Don’t Budget

by Moneyproblems TipsMon Jan 02, 2012 Budgeting

Conventional wisdom is that you need a budget to manage your money.  It’s true that having a budget makes it easier to analyze where you are spending money, and to find places to cut expenses to pay down debt, or to save money.
But making a budget is hard.  Keeping it up is even harder.
So, don’t [...]

Tagged as: Budgeting, don't budget, monthly budget, personal budget

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Credit Education Week - The Sandwich Generation

by Moneyproblems TipsWed Nov 16, 2011 Budgeting

This year the theme of Credit Education Week is “The Sandwich Generation”, aimed at adults who are supporting both their children and their elderly parents.
That’s a difficult financial position to be in, so if you are under that level of stress, the starting point is to make a very detailed household budget.
If you know exactly [...]

Tagged as: Credit Education Week

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Credit Education Week - Get Unbiased Advice

by Moneyproblems TipsTue Nov 15, 2011 Budgeting

This is Credit Education Week in Canada, and today our tip of the day is simple: get unbiased advice.
Banks want you to get a debt consolidation loan, and payday loan companies, of course, want you to get a payday loan.  Of course payday loans are not the answer to your financial problems, and a debt [...]

Tagged as: Credit Education Week

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Credit Education Week - School The Lenders

by Moneyproblems TipsMon Nov 14, 2011 Budgeting

This is Credit Education Week in Canada, where we are all supposed to learn about credit.  Perhaps this year we should do the opposite: we should teach lenders about credit.
Gail Vaz-Oxlade, host of the TV shows Till Debt Do Us Part and Princess, is suggesting that it’s time to School Lenders, meaning they need to [...]

Tagged as: Gail Vaz-Oxlade

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Beware of Debt Settlement Companies

by Moneyproblems TipsMon Nov 07, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Avoid Debt Settlement companies unless you fully understand how they work.
For the program to work, you have to stop paying your creditors – you then fall behind, compromise your credit rating, and run the risk of having your income garnisheed. Worse yet, the creditors [...]

Tagged as: debt consultant, debt settlement

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Calculate the tax before withdrawing money from your RRSP

by Moneyproblems TipsFri Nov 04, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t take money out of your RRSP unless you calculate the amount of tax payable and set that amount aside to give the government at tax time – RRSP withdrawals are taxable, and even though your financial institution will withhold some tax, it is most [...]

Tagged as: RRSP, tax

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Don’t borrow from family

by Moneyproblems TipsThu Nov 03, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t take a loan from a family member unless you know for sure that you can pay it back. If you fall behind, holiday gatherings are likely to be stressful.
If you have a family member who is a good money manager, ask them for [...]

Tagged as: money

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Don’t Apply for Another Credit Card

by Moneyproblems TipsWed Nov 02, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t apply for another credit card to pay for the one you can’t pay off now – true, the new one may offer you 3% interest for 6 months, but what happens after that?
You could well end up in the same position as you were [...]

Tagged as: credit card

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Think Before Re-Mortgaging

by Moneyproblems TipsTue Nov 01, 2011 Budgeting

How NOT to deal with your debts Tip of the Day:
Don’t re-mortgage or obtain a second mortgage on your house if you can’t afford the increase in mortgage payments. True, your credit cards may be paid off, but if you can’t afford the mortgage(s), you could have a new set of problems to contend with.
Make a [...]

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Debt Consultants - Know Who You Are Dealing With

by Moneyproblems TipsMon Oct 31, 2011 debt consultant

Today’s Tip: Beware of Debt Consultants.
They have lots of ads on the radio promising to cut your debt, but there are lots of debt consultant horror stories out there as well, so know who you are dealing with.  Do your research before you agree to pay anything to an unlicensed debt consultant.

Tagged as: debt consultant

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