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New Couples and Money

As published in the January/February 2017 issue of Balance, a Manitoba Teachers’ Society publication.

Balance Jan Feb 2017 - New Couples and Money

You’ve just moved in with your current love or maybe you’ve just got engaged. This is a happy, exciting time in your life. The two of you may have discussed where to go on a honeymoon, whether or not to have children, how many or where your dream house will be. But have you had a conversation with each other with regard to your finances? Everything listed above costs money and both of you need to be honest with each other regarding your finances in order to have those things.

As you begin a new, permanent relationship, it is time to set your financial goals as a couple and to be honest about your money values.

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Supporting St. Amant Party: Camp for 100

St. Amant logo 122x99Creditaid is proud to support various community initiatives and is privileged to have been a long time supporter of St. Amant, a comprehensive resource for Manitobans with developmental disabilities and autism.

Creditaid CEO Brian Denysuik, recently chaired the inaugural St. Amant Party, and was honoured to be among other individuals and organizations who so graciously donated their time and resources for the cause.

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Financial Wellness of our Seniors

As published in the December 2016 issue of Balance, a Manitoba Teachers’ Society publication.

By 2021, 22.8% of Canadians will be 65 years of age and older. Do we feel prepared as children and grand-children to help guide and protect them and their finances through their later years of life?

Senior woman meeting with agentThrough the busyness of our own lives, we need to keep in mind that managing finances will become increasingly difficult for our parents and grandparents as they age. When a person ages they can easily lose sight of how to handle money, and even a financially astute person can quickly move to a state of being unable to cope with their finances. If this isn’t recognized it can be very stressful and costly for the elder.

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2017 Financial Literacy Calendar

Financial success is rooted in conscious planning and decision making.
It’s important to learn about tools, tips, tricks, and reminders on a daily basis that help to support our financial goals.

For a fourth year, Creditaid is once again a proud sponsor of the Financial Literacy Calendar published by the Manitoba Financial Literacy Forum. (See April 2017 for our tip!) The Manitoba Financial Literacy Forum is a coalition of organizations and individuals working together to promote lifelong financial education and skills to Manitobans. Being financially literate means having the knowledge, skills and confidence to make responsible financial decisions – which are important resources to have at any age.

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Proud to Support 3rd Annual Winnipeg International Salsa Festival

2016 Winnipeg International Salsa Festival

Creditaid is proud to once again be a sponsor of the Winnipeg International Salsa Festival, being held in Winnipeg’s beautiful Exchange District from September 9-11, 2016.

This is the 3rd annual Salsa Festival in Winnipeg and it’s sure to include something for everyone! Presented by 2015 Bachata Cabaret World Champions Harold Rancano and Regan Hirose, along with the RHR Latin Dance Company, the festival features workshops, performances, competitions, and night life parties with world renowned artists.

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Canadians are Postponing Retirement to Help Their Adult Children

Couple-postponing-retirementHalf of Canadians surveyed are willing to postpone retirement for their children according to a study by BMO Wealth Management. Even more worrying is that 24 per cent said they’d be willing to go into debt to help their children succeed. Ironically, one of the top reasons parents cited for their financial concern about their children is that they will incur debt that they can’t manage.

According to Statistics Canada, today’s youth are more educated, staying at home longer and putting off their entry into a treacherous labour market where unemployment rates for young adults are twice the national average. This is daunting information but not insurmountable. Parents and their children can find a way through the morass by learning about how to manage their money better.

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Financial Literacy; It’s Never Too Early To Learn

With increasing debt loads affecting youth, and unemployment rates double the national average, understanding how money and credit ratings work is paramount and a part of their educational needs.

kids_money_little_girl_piggy_bankStarting with their allowance, children can learn about how to manage their finances. The key is thinking about how much money you have and where you want to spend it. Children and adults alike are often driven by impulse and don’t think before acting. An environment where youth are responsible for identifying only their wants and not their essential needs is a dangerous precedent that can affect them throughout their lives. It’s simply too easy to spend freely and then find out you don’t have enough left, forcing you into debt.

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Financial Literacy and Education Key to Good Credit

Canadians are highly-educated in areas like academics and trades. But one of the most important areas that is often lacking is their degree of financial literacy.

Learning how to manage debt and build a solid credit rating requires education. Creditaid has developed a financial literacy program to help Canadians Build or rebuild their credit, Learn valuable budgeting skills that will guide them into a future of financial health, and Save money to spend on life’s most important things.

BuildLearnSave-LogoBuild Learn Save is an 18 month credit building program designed to educate participants about budgeting, credit, and debt while their credit is being re-established in order that they can be in a position of financial health upon program completion.

Building a healthy credit rating is not something that we commonly learn in school. Many people do not understand the repercussions of a poor credit rating and how it can affect many aspects of their lives. For instance, a $20,000 car financed over 7 years will result in approximately $350 in payments for a person with a good credit rating but $850 with a poor one.

This difference in cost is only one example of the kind of problems faced by those with poor credit. Renting an apartment, buying a car or house, using credit cards to buy online or guarantee a hotel room, car rental, or airplane seat—all are affected by a poor credit rating.

Financial literacy is a way for Canadians to find their way out of debt and build a solid credit rating that will stand them in good stead for their future.

Call Creditaid to find out more about the Build Learn Save program. Our friendly and understanding staff will let you know if your situation fits the bill and if we can help you to get started on the road to a healthy financial future.