Put your saving strategy and bill payments on auto pilot. We all know it, but saving money each month is saving for the future. Just know, savings are what you pay yourself, and if you want to secure your golden years and worry less, then pay yourself first. Set up automatic bill payments.
In most households, one person takes responsibility for the household finances. This can work well as long as the person controlling the finances isn't the one with the problem. I think it makes sense that if you're living as a couple and you have joint bank accounts that both partners know what's going on.
Let's face it: many people work better on a deadline. This is the same mindset that leads perfectly reasonable adults to the conclusion that saving for retirement can wait until tomorrow, until they get a raise or have taken the next vacation, or until they turn 30, 35 or 40. If you are approaching 40 and have procrastinated, it's time for a gut check.
Yes, folks, back-to-school season is here. And with it comes a frenzy of shopping. This year, however, may be a little bit different. Almost half of Canadian parents say they expect to spend less than $200 on back-to-school items, with one-third of moms saying they plan to spend less than $100. So where are parents' priorities shifting to? Their children's future.
If you know you are about to be attacked, why not beat the other side to the punch? The same philosophy works with student debt. Build up a solid defense against it by working part time and saving money throughout the next 3-4 years. This way, when that debt tries to attack you after graduation, you'll be armed with a sizable nest egg you can use to pay down the principal.
It has been said that in investing, what is comfortable is rarely profitable. This perhaps explains why the investment landscape is littered with novel and sometimes unsuccessful money making strategies.
The average family with school age children will spend $669.28 on apparel, shoes, supplies and electronics, according to research from the National Retail Federation. This is a lot of money, given that these monies will come out of your September budget. It's time for a strategy and plan.
The fact is we are living longer and not saving. And most of us have no idea how much to save in order to have a care-free retirement that reflects our lifestyle needs. Recent research suggests that a nest egg of $750,000 is required.
The experts say that the average career in one company is less than seven years. Essentially that means you could be at four or five companies throughout your career. And like you've just discovered, that could mean you may have several RSPs, pensions, employee stock plans or other savings accounts associated with those old jobs.
While I know I'm on the right track with my finances, I'd be lying if I said staying out of debt has been easy. In fact, it's been a bigger challenge than I ever could've imagined. But that's just one of the lessons I've learned since making my final payment. Here's what a year of being debt-free has taught me.
Jane has good benefit coverage provided by her employer that provides some insurance for her and John. However, she thinks that John should consider some additional insurance because of his home-based business. So they spoke to an insurance expert about life and property coverage.
Being the executor of a loved one's estate can be a very difficult task. With an estate plan in place and by taking a few basic steps to prepare, you can reduce the stress and loss of estate value considerably. Estate planning involves tough questions that ultimately give you and your loved ones peace of mind.
For the last ten years, John, Jill and the kids have been living in a rented townhouse. Their dream has always been to save enough for a good down payment towards a detached house close to transit. John thinks they're close to having 15 per cent down, but Jill still has some concerns and suggested that they sit down with a mortgage expert for some advice.
Have you ever had one of your friends ask to borrow money from you? Most of us are willing to oblige when the amount is small -- like $10 or $20 -- but what about when the amount is more significant? You are placed in an extremely difficult spot when a friend or family member is asking for $1,000, $5,000 or more.
Another interesting finding from the poll was that students are significantly more anxious about taking on debt than their parents think they are (69 per cent versus 60 per cent), and they're more worried about having enough money to cover expenses (71 per cent of students versus 57 per cent of parents).
The important thing is to write the goals down and post them somewhere that you see them everyday. Don't be embarrassed about putting them on the fridge and having your friends see them when they come over for a visit. You may not be proud of falling into debt but you should be proud of overcoming it.