As a reflection of our continued commitment to our clients and the industry, Creditaid has recently become a member of the Receivables Management Association of Canada (RMA).
Receivables Management Association of Canada (RMA) vision is to become the first National association of its kind; extending into every province and territory to set the professional standards of our industry.
RMA Canada works with its members to promote the activities of all those connected to the industry by bringing their concerns to the attention of the authoritative bodies that control day-to-day activities.
5 Reasons Why You Should Pay More Than the Minimum
Credit card companies all provide you with at least two amounts on your monthly statement, the total balance due and the minimum payment due. The minimum payment will always be the lower amount. Those who have found themselves deep in credit card debt have often gotten there by choosing to pay only the minimum payment due. Here are five very good reasons why you should always pay more than the minimum.
1. Saves you money. How can paying more each month save you money? Easy! It’s called interest. The more you pay each month, the less interest you have to pay in the long run.
2. Get out of debt faster. Less interest means that you get the debt paid off faster.
3. Improved credit rating. Decreasing your debt will also improve your credit rating, which affects interest rates on loans and even your car insurance rates.
4. New charges. If you are continuing to use your card and only making the minimum payments, eventually you will reach your card limit and not no longer have a credit card available for items that require it for purchase, such as hotel rooms.
5. Better spending habits. Developing good spending habits will lower stress and improve your overall lifestyle. Paying off your credit card balance monthly is one of the best spending habits you can have.
If you have a balance on your credit card that you are making minimum payments toward, now is the time make a change. Quit using your card and find every means possible to increase your payments each month. You’ll be amazed how fast that balance can disappear.
Top 5 Ways to Save On A Wedding
Weddings can be expensive, but that doesn’t mean you need to break the bank to have a beautiful and meaningful event. There are several ways to save money without losing the beauty and charm that you expect for this special occasion.
Here are the top five ways to keep your costs in line with your budget.
1. Limit your guest list. Determine the amount of guests you can afford to feed at the reception and set your guest list accordingly. Take into consideration, how many people you can actually greet personally in the time you will have available. If you won’t have time to say hello to each one, maybe your list is too long.
2. Keep it light. Since the catering bill can be the largest cost for many weddings, this is the ideal place to look for options. Many wedding couples are opting for a dessert reception or finger foods after an evening wedding.
3. Shop locations. There are many locations that offer package discounts that combine honeymoon accommodations with their reception hall rental. Take the time to find the place that fits your budget and your seating needs as well.
4. Uncover the talent. Rather than paying large amounts of money for unknown professionals, seek out the talents of friends and family for areas like music, photography and catering.
5. Custom invitations. Instead of buying expensive printed invitations, many couples are saving money and also creating very customized invitations by putting their computer skills to work.
Set a budget and then work to fit your dreams into it. When you look back, you’ll be glad you did.
Licensed and Bonded Credit Counselling Agency
When it comes to your finances and working through debt – you need someone that you can completely trust.
Staycation This Summer
With the high cost of fuel prices, traveling any distance can become quite costly. However, that doesn’t mean your family needs to forego your vacation time. Often times, we overlook options that are close at hand when planning vacations.
Plan your week out just as you would if you were traveling to a vacation destination. Take in some local attractions as a family, that you might not otherwise. Take a tour of a historical museum and then eat dinner out at a landmark restaurant or hotel in town. You might plan one day as a nature adventure and go on a hike and pack a picnic lunch. You could end the day with a campout in the backyard. In reality, you don’t even need to leave the house. You could have a vacation from cooking, chores, and laundry for a week and spend the time playing games, hanging out at the pool and eating pizza delivered to your door.
Vacation is about how far you go or how much money you spend. It’s about spending time together, relaxing and having fun. You can accomplish those things at home by simply putting yourself in the ‘vacation mode’.
Canadian debt hits $1.5 trillion!
Once again the federal government and Bank of Canada is sounding the alarm bells! Canadian debt hits $1.5 trillion!
We need to starting taking these warns seriously.
“We have very low interest rates in Canada,” Flaherty said. “We need to remind Canadians that historically low interest rates will not be there forever, that interest rates really only have one way to go and that’s up,” Flaherty said.
read on….
Renting Versus Buying a Home
A lot of people make the mistake of simply comparing the cost of a rent payment to the cost of a mortgage payment, when considering whether they should continue renting or purchase a home. There are several other things that need to be taken into consideration when comparing these two options.
The first thing to remember is that in addition to the mortgage payment on the house, you will need to pay house insurance and property taxes. These costs will vary depending on the value of the house and the location of the house. You will also need to make a down payment and pay closing costs when purchasing a home. Cost of utilities paid in each of the different scenarios need to be considered in the comparison also. When looking at homes to purchase, it is always wise to ask for statements that show the costs of utilities for the previous year.
Another difference between renting and owning a home is the time and costs of maintenance, in and outside of the home. Are there areas of the home that will need replacing in the near future, such as roofing, exterior finishes or floor cover? What ongoing maintenance will be involved in the home: water softener salt, lawn care, snow removal, exterior painting, staining or cleaning? Are you prepared to make those commitments of time and funds?
Each individual needs to carefully consider their own financial situation, and weigh ALL the costs involved when making this kind of decision.
FCAC – OECD Conference on Financial Literacy – Day One.
Brian Denysuik is attending the FCAC OECD Conference on Financial Literacy.
Here is a summary of what he’s learned from Day One.
We spent the day hearing update on the current state of financial literacy in Canada with different perspectives from around the world. The workshops were very educational and covered some interesting ways on how social media and technology is being reviewed as delivery channels.
Education in the school systems is going to be a very important delivery channel as the provinces role out their models. The studies on gender and financial education were a key interest as they compared where each gender believes they are at with understanding. Alison Griffiths, Toronto Journalist, financial author and TV host of Maxed Out concluded the day with an energetic presentation.
Looking forward to another day, stay tuned.
How to Tune-up your Finances this Spring
Have you given any thought to tidying up your finances? Here are 5 tips for putting a spring in your finances.
How to politely say “No Thank You”
Are you finding yourself on the right track of saving money? Do you find that it is sometimes derailed by the good intentions of family and friends with their invitations for dining out, at home selling parties and fundraising events?
Here is an article that we found online that provides 7 Ways to Politely Say No.
1. That won’t work for me but I could do this instead.
2. I’m on a strict budget right now.
3. Sorry, I can’t make it to that event.
4. It’s tough finding people to pay for these things, isn’t it?
5. I already ate but I could come just to hang out with you.
6. Why do you want me to spend on this item?
7. I would prefer not to.
Click here to read the article in its entirety – 7 Ways to Say No by Kathryn Vercillo.