Tag Archives: budget debt

Ready To STOP Living Paycheck To Paycheck?


Don’t fall into the statistics that currently show 61% of the workforce in and around British Columbia living paycheck to paycheck.  If you’re curious as to how you would know if you fit into this criteria, let us explain a bit better.  Clearly, if you’re finding that you’re running out of income before your next paycheck rolls in, you’re in the above mentioned margin.  This can become suffocating, but there are ways you can stop this endless cycle of stress and worry too.  If you want to lose the doom and gloom attitude you have to change your current lifestyle habits.

We do understand how it can feel.  If you are one of the many in Canada living paycheck to paycheck, we understand that getting out of debt can feel almost impossible, but as we mentioned, it really is not.  There are many Canadians who have broken free from this cycle and are now living a healthier, happier life.  You can too!  We’ve discussed getting a hold of finances before–but we felt it was more practical to discuss how you manage your money.

When you do live this way you’re very limited as to what you can and can’t do and what you can even mentally cope with. For instance, Canadian families who are trapped in this way can’t plan ahead.  There is no way to really plan for an emergency, or even think about planning for a vacation.  There is simply no time to enjoy living–period.  So, those who want change want to know, what is the solution?  The first step is understanding there is a problem that has to be fixed.  For many, this is the hardest step of them all.

It’s Time To Recognize The Problem And Work On The Solution

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So, you’re ready to try to break away from this chaotic lifestyle, but not sure where, or how you should start.  What steps do you need to take to start making life simpler–easier, and happier?  Just one of the first things an individual can do to begin changing and improving their life is shaving away excess expenses.  While you might think there is no where to cut back, you’ll be amazed to find savings hiding right under your nose!  Putting your nose to that grindstone will help you to begin seeing some light, it’s a fact!  Just because conventional wisdom illustrates everything gets more expensive over time is no reason to live in a trapped lifestyle!  The following tips will help you begin on the right financial road!

Tip 1:  Start paying bills right upon arrival

Delaying paying your bills on time increases fees, especially those late fees!  Why not save that money and pay on time?  If you begin budgeting and planning appropriately you can!  This should be a first step goal for those wanting to stop the vicious paycheck to paycheck cycle.


Tip 2:  Work together, with your significant other

Many couples today share accounts, and more often than not, one doesn’t know what the other is doing financially.  It is time to start working together to plan and save.  Go over your bills together.  Go over what budget you can both live with monthly.  Split your spending and stick to that spending budget.  Both people should always be held accountable!

Tip 3:  Educate and learn some basic skills

If you could learn some basic plumbing, carpentry, home improvement–imagine how much you could cut back and save! You wouldn’t have to forsake quality materials either, because you’d be cutting out that expensive middle man! It’s a smart decision and one you’d be glad to have!

Put a cap on non-essential spending

Just because you have the money available doesn’t mean you should waste it, does it?  Putting a cap on monthly spending can save a potential $200 a month for most!  If you don’t need it, don’t get it!  Most people are discovering they become dissatisfied with spur of the moment purchases.  Save the money for something more useful!

stop the cycle

Break the living paycheck to paycheck cycle and streamline your finances!  You’ll be far happier and far more healthier if you do so today!



The Facts And Myths To Help You Manage Your Credit Card


Are you aware of the facts and myths associated with settling your mounting credit card debt?  This does apply to those who struggle with climbing interest rates and late penalty payments on credit cards too. Year after year consumer debt has risen 4.9%, according to financial analysts and this gives pause for concern when it comes down to Canada’s financial stability.

One of the most prevailing factors we want to discuss here has to do with Canadians ballooning debt and unfortunately too many families living above their means.  This has led to the current mounting household debt crisis and the lack of ability to pay this down in a timely fashion.  Clearly, educating Canadians on how to manage their credit card might be seen as dire, as opposed to hitting a financial crisis.


Believe it or not, cutting a credit card up or calling the company and having it closed are not wise choices. These acts can make financial matters worse, though very few Canadians are aware of this.  Did you know that if you have a credit card and you don’t use it enough you can also suffer from a dent to your credit report and receive a penalization from the credit issuer too? All of this just might have you pondering how Canadian families are supposed to curtail spending and how they can manage and balance their credit cards more efficiently? The following myth busters will help you learn how to properly manage credit card debt so you can finally see some hope from crushing household debt.

Demystifying Credit Card Debt

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Debt consolidation is not always the best way to move past credit card debt

This can be an expensive option and what many Canadians don’t realize is that it doesn’t just do away with the blemishes that are on a credit record.  You’ll still have a trail, even if it is shown you’re making consolidation payments.  Consider all your options before going with this.

A financial advisor can be extremely expensive and not always the answer

Many Canadian advisors are paid through commissions, which doesn’t place their interest directly with the consumer.  What does this mean?  It means they might advise you in the wrong direction and cost you more money in the long run.  Weigh your options here carefully!

Credit card debt is necessary for improving credit scores and paying bills on time

So many see credit cards as a way to immediately improve their credit scores, but the reality is that it takes a great deal of time for specific credit cards to do this.  One time of getting behind on a payment is all it takes to curb your credit score in the wrong direction.

Paying only the minimum credit payment will keep me in good standing

Paying only the minimum payment will sink you further and further into credit card debt.  Here is another fact:  credit card companies will reward you for making that minimum payment on time every month by offering more credit every 6 months.  You should avoid this type of pitfall.

Paying off old, adverse credit card accounts will improve your credit score

This is not so.  Little do many Canadians know that paying off adverse credit card accounts won’t make an immediate improvement in their financial portfolio.  This will show as paid off, but it will take up to 6 years for the score itself to improve and offer a positive influence.

Very Upset Woman Holding Her Many Credit Cards.

Credit counseling services are available for Canadians all across British Columbia who are struggling to keep up with debt and find viable ways to control and minimize it.  Don’t fall prey to the consolidation scams and other myths out there that can create more adversity financially.  There is certainly a solution, but it takes time.  Just remember, you didn’t create this debt overnight, so have patience and focus on positive reinforces that will guarantee you move past it.