Category Archives: Managing Financial Stress

Personal Loans Improve Credit and Might Pay Off Debt

Why take out a personal loan when you’re not sure if it will benefit you? The answer is simple–there are programs that just might and it doesn’t hurt to try ones that have no impact on your credit score. There are bad personal loans for those with damaged credit. If you use these wisely (and choose the right ones) you can repair your credit and begin paying off debt. This can help you get back on the right financial path, but you must be willing to make sacrifices. We never recommend taking out a personal loan just to have extra funds available. But, we do recommend going this route when you need to pay off debt and begin shining up your credit report. Installment loans work best and often have the lower fees and most flexible repayment options.

For consumers who have maxed out credit cards–this can be an excellent option. But remember–not just to increase cash flow. It should be vice versa. Also, if you want to consolidate debt this is a viable choice. This works well if you hope to do away with credit cards and other loans that have unreal interest rates. You do want to weigh all the pros and cons before you sign on to a short term loan like one we are describing here.

The Pros and Cons of a Short-Term Personal Loan

What you might not know is that short term loans can help you repay debt and pay off other loans that might have higher interest rates. Now, when it comes to the repayment of the loan, depending on what type you took out determines the duration of repayment. However, short-term loans almost always have feasible options that work for anyone. You can choose an option that will be the easiest for you when it comes to repayment ability and/or any personal circumstances you have. A loan officer will work with you on these circumstances.

So a short term loan approval offers easier approval for most, and gives you a short period of time to pay back without higher interest costs.  Some variations of short term loan repayments are normally 6 months to 1 year.  Now, long-term is quite different, and offers other options that might provide more flexibility too.  We do want to point out that there is a difference between a payday loan and a short term loan.  Remember, it offers more flexibility.

Just remember, simply because you need funding fast doesn’t mean it is wise to jump on just any short term loan or payday loan.  You need to weigh your options and understand them clearly.  Talking to the right people makes all the difference and can save on repayment penalties and other service charges.

 

Discover Tips to Better Manage Financial Stress

Who doesn’t suffer from financial stress today? It’s a common occurrence for many Canadians, and so many feel lost or trapped in their own personal circumstances. Approximately 7 out of every 10 Canadians are extremely stressed when it comes to money. When your stressed over your finances it can have a significant impact on your health-this is a fact. Now, as the cost of living increases, the amount of income seems to decrease. There are more and more Canadians falling into disarray due to higher living costs and inadequate job earnings. This has been discussed time and again. In fact, it might be feeling almost impossible for many families to overcome.

financial stress

Anxiety over money can slowly suck one’s happiness away, but it doesn’t have to be that way. One can better manage and establish a plan of action that will work and benefit them. It might be harder for some, but it is doable. It needs to be understood that patience is necessary, even when it’s hard to keep in place. Sometimes you might have to wait for a better job, or some government benefit to be applied. It takes time. Still, in the meantime Canadians need to find ways to better manage financial stress so that they can live balanced lives. Living in financial jeopardy for a long time is just draining.

Learn How to Manage Financial Stress 

The crunch of financial stress continues to increase for many Canadians, but you want to avoid unhealthy coping habits because these just create even more problems. Too many Canadian families simply have too much debt and no matter how hard they work, it’s not enough. There are multiple reasons why financial stress occurs, but despite the reasons, the primary concern is how this places stress on relationships. This kind of stress affects every part of life. You can concentrate or focus on what you need to and your marriage might even be suffering. However, if you can reduce this kind of stress you’ll be able to enjoy your life far more and be better off. It’s time to get a handle on it, no matter how difficult it might seem.

Sadly, some can fall into behaviors and activities that only worsen the stress like:

  • overeating
  • consuming an abundance of alcoholic beverages weekly
  • smoking
  • engaging in drug use/smoking marijuana

These actions aren’t going to make anything better–but they can lead to further discord and disruption in daily life. Engaging in these behaviors certainly isn’t going to make anyone feel more in control of their life. It’s more likely these actions are going to increase anxiety and stress and lead to self-neglect. So, what can you do that is considered healthy and well-balanced? How can you begin to see some light at the end of the dark tunnel? If you’re ready to work toward a more secure future the first step is understanding the debt cycle and how you might have ended up here.

financial stress

One of the secrets to living healthier and happier is learning the steps for general stress management. Of course, positive thinking is one of these ways, but even that can be difficult if you’re constantly getting knocked down. Most Canadians have to discover what they need to create a low stress lifestyle and sometimes engaging in stress reducing techniques can be extremely beneficial. No matter where your stress is stemming from–counteracting it is critical to healthier living. You can try:

  • deep breathing exercises
  • constructive planning and thinking
  • meditation
  • yoga
  • exercising in general
  • communicating with a professional for help
  • and more

Living on Less Isn’t a Life Sentence

Sometimes you simply have to plan out a budget and learn to live on less until something changes in your life. Know that it isn’t forever, but just a stopping point in your life. It can happen to anyone, but proper management over this area can make all the difference to your mental and physical health. You can also look for ways to increase your cash flow on the side to help. Budget your money and know where it is going–these are very critical key factors to put into play. Once you accept your situation and start working to productively change it, everything will fall into place. No one stays stuck forever, but you have to be proactive and willing to do the work to change.

financial stress

It’s all about YOU! You can live better, happier and be more financially sound when you start on a plan right for you. There’s no simple solution, but ignoring your financial stress isn’t going to help, is it? Just remember that help comes in many forms and you should not be afraid to reach out to these people:

  • Mental health professionals
  • Friends
  • Family members

Maintain a positive attitude and take steps to remain engaged and active in rising above these issues.  Creating a vision board for the future can help you reach your goals and move away from adversity!

 

Learn 10 Exclusive Money Habits To Improve Your Financial Portfolio

Are you being your own best adviser? If you are then you have to be one of many proactive Canadians asking yourself just what your doing on a daily basis to help your income become larger? Also, you might be dedicated on researching ways to gain higher interest on your savings at your bank. Developing some new money habits is important when you are attempting to transform your financial portfolio. It takes time, but it is well worth the effort.

Canadian consumers have heard, or read that their daily decisions regarding money have a huge impact on their long-term financial health; and this is very true. Just as you should take care of your body by eating healthier and getting in exercise daily, you should tweak your finances and stay on top of money coming in and money going out. You should have a financial plan in place. Now, there are specific money habits that can keep your budget neat and trim; and which eventually lead to you establishing a good amount of wealth too. If you want to live comfortably one day, without worrying with how much something is, or some kind of emergency coming up, the following below habits can whip you into shape.

What Can Canadians Do Daily to Reach Wealth by Retirement

saving

It doesn’t even have to be when you retire. If you start controlling how you spend money now and setting up a proper budget habit then you can achieve a secure financial status far before you retire. However, you have to have the income. If you are short on funds that will help you save then you need to consider finding new ways to bring in extra money. Sometimes you have to work more to succeed later–that’s life! Great things just don’t happen overnight. Many Canadians have to work harder than ever to achieve financial success, but that is okay too. It’s a great goal, and it’s an admirable one.

Need to spend less than you are earning

This is not a new one at all, it is certainly a habit that needs to take priority. If you continuously have more money going out than you do coming in this can present a problem. But, if you control your spending and develop new financial habits you can gain control here.

Always make sure you budget for all those little extra expenses

You don’t want to get caught with your wallet empty! You never know when something might come up, so being prepared is the smartest financial decision you can make. You want to have more than just the basics as well. Remember that the little expenses can add up. Sometimes you need to learn when to say no to that Chai Latte at Starbucks! Those little things really do deplete a budget fast, as do other unnecessary expenses.

Write down everything you spend

This might feel tedious, but it is the only way your going to be able to keep up with your finances. Carry a little notebook with you everywhere and right down even the smallest expenses. You’ll soon be able to see exactly what you’re spending money on.

Design an all cash type of lifestyle

Discover Tips To Improve Your Finances In As Little As A Day

Yes, you can improve your finances in as little as a day when you apply the right strategies, but it all starts with YOU! If you take a little bit of time everyday to go over your finances and plan you’ll begin to make progress. It might involve removing debt a little bit at a time or it might involve making progress toward a future goal. In just 10 minutes a day you can transform your financial portfolio by developing ways to stay more accountable and pro-active with this essential part of life.

It’s not so much those big things as it is the little things that interrupt an individual’s ability meeting financial goals!

There are going to be times where some financial tasks are extremely nerve wracking and items that are often dreaded. However, you can’t run from your financial woes and approaching them in a positive manner can help you get control over your debt in a more constructive way. Just think, answering that collection call is better than avoiding it and not having peace of mind, don’t you think? Canadian consumers need to handle their dilemmas before they cost them far more in the long run.

Tips to Manage and Improve Financial Habits in One Day

money habits

  1.  Purge recurring expenses before you forget about them and they just keep sucking your money away. Do away with any that you absolutely have no need for such as: magazine subscriptions, tanning membership; etc.
  2. Contest fees that you feel you didn’t deserve. Banks are bad for slapping on overdraft fees, even when you get your deposit in. Because many banking systems are automated you have to call in and tell them your deposit was made. Don’t sit back and pay fees like these for no good reason–this just costs you more money.
  3. Make an extra debt payment. Whether this is towards a car loan or a mortgage, it doesn’t matter. If you can pay extra on your debt every month then you’ll soon have it chipped away to a far more affordable amount and be that much closer to having it paid off.
  4. Place yourself on a spending fast. You can slowly build up a cash reserve and finally stay on top of your bills, while saving time and money.
  5. Set a money goal and start devising a plan. Choose something that you have been wanting to do, purchase or go to for some time and set that goal. When you have something to look forward to you’re more willing to save, it’s a fact!
  6. Go for refinancing. If you have been working hard to restore your credit and have earned a possible lower finance rate, go for it! You can really save and be rewarded with lower interest that can then help you pay off your debt faster.

Where Should You Really Cut Back on Your Budget?

We post a lot of material about budgeting and more. There’s a lot out there. But, we think this post will really hit that sweet spot. This is literally going to explain what you have to do to feel comfortable and satisfied on a budget. You don’t have to cut out every single one of those things you like and then feel miserable. This is one of the reasons why so many budgets fail. Too much traditional savings advice focuses too strictly on removing all of the things an individual might love! Why not consider what motivates you as a way to cut your budget. Now, this works, and it has been proven. When you cut your budget to save for future things you have been long for, you have a reason for slashing your budget.

Just keep in mind that if you always feel deprived or dissatisfied due to your current budget model it isn’t going to last. There’s no way you can stick to something that makes you feel miserable all the time. However, if you look to the future and think of those things that really mean a lot to you, but which require cutting your budget you will do so. Let’s take this a bit further and dig in.

You Can Live Happy on a Budget

Budget wise

You can definitely live healthy and happy on a budget, there’s no reason why you can’t. You can still spend on things you enjoy too–there’s no reason to go without those, as long as you stick to a conservative budget. We all should do this and then there might be more personality when we venture out in public! You know what we mean. Those sour faces and poor personalities are often due to financial issues and budget concerns. The tips we are going to share with you now should change that.

What do you spend weekly on food? Consider a food budget!

12.5% of a budget often goes to food, but you can shave back here. Even if you choose to eat healthier, you can shop smarter. It’s important to establish a weekly spending amount on your consumables. Remember the rule: waste not want not–and this is more true than what you might think. There is too much wasteful spending at the grocery and specialty store.

Trim back on your energy costs and try to integrate green living habits!

Energy saving practices can ensure you and your family save a lot of money. Leaving lights on, not turning the faucet off properly, leaks in windows, long showers–all of these and more can impact your energy bill and cost quite a substantial amount annually. The Department of Energy states that simply unplugging devices that aren’t in constant use can potentially lower your energy costs by 10%. Getting into a habit of lowering your energy costs by being more responsible and carrying out home improvements can really add up in savings annually, versus losing money annually.

Cut back on luxury items you just never need or forget about

We’ve all done it, especially women…you’re out shopping and you see a new facial cleanser, or age complex lotion, or a perfume and immediately want it.  However, you end up not liking it and rarely using it. This is a waste. The best bet is to stick with those things you know you like, or at the very least, sample a product before buying it. If you can cut back in this category alone you can really save a lot of cash.

 Do your own housekeeping and weekly tasks on your own
Instead of going through the automated car wash that can cost upwards of $10 and more–wash your own car. You can put on the armor all yourself, though it might take more time, it gives you exercise too! We’ve become to dependent on convenience, and it costs us more than just unnecessary spending. Clean your own house, learn home improvement and more. You’ll be amazed at the extra funds you’ll have the end of the year!