Tag: budget

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HAVING TROUBLE BUDGETING? OUR TOP 6 LIST OF APPS TO HELP YOU

budgeting app, budget, Mint app, PocketGuard app, GoodBudget app, Mvelopes app, Wally app, Level Money app, trustee, digital wallets, money management, budgeting, ira smith trustee, starting over starting now

Spring clean your budgeting

Spring is in the air and it’s time to spring clean your finances. Help can sometimes come in mysterious ways and from mysterious sources. In this case it’s your Smartphone that can help get you on track financially. If you have difficulty understanding your spending habits and managing your money, there are now apps for that. With the help of a budgeting app you’ll have assistance identifying where you’re wasting money, how to pay down debt and how to save money.

Our list of 6 best budgeting apps

Here are six of the best budgeting apps for iPhone and Android for 2016:

  1. Mint for iPhone and Android: Mint simplifies making a budget. It connects to your bank and the app can use your details to help create a personalized budget.
  2. PocketGuard for iPhone and Android: PocketGuard categorizes and organizes your expenses, monthly bills and subscriptions into clear tabs and graphs so you’ll always be on top of your finances.
  3. GoodBudget for iPhone and Android: GoodBudget is an expense and budget tracker that allows you to proactively plan finances ahead of time with the Envelope system of budgeting.
  4. Mvelopes for iPhone and Android: Mvelopes is a money management budget app that allows you to import your bank and credit card accounts and track your spending.
  5. Wally for iPhone and Android: Wally is an expense tracker. It lets you log your expenses with a manual entry or with a photo of your receipt.
  6. Level Money for iPhone and Android: Level Money can detect your income and expenses and then show you what you can spend. The app also helps you figure out how to save for bigger purchases or pay down debt.

What to do if you need more than just budgeting help for your debts

Using a budgeting app is a great preventative measure, but if you’re already deep in financial difficulties, I’m afraid that there isn’t an app for that. You need the help of a professional trustee. We can help restore you to financial health with immediate action and a sound financial plan. Contact Ira Smith Trustee & Receiver Inc. today and Starting Over, Starting Now your financial difficulties will be a thing of the past. Watch for our next blog when we’ll be discussing digital wallets and how they can affect your spending habits.

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HOW AVOIDING CREDIT CARD DEBT CAN ACTUALLY HURT YOU!

avoiding credit card debt, credit card debt, household debt, debt, bankruptcy, assignment into bankruptcy, trustee, trustees, credit cards, budget, budgeting, ira smith trustee

Avoiding credit card debt can hurt you? Are you crazy?

Avoiding credit card debt is certainly something we always counsel. We’ve addressed the dangers of credit card debt on several occasions. More recently we’ve discussed the issue of how credit card debt is contributing to the skyrocketing household debt that many Canadians are facing. However, today we’d like to bring to your attention to an instance where avoiding credit card debt can actually be a bad thing!

Many fitness clubs and studios give huge discounts if you pay your yearly (or longer) membership up front and in full. Financially, it makes good sense to take advantage of these offers. Typically you have the option of paying by credit card, cheque or debit/cash. Few people seem to pay for anything by cheque these days, with credit or debit being the norm. As you will soon see, paying for these types of memberships with a credit card can be a source of protection for the consumer.

Paying for memberships by credit card and not avoiding credit card debt actually helps the consumer

A local downtown yoga studio recently closed its doors without any notice to its members. The closure was unceremonious and on a Monday morning members’ yoga mats were left strewn outside the locked door. Members were at a loss to understand why as the studio appeared to be busy and continued to sell long-term memberships right up to the closure. Unfortunately for members who paid by cash, debit or cheque, recovering their money may not be possible; and if it is, the process will be arduous. However, members who paid with a credit card do have recourse. As of yet there has not been a formal assignment into bankruptcy but regardless, given that the permanent closure of the studio can be proved, the credit card companies will dispute the charges. The consumer will not have to pay for the membership not received.

What if you aren’t avoiding credit card debt and can’t repay it?

We’re certainly not advocating that you start amassing credit card debt. However, there are instances where if you’ve been budgeting correctly and can afford to pay your credit card bills in full and on time, that it makes sense to use your credit card and you don’t have to worry about avoiding credit card debt. If you’re like many Canadians who are struggling with debt from credit cards and/or other sources, contact Ira Smith Trustee & Receiver Inc. We’re professional trustees who are experts in dealing with debt. Living a financially healthy life is possible with professional help. You’re one call away from living a debt free life Starting Over, Starting Now.

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WANT TO STEP UP YOUR NEW YEAR’S CREDIT CARD DEBT SETTLEMENT? YOU NEED TO READ THIS FIRST

credit card debt settlement, credit card, credit cards, living paycheque to paycheque, budget, low Canadian dollar, bankrupt, declaring bankruptcy, bankruptcy alternatives, credit counselling, debt consolidation, consumer proposalsIs credit card debt settlement relief now one of your New Year’s resolutions?

You had a great time over the holidays and everyone loved their gifts. You even bought a few goodies for yourself. After all, there’s nothing wrong with a little self-indulgence, is there? How did you feel when you opened your credit card statement? How long did it take you to start breathing again? Now, can you pay your credit card bills, or are you in need of a credit card debt settlement program?

Budgeting will also be part of a credit card debt settlement

If you’re like most Canadians, you’re already dealing with an enormous debt load and you don’t have anything put aside for a rainy day. You may already be living paycheque to paycheque. The Canadian dollar is very low which means that your grocery bills are higher. And there will be other items affected by the low dollar as well. If you’ve planned a vacation outside of Canada, I hope you’ve budgeted for the low dollar. In fact, are you budgeting at all? As we’ve stressed:

A Balanced Budget is to Financial Health What a Balanced Diet is to Physical Health – Part 1

A Balanced Budget is to Financial Health What a Balanced Diet is to Physical Health – Part 2

It seemed like a good idea to use the credit cards, but now I need credit card debt settlement

Using credit cards may seem like a good idea because they’re convenient and you probably get some type of reward for using them. However, if you’re not paying your bill in full each month, the high interest rates could be your financial undoing. It’s easy to get stuck in the trap of high interest debt and then taking out more high interest debt to pay off the high interest debt. Alternatively, you could face up to the fact that you will never be able to pay off your credit cards, and rather than taking on more debt you will be unable to repay, consider a credit card debt settlement program.

So how can I obtain credit card debt settlement – NOW!

If you’re trapped in a high interest debt cycle, I could tell you that you need to pay off high interest debt, but how would you do it? You need a professional trustee to help you manage debt before it reaches a critical stage where bankruptcy is your only option. We have been able to help many individuals carry out a successful credit card debt settlement program. Successful completion of such a program, will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

Contact the Ira Smith Team today. Before considering declaring bankruptcy, there are other bankruptcy alternatives which include credit counselling, debt consolidation and consumer proposals. We can help and Starting Over, Starting Now you can be restored to financial health.

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HOLIDAY SPENDING CALCULATOR: 5 HOLIDAY SPENDING TOOLS EVERYONE NEEDS

Holiday spending calculator

If you are an individual or company who needs to free themselves from the stress and strain of too much debt, and especially if you have been told your situation is hopeless, Ira Smith Trustee & Receiver Inc. can prepare and implement the plan made just for you, to free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

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HHoliday spending for the holiday shopping season has started. We have been inundated with commercials, advertisements and emails about Black Friday and Cyber Monday sales. We are all thinking about buying those Chanukah and Christmas gifts. It is natural for all of us to want to buy something special and of high quality for our loved ones. Something special and high quality usually means expensive, but it doesn’t have to be.

We previously wrote about holiday spending and holiday debt:

  1. SUFFERING THE CONSEQUENCES OF TOO MUCH HOLIDAY SPENDING?
  2. HOLIDAY DEBT; ARE YOU DROWNING IN IT?

Below are our 5 tools everyone who wants a holiday spending calculator should be using in order for holiday spending not to turn into holiday debt that we cannot afford to repay:

  1. Make a list of what you will need to buy

Impulse buying can get anyone into a lot of trouble. It is difficult not to buy on impulse if we do not have a plan to follow. Before buying anything, make a list of what you need to buy for each person. Usually, a gift that a lot of thought has been put into will be one that the recipient cherishes, and it is not necessarily the most expensive item. Emotions don’t know price tags, and the best heartfelt gift geared perfectly for your loved one will steer you away from impulses.

  1. Set a budget for each expense

Figure out how much in total you can afford to spend, and then allocate the funds amongst the things you need to buy. If you will be travelling to friends and family over the holidays, don’t forget to include the cost of travel, lodging and food as part of your overall budget. Then stick to it. Use your ordinary calculator as a holiday spending calculator.

  1. Start saving early

You should have your total budget figured out early in the year, and then start saving. That way you can afford to purchase either for cash or if on credit card, you will be able to pay it off in the following month. It is hard to put your hands on a lot of money all at once, but it may be no problem for you to save a little bit each month, ending up with the total you need for when you need to make your purchases.

  1. Start shopping early

If you set your list and budget early, then you can be looking for the non-perishable items on your list throughout the whole year. This will let you cash in on special sales, thereby saving you money. This will keep your holiday spending total as low as possible.

  1. Don’t disrupt your normal bill paying and savings program throughout the year

Have you ever heard the expression “pay yourself first”? That is the best gift you can give to yourself. Make sure that your year in year out obligations for bill paying and a normal savings program is intact and on budget, before you add more expenses into your budget. Don’t rationalize a break in your normal bill paying and savings program by saying you will play catch up next month. It rarely happens and then you just fall further behind. Use your holiday spending calculator to help you figure out what you need to save.

Do you already have too much holiday spending debt and other debts?

Now it’s time to deal with the sobering reality of holiday spending and there is no time to waste. If you are experiencing serious debt issues contact Ira Smith Trustee & Receiver Inc. today for advice and a plan to tackle your financial difficulties so that you can be Starting Over, Starting Now.

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7 REASONS WHY CANADIANS LIVING PAYCHEQUE TO PAYCHEQUE

Canadians living paycheque to paycheque, living paycheque to paycheque, debt, budget, balanced budget, trustees, trustee, Canadian Payroll Association, paycheck to paycheck, living paycheck to paycheck in america, more and more Canadians living paycheque to paycheque, not receiving their paycheque, Ira Smith Trustee & Receiver Inc., starting over starting now, how to stop living paycheque to paycheque, budget, Vaughan bankruptcy trustee, Vaughan bankruptcyMore and more Canadians living paycheque to paycheque (and people are also living paycheck to paycheck in America)

The results of a new survey released by the Canadian Payroll Association were quite frankly alarming.

  1. Almost half of people polled said they are Canadians living paycheque to paycheque and would find it difficult to meet their financial obligations if their pay was delayed by just a week resulting in their not receiving their paycheque on time
  2. Less than 25% of respondents said they could probably not come up with $2,000 if an emergency arose within the next month
  3. 36% per cent of working Canadians said they felt overwhelmed by their level of debt
  4. 12% per cent doubted they’ll ever be debt free
  5. 75% of working Canadians polled reporting having put aside less than 25% of the money they expect to need in retirement
  6. 35% of respondents expect to work longer
  7. 20% of employees surveyed said they will need to work four years or more than they originally expected before retiring, citing a lack of sufficient savings as the main reason

How to stop living paycheque to paycheque – behaviour modification

Although this situation is nationwide, it’s worse in Ontario, British Columbia and Atlantic Canada. Can the Canadians living paycheque to paycheque problem be cured with a change in spending habits? According to BMO’s 2015 Psychology of Savings Report, it is.

The report shows a majority of Canadians, or 88% of respondents polled, said they are willing to improve their current financial status. However, 38% also admitted that they have developed bad spending and savings habits and 31% said they’re not willing to let go of them.

Consult your Vaughan bankruptcy trustee

As professional trustees we recognize and preach the importance of a balanced budget. In fact we published two blogs on the subject.

If you’re like many Canadians living paycheque to paycheque, it’s time to put an end to the constant struggle. Contact Ira Smith Trustee & Receiver Inc. today. We can help to restore you to financial health with a balanced budget and a plan for healthy financial living Starting Over, Starting Now.

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CREDIT CARD DEBT: 9 REASONS HOUSEHOLDS ARE BEING CRUSHED BY CREDIT CARD DEBT

average credit card debt, credit card debt, credit card debt consolidation loan, credit card debt help, credit card reward points, credit card debt settlement, credit card debt solutions, credit card, credit cards, debt settlement company, Visa, MasterCard, American Express, TransUnion, interest rates, budget, how to pay off credit card debt, paying off credit card debt, trustee, nerdwallet.com, starting over starting now, Ira Smith Trustee & Receiver Inc., how to get out of credit card debtCredit card debt because of reward points?

The quest for credit card reward points has caused many Canadians to overspend and get deeper into debt. We’re being lured by the promise of free trips, free merchandise, services and cash back. As a result we’re overusing credit and we’re left with monthly balances that are accruing high interest charges.

The 9 reasons people are being crushed by credit card debt

According to Canada.CreditCards.com:

  1. 52% of Canadian households had credit card debt not being repaid in full by the due date in 2014
  2. Credit card debt as of November 30, 2014: $75 billion
  3. Average credit card debt as of Nov. 30, 2014: $2,627 for each Canadian age 18 or over
  4. Average number of credit cards per Canadian adult: 2.9 in 2013 (including Visa, MasterCard and American Express)
  5. Canadian adult credit card holders carrying cards with rewards: 77% in 2013
  6. The average Canadian household has members belonging to a total of 8.2 loyalty programs

The US statistics are even more eye popping

According to nerdwallet.com:

  1. The average US household credit card debt stands at $15,706, counting only those households carrying debt
  2. Based on an analysis of Federal Reserve statistics and other government data, the average credit card debt per household is $7,327 on their cards
  3. Looking only at indebted households, the average outstanding balance rises to $15,706

What are your reward points really costing you?

Many Canadians don’t understand the true value of reward points. Typically reward points are worth 2% or less. However, annual interest rates are typically in the range of 20%. The reality is that if you’re paying interest on an unpaid balance then you’re really going into debt and not benefitting anything from your reward points. They’re costing you way too much for no return.

Start learning now how to pay off your credit card

TransUnion Canada says for every $1,000 charged in a given month, only about $600 will be paid off by the due date to avoid interest charges. Instead of focusing on reward points, make every attempt to pay off your credit card balance. If you are one of the many not paying off your balance in full each month, stop paying 20% in interest charges by:

  • Making a budget and sticking to it
  • Include some amount in your budget for paying off credit card balances
  • Use cash, not a credit card, to pay for necessities
  • Pay for everyday items with cash

When looking for credit card debt help, people normally first think of either a debt consolidation loan or a debt settlement company. Although these are two of the several credit card debt solutions for settling credit card debt, we caution:

How to get out of debt? Take action right now!

Don’t add more debt to your existing debt and don’t ignore your debt! Contact a trustee for professional help. The Ira Smith Trustee & Receiver Inc. Team will evaluate your situation and come up with a solid financial plan to put you back on the right track. We will review your options with you on how to reduce credit card debt and eliminate it, hopefully using one of the bankruptcy alternatives. Call us today and take the first step towards living a debt free life Starting Over, Starting Now.

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ECONOMIC DOWNTURN CAUSES MORE PEOPLE TO CONSIDER BANKRUPTCY OR PERSONAL BANKRUPTCY ALTERNATIVES

bankruptcy, alternative to bankruptcy, personal bankruptcy alternatives, alternatives to personal bankruptcy, Bankruptcy and Insolvency Act , BIA, bankruptcy solutions, lines of credit, credit card debt, credit counselling, debt consolidation, consumer proposals, budget, student loan debt, trustee, economic downturn, starting over starting now, information about bankruptcy, Toronto bankruptcy trusteeWhen do people generally want information about personal bankruptcy alternatives?

Personal bankruptcy alternatives are always sought after an economic downturn. The economic downturn is causing more people to rely on credit to supplement their income and/or their lifestyle. This mountain of debt will ultimately result in bankruptcy or hopefully, an alternative to bankruptcy.

What Bank of Montreal and Statistics Canada say about Canadian household debt

In BMO’s Annual Debt Report, the average household debt of those surveyed is $92,699, more than $4,000 higher than the four-year average dating back to 2012. And servicing that debt, which includes mortgages, lines of credit and credit card debt, is costing $1,165 a month.

According to Statistics Canada:

  • The debt-to-income ratio of Canadian households is 163.3% which means for every dollar Canadians earn, they owe $1.63 in debt
  • Canadian households now owe $1.841 trillion in various forms of debt
  • More than $1.1 trillion is from mortgages
  • $519 billion is consumer debt, like credit cards

Debt + More Debt = a Solution?

Adding debt to more debt is not a solution to the problem; it compounds the problem. If you are using credit cards to supplement your income or your lifestyle, you have a serious problem that needs professional help. Don’t wait until bankruptcy is your only option. You should be learning about personal bankruptcy alternatives before it is too late.

Is there such a thing as bankruptcy solutions?

We are asked this question all the time. Before even considering bankruptcy, I always want to discuss 3 formal alternatives to personal bankruptcy:

  1. Credit Counselling
    Credit counselling is in reality debt counselling. Professionals provide assistance with a host of issues related to debt including budgeting, finding debt solutions, working with your creditors and rebuilding credit.
  2. Debt Consolidation
    Debt consolidation is a single loan that allows you to repay your debts to several or all of your creditors at once, leaving you with only one outstanding loan.
  3. Consumer Proposals
    Consumer proposals are formal offers made to your creditors under the Bankruptcy and Insolvency Act (BIA) to modify your payments. e.g. paying a lesser amount each month for a longer period of time and paying a total lesser amount than you owe, all on an interest-free basis!

In addition there are informal personal bankruptcy alternatives including budget review, contacting your creditors (including your mortgage lender), selling an asset and contacting the Federal Government’s Repayment Assistance Plan (if you’re having difficulty repaying your student loan debt).

Just ask your Toronto bankruptcy trustee

A professional trustee can open up a world of possibilities for you. Contact Ira Smith Trustee & Receiver Inc. for help with your financial problems. With just one phone call you can be well on your way to a debt free life Starting Over, Starting Now.

 

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DAVID CASSIDY PARTRIDGE FAMILY TOUR BETTER START SOON

David Cassidy
David Cassidy

What happened to David Cassidy?


This YouTube David Cassidy video says it all. His bankruptcy, notwithstanding he refutes it, must be related in some small part to his alcoholism and the several David Cassidy DUI events. The US Bankruptcy Court has ordered that he now must have his Florida home sold by auction.

For those of you too young to remember him, here is the link to the David Cassidy bio. As you can see, he was a huge music and television star heartthrob. Whatever happened to him over the years, David Cassidy now must pull his life back together. Like all of us, he must learn to live within his means and budget properly. Mr. Cassidy certainly isn’t the first, and won’t be the last celebrity having financial problems.

Next Steps

So who knows? Maybe Mr. Cassidy will have to go back on tour with a Partridge Family revival tour, or at least a David Cassidy tour, to earn extra income! Like all of us, he will have to learn to live within his means. Dealing with his personal problems will also be a great new beginning for him.

And what if you were not famous but are struggling?

If you’re struggling to support a lifestyle you can no longer afford, take immediate action and contact a professional trustee and explore your alternatives to bankruptcy. There are alternatives to personal bankruptcy – credit counselling, debt consolidation and consumer proposals. However, regardless of the choice that’s right for you, a balanced budget is always part of the equation. As we’ve stressed before, a balanced budget is to financial health what a balanced diet is to physical health. You’ll have to take a realistic look at your lifestyle and a serious look at your big ticket items – luxury home(s), exotic vacations, luxury cars, designer clothes and expensive entertaining and start living within your budget in order to benefit from one of the alternatives to bankruptcy .

The Ira Smith team approaches every file with the attitude that corporate or personal financial problems can be solved given immediate action and the right plan. Contact us today and Starting Over, Starting Now you can be on the path to a debt free life.

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ALTERNATIVES TO BANKRUPTCY IF YOUR INCOME DECLINES SUBSTANTIALLY

alternatives to bankruptcy, bankruptcy, trustee, alternatives to personal bankruptcy, credit counselling, debt consolidation, consumer proposals, budget, balanced budget, financial, insolvency, personal insolvency, starting over starting nowAlternatives to bankruptcy

Our insolvency clients, be they personal or corporate, usually want to start a consultation by asking us bankruptcy questions. However, I first start by obtaining a full understanding of the person’s or company’s financial challenges, so that we may consider all of the realistic options before discussing the topic of bankruptcy. I first wish to find the best alternative to bankruptcy.

I am finding now that many families, even high earners, are struggling in the “new economy”. We’ve spoken about their plight in our blogs:

There is yet another group that is now in great danger of bankruptcy – families whose previously very healthy income has taken a serious downturn and are now struggling to maintain a lifestyle they can no longer support. These families need to act fast and consider their alternatives to bankruptcy before it is too late to take remedial action. The natural inclination is to tough it out and hope for better times, but serious financial times demand serious financial decisions, not a hope and a prayer. As these families wait for better times to come they are burning through whatever savings they have, going further into debt by living off credit and will eventually run out of both money and credit.

This is not the best approach. At the first sign of financial trouble, these families should seek the advice of their legal counsel or accountant. These trusted professionals will be able to refer the families in financial trouble to a trustee in bankruptcy that they trust. With the trust factor bridge now in place with the trustee, that trustee can review the situation and provide the families with their realistic alternatives to bankruptcy.

If you’re struggling to support a lifestyle you can no longer afford, take immediate action and contact a professional trustee and explore your alternatives to bankruptcy. There are alternatives to personal bankruptcy – credit counselling, debt consolidation and consumer proposals. However, regardless of the choice that’s right for you, a balanced budget is always part of the equation. As we’ve stressed before, a balanced budget is to financial health what a balanced diet is to physical health. You’ll have to take a realistic look at your lifestyle and a serious look at your big ticket items – luxury home(s), exotic vacations, luxury cars, designer clothes and expensive entertaining and start living within your budget in order to benefit from one of the alternatives to bankruptcy .

The Ira Smith team approaches every file with the attitude that corporate or personal financial problems can be solved given immediate action and the right plan. Contact us today and Starting Over, Starting Now you can be on the path to a debt free life.

http://youtu.be/qcr1ga9Jtw4
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FINANCIAL INFIDELITY: DON’T WAIT FOR YOUR SPOUSE TO CHEAT BEFORE DISCUSSING MARRIAGE FINANCES

financial infidelity, financial deception, credit card, credit score, budget, balanced budget, trustee, financial restructuring, bankruptcy, starting over starting now

Financial infidelity: Introduction

Financial infidelity is on the rise and for some strange reason marriage finances is a taboo subject for many married people. Spouses are lying to each about how much they earn. Forty percent (40%) could not correctly identify which salary range their spouse falls into. Couples are not being honest about what they spend, what they spend it on and the amount of debt that they are carrying. As you will see below, financial infidelity is a major issue. Couples break their promise of being financially faithful to each other.

Financial infidelity: What some studies say

A new study from the National Endowment for Financial Education conducted with Harris Interactive reports:

  • 33% of people who have joint accounts said they have committed financial infidelity
  • 35% said they have been the victim of their spouse’s financial deception

According to CreditCards.com:

  • 2 million Americans have a bank account or credit card that their spouse doesn’t know about
  • 20% of Americans have hidden a purchase of $500 or more from their significant other

Financial infidelity: We can help get you back on the right path

Financial infidelity can be a “recipe for disaster,” said Matt Schulz, a senior analyst at CreditCards.com. “It’s incredibly difficult to keep a household budget when you don’t know how much money is coming in and out, he said. It could lead to late bill payments, which can harm your credit score”. As we have previously discussed, a balanced budget is to financial health what a balanced diet is to physical health.

When it comes to marriage finances, honesty is the best policy. If you have been either the perpetrator or the victim of financial infidelity, you may be in serious financial jeopardy. Don’t wait until you are out of options. Contact a professional trustee as soon as possible. The Ira Smith team is a full service insolvency and financial restructuring practice serving companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We can help. Call today.

Call a Trustee Now!