Why it’s So Easy to Spend in the Summer

Why it's So Easy to Spend in the SummerI’m always tempted to spend a little more money in the summer when I’m out and about with the family, particularly when it comes to eating out. When we’ve been out at the park or the playground, and the kids have been playing and working up an appetite it’s easy to just buy a little something to eat on the way home or at least grab a popsicle from the…

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5 Childish Reasons For Not Saving

5 Childish Reasons For Not SavingThere are five major  reasons employees don’t save for retirement, according to a Buck Consultants brief released Thursday.  As cited by Pensions World in February of this year (see Pensions Provision: Why save for retirement) they are: 1.) A fatalistic belief in the possibility of dying tomorrow 2.) An assumption that they can work until they die 3.) Paternalistic faith that someone will look after them 4.) Unwillingness to delay…

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Bankruptcies Down in 2010

Bankruptcies Down in 2010The total number of Canadian businesses and individuals claiming bankruptcy dropped 11.5 per cent in 2010 compared to the previous year, new data released Friday shows. The Office of the Superintendent Of Bankruptcy Canada said consumer involvencies were 11 per cent lower last year over 2009, while commercial insolvencies declined by 22.3 per cent. The term insolvency refers to people who undergo formalized bankruptcy proceedings, but also those who make…

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Family Debt-to-Income Ratio Hits Record

Family Debt-to-Income Ratio Hits RecordThe average family debt-to-income ratio in Canada has now hit a record 150 per cent, the Vanier Institute of the Family said Thursday. That means for every $1,000 in after-tax income, Canadian families owe $1,500, the institute said, while releasing its 12th annual assessment of Canadian family finances. It found the average family borrowing — including mortgage debt — now totals $100,000. The Ottawa-based institute, which describes itself as a…

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Should You Take Money Out of RRSPs to Pay Off Debt?

Should You Take Money Out of RRSPs to Pay Off Debt?I’ve had a lot of inquiries about this lately, so I thought I would address it today. I’ve written about RRSP Basics and RRSPs vs. Paying Down Debt, but these articles dealt mainly with general issues and new contribution money. I haven’t directly addressed the question of whether or not you should actually withdraw money from existing Resgistered Retirement Savings Plans in order to pay down credit card or mortgage…

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30 Financial Moves Before 30 – Ideas Worth Trying

30 Financial Moves Before 30 - Ideas Worth TryingI started reading the Art of Non-Conformity the other day and the idea of the life list/bucket list got me thinking again. I started thinking about my bucket list for what I want to accomplish before I turn 30 (in 7 years). Then I started to get more specific. I started thinking about what I want to accomplish financially before 30. Then I realized that my mind was all over…

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Will Canada’s housing bubble burst?

Will Canada's housing bubble burst?Home ownership is at the centre of many Canadians’ financial retirement plans. That’s especially true for baby boomers who are sitting snugly atop a nice wave of real estate inflation. In fact, the average price of a detached home in Canada has doubled since 2000, and in September was sitting at $331,000. Of course that number pales when compared to Vancouver, where the average price for the same period was…

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How to Solve a Debt Problem

How to Solve a Debt ProblemThere’s little debate that the financial problems we face, both collectively in terms of the economy, and individually in terms of our personal finances, are rooted in debt. We have major balance sheet issues at the public, private and sovereign level. The markets have rebounded significantly, but the real economy has demonstrated a much more muted recovery, and unemployment is still unacceptably high. Read More…

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Maxed Out!

Maxed Out!The disturbing, but very important, full documentary about the credit problem (and addiction) people have when using credit cards.  And the immoral, but very much legal, habits by the credit card issuers to lure people in to use and become addicted to credit beyond their means.  A must-see to become aware of this growing epidemic and hopefully take back control of your life.

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5 Tips for Getting Back on the Credit Card Ladder

5 Tips for Getting Back on the Credit Card LadderYou don’t really appreciate what everyone means by ‘credit crunch’ until you actually get rejected for a credit card or loan that you thought you were good for. The current economic crisis means that lenders are getting tighter and more exclusive about who they approve. The so-called ’subprime’ group of consumers, ie those who are not able to get the market leading credit cards and loans, is expanding more and…

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