within a budget. Even if they think you’re a Grinch, stick to your plans. Those who love you will appreciate your honesty and will be thankful for whatever you are willing (or can) give.
  6. Shop for deals and don’t be afraid to ask for bargains from vendors! This time of the year is one of the best for deep discounts. If you can get a lower rate on an item don’t be afraid to go for it!
  7. All in all make sure you relax and enjoy the holidays with those that matter the most to you!

christmas_lights_25347265rue-du-petit-champlain-in-lower-old-quebec-city-canada-bt8xj7

After the holidays are over you’ll be able to look back with good memories and more relaxation too! You can avoid that holiday madness and still have a beautiful Christmas season with friends and family close.

7 New Ways to Pay off Your Debt Faster

Yes, you can pay off your debt faster and smarter! It might feel stifling initially, but with patience and determination you can find a way to stay above water again. Now, the very first thing a smart financial advisor will tell you is you have to create a savvy budget, and you absolutely have to stick to it. If you can’t do that you’re not going to make any kind of decent progress. We know, for those individuals who have never managed a budget well, this can definitely be a challenge. However, there are many free financial planning services which can help. Let’s go ahead and look at some other interesting ways you can pay off your debt faster and start building a strong financial foundation for yourself.

Time to Pay off Debt and Move Forward With Life

Once you can remove substantial debt from your life you’ll remove that heavy weight on your shoulders. There is no better feeling than freeing up your money. If you follow the below tips and stay determined, you’ll shed financial debt faster than you could have thought possible. The goal is to not go in debt again!

payingoffdebtincanada

Tip 1: Stop your credit card spending NOW. It’s okay to use one credit card, but you have to be able to pay it off in full the end of every month in order for it to really be beneficial. Lowering your credit card debt makes a huge impact in your financial picture.

Tip 2: When you get those work bonuses apply them to your debt before you do anything else at all. This is the smart thing to do, even if it makes you cringe inside. Think of how beneficial it is going to be when you minimize all that heavy debt on your back!

Tip 3: Keep a running tally of your daily expenses. If you find you’re visiting Starbucks to often, well cut it out! Knowing where your money is going can help you see why it is taking you longer to reduce your debt burden.

Tip 4: Focus on paying off the most expensive debt first because these are the ones that dent your credit the most. Speak to a financial adviser to know what to pay and what not to pay. Sometimes, some debt is better left alone.

Tip 5: Always pay more than the minimum balance on your bills. When you only pay the minimum you cause more fees to rack up against you–leading to a longer time to pay off debt. Think smart and pay attention.

Tip 6: Have patience and stay focused. Keep on track, and stay organized. The more organization the more likely you’ll stay on the right path.

Tip 7: Don’t store payment information online. Don’t have credit card information at your favorite retail outlets as this makes it more likely you’ll spend unwisely. The more time you have to put into a purchase the less likely you are of going through with it.

Woman Cutting Her Credit Card

All of these tips are useful, but it takes you, the individual to really stay on track and knock debt out of the ball park! Don’t give up and imagine how much better your life will be after.

 

 

Cyber Monday is Here

Cyber Monday is finally here and we thought we would help shoppers out just a bit. The bottom line here is to save money, right? Cyber Monday is right next to Black Friday and it was established so no shoppers would feel left out. Now, you are supposed to be choosy! Don’t fall into every deal you see until you compare it. Canadians shouldn’t impulse shop just because a cyber deal looks too good to be true! Visit other sites and see if there is better savings.

Some Canadians are just getting off work and coming online to do some shopping, so of course, they might be in more of a hurry since it is late in the afternoon. However, we encourage Canadian shoppers to take their time and really consider their wants and needs. This is supposed to be a way to get gifts for loved ones at a bargain too–let’s not forget that!

So, allow our below shopping tips help you out this marvelous Cyber Monday! You can avoid those consumer traps and come away with some real steals. Let’s take a look.

Cyber Monday is All About Consumer Savings–Pay Attention!

saving-money-online-shoppin

  1.  Begin your cyber Monday shopping by using Google! Check out where the best cyber deals are online! Also, remember, shopping online within Canada will save on International shipping rates, which is quite significant. So, be smart and don’t just pop on a site and spend. Pay attention!
  2. This Cyber Monday page will help you find the best sites to go to for raking in the savings! Yes, we took the hard-work out of your hands and did a little bit of digging on our own. You can still do some shopping research yourself, but we guarantee you the above online shops offer some sweet cyber discounts.
  3. In order to protect yourself and your online purchases make sure to print off your receipts and save them if there is a problem. This eliminates a lot of the hassle that often occurs with online shopping transactions. So, now that you have that peace of mind, you can shop with ease!
  4. Do a daily search and start cyber shopping early. Of course you can’t make purchases early but you’ll know exactly what you’re looking for when the fun begins!
  5. Just as with traditional shopping, always read the fine print! Many Canadian shoppers get a little check out shock online! Know what’s on sale and what items are going to have the best discounts. Don’t fall for the buy one get one free if it really isn’t a savings at all. It’s important to do your research and always, ALWAYS read that fine print.

r-online-shopping-large570