Tag: budgeting

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FINANCIAL LITERACY FOR KIDS: OUR 3 STEP FINANCIAL LITERACY CURRICULUM TO GREAT FINANCIAL LITERACY EDUCATION FOR YOUTH

financial literacy for kidsFinancial literacy for kids: Introduction

It’s important for kids to start learning about money at a young age. Financial literacy for kids is important so that they’ll be ready for the financial challenges of adulthood. Even something very simple like teaching a preschooler to save money in a piggy bank can be a good foundation for becoming financially literate and set up good money habits for life. That is why I put together this very simple three-step financial literacy curriculum.

Financial literacy for kids: Parents should prioritize a great financial literacy education for youth

In a world of virtual money with credit cards and online banking, our kids don’t often see transactions with money changing hands. Children are keen observers and they learn by example. If you create a program of financial literacy for kids, your children will be willing and eager students.

I heard a funny story about a mom and her young daughter. They were out and about and the child wanted her mom to buy her something. The mom thought the easiest way out was to say she had no money. So the child said, “You can go to the green machine and get some”.

The child understood that the ATM gives you money. But she had no idea about where money really came from or its value. Financial literacy for kids will teach them an appreciation for the value of money. They will know it is not earned easily. Parents need to teach their children about where money comes from, its value, saving, budgeting and goal setting.

Financial literacy for kids will also teach them about the need to make choices and that instant gratification through purchasing is wrong. And remember, children learn by example so make sure your financial house is in order. Financial literacy for kids is best taught when your children grow up in a household knowing and feeling that you and they are living the principles that you are teaching.

Financial literacy for kids: Teaching your kids of all ages about money should be part of your everyday life

Here is my simple 3 step financial literacy curriculum for great financial literacy education for youth:

  • Pre-schoolers: A piggy bank is an ideal way to instill the concept of saving.
  • Ages 5 – 10: Take your child to the bank and open up a savings account for them. Help them to goal set. Is there something special they want to save up for? Every time they have some money to deposit take them to the bank and have them give the cash to the teller. You can also reward them financially for doing extra chores so that they begin to understand the concept of working for money. Set up an allowance system and teach them to save part of their allowance. Leave some of their money to spend on themselves, introducing the concept of budgeting.
  • Ages 10 – 16: By now your kids should have an understanding of saving, working for money and budgeting. As they get closer to 16 they can begin working outside the home for extra money by babysitting, mowing lawns or having a paper route. Now is a good time to introduce the concept of credit, how to manage money and what happens if you don’t manage money properly. If they have mobile phones they should be taught how to keep track of their mobile data and what their limits are. You should also make sure that they know it is better to always check to make sure they’re on wi-fi so that they don’t run up big data bills.

Following these 3 simple steps in teaching financial literacy for kids will instill the necessary basic financial concepts. Your child will be well equipped to handle the financial challenges, issues and choices they will face in adulthood.

Financial literacy for kids: Everyone needs a financially healthy life

To instill the lessons of living a financially healthy life, you have to not only talk the talk, but you have to walk the walk. Perhaps you were not given the benefit of great financial literacy for kids when you were growing up.

If your financial house is not in order reach out to a professional trustee. Ira Smith Trustee & Receiver Inc. are experts in dealing with debt and we can set you back on a path to financial health Starting Over, Starting Now. Give us a call today.

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MANAGING YOUR PERSONAL FINANCES IS RISKY BUSINESS

managing your personal financesManaging your personal finances: Introduction

Managing your personal finances may seem like a good idea in theory but according to Eric Kirzner, a professor of finance at the Rotman School of Management in Toronto, “Going solo on your financial future probably isn’t worth the risk”. Never-the-less many Canadians are under the mistaken impression that managing their personal finances is a DIY project.

Managing your personal finances: How knowledgeable are Canadians about personal finance?

According to a recent survey by Tangerine:

  • Only 50% of Canadians surveyed consider themselves knowledgeable when it comes to personal finances
  • 39% consider their personal finance knowledge satisfactory, saying they only have enough knowledge to get by
  • 12% say they have limited or no knowledge

Managing your personal finances: Why aren’t more Canadians hiring financial planners?

There are a lot of misconceptions about financial planning – it’s only for the rich or young, or that it’s too expensive. And, many Canadians think that financial planning is only about budgeting or retirement planning.

Managing your personal finances: What is a financial plan?

A financial plan is a roadmap that shows you where you are today and helps you define your financial goals and aims for the future. And it provides you with the tools, information and structure to help your realize your financial goals and aims. A study by the Financial Planning Standards Board reports that 69% of Canadians still don’t have a comprehensive written financial plan to meet their life goals.

Managing your personal finances: What are the benefits of financial planning?

A study conducted on behalf of the Financial Planning Standards Council has shown that:

  • People who engaged in comprehensive financial planning have higher levels of financial and emotional well-being
  • Individuals with a financial plan have a better handle on their cash flow, have a plan to pay down debt and are more ready for emergencies
  • They have a better understanding of their investments, they know what to do to retire comfortably and have greater peace of mind3bestaward

Managing your personal finances: Why do I need a financial plan?

According to the Government of Canada a good financial plan will help you understand what your choices are today and in the future, reduce uncertainty about the future and help you make good decisions. A financial plan will answer these types of questions:

Managing your personal finances: What if I managed to accumulate too much debt?

Managing your personal finances may compromise your financial future. Always consult with a professional for financial services advice. If you’re seeking advice about debt, consult with Ira Smith Trustee & Receiver Inc. Our expertise in insolvency and financial restructuring can help you overcome your financial difficulties Starting Over, Starting Now. We’re just a phone call away.

 

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#VIDEO – CHRISTMAS HOLIDAY CREDIT CARD DEBT: HOW TO CREATE A HAPPY HOLIDAY FREE OF CHRISTMAS HOLIDAY CREDIT CARD DEBT#

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Christmas holiday credit card debt: Introduction

Christmas holiday credit card debt is too many times the result of the holiday shopping season. Are you going to make it through December without getting yourself in Christmas holiday credit card debt? That’s a great question, since an examination by Consumer Reports indicates that millions of Americans are still in debt from last year’s holiday season.

Christmas holiday credit card debt: Creating your holiday strategy

With all the bargains on Black Friday and Cyber Monday, you may have found yourself invited to be the jolliest gift giver of the season, but creating a holiday strategy should be rooted in practicality, not holiday miracles. Rather than repeat last year’s missteps, you should try basing your gift spending plan on cash and not plastic. There is a disconnect between plastic and life that causes many people to spend well beyond their capacity to comfortably repay the costs of their charge card purchases that is. Using cash requires us to spend within our means, while plastic can drive us off the cliff. Simply put, money doesn’t feel like money “if you’re using” a piece of plastic, but chances are pretty good that you’ll stay painfully aware of what you’re spending if you were had to slide over a stack of $20 bills to purchase the latest techno gadget.

Christmas holiday credit card debt: Your skills and time can make the best gifts

Using cash allows us to stay aware of just how much we can spend, and helps to protect us from get carried away with plastic. Your neighbourhood mall or on-line retailers aren’t necessarily your only opportunity for gifts. Some of the best presents are those that have significance beyond their monetary value. If you are skilled in a particular area, use your talent for gifts.

For instance, if you’re skilled with your hands, you might consider making some presents for your loved ones. Knit a sweater, build a coffee table, or create a one-of-a-kind website for an acquaintance or loved one. Time is another prized talent. If you can’t devote a lot of money to holiday shopping, give your time. We all have jobs we’d like to complete, but sometimes we lack the ability to get it done. Gifting your time to pals and loved ones will not only help clean up their to-do list but will also be a way to spend quality time to strengthen relationships.

We all know people who despite their modest financial situation, they go all out on their spending during this season even when their situation says they shouldn’t. I don’t know about you, but I feel bad accepting a gift that I know the person cannot afford to give, and I feel worse if I was to refuse it and tell them to return it.

Christmas holiday credit card debt: Set achievable goals

If this describes you or someone you are familiar with, be sure to set achievable goals for managing your holiday obligations. Define your holiday budget with a repayment deadline, a few months at most, to avoid paying more than you can afford. Such a strategy is really a talent for yourself, since you don’t want to still be paying for this year’s gifts when the holidays come around next year.

Christmas holiday credit card debt: What to do if you have too much debt

Whether you have just one year or several years of holiday spending debt, it still needs to be dealt with. To deal with debt you need the help of a debt professional – a trustee. Dealing with debt is not something that you can put off any longer. Start the New Year off right by calling Ira Smith Trustee & Receiver Inc. today and make an appointment for a free, no obligation consultation. We can give you back peace of mind and put you on the road to debt free living Starting Over, Starting Now.

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

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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!

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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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CREDIT SCORE CHART MATCHMAKING SECRETS

budgetingX CreditX credit scoreX credit score chartX credit score rangeX credit scoresX DebtX Federal ReserveX financial healthX financial stressX money managementX starting over starting nowThe Federal Reserve uses the credit score chart for matchmaking?

Did you ever envision that your credit score chart would provide the key to successful matchmaking? From newspaper columnists to Dr. Phil, everyone is a relationship guru; but you may be surprised to learn that the Federal Reserve is also dispensing relationship advice.

Economists Jane Dokko, Geng Li and Jessica Hayes believe that the credit score range contained in a credit score chart has an important role to play in predicting the stability and potential longevity of a relationship. This is what they discovered:

  • People with credit scores at the higher end of the credit score chart are more likely to be in a committed relationship and stay together
  • People tend to form relationships with others who have a similar credit score as them
  • The strength of the match, both in the headline credit score and its details, is predictive of whether or not a couple are more likely to break up for observable reasons pertaining to finance and household spending
  • Credit scores are indicative of trustworthiness in general, and couples with a mismatch in credit scores are more likely to see their relationships end for reasons not directly related to their use of credit

Better budgeting and better ranking on the credit score chart leads to better relationships

Echoing these findings, in a recent survey by Ally Bank 55% of respondents said that a strong budgeting and saving strategy was the most appealing money-related quality a partner or potential partner could have. In addition, 75% of the respondents to this survey said it was moderately or highly important to find a partner with a similar approach to money and budgeting.

Get your rightful place on the credit score chart now

Financial stress and poor money management can ruin your relationship, but it doesn’t have to. Don’t be afraid of debt. Face it head on with the help of the Ira Smith Team. We can help you restore your life to financial health Starting Over, Starting Now. Contact us immediately so that we can create your personalized plan to get you your better place on the credit score chart. Give us a call today.

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LOANS TORONTO NO CREDIT CHECK: A DEBT SOLUTION?

loans toronto no credit checkI never realized that loans Toronto no credit check was such a popular topic. I want to tell you about three experiences that I had in the past few days. They are all separate, yet all related.

Revelation #1 – You can’t even buy beer with bad credit!

Last Friday, we were having the whole family over for dinner. The weather was so warm and pleasant, that we were going to have a BBQ and eat outdoors on the back deck. I went to The Beer Store to pick up some additional beverages and when I went to check out, I had my first revelation. At the front of the line was a fellow paying for his beer by cheque. I never even realized that you could do that. The clerk inspected the cheque and then asked the gent for identification, and he produced his drivers licence. The clerk ran his information through The Beer Store’s electronic system and politely advised the gentleman that he has been declined to pay by ordinary cheque, and that he could only pay by cash, certified cheque or credit card. The man could not pay for his beer because of his bad credit and had to leave without his favourite brew. This man obviously has financial problems and has to solve them. How he wished he was able to get at that moment one or more loans Toronto no credit check so that he could enjoy his beer last weekend!

Revelation #2 – This man obviously was not alone needing loans Toronto no credit check

On the weekend I was looking at some analytics to see which of our blogs have been accessed the most over the last 30 days. To my shock (yes, notwithstanding our Firm has been helping people who have trouble living paycheque to paycheque and corporations in need of restructuring and turnarounds, I can still be shocked) the 4 most read blogs in the last month were::

  1. BAD CREDIT LOANS TORONTO: LEGIT COMPANIES DON’T GUARANTEE THEM
  2. STUDENT LOAN DEBT, DOES IT AFFECT THE ECONOMY?
  3. PAYDAY LOANS: ONTARIO CRACKS DOWN ON THE CASH STORE
  4. THE CASH STORE ONTARIO: THIS PAYDAY LOAN OUTFIT NEEDED HELP AND CALLED A TRUSTEE!

There are obviously a lot of people concerned about their debt levels and looking for information on bad credit loans, payday loans, loans Toronto no credit check and how to tackle student loan debt. These blogs were not only the most viewed in the last 30 days, but our blogs on the topic of payday loans and bad credit loans are the most read. Obviously, there is a large demand in the Greater Toronto area for loans Toronto no credit check.

Revelation #3 – Our top searches are from people looking for loans Toronto no credit check

Yesterday I look at our analytics to see what were the top search terms that brought people to our blog and Firm website in the last 30 days. There were 221 visits to our website using the following search terms:

  1. no upfront fee loans;
  2. $5000 bad credit personal loan;
  3. $5000 loan Canada; and
  4. $5000 loan no credit check.

You don’t need me to tell you what this means. There are a lot of people with bad credit who are feeling pain in our society and believe that more loans Toronto no credit check is their solution. The amazing thing though is that rather than looking for bankruptcy alternatives such as consumer proposals, or if required, bankruptcy itself, these people are looking to borrow more money (apparently $5000 is a popular number) from high cost lenders.

These people are misguided in that they think that further high cost loans Toronto no credit check will solve their problem. I understand the way these people think. It is hard for us to face our challenges. Whether it is about our health, our family or our financial situation, it is difficult and painful to look at our problems straight in the face, especially if we are the one who created the problem. These people mistakenly think that taking on more debt is the solution.

Well, it is not. These people need to recognize that their credit score is so poor because of choices they have made in the past, and their behaviour has to change. Taking on more debt through loans Toronto no credit check is just more of the “same old same old”. They need to look at ways to budget so that their expenses are less than their income. They need to start saving to pay down debt. If they can’t do it on their own, then they must consult a licensed professional trustee who can discuss options with them: budgeting, bankruptcy alternatives such as debt consolidation or a consumer proposal or perhaps even bankruptcy.

There also needs to be a discussion regarding life after implementing the solution and working on improving their credit score. If any of this sounds like a situation you are in, taking on more debt through payday loans or loans Toronto no credit check is not your answer.

You need to contact Ira Smith Trustee & Receiver Inc. right away for a no charge consultation. You can even check out our bankruptcy faqs now online here. We will go over all of your options, and encourage and help you to implement the one that is right for you so that together we can solve your problems with immediate action and the right plan so that Starting Over, Starting Now will become your reality.

Call a Trustee Now!