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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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Brandon Blog Post

IS SHOPPING PUTTING YOU INTO FINANCIAL RUIN?

bankruptcy, financial ruin, apps, Splurge Alert, shopaholic, credit card debt, shopping intervention, trustee, Toronto bankruptcy trustees, bankruptcy alternatives, bankruptcy questions, credit card debt, living paycheque to paycheque, bankruptcy, Target, housing bubble, credit card debt, financial plan, debt, starting over starting now

The road to bankruptcy is

paved with good deals.
Forbes

Apps are a big part of our lives now. We use apps to do everything from ordering coffee to banking and we’ve discussed apps in two recent blogs:
• BANKRUPTCY EXPERTS DISCUSS POSSIBLE DANGER OF USING DIGITAL WALLET APPS
• HAVING TROUBLE BUDGETING? OUR TOP 6 LIST OF APPS TO HELP YOU

Now there’s an app that may help shopaholics or splurge spenders who rack up large amounts of credit card debt. The app is called Ally Splurge Alert and it acts as a shopping intervention which many may welcome considering that 46% of all Canadian credit card holders are carrying credit card debt.

According to BMO’s 2015 Credit Card Report:
• 33% don’t pay off their credit card bill every month
• 52% use their credit cards to make the majority of their purchases
• 32% don’t actually keep track of their credit card charges until they receive their bill at the end of the month
• 26% per are stuck in a vicious cycle where they pay off their credit card bill with all their available funds, then rack up additional debt paying for other expenses

Do you need a shopping intervention?

Nick Mastromarco, managing director of North American retail payments at BMO, “Credit cards are a popular payment tool for Canadians; however, unchecked spending habits can result in getting stuck in continuous monthly debt cycles that can hamper near and long-term financial goals.”

How does Splurge Alert work to curb your spending?

Splurge Alert asks the user to identify stores and areas where they tend to overspend and then select friends or family members who can intervene. The app uses geolocation technology to determine when the user is approaching an area considered a danger zone and sends out an alert message to the designated friend or family member so that they will stop the user from overspending. It’s certainly not going to fix your financial problems but it looks like a fun tool to help raise awareness about your spending habits. And you may even save a few bucks in the process.

Do you have too much shopping debt?

To deal with serious credit card debt you need professional help. A fun app or a shopping intervention is not going to keep the creditors at bay. Contact Ira Smith Trustee & Receiver Inc. We understand how stressful mountains of debt can be, but ignoring it will only make it worse and increase your stress levels. There is a solution to your debt problems and Starting Over, Starting Now the Ira Smith Team can get you on your way to living a debt free life.

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Brandon Blog Post

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.

holiday spending calculator

 

 

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