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HOLIDAY SPENDING: HOW DO I STOP OVERSPENDING DURING THE HOLIDAYS?

We hope that you and your family are safe and healthy.

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

Holiday spending introduction

The holiday sales days of Black Friday and Cyber Monday holiday retail shopping are over. You may feel you tend to overdo it on your annual holiday spending and that will put you in a poor financial position entering into 2021. On the other hand, COVID-19 has made a lot of people anxious and even depressed. You want to buy something nice this Canadian holiday season for your loved ones and close friends to cheer them up.

So I have created our holiday spending in Canada tips to attempt to help with your holiday shopping. Ideally, by following our suggestions, you will not go into the New Year with more financial debt than you can take care of. You ideally will have avoided the most typical holiday spending mistakes and not end up being one of the miserable holiday shoppers who have awful holiday spending habits.

Holiday spending: Tale of two countries?

The COVID-19 pandemic has devastated the U.S. economy and kept lots of would-be consumers at home this year. Nationwide US consumers are expected to spend much less on gifts and various other holiday-related merchandise than they did last year. So many Americans are hurting because the federal government has not gotten the much-needed relief to people and businesses in the United States.

On the other hand, in Canada, the federal government has distributed relief very quickly. It has come as monetary support for citizens and businesses. It has also come in the form of mortgages and other loan deferrals. By the end of 2019, most, but not all of the Canadian government coronavirus support will end.

As I have written in previous blogs, the combination of government support payments and people staying at home, has resulted in people spending less. They have been able to put money towards paying down debt. Although debt levels are still high, they have been reduced over the last 10 months.

CPA Canada, the association that represents Chartered Professional Accountants of Canada, did a survey on the holiday outlook for this year. According to the CPA Canada survey, most Canadians’ spending will be on gifts: $588 this year versus $583 in 2019. So according to that survey, Canadians will spend, on average, the same this holiday season as last year. Perhaps the only question might be will they do more online shopping this year than in previous years? It will certainly be interesting to see the holiday spending retail sales report early next year.

How will Canadians buy for this year’s holiday spending?

Gifts are only one portion of total holiday spending. Traditionally, travel was always a large part of non-gift holiday spending. The CPA Canada holiday spending survey shows that Canadians have spending plans to spend the same on gifts as they did last year. However, due to the coronavirus pandemic, travel spending will certainly be far less than in prior years. It could even be essentially eliminated. This will create lower total holiday spending in Canada in 2020.

Another major trend sped up by the pandemic is a curbside pick-up. Many Canadians will select this approach for their online purchases. The reality is that Gen Z and Millennials use this approach or get their purchases delivered to them all year round – not just for their holiday spending.

Canadian adults aged 55-plus are traditionally the last to use curbside pickup or delivery. This holiday season may be very different for this group of Canadians. Health concerns may very well drive them to more online shopping this holiday shopping, given the reality of our current environment.holiday spending

Holiday spending budgeting

It is so important that you really think out your holiday spending budget plan before you start spending. I think there are 3 major classifications to your holiday budget: (i) presents; (ii) food and beverage in your home; and (iii) what you might spend in clothing and other amounts because of various holiday parties you would normally be attending. This year I don’t think there will be much spending relating to holiday parties as most, if not all, are cancelled.

To begin setting your holiday spending budget plan, you require to establish 2 different mini-budgets. For gifts, the first thing is to write down the names of everybody you feel you want to get holiday gifts for. Then write down only those who you must buy a gift for. You might not have the ability to afford your “wants”, however just your “needs”.

Check out your regular monthly income and expenses as well as any kind of savings you may have assigned for holiday costs. Also, look at your spending habits to understand what your needs will be over the first few months of the New Year. This will better equip you to understand just how much you can spend overall without going into holiday financial debt.

You also need to then estimate your spending on food and drink for your holiday entertaining this year. That number may very well be less than in previous years as people are being encouraged to not congregate in the same large numbers as they have previously.

Use your holiday spending calculator and take all of this into account, you can set with some degree of confidence your gift and other holiday spending budgets. Then you have to follow them!

My 6 best holiday spending tips

Here are my 6 best holiday spending tips:

  • Purchase with a purpose – You have now determined just how much you can safely spend on each person. Locate the ideal items that meet your costs goal. You do not have to think of price anymore since you will adhere to your specific gift cost limits. You can now focus only on suitable gifts within your budget restrictions. Purchase gifts that fit within your budget plan.
  • Only buy with cash money – You will certainly be enticed to get with your credit card. Using plastic will certainly trigger you to spend too much due to the fact that you will not really feel the purchase. To really feel the purchase, just use cash. When you feel it, you don’t spend too much. You will likewise prevent the awful surprise in January due to the fact that you will not receive an out of control charge card statement that you will not be able to settle fully. You will not only feel wonderful in December; you will have that same or even a better feeling in January.
  • Consider a family present to conserve money – If you feel you won’t have the ability to pay for individual presents, think about the members of the same household and look for a family gift. A gift card for the family may be more affordable than the total of individual presents. Don’t forget to take a look at that choice. Or perhaps one thing for the house that you know all family members will take pleasure in. There are many possibilities for a family present and you will still have an enjoyable shopping experience.
  • You have many talents so give of yourself, not your money – Don’t assume that the only gift that counts is one that costs money. You can actually do a buy nothing day for someone. You have many abilities and talents. Probably one or more would make a great present. If you cannot consider anything unique you can supply that would make a fantastic present, how about your time as an item? Babysit for nieces or nephews, give an afternoon to an ageing relative that needs help either in the house or getting around for errands. These can all count as important presents that won’t cost you anything or much at all. Your time and theirs spent together are much more precious than any type of present you would get in a shop.
  • Visualize the decorations – If you don’t currently have a box of ornaments from years past to use, visualize creatively. The accessories bought at a Dollar Store will look just as wonderful on your tree as ones purchased at a much more expensive specialty shop. Or, use your own creative thinking to make your own decors. If you aren’t certain where to begin, search the numerous videos online to teach you how to make terrific looking decorations that do not set you back too much for materials. Your work, certainly, is cost-free and you will get such joy out of seeing your own creations on your tree and in your home. Why not spread such joy to yourself first; you deserve it.
  • Do you have reward points you either do not see making use of or will quickly expire? – You have been collecting the points. You undoubtedly thought they would certainly give you something extra you may not otherwise be able to afford. Perhaps you might lose them or even otherwise, you don’t see on your own being able to use them in the foreseeable future. So, why not use them for an appropriate gift or gifts for those you need to buy for? You will also save time because more than likely, buying with points means that you are shopping online. You will certainly feel good about using them in this manner due to the fact that you will be making use of the points for someone important in your life. You will also feel good about not having to spend the cash. The people you get the gifts for will cherish your gift, never knowing that you didn’t have to spend cash to get them. It is a win-win.

I wish all of our readers a Happy Chanukah, a Merry Christmas and a healthy, happy and prosperous 2021.

Holiday spending: What if you already have too much debt?

I hope you have enjoyed this holiday spending Brandon’s Blog. Do you or your company have too much debt? Are you or your company in need of financial restructuring? The financial restructuring process is complex. The Ira Smith Team understands how to do a complex restructuring. However, more importantly, we understand the needs of the entrepreneur or the person who has too much personal debt.

You are worried because you are facing significant financial challenges. It is not your fault that you are in this situation. You have been only shown the old ways that do not work anymore. The Ira Smith Team uses new modern ways to get you out of your debt troubles while avoiding bankruptcy. We can get you debt relief freedom.

The stress placed upon you is huge. We understand your pain points. We look at your entire situation and devise a strategy that is as unique as you and your problems; financial and emotional. The way we take the load off of your shoulders and devise a debt settlement plan, we know that we can help you.

We know that people facing financial problems need a realistic lifeline. There is no “one solution fits all” approach with the Ira Smith Team.

That is why we can develop a restructuring process as unique as the financial problems and pain you are facing. If any of this sounds familiar to you and you are serious about finding a solution, contact the Ira Smith Trustee & Receiver Inc. team today.

Call us now for a free consultation.

We will get you or your company back on the road to healthy stress-free operations and recover from the pain points in your life, Starting Over, Starting Now.

We hope that you and your family are safe and healthy.

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

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WHAT ARE THE BEST CORPORATE BANKRUPTCIES?

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If you would prefer to listen to the podcast of this corporate bankruptcies Brandon’s Blog, please scroll to the bottom of the page and click on the audio file.

Best corporate bankruptcies: Introduction

Who would think that I could write a blog about the best business failures? Corporate bankruptcy is normally associated with job loss, creditors and investors or shareholders losing out and liquidation.

This is true. But once in a while, corporate insolvency can also be used to end the life of a very financially sick corporation so that a new company can rise from the ashes and offer jobs to the affected employees of the bankrupt company. The story of the ServiCom bankruptcy is an example of the best possible outcome. Here is its story.

Best corporate bankruptcies: The ServiCom shutdown

On Thursday, December 6, 2018, the bankruptcy of the parent company of the ServiCom phone call center in Cape Breton closed it down without warning. It made 600+ Cape Bretoners immediately unemployed less than three weeks before Christmas.

Numerous people were out of a job after layoffs at the Sydney, N.S. telephone call centres over that weekend. The staff members at ServiCom expected to begin their week like they would any other Monday. On Saturday, the news broke that the company had suddenly laid off their staff members. Instead of working, they located themselves applying for unemployment and trying to find jobs.

“We were told to log off and then suddenly we don’t have a job” claimed one former employee. That Saturday, the telephone call centre notified the employees of the information that they no longer had work.

There was no notice for the layoff of this real number of employees. Accordingly, social agencies were incapable to set up conferences or job fairs to aid displaced staff members.

Best corporate bankruptcies: It was tough

Employees like Jamie Barbara were trying to stay positive in light of the problem. “Relieved, relieved now,” she said. “I can go on about my life and look for a job even harder than I was before”.

It was a tough several weeks for ServiCom employees. Many of the workers waited outside the Salvation Army to get a Christmas grocery order. Just before Christmas, that despair has transformed to delight. They obtained good news. Many people were thinking about bankruptcy.

Best corporate bankruptcies: A Christmas miracle

The workers were praying for a Christmas miracle and it arrived 13 days after ServiCom closed its doors.

An American business person, Anthony Marlowe, bought the assets of the bankrupt company for $1.5 million. The workers were thrilled that Mr. Marlowe was entering Sydney, N.S. and taking over. Mr. Marlowe started his career in outbound telemarketing as a call centre supervisor. Currently, he owns many call centre companies.

Todd Riley, the former manager of ServiCom in Sydney is now the Vice President of the new Sydney Call Centre. He claims they’ll be open for service and previous staff members are welcome. All of them will have their jobs back. There could be a couple of transfers from one program to another, however, everybody that was on the payroll will certainly be back.

Best business insolvencies: When jobs are saved

The telephone call centre now operates as the Sydney Call Centre and is owned by Mr. Marlowe’s company, MCI Canada. The excellent news is that he is seeking to expand the business.

Georgina Stuart is just one of many previous phone call center employees that were expecting to return to work in the New Year. “It’s just fantastic that we’ve got hope and work in the future, yes it absolutely does, so we’re looking forward to 2019.”.

There is now a feeling of relief. It was absolutely a roller coaster of feelings for the ServiCom employees. The Sydney Call Centre employees are thrilled to be back to continue their good work.

The building still had the ServiCom name on it when the employees returned. However, it absolutely is currently the Sydney Call Centre sustaining United States telecom AT&T as well as GM’s OnStar service, with much more business to hopefully come.

So, if anyone ever tells you that there is no such thing as best business insolvencies you can tell them this story.

Best business insolvencies: What about your company?

Does your company have excessive debt? Is the business viable but the corporate body is too sick to continue? Is your business in danger of shutting down? Will employees who have become like family be out of a job? Are the pain, stress, and anxiety currently adversely influencing your health and wellness?

If so, contact the Ira Smith Team today. We have years and generations of helping people and businesses seeking financial restructuring. As a licensed insolvency trustee, we are the only specialists certified and overseen by the Federal government to offer financial restructuring solutions.

We provide a free consultation to assist you to solve your problems. We know the discomfort financial obligations causes. The Ira Smith Team can end it as soon as possible from your life. This will permit you to start a fresh start, Starting Over Starting Now.

Call the Ira Smith Team today so that we can start helping you get back into a healthy and balanced, stress-free life.

 

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HOLIDAY SPENDING IN CANADA: 5 HOLIDAY SPENDING TIPS TO STOP HOLIDAY DEBT

holiday spending in canada

We are trying something new. At the bottom of this holiday spending in Canada tips blog is an audiogram of this Brandon’s blog. If you would prefer to listen to it, and not read it, scroll down to the bottom and press on the play button. Let us know what you think by sending us a message in the Question box below.

Holiday spending in Canada: Introduction

Black Friday and Cyber Monday are over. You may feel you have a tendency to go overboard on your holiday spending and that will put you in a bad place going into 2019. So we have put together our holiday spending in Canada list to try to help with your budgeting for the holidays. Hopefully, by following our tips, you won’t enter the new year with even more debt. You will have avoided the most common holiday spending mistakes.

Holiday spending in Canada: Budgeting for the holidays

So, the first hint already is when I said budgeting for the holidays. It is so important that you actually think out your holiday budget before you start spending. I believe there are three main categories to your Christmas holiday budget: (i) gifts; (ii) food and beverage in your home when hosting; and (iii) tree and decorations.

To start setting your holiday budget, you need to set three separate mini-budgets; one for each group. For gifts, the first thing is to list out everyone you feel you want to buy a gift for. Then figure out who on the list you need to buy a gift for. You may not be able to afford your “wants”, but only your “needs”. The other categories will be easier to set.

Now, look at your monthly income and expenses and any savings you may have allocated for holiday spending to understand how much you can afford to spend in total without going into holiday debt. Just figure out the total amount you can safely spend. With that total, you should then estimate the spend on the food and beverage and tree and decorations categories. What you have left over in total will be your gifts budget. Nothing is set in stone. If you feel you need to adjust the allocations among the three categories, go right ahead. Eventually, you will be left with your gift total budget.

Now spread the total gift budget among the people. Your individual amounts have to add up to a number not greater than the total you already set up as your total gift spending amount. So you should now have actually three different worksheets, adding up to the total amount of money you can safely spend. With the budgeting worksheets finished, it is now time to go shopping!

Holiday spending in Canada: A new kind of shopping

You will now be able to do a new kind of shopping. In the past, you may have just gone to the mall or local stores and then just wander around until something that reminds me of the person that you are shopping for pops up.

The new shopping method will have you shopping for each group already knowing how much you can spend. Do not overspend!!

Holiday spending in Canada: Here are our 5-holiday spending tips

  1. Purchase with purpose – You have already determined how much you can safely spend on each person. Find the right gift that meets your spending goal. You don’t have to think about cost any more, because you will stick to your individual gift limits. You can now concentrate only on appropriateness within your budget limits. Although the Farberware cookware may be wonderful, you can only buy gifts that fit within your budget.
  2. Only buy with cash – You will be tempted to buy with your credit cards. Using plastic will cause you to overspend because you won’t feel the purchase. To really feel the purchase, only use cash. When you feel it, you don’t overspend. You will also avoid the nasty surprise in January because you won’t receive an out of control credit card statement that you won’t be able to repay. You will not only feel great in December but in January too.
  3. Think of a family gift to save money – If you feel you won’t be able to afford individual gifts, think of members of the same family and look for a family gift. A gift card for the family to go see a movie or a family pass for admission to an upcoming event or tourist site may prove cheaper than the total of the individual gifts. Don’t forget to check out that option. Or perhaps one item for the house that you know all family members will enjoy. There are many possibilities for a group gift.
  4. Give of yourself, not just your money – Don’t think that the only gift that counts is one that costs money. You have many skills and talents. Perhaps one or more would make a great gift. If you can’t think of anything unique you can provide that would make a great gift, how about your time. Think to babysit for nieces or nephews, taking out for an afternoon an ageing relative who can’t get out much but has appointments or errands to get to or doing someone’s grocery shopping (with their money). These can all count as valuable gifts that won’t cost you anything or much at all. Your time and theirs are much more valuable than any gift you would purchase in a store.
  5. Think outside of the decoration box – If you don’t already have a box of ornaments from years past to use, think creatively. The ornaments purchased at a Dollar Store will look just as nice on your tree as ones purchased at a more expensive store. Or, use your own creativity to make your own decorations. If you aren’t sure where to start, I am sure that there are many videos online to show you how to make great looking decorations that don’t cost too much for materials. Your labour, of course, is free.

2 BONUS TIPS to help with your holiday money management:

HOLIDAY SPENDING TIPS BONUS #1 Save all year for your holiday spending budget – Now that you have your spending budget, start saving for next Christmas in January. Take the total budgeted amount that you spent this year and divide it by 12. Starting in January, set up a separate savings account and deposit into it every month the monthly amount needed that will add up to your total budget by next December. Avoid the temptation to dip into that fund during the year. By the time you get to next Christmas, you will already have all of your holiday spending cash.

HOLIDAY SPENDING TIPS BONUS #2 Do you have reward points you either don’t see using or will soon expire? You have been collecting the points. You obviously thought they would give you something extra you might not otherwise be able to afford. Now you might lose them or even if not, you don’t see yourself able to take advantage of what the points can provide. So, why not buy a proper gift or gifts for those you need to buy for using some points. You will feel good about giving this way because you will be using the points for someone valuable in your life. You will also feel good about not allowing them to either expire or lay dormant. The people you buy the gifts for will hopefully cherish your gift, never knowing that you didn’t have to lay out any cash for them. It is a win-win all the way around.

I wish all of our readers a very Merry Christmas, Happy Chanukah and a healthy, happy and prosperous New Year.

Holiday spending in Canada: What if you already have too much debt?

Licensed Insolvency Trustees (previously called bankruptcy trustees) are the only specialists approved, certified and monitored by the federal government to deal with debt restructuring. As a licensed insolvency trustee, our individualized method will certainly help you learn every one of your bankruptcy alternative options. The choice you choose based upon our suggestions will certainly end the stress, anxiety and discomfort you are really feeling due to your debt troubles.

The Ira Smith Team has years and generations of experience assisting people and companies in a financial problem. Whether it is a consumer proposal debt negotiation strategy, a bigger individual or business restructuring proposal debt negotiation, or as a last resource, bankruptcy, we have the experience.

Our method for every case is to produce an outcome where Starting Over, Starting Now occurs. This begins the moment you come through our front door. You’re just one telephone call from taking the essential actions to return to leading a healthy, well-balanced life. Call us today for your free consultation.

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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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♦ VIDEO – CREDIT CARD DEBT HELP: START NOW FOR A DEBT FREE CHRISTMAS 2016 ♦

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Credit card debt help: Now that the Holidays are over

Now that the Holidays are over, and the feeling of Christmas cheer is being replaced with the reality of your need for credit card debt help, I wanted to come and share a few tips for having a debt free Christmas 2016. Maybe you have already maxed out your credit cards with purchases for your family and friends.

It is not too early to start thinking about a debt free Christmas 2016. So while you are taking your time to pay off the credit card debt, or considering your options in obtaining the credit card debt help you need, this is actually the perfect time to begin thinking about having a debt-free Christmas for 2016.

Credit card debt help: 4 tips to becoming debt-free

We have 4 tips that will start you on the path for a debt-free Christmas 2016:

  1. Set a realistic budget– This is a critical part to not only budget for paying off the 2015 credit card debt, but also for planning a debt free Christmas 2016. Make a list of everyone that you will want to purchase a gift for, write down a gift idea and estimated cost. Now you can start incorporating those costs, and the costs of any incidentals like meals you like to cook for family and friends and any other miscellaneous expenses associated with next Christmas.
  2. Set up a savings account – Now that you know how much you have to pay off from 2015 Holiday credit card debt, and your estimated budget for Christmas 2016, you can work those into your monthly budget. Take the estimated 2016 cost and start saving from every paycheque now by putting the money in a special savings account solely for that purpose. It is easier to start saving now in February little bits every week, than to expect all the money to just be available come next December. In this way you won’t need Christmas 2016 credit card debt help.
  3. Look for sales all year round – There are all types of sales throughout the year. Traditionally, the month of December is not one of those months. Why not take advantage of sales all year round by purchasing your Christmas 2016 gifts throughout the year when on sale, rather than just shopping near the end of the year?
  4. Grocery budget – When you are budgeting, be realistic. Even if you are not hosting Christmas dinner in 2016, everyone loves your special Christmas baking and cooking. You will want to make those special dishes to take to family and friends. Make sure your grocery budget for December 2016 reflects the increased food costs for that month when you are starting to save now.

If you follow these 4 simple tips, you will find that your Christmas debt for 2016 will be zero and you will not need credit card debt help due to Christmas 2016. The realistic budget will also help you pay down your credit card debt from 2015 holiday time, as well as help you spend within your means throughout the whole year.

Credit card debt help: Get a no-cost consultation

If you’re trapped in a high interest credit card debt cycle, I could tell you that you need to get credit card debt help, 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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