Tag: Credit Counselling

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Digging Your Way Out of Job Loss Debt

Losing a job is one of those unexpected circumstances that can put our finances out of balance. Even when you have some notice that a job is coming to an end, you still have to deal with the uncertainly of how long you will be without work. When these two unknown factors are combined, they can make financial management very difficult.

We all want to approach difficult circumstances with a positive and hopeful attitude. The same is true when we have a job loss. Unfortunately, that hopeful perspective can sometimes mean that we finance many items with the use of credit cards, with the assumption that we will soon be working again, and able to pay off the credit card charges. If our time without work stretches out longer than we expected, we can easily find our debt growing out of control.

Interest on unpaid balances on credit cards accumulate very quickly. If payments are missed, those interest rates can increase and have penalties added to them besides. Before you know it, what seemed like a manageable amount of debt has turned into an intimidating mountain.

The good news is that the mountain doesn’t need to keep growing. There is a way out. Even if you are still without a job, we can help you bring your debt back under control. Contact us for your free initial consultation with one of credit counselors. We are here to help.

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Managing Your Budget with Rising Food Costs

Grocery store sticker shock has become all too common for shoppers, and finding ways to reduce food costs can take some creativity, and a bit of self-control. Here are some tips on how to get your wallet safely out of Safeway:

1. Eat First – You’d be amazed at how much less food you think you need when you’re shopping on a full stomach. Take some time to fill your belly instead of your shopping cart.

2. Buy Low – No, we don’t mean prices, we mean shelves. Grocers place their high-profit merchandise at eye-level in order to get you to reach for it first. Look down lower for the bargain stuff.

3. Buy Bulk – Even if it means buying more than you need (you can split it with the neighbors), buying in quantity can bring some real savings. Look for bulk buys at places like Costco, and save gas and food costs.

4. Grow Your Own – It may be time to see just how green your thumbs are, and start a veggie garden. The benefits to growing your own produce can go far beyond the financial savings.

5. Take a Calculator – There’s nothing like keeping a running tally of your expenses as you traverse the aisles to get you re-thinking those extra goodies in the cart.

Remember, it doesn’t have to hurt your appetite to save on your food bill. All you need is the stomach for playing it cool and smart.

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Stretching Your Gas Dollars

As the average gas price across the provinces hovers around $1.20/ litre, the importance of making the most of your trips to the gas station is greater than it’s been since the crunch of ’08. So it’s a good time to take a look at some ways to ease the pain at the pumps.

1. Combine Trips – Try to coordinate errands and appointments in order to reduce the number and/or distance of your trips.

2. Adjust Your Work Schedule – Consult with your employer about the possibility of working four 10-hour days to save a day’s commute, or working a flexible schedule to avoid traffic delays.

3. Lighten the Load – Every little bit helps – or hurts – your fuel economy. Inspect your trunk or cargo area for any unnecessary weight, and leave it at home.

4. Check Tire Pressure – Under-inflated tires can add undue friction to your car’s ride, thus reducing fuel economy. Make sure they’re at the prescribed air pressure when gassing up.

5. Carpool – If changing your work schedule isn’t an option, see if you can share the commute with co-workers instead. It not only saves on fuel costs, but overall car maintenance.

It may even be a good time to keep that New Year’s resolution – to lose some of that winter bulk (and put some back into your wallet) – by leaving the car at home and dusting off that bicycle in the garage.

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Holiday Spending Hangover

You did what you said you wouldn’t do over the holidays and that was over spending. Unfortunately, what’s done is done, you beat yourself up over it, and now you just need to move forward to fix it.

First thing to do is to assess the situation. See how much you have spent over the holidays and how much damage was done to those debit and credit cards. Then figure out a payment plan. Determine which debts to pay off first and prioritize when you will pay them off. While doing this, take a look at how much you will be bringing in over the next couple of months and if you have money left over after paying off your fixed debts, put that money towards your extra debt you accumulated over the holidays. Also, stop all unnecessary spending habits such as shopping, dining out, movies and entertainment, and vacations. It may be painful to give up some of your luxuries for a while, but it will be worth it once you have paid off your debt.

Additionally, to find extra income during this financially trying time, try getting your taxes done early and you never know, you might receive a significant amount on your tax return that you can put towards your debt.

The final tip is to learn from this preventable mistake. Plan ahead for the next holiday season and you are sure to make all the right choices next year.

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What would you do with a Million Dollars?

A new study reveals that 8 out of 10 Canadians said that if they won $1 million in the lottery they would pay off their debts.

The survey from the Canadian Payroll Association was released on Monday.  It showed some troubling signs for Canadians.  The most significant reveals is that the majority of working Canadians today are cash-strapped.  Living in a fragile state of paycheque to paycheque that greatly impacts their personal finances and the ability to put money away for retirement.

Read more here: Globe and Mail

Now may be an ideal opportunity to evaluate and take control of your finances by paying attention to the details:

  • Track and record all of your expenses
  • Review your expenses and make decisions to change your habits.
  • Set and commit to a goal – plan of action.
  • Seek expert advice when needed.