Tag Archives: Finances

8 Expert Ways Canadians Can Stretch Their Money

How far can Canadians stretch their money today? Seriously–how far can that one paycheck take you? Unfortunately it isn’t very far for most Canadian families. Economics are definitely upside down across Canada and even more so within the US. The goal is discovering how you can stretch your money without feeling restricted doing so. It might sound difficult, but really–it’s not. You have to develop the right attitude and mindset regarding your money. We do understand if you’re already on a shoestring budget this can feel almost impossible. However, there is always a way for those who are intent on improving their financial lives!

We don’t recommend accepting payday loans, or taking out any kind of high interest loan to make ends meet either. You have to be smarter than this. If you’re in a situation where you know you can pay a payday loan back in full, that’s fine. But, don’t ever take one of these out and get trapped. Too many Canadian families do this and find themselves renewing it week after week–or pay period after pay period.

Expert Tips To Guarantee Canadians Stretch Their Money

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Let’s get right to it and help families begin to feel more comfortable about their finances. Remember, it’s all about that mindset!

  • Make a rule to not spend a specific kind of currency! Whether this be $1 dollar bills or $5 dollar bills, start putting these aside each and every time you have them. You’ll feel satisfaction watching that nest egg grow
  • Have you ever considered making your very own cleaning supplies? We all know how expensive these have become through the years, right? Well, if you make your own–Canadians stretch their money in unbelievable ways like this!
  • Put your children on a budget, and don’t buy everything your children want either. This will teach them good money habits as they get older. If you do otherwise you’ll be sitting up your kids for ultimate failure.
  • Write absolutely everything you spend down, it absolutely helps you keep track of where your money goes. This kind of habit can also help you reign in unnecessary spending.
  • Stop eating out every week! Begin planning meals at home ahead of time, and do the prep at the beginning of the week so it keeps everything simple. This way you don’t have the excuse there is nothing for dinner!
  • Plan a weekly budget and stick to it. If you don’t allow for extra spending, then don’t spend. If you’re on a goal oriented plan, give yourself incentive to not be persuaded.

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Following these simple tips can help you learn how to stretch your Canadian dollars further and feel good doing so. As we’ve said before, it isn’t hard to save or put more of your money to good use when you have the right plan in place.

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!

 

Learn What Being Happier Can Mean To Your Future And Life

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How can you increase your overall life satisfaction? Simply put, it isn’t through earning more money, though so many believe this to be the solution. You’ve heard all of the stories. Money does not buy happiness, and this really is true, more than most people realize. However, faceless money can really make you feel satisfied, but not too many know what this is–so what does it imply? If you have money to donate to charities, then do it! There is nothing more fulfilling than knowing you make a difference in someone else’s life. Remember, this is if you do have the excess money. Now, what else can you do to help maintain a healthy, happy, wholesome life and feel complete? That is what we are going to talk about here.

Finding Ways To Be Happier and Healthier In Life

As mentioned, happiness is what makes life complete, and when you’re happy everything falls into place. You minimize money worries and you stop worrying about having enough. You’ll find that when you let all of the negativity go you can appreciate what you have and how you can maintain it. If you can remember that it isn’t about what you “don’t have” but about what you “do have” then you’ll achieve a higher level of life satisfaction Below you’ll find some tips we’ve listed which will help you discover what it is that really makes you happy. Surprisingly, money is the least of these things.

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  1. Imagine what it would be like if you spent money on experiences in life, versus just spending money on materialistic items. Memories are everything to life, and one beautiful experience is worth a lifetime of happiness!
  2. Don’t you think you’re health is important? Don’t you think you’re worth investing in? It is amazing how you’ll feel when you begin to pay more attention to yourself and your health needs. Health and happiness do come hand and hand! Take better care of yourself and stay on top of what your body is trying to tell you
  3. Why not tidy up your life and simplify things? The simpler the better, then the less you’ll have to worry about! Itemize expenses into categories, the same as bills. Separate the wants from the necessities. This will help you stay focused and keep your mind on those things you find much more fulfilling!
  4. How about scheduling a date to go over your money issues, including bills and spending habits. When you establish a plan of action like this, you don’t need to sit day after day and worry about all the money woes. If you have a partner you both can go over your bills and begin financial planning together. 
  5. Finally make goals and focus on the positive, not the negative. Negative thoughts can suck the energy right out of you, but positivism can blossom new ideas and improve your potential for acquiring financial gains.

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If you do follow just a few of these tips you’ll see how much better you’ll feel. Too many Canadians live day to day, boggled down by money worry and fear of the future when they don’t have to. Establish the proper goals through financial planning and you’ll be taking the right steps to a healthier, happier more wholesome life!

 

Discover How You Can Stop Worrying About Money Today

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Many of us worry about money for no specific reason at all–and in fact, most general worrying is quite normal. However, constantly worrying about paying bills, buying groceries, having enough money to make it, etc; this is not natural.  While so many Canadians do have pause for concern with their finances, there is a way to find a balance and avoid this taking a negative toll on your health, or within your relationships.  This is the good news.  The bad news is that it takes time.  Understanding why you worry and finding a solution isn’t always easy.  It is a process.  You should begin by simply asking yourself some general questions such as: ‘Why do you worry about money and what can you do about it?’  You might find that listing your worries on paper puts everything into better perspective for you.  So, do you know how to identify the signs of excessive worrying about money?

The Signs You’re Worrying Too Much About Money And What You Can Do About It

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Canadian cash

Stress and anxiety are two of the more common signs of excessive worrying, whether this be in regards to money, living situation or simply paying your bills in general.  There are many Canadians with the common complaint of “insomnia” when they constantly worry about money issues.  Now, if you can find a way to reduce your stress then you can begin dealing with financial problems in a more pragmatic way.  Makes sense, right?  Some choose to add a form of exercise to their life, while others enter into a program of meditation and soul searching to minimize anxiety and stress.

Now, we do want to tell you right now, burying your head in the sand and remaining in denial about money issues is not going to resolve your anxiety or minimize your stress.  You have to be ready to face your fears and seek solutions. Once you are ready to approach your problems in this way you’ll be more able to do something about it.  It is far better than walking around keeping your worry bottled up inside of you. Seeking advice from credit counselors, or even, financial professionals might put you more at ease too.

Yet another thing Canadians can do to ease their financial woes and concerns is to stop spending so much time reading articles or listening to broadcasts about the economy.  This can put a real damper on you, and believe it or not, this is one of the primary causes of stress for a majority of folks.  When you hear about job loss, income division, housing bubbles etc; this doesn’t make anyone feel confident at all. So, we recommend turning it off.  Do something positive, versus constantly hearing about economic difficulties.

It’s time to stop worrying and really start living your life in a more productive way.  Everyone wants to be healthy, happy and have a long-life, but you won’t do that if you don’t quell your stress about finances now.  So, try establishing these remaining healthy habits listed below and see where it leads you.  Remember, you have to be ready to diligent, patient and committed to transforming your financial portfolio and your life!

The Canadian flag flies outside the Bank of Canada building in Ottawa, Ontario, Canada, on Wednesday, Oct. 23, 2013. Bank of Canada Governor Stephen Poloz surprised investors by dropping language about the need for future interest rate increases that had been in place for more than a year, citing greater slack in the economy, while keeping his main policy rate unchanged. Photographer: Patrick Doyle/Bloomberg via Getty Images

Start a spending tracker and keep up with every little expense, no matter how small it is.

Plan a monthly budget around your earnings, and always pay yourself first.

Look for the leaks in your budget and work to patch those.

Find joy and happiness in the less expensive things in life, then watch your money grow.

Don’t avoid discussing your fears and concerns with your significant other,and devise a plan together!

 

3 Friendly Financial Tips For Those Twenty Somethings

For 20somethings

Living in your twenties is not what it used to be, and in no way is it easier.  In fact, thinking practically, living on your own in your twenties has become quite challenging.  Many young Canadians have actually returned back home, finding the financial strain too much to handle.  Balancing finances, work and school is hectic–but having to struggle just to keep the lights on is not something 20 somethings in Canada should be having to confront.  This is a fact everywhere!

It might not feel fair, but that’s life.  It has become truly chaotic for young people today.  The job struggle is very real, and though unemployment is supposedly lower–too many young Canadians, it doesn’t feel like it.  It can be hard trying to manage money properly, at any age.  The following information will hopefully be a guide for those in their 20’s. The main goal here is to help young adults learn strategies and tips to make finances a little bit easier for them, or for anyone at all!  More importantly, these top tips should help young people avoid gathering debt that can pose harm for the long-term!

Top 3 Financial Tips To Help Young Canadians Avoid Money Mistakes

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Group of college students studying at campus

1)  Discover the power of negotiation

Yes, you’re never too young or too old to learn how to negotiate when it comes down to financial decisions and purchases.  Often times young people get suckered into a raw deal that just isn’t beneficial at all.  Understanding the power of negotiation can change everything.  From negotiating your salary to a job promotion and more–you need to learn to be in control of this area of your life in particular as it has a huge impact through your life!

Let’s not forget that negotiating for a good mortgage, car financing, medical services (and other consumer services/items) is very important.  Learning how to get the best from your money takes some investigating and even bartering.  However, all of this is really beneficial to your financial portfolio!

2)  Start investing for your retirement now

You’re never too young to invest in your retirement, and the sooner you do the better off you’ll be.  When you begin investing at a young age your money has a longer life to make a difference for you.  We’ve all seen the advertisement on investing for retirement, and they don’t exaggerate.  This will ensure you keep your normal life on the most successful path possible, and you won’t regret investing in your future!

3)  Avoid consumer debt and don’t make brash decisions

You should think and plan before you make the wrong financial decisions.  Debt can be crushing, and if you continuously make the wrong choices you’ll soon be drowning versus swimming–or even treading water.  Be smart and stop, think–then act.  Don’t use credit cards.  Make only cash purchases to keep your credit intact.  This is the easiest way to avoid harmful debt so many across Canada are dealing with.

Also, let’s never forget the importance of establishing an emergency fund.  Having money set aside to cover those unforseen disasters is not only crucial for your sanity–it is necessary for your wallet!

 

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