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.
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.
Canada Day is coming up on July 1. Proud Canadians will be gathering with their friends and family to celebrate the birth of our nation all those years ago. And in true Consolidated Credit fashion, utilize these truly Canadian ways to ensure that you and your family have a financially secure future.
You survived the debt temptations of the holiday season, achieved your personal best in RSP contributions and only had to pay a small amount in additional taxes for the last year. Now you can relax until the whole headache starts again in a few months. But what if you could avoid the hassle by setting up a plan that could help reduce your next end-of-year tax bill?
Making mindless decisions with our money may create short term bliss or satisfaction but can have long term impacts on our financial well-being and financial security. When we make mindless decisions with our money, we don't take the time to really understand our thoughts, feelings and actions around our choices.
Do you have a budget? It is one of the most fundamental steps in making your money work for you. A personal budget is a basic estimation of the revenue and expenses over a specified period of time. Whether your goal is a down payment for a new house, saving for your child's education, a dream vacation or simply retirement, a budget is the answer to helping you reach your financial goals.
Tax season has begun. This yearly tradition is dreaded by many Canadians, but it doesn't need to be. Taxes are what keeps our roads paved, our schools running, and our health care free. When we think about the money we give to the government, we don't always realize that our money is going towards things we take for granted every day. So, approach the upcoming tax filing deadline with a positive outlook.
Now, in Australia, you get a lump sum pay-out (hardly any Aussies annuitize their lump sum). Once again, you have to manage your retirement on your own. Now, even if you knew exactly when you were going to die, this would be difficult, but when you have no idea of your personal life expectancy, this is a problem beyond the capabilities of the average Canadian.
Most of us don't take the time to take stock of our lives -- to sit back and reflect because we have a 1,001 things going on and we are distracted. Who really has the time to hit the pause button and reflect on their lives when career, kids, and household demands trump our waking moments, thoughts and activities?
With only about one third of Canadians making an RRSP contribution according to the Sun Life Annual Check-up Survey, make this year the year that you start to reap the benefits of your RRSP. Top up your RRSP before March 3 and make an appointment with your advisor to plan how best to invest your tax refund (or tax savings). Your tan may suffer but your net worth will thank you.
Last year I challenged myself to not buy new clothes for five months. While I just wanted to save in general, a financial expert I spoke to said closets end up being the biggest piles of "debt" and if you really look at what you own, you can actually see how much you spend. That day I went home and looked at my closet and it wasn't a pretty sight.
Having trouble getting into the holiday spirit? Christmas can be very stressful, especially if you are shopping for gifts on a budget, juggling work, an active family and festive social commitments. It so important to manage everyone's expectations, including your own. We've come up with 10 simple luxuries that will help you find your inner Santa, astonish loved ones on your gift list and get you in the holiday mindset with enhanced peace and calm.
Shopping on Black Friday and on the weekend was a frenzy as retailers advertised huge discounts to part people from their money. So, I want to know, was it worth it? Did you get what you were looking for? Did you find the best bargains and save money on Black Friday? Let's pause. All right, how much did you REALLY spend? If you are like most of us you probably spent more then you planned and are now looking through your receipts to tally up your spending for the BIG REVEAL.
If you can view saving money as a joyful, long-term strategy towards enhancing your financial security, you will embrace it wholeheartedly. Saving money and having a spending plan are fundamental money management strategies. Most women I know make an honest attempt to save money, but many feel it restricts their lifestyle. Saving can be challenging, but when you re-frame your thoughts around saving money, and visualize it as an easy task, you will start saving more money naturally.