Category Archives: Debt

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!

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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.

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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.

 

 

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!

 

 

 

 

Can You Afford A Mobile Home With Bad Credit?

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This is a big question for Canadian families.  If you’ve been renting and are ready to finally become some form of a homeowner–be it a mobile home, or a traditional one–can your credit hold you back from achieving this dream? For so many it feels unobtainable. We all suffer from financial mistakes, and some of these can really hit our credit hard. It would be nice if credit didn’t have such a tough role to play in what we can and can’t have in life. If you can afford it–that is what should matter, right? You’d think, but many times over this is not the case. So, can you really afford a mobile home with credit problems?

Bad credit is not permanent, you can overcome it. Finding a lender with bad credit can be rather difficult though. However, there are programs available to help. If you’re a Canadian family living within the US, you might be eligible for the USDA financing. You might also be eligible for assistance through a state program or rather, HUD. If you reside within Canada you’re going to want to look for similar kinds of lenders that work with those living in rural areas.

Financing a Mobile Home With Poor or Fair Credit

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This can be a challenge under the best of circumstances, but for those families with dented credit–they have to prove their financial ability to pay. They can’t have late payments and they have to be flexible when shopping for the mobile home they want. There are steps one should take to prepare for this big plunge, so let’s list those for you now. This might make the whole process less vexing and definitely less stressful. We all make mistakes, so don’t let the past make you feel like you deserve to be treated less than any other customer! We want you to also remember, while you might be able to get financing with bad credit, you don’t want to get sucked into something you’re not going to be afford. Poor credit leads to higher interest rates and more. Don’t jump on the first loan offered–this would be a big mistake!

  • Pull your credit report and take a good, hard look at it. Look for any discrepancies, and definitely look for charges or actions which you might have been falsely identified for.
  • Devise a way to come up with a decent down payment.  This could be through a trade or some other collateral you might hold.
  • Work with a credit specialist to try and clean up some of your credit concerns. There might be some items on your report that can be legally removed and dramatically improve your credit score.
  • If you have to choose something smaller than what you really want, choose it. You can always work your way up into what you really would like a few years later.  Remember it takes patience and hard work to beat bad credit and climb out of the hole.

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The most important tip we can share with families who are attempting to get approved for a mobile home is to not be suckered. There are those who will prey on families who are vulnerable. Keep your bearings, think clearly, and plan before jumping into anything. You’re trying to build a new life, not create another with even worse problems! You will get that home of your dreams when you think ahead.

Tips to Avoid My 5 Personal Money Mistakes

Depressed and stressed university student. CREDIT: Janine Wiedel/Getty Images

Finances can be confusing to many young Canadians across British Columbia–and stressful, I know this personally. It is never easy admitting mistakes we might have made in the past, especially when it comes to your money and spending–but it is the only way you can really transform for the better. Now, it is common to make money mistakes in your 20’s and 30’s, and even sometimes into your more mature years–definitely if it’s about investments gone awry. Hopefully our tips we share with you here will help you to avoid any and all types of financial blunders throughout every phase of life. It would be helpful, wouldn’t it?  Please read on for some of the most common, and easiest financial mistakes people make daily.

Financial Mistakes That Are Totally Avoidable

Remember, there are unique financial mistakes for different phases of life, some more critical than others even. For example, when you’re 18 you don’t think much about how you’re spending money, but it can have an impact. However this isn’t as detrimental as it would be when you’re at the age of saving for retirement. Something to think about, right–because really, you’re never too young to start saving. Let’s look a bit closer at what works and what doesn’t and how you can stay ahead of the financial game!

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Mistake #1 Why are you trying to keep up with all of your friends? You don’t need to splurge and spend money like a crazy person just to look cool, this isn’t high-school anymore! Looks can be extremely deceiving, so don’t fall into the trap you’re trying to avoid.

Mistake #2 Lose the reckless attitude about managing your money because you’re young. It’s all too common. You think that you don’t have to worry about managing and saving your money properly because you’re just a college student. Well, think again. Developing the right mindset about money when you’re young helps you better manage it when you REALLY need to!

Mistake #3 Don’t go into credit card debt! Too many college students go into debt to pay for college, or to get by while a student. Many creditors take advantage of young people during this time, so try your best to avoid credit cards and other high interest loans. These money mistakes can have long-term consequences.

Mistake #4 Don’t spend too much on a car! Going into large debt for a car can be a college students biggest mistake. If you can save the money for a good running vehicle, a few years older, it will be the best solution for you. This will help you avoid the stress of making a car payment month after month.

Mistake #5 An inability to start a budget can cause financial stress when you don’t need it. You’re never too young to begin keeping track of what you spend and where your money goes. You should plan and document all of your transactions, finding ways to mend holes and begin putting money aside for that possible rainy day.

Stanford University students listen while classmates make a presentation to a group of visiting venture capitalists during their Technology Entrepreneurship class in Stanford, California March 11, 2014. Stephen Lam/Reuters (UNITED STATES - Tags: EDUCATION) - RTR3QTMX