Tag: living paycheque to paycheque

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I WANT TO SAVE MONEY BUT HOW? GO ON A SHOPPING DIET

i want to save money but howI want to save money but how? Introduction

Many Canadians struggle with saving money. When people come to see us, they always say “I want to save money but how?”. They live from paycheque to paycheque and have no rainy day fund. This is a recipe for financial disaster, akin to walking a tightrope without a net.

I want to save money but how? How can you start saving money?

Before you can save money you need to know what you’re spending on. Make a list of everything that you spend money on – even small things. You may be shocked to learn where your money’s going. Then go on a shopping diet.

I want to save money but how? What is a shopping diet?

A shopping diet is no different from going on a food diet. Determining what to cut out or cut back on is tricky business. You need to reduce spending significantly to save, but still leave yourself a little money to buy some extras or you’ll never stick to it. It takes willpower and self-control. Dieting is not fun, but it beats the alternative.

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I want to save money but how? 12 tips for going on a shopping diet:

  1. If you’re still smoking, stop now! In addition to the serious health ramifications, a pack a day habit/month can cost as much as a car lease, all of your utilities or a large part of your rent.
  2. Cut out or drastically cut back on designer coffee/tea. Did you know that a latte a day can set you back as much as $1,500/year?
  3. Swap department store face products for drug store face products. They’re just as good and you can save thousands.
  4. Review your plans – cell phone, cable TV, internet… and make sure you’re getting the best deals.
  5. Don’t automatically renew your car insurance and/or house insurance. Call around different to companies and brokers to make sure you’re getting the best prices.
  6. Go to a supermarket that offers the best deals or allows you to price match. Shopping at the most convenient place may add up to 25% to your grocery bills.
  7. Try a no-frills hair salon instead of a fancy salon. You’ll be shocked at how much you can save.
  8. Take public transit where possible instead of paying for gas and expensive parking.
  9. Cut back on your bar bills. Sharing a bottle of wine with dinner can cost more than the dinner. A few beers with your mates after work on a regular basis can add up to a pretty penny.
  10. Do you really need a new wardrobe? A few new pieces on sale may do the trick.
  11. Stay away from the make-up counter. How many lipsticks and eye shadows do you really need?
  12. Stop impulse shopping! Shop with a list and a purpose.

I want to save money but how? Do you need an experienced trainer to help you go on your shopping diet?

A shopping diet goes hand in hand with a budget. Now that you realize how much you can save by going on a shopping diet, you’ll be able to live within your means and save money.

If you feel like an out of control spender and are in serious financial trouble, or heading there, contact Ira Smith Trustee & Receiver Inc. today. We can help get you out of debt Starting Over, Starting Now. With immediate action and the right plan you’ll be on your way to debt free living and saving for the future.

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#VIDEO-MANULIFE DEBT SURVEY: ARE YOU PART OF THE MAJORITY OF CANADIANS SCARED ABOUT RETIREMENT?#

Manulife debt survey: Introduction

The Manulife debt survey 2016 published recently shows that the results continue the trend of earlier Manulife surveys. We have written about the Manulife debt survey findings before in some of our blogs including:

Manulife debt survey: Majority of Canadians have no savings

The findings in the current debt survey shows that Canadians are continuing to rely upon debt and not building up any savings to speak of. The highlights from the 2016 Manulife debt survey are:

  • almost 4 in 10 homeowners were “caught short” at least once in the past 12 months in that they didn’t have enough money in their bank account to cover expenses
  • 6 in 10 homeowners lack confidence that they’ll be able to maintain their lifestyle in retirement
  • a weaker Canadian dollar had an impact on over half of homeowners’ daily lives. It affected Canadians more on the spending and consumption behaviours than saving, debt repayment and investment activities
  • 1 in 4 homeowners indicated they expect their home equity will make up over 80% of their household wealth at retirement
  • 1 in 4 homeowners in their 50s expect their home equity will make up over 80% of their household wealth at retirement

Manulife debt survey: What does it mean for Canadians?

What this means is that on average:

  • Canadians’ wealth is composed of their equity in their homes and nothing else
  • spending habits are such that they have no savings to speak of
  • if faced with an emergency people couldn’t put their hands on a few thousand dollars of cash quickly
  • baby boomers have not saved for retirement, other than for the equity in their home;
  • millennial’s see their fate as the same as the baby boomers
  • on average, Canadians’ spending habits are such that many times they do not have enough money to live before the next payday
  • Canadians can barely make ends meet living paycheque to paycheque

Manulife debt survey: 5 simple questions to ask yourself

The dangers are obvious. With everyone’s wealth tied up in the equity in their homes, most Canadians are cash and investment poor. Canadians worry that they won’t be able to live their current lifestyle in retirement. Also, without cash and investment savings, upon retirement, homeowners will have to sell their home to have the necessary cash to live on. Ask yourself the following:

  1. Is all of my wealth tied up in the equity in my home?
  2. Am I living paycheque to paycheque?
  3. Do I barely have enough cash until next payday?
  4. If faced with an emergency, would I have to try to borrow more money because I don’t have a few thousand dollars available?
  5. Do I have too much debt?

Manulife debt survey: Do you have no cash and too much debt?

If you have answered yes to any of these questions, there is help available for you. If you’re like many Canadians who don’t have a plan to deal with debt repayment, you need professional advice. Contact Ira Smith Trustee & Receiver Inc. before your debt load becomes critical. The earlier you begin to deal with it, the more options you’ll have. We approach every file with the attitude that financial problems can be solved given immediate action and the right plan. Starting Over, Starting Now you can live a debt free life.

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Manulife debt survey 2016

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CREDIT SCORES ONTARIO: USE YOURS TO SCORE THAT DREAM DATE!

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Credit scores Ontario: What is it?

Credit scores Ontario is a judgment about your financial health, at a specific time. It indicates the risk you represent for lenders, compared with other consumers. There are many ways to work out credit scores. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900.

In Canada, the magic number is probably 650. A score above 650 will likely qualify you for a standard loan while a score under 650 will likely bring difficulty in receiving new credit.

Credit scores Ontario: How is it calculated?

The credit score formula takes all or most of the following into account:

  • Your payment history
  • The total amount you owe
  • Length of your credit history
  • New credit accounts
  • New credit inquiries, whether approved or not
  • Types of credit in use

Credit scores Ontario: Good credit scores do have sex appeal

A good credit score has shown that money does play a big role in the dating world; it is a reality. It’s sad but true; your income does play a big part in how attractive you seem to a potential partner. And, did you know that good credit scores have sex appeal?

Credit scores Ontario: Like it or not, a good credit score makes you attractive

There’s an old joke that says there’s no such thing as an ugly man in a Ferrari. But, let’s be honest, if you were on an online dating site and saw a potential date who was attractive but unemployed or in what you perceived as a low paying job, would you reach out to that person?

Conversely, if you saw someone who wasn’t movie star attractive but reported a high income or listed their profession as CEO, lawyer or doctor, wouldn’t they look a lot better to you?

Credit scores Ontario: Credit score dating backed by scientific studies

Don’t take my word for it. This is all backed up by science. There are many studies on the subject including a recent one co-authored by behavioural economist Dan Ariely who in the journal Quantitative Marketing and Economics reported:

  • Men and women prefer a high-income partners over low-income partners
  • This income preference is more pronounced for women

Credit scores Ontario: Beware – high income is only one part of it

Income only tells part of the story. Find out how they spend their money. Are they living within their means? They may have a big income but is it enough to cover the expenses of the fancy sports car, big house and exotic vacations? Big earners, celebrities and even Presidents (and President-elects!) declare bankruptcy too:

Credit scores Ontario: what to do about too much debt

We aren’t in the dating business, but we can help you get your debt issues under control. Give the Ira Smith Team a call today so that Starting Over, Starting Now you can live a debt free life, and you may have better luck dating.

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ARE YOU FACING PERSONAL FINANCIAL RUIN?

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Personal financial ruin: Introduction

Thousands of Canadians are facing personal financial ruin. We recently published a vlog #VIDEO-MORE CANADIAN WORKERS LIVING PAYCHEQUE TO PAYCHEQUE AGONY: SCARY NEW SURVEY RESULTS# based on the recent survey by the Canadian Payroll Association. You may not think that $200 sounds like a lot of money but the information shows that 56% of those polled would be close to negative cash flow if they took on another $200 in monthly debt payments.

This is alarming enough on its own, but just six months ago it was 48% who couldn’t take on more debt burden. What this also means is that if those same people had an emergency where they had to come up with another $200, they couldn’t.

The potential for personal financial ruin is increasing

That’s an 8% increase in six months. According to the Canadian Payroll Association, 48% of Canadians couldn’t make ends meets if they missed just one paycheque. And Statistics Canada reports that household debt as a ratio of disposable income rose to 167.6% in the second quarter from 165.2% in the first quarter. These are statistics that we just can’t ignore.

Interest rates will increase one day and will cause personal financial ruin

The number of Canadians teetering on the edge of insolvency is staggering. Credit rating agency TransUnion released the results of their latest survey.

  • 718,000 Canadians can’t even absorb a 25-basis point increase in interest rates without being in a negative cash flow situation
  • One percentage point would drive 917,000 over the edge

Canadians who believe that low-interest rates are here to stay are playing with fire. Historically interest rates have gone up and down, and they will at some point begin to rise. Using credit, even cheap credit, to cover monthly expenses is not a good financial plan; it’s a recipe for disaster. What’s going to happen if there’s a 1% increase? According to TransUnion that’s all it would take for 917,000 Canadians to be facing bankruptcy.

Contact us and prevent your personal financial ruin

The time to change your attitude about low-interest rates and using credit to pay your monthly expenses is NOW! Don’t risk losing it all and putting your family into personal financial ruin.

Contact a debt expert – a professional trustee – who can help get you off the credit merry-go-round and back on solid financial footing Starting Over, Starting Now. Ira Smith Trustee & Receiver Inc. can help keep you from financial ruin with immediate action and the right plan. Call us today for a free, no obligation consultation.

If you would like a free copy of our eBook “Cost of Claiming Bankruptcy In Canada”, please subscribe, or confirm your existing subscription, to our blog by CLICKING HERE

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I NEED FINANCIAL HELP IMMEDIATELY

I need financial help immediately: Introduction

“I need financial help immediately” is something we hear daily. With so many people struggling to make ends meet and living paycheque to paycheque, it’s not a surprise that they’re looking for ways to get ahead. Unfortunately it’s easy to get seduced by financial newsletters or websites that offer nothing more than get rich quick schemes disguised as financial advice. Please keep the old adage in mind when considering investment opportunities – if it’s too good to be true, it probably is.

I need financial help immediately: 3 things to watch out for

The Ira Smith Team has fully licensed, federally regulated financial professionals and we don’t have any get rich quick advice for you. However, we do have advice about how to protect yourself from get rich quick financial newsletters. Here are three things to watch for:

  1. Run, don’t walk from headlines like “beat the market”. There is no such thing as a get rich quick scheme that works. Remember Bernie Madoff? He paid unbelievably high returns to his investors and that ended up with Bernie in jail for life and many others in financial ruin. Even savvy investors got seduced.
  2. Watch out for newsletters with confusing terminology. They’re designed to confuse you so you won’t really understand that what they’re selling is all hype and no substance. Financial terminology is so confusing that we’re doing a series of blogs about it. So far we’ve covered Balloon Payments, APY – Annual Percentage Yield and Expense Ratios. Knowledge is power.
  3. Creating a sense of urgency is a classic ploy to suck you in before you’ve had the time to really scope things out. Beware of offers that are only open to the “first 100 that sign up” or “register within the next 48 hours or you’ll miss out”.

I need financial help immediately: What to do if this is you

We know there are many people who feel “I need financial help immediately”. Our most viewed blog ever is from May 2014 that people looking for cash find through a Google search because it is titled: Bad Credit Loans Guaranteed Approval.

We’re certainly not saying that there are no legitimate financial opportunities out there, but you really have to be careful about where and who you take financial advice from. If you’re walking a financial tightrope, a get rich quick scheme is not the answer. Contact a licensed trustee. Ira Smith Trustee & Receiver Inc. will review your file, discuss your options and come up with a solid, financial plan that will put you on the road to debt-free living Starting Over, Starting Now.

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#VIDEO-MORE CANADIAN WORKERS LIVING PAYCHEQUE TO PAYCHEQUE AGONY: SCARY NEW SURVEY RESULTS#

More Canadian workers living paycheque to paycheque introduction

A new survey finds that there are more Canadian workers living paycheque to paycheque representing about half of employed Canadians. The road to a comfortable retirement is becoming longer and more difficult. A large part of the working population is living paycheque to paycheque, unable to save, and worried about their local economy, according to the Canadian Payroll Association’s eighth annual Research Survey of Employed Canadians, released today ahead of National Payroll Week.

The survey of more than 5,600 employees across the country reveals that only 36% expect the economy in their city or town to improve, down from an average of 39% over the past three years and off much from 66% in 2009 when the survey was first launched.

More Canadian workers living paycheque to paycheque still

Many working Canadians are barely making ends meet. Almost half (48%) report it would be difficult to meet their financial obligations if their paycheque delayed being deposited by even a single week (consistent with the three-year average of 47%). Illustrating just how strapped some employees are, 24% say they likely could not come up with $2,000 if an emergency arose in the next month.

“A significant percentage of working Canadians carry debt, have a gloomy view of their local economy and are fearful of rising interest rates, inflation, and costs of living,” says Patrick Culhane, the Canadian Payroll Association’s President and CEO. “In this time of uncertainty, people need to take control of their finances by saving more. ‘Paying Yourself First’ (by automatically directing at least 10% of net pay into a separate savings account or retirement plan) enables employees to exercise some control over their financial future.”

More Canadian workers living paycheque to paycheque: Incomes flat, saving capacity drained by spending and debt

“Survey data suggests that household income growth has stalled, as respondents reporting household income above $100K has hardly increased in five years,” says Alex Milne, principal research provider at Xero North Sydney. “In fact, real incomes have actually declined when inflation is taken into account.” While pay has remained largely unchanged, employees’ spending and debt levels have affected their ability to save. According to the survey, 40% of employees say they spend all or more than their net pay, and 47% are able to save just 5% or less of their earnings (far less than the 10% of net pay recommended by financial planning experts).

Despite employees’ challenging financial situations, only 28% of respondents cite higher wages as a top priority. This is down from the average of 34% over the past three years. Instead, an overwhelming 48% are most interested in better work-life balance and a healthy work environment.

“Clearly, many Canadians are concerned about their financial situation,” says Lucy Zambon, the Canadian Payroll Association’s Board Chair. “But better work-life balance does not have to mean reduced financial security if you spend within your means and ‘Pay Yourself First’ as a step towards financial well-being.”

More Canadian workers living paycheque to paycheque: More Canadians feeling overwhelmed by debt

Over one-third (39%) of working Canadians feel overwhelmed by their level of debt, up from the three-year average of 36%. Debt levels have risen over the past year for 31% of respondents. And 11% do not think they will ever be debt-free.

Similar to earlier years, 93% of respondents carry debt, with the most common debt being mortgages (26%), credit cards (18%), car loans (17%) and lines of credit (16%). Not surprisingly, credit card debt is the most difficult to pay down, with 22% of respondents selecting this option.

Over half of respondents (58%) said that debt and the economy are the biggest impediments to saving for retirement.

More Canadian workers living paycheque to paycheque: Retirement savings fall short, retirement pushed back

Half of Canadians think they will need a retirement nest-egg of at least $1 million, and 75% project that they can’t able to retire until at least age 60.

Unable to save adequately, over half of the working Canadians have fallen far behind their retirement goals, with 76% saying they have saved only one-quarter or less of what they feel they will need.

Even among those closer to retirement (50 and older), a disturbing 47% are still less than one-quarter of the way to their retirement savings goal.

Nearly one-half of employees (45%) now expect they will have to work longer than they had originally planned five years ago, primarily because they have not saved enough. Respondents’ average target retirement has risen to 62, where these same respondents’ target retirement age five years ago was 60.

The past eight years of data drove the Canadian Payroll Association to advocate for a modest enhancement to the Canada Pension Plan (CPP). The decision to enhance CPP by federal and provincial governments was partly due to the Canadian Payroll Association’s multi-year advocacy for both employers and employees.

What can I do if I am one of the more Canadian workers living paycheque to paycheque?

Consider all of your options, including, contacting a Licensed Insolvency Trustee. Perhaps you just need help with credit counselling and budgeting. Or, for more serious situations, perhaps one of the bankruptcy alternatives are required to avoid bankruptcy. Regardless, you can get a free consultation.

We are debt professionals who will evaluate your situation and recommend which debt relief options are right for you. Consumer proposal is one option; there are others as well.

Contact Ira Smith Trustee & Receiver Inc. today for a free consultation. You’ll be in good hands and Starting Over, Starting Now you can be well on your way to living a debt free life.

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THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

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BANKRUPTCY OPTIONS: DO YOU REALLY NEED A $100K PERSONAL ASSISTANT?

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Many people are under the misconception that bankruptcy options don’t apply to the rich and famous or the rich and not famous because they don’t have money problems. In fact, rich people can and do have money problems.

This issue is more prevalent than you think and we’ve written a series of blogs about it in the hopes of removing the stigma of bankruptcy.

Being rich doesn’t make you smart about money. Often times the money begets a lifestyle that’s intoxicating but unsustainable – mansions, yachts, a fleet of luxury vehicles and exotic travel.

If you are willing to admit to having financial problems at the first sign of trouble, then there are various insolvency choices available. But if you wait until you have lost it all, and then some, then bankruptcy, or perhaps one of the bankruptcy options, will be available for you.

Trent Richardson acted quickly on his options when he realized he was facing financial problems

Trent Richardson, an NFL player who most recently played for the Baltimore Ravens, discovered that from January 2015 – October 2015 his family and friends spent $1.6 million of his money. This is a perfect example of someone making a small fortune and placing too much trust in others to manage his money. In reality, he didn’t have a clue about his money.

Thankfully he looked at his bank statement before it was too late. He couldn’t believe the charges which included 11 Netflix and 8 Hulu accounts in addition to ordering bottle service while dropping his name at clubs. The irony is that Trent Richardson doesn’t drink. And now for the mother of all expenses – his brother Terrell was earning $100,000 a year as his personal assistant.

Although Mr. Richardson is luckier than most would be in his place because he signed a fully guaranteed deal worth $20.5 million over 4 years originally with the Cleveland Browns on July 2012, he could have, like others before him, lost it all. He did the smart thing and cut all extraneous expenses, including his $100k personal assistant. This is the best of the financial choices: reigning in your spending and getting on a proper budget.

Act quickly; we can help you make the right decision

Let this be a wakeup call to everyone. Regardless of how much money you have, you need to be smart about money, lest you find yourself in deep debt. And that’s where a professional trustee comes in.

We’re here to find what your bankruptcy options are, put your financial house back in order and set you on a path to debt free-living Starting Over, Starting Now. You’ll be amazed at the difference one phone call to Ira Smith Trustee & Receiver Inc. can make. Contact us today.

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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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CONSUMER PROPOSAL PROCESS FOR LOTTERY WINNERS? BUT WHY?

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X bankruptX BankruptcyX bankruptcy alternativeX financial planX Ira Smith TrusteeX living paycheque to paychequeX lotteryX powerballX trusteeX consumer proposal processConsumer proposal process for a lottery winner? Why?

Here’s a headline I’m sure you all remember – Three winners of the $1.586 billion Powerball jackpot. Here’s a headline you may have missed – The odds are that the US$1.5 billion Powerball winner will end up bankrupt (and if a Canadian, possibly a consumer proposal process).

Continue reading “CONSUMER PROPOSAL PROCESS FOR LOTTERY WINNERS? BUT WHY?”
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BANKRUPTCY ALTERNATIVE: THE CLINTON PORTIS LIST FOR TURNING $40 MILLION INTO A BANKRUPTCY

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Continue reading “BANKRUPTCY ALTERNATIVE: THE CLINTON PORTIS LIST FOR TURNING MILLION INTO A BANKRUPTCY”
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