In 2015, total Valentine's Day spending in the U.S. was expected to reach a staggering $18.9 billion. The holiday is an institution unto itself, with gifts often being purchased not just for romantic partners, but family members, friends, and co-workers. While the pressure to show your love can be overwhelming, Valentine's Day spending within your budget is possible.
It's now your responsibility to watch your income and expenses, and confirm that you're living within your means. Make sure you're paying your bills on time, setting a solid retirement plan in place, and saving for your children's education -- while also putting aside funds for major expenses or future emergencies.
Hands up if you spent more than you wanted to this past holiday. From gifts to entertaining to travel, it's easy to get swept up in the holiday spirit and dole out more cash than you first intended to. Now the credit card bills have started to arrive and you may be wondering where the extra money will come from?
It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.
Here is a non-economist's attempt to explain the reasons behind the current value of the loonie. If nothing else, this article will help to make it easy for people to digest and understand why we are here... and perhaps even bring to light some of the benefits of our dollar being so low.
The Donald and other real estate barons made all of their money using debt to leverage their assets. Once you have one property or asset payed for, you can re-mortgage it and get another one. Now you have two assets hopefully growing and making you more money. Demonizing ALL debt in our society won't change that.
With the deadline looming, you may wonder how much you can contribute to my RRSP. The simple answer is 18 per cent of your income, each year, but of course there are some additional details to understand.
Look one or two years into the future, and focus on that. History has proven that the market can, and will, recover. In Feb 2009 the TSX was at its lowest, and by February 2011 it had doubled back. So prepare to be in this for the long haul, and you'll be richer for it.
We all know that we should put money away for our retirement. The message has hit home and fortunately many of us are putting away at least 10 per cent -- if not more -- of our net income for our senior years. While this is undoubtedly a good thing, there still exists some confusion about these savings vehicles.
Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.
With the economy continuing to struggle, markets fluctuating and job security in jeopardy, it is no wonder that many people are concerned about their financial futures. In such uncertain times, feeling out of control -- especially when it comes to finances -- can lead to unnecessary stress.
The younger generation does not have the same kind of job security and employers are hiring more people on contract. Some people will choose to start their own businesses instead of being employees. Workplace pension plans are almost extinct. Now it would seem that saving for your retirement is up to you.
The stock market can be more about emotions than economics. Going with the herd and selling in times like this is never the right decision. Boomers need to secure their gains and Millennials need to buy more when opportunities show themselves -- the complete opposite of what happened in 2008.
Using your RRSP in a pinch may seem like a reasonable course of action, but in practice it can be a big mistake. There are costs to dipping into your RRSP that that make it particularly unattractive for this purpose.
With penalties and repercussions feared as a result of such withdrawals, is it any wonder that Canadians are hesitant to take what they would consider to be an unnecessary financial hit? Yet there are opportunities for RRSP funds to be withdrawn without specific penalties.
If you need to file U.S. taxes, the time to ignore your filing obligations seems to be rapidly coming to an end. After much debate and a court case to try and stop it, the Foreign Account Tax Compliance Act (FATCA) came into effect in 2015 and the first information share between the Canada Revenue Agency and the IRS happened in September.