Did you Spend too Much this Summer?

If you lost control of your finances this summer, you aren’t alone. After the year we had in 2020, many of us felt like letting loose and living life to its fullest. After all, the pandemic showed us just how short life can be.

But as you tally up your finances and get ready for the upcoming holidays, you might find that you spent too much this summer.

Now what?

You’ve taken the first step, admitting there’s a problem, and now it’s time for the solutions.

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Pandemic Anxiety – What Should you Do?

Pandemic Financial Outcome

Canadians have many financial worries thanks to the pandemic, of which the largest issue right now is interest rates.

During the heart of the pandemic, we saw the lowest interest rates available in decades. This made it easy for millions to get in over their head in debt. Whether it’s consumer debt (credit cards) or mortgage debt, millions are wondering how they’ll make ends meet.

What caused this?

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Senior Debt Forgiveness – What you Must Know

If you’re a senior with debt, you may feel like you’re up a headed up a creek without a paddle. Living on a fixed income makes it hard to take care of anything except your daily costs of living, but fortunately, there are ways to work out your debt so you have peace of mind and can enjoy your golden years.

Here are the simple steps to take.

Figure out Where you Stand

First, get an honest look at your situation. Don’t sugarcoat it, that won’t get you anywhere. Pull out all bank statements and credit card statements. Categorize your spending and total up your debt.

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Managing Your Summer Vacation and Debt

Summer is a time for fun and vacation, but bad habits can quickly put you into debt for temporary fun. If you’re trying to stay out of debt, there are plenty of ways to have summer fun while staying within your budget.

Have a Staycation

Becoming tourists in your hometown is one of the best ways to have the best of both worlds. You can have fun and save money. You don’t have to pay the high hotel costs or even need money to eat out. You have the comforts of your own home, yet can venture out and be ‘tourists’ in your area.

You can even keep it free by visiting national parks, hiking local trails, visiting museums on ‘free museum days,’ and using your library’s resources (many offer free passes to local attractions).

Stay with Friends

If you want to head out of town for a true vacation feel, travel to areas where you have friends and see if you can bunk at their place. If you don’t have friends who live out of town or at least where you want to visit, consider traveling with friends and splitting the cost of a rented house versus paying inflated hotel costs.

Look for Coupons before you Travel

You don’t have to be a resident to take advantage of local deals, and do your research before you go. Many tourist service centers have coupon books for travelers, but you can also look on Groupon or the area’s local chamber of commerce page.

Find out where the deals are, including Happy Hour, buy one get one free deals, or even free times to enter attractions (sometimes going to attractions a couple of hours before they close) are all great ways to save money.

Budget your Vacation

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Summertime Staycation Planning & Budgeting

Staycation Budgeting

Parents can’t wait until the days of no more alarms or harping on kids about homework, but then there’s all the free time summer creates. Without schedules and structure, it can feel overwhelming and if you aren’t careful, you may forget about budgeting and spend money just to keep your kids occupied.

Rather than throwing all caution to the wind this summer, plan a staycation. This way you’ll have fun planned for your family without the expenses of a vacation and the rest of the summer won’t feel as unstructured.

Before you plan a staycation, though, learn the top budgeting techniques to make it affordable.

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Are Fear and Embarrassment Holding You Back from Consolidating Your Debt?

If you’re in over your head in debt, you may hold back from doing anything about it. Is it fear? Is it embarrassment or a bit of both? In a world where we broadcast just about every aspect of our lives online, debt is one area we don’t speak about even in person.

We look on as we think others are ‘successful’ not knowing the truth behind the perfectly chosen pictures. The fact is the average consumer has $23,800 in consumer debt, not including the mortgage.

If you’re ready to do something about your debt, but worry about fear and embarrassment holding you back, read on.

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How CERB May Affect your Tax Return

Millions of Canadians found themselves financially distraught amid the COVID-19 pandemic. Fortunately, the Canadian government came through in a big way with the Canadian Emergency Response Benefit.

CERB provided the financial relief consumers needed, but come tax time, you may owe more money than you thought because of the benefit. Depending on your financial situation, you may even have to pay back CERB, or a portion of it.

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Preparing for Tax Season When you Don’t get a Refund

Tax time can be exciting or overwhelming, depending on whether or not you get a refund. If you get a refund, you feel like you’re on top of the world. If you owe money, it can send your budget into a tailspin.

Relying on a refund is not the right choice. Everyone should be prepared to NOT receive a refund, by planning and budgeting throughout the year.

At Creditaid, we want our clients to be prepared for the tax season financially, rather than letting it derail their finances and cause financial destruction. It’s not as hard as it seems. You just need to budget and plan long before tax season begins.

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