Canadian Money Advisor 2005

Helping Canadians Understand Their Money & Personal Finance since 2005

Canadian-Money-Advisor.ca BLOG

Identity Theft Watch out
- Posted May 29, 2009 by Monty Loree
Post Back Link to Canadian Money Advisor

Identity Theft! Watch out!

Do take a few minutes to read this article as you may be one of the victims of identity theft. Identity theft is a condition where someone erroneously uses your personal information to get loan, steal money, transfer credit, open new accounts etc., in your name. You may not know about it until maybe you plan to get a loan or buy a new house. Or worse, when you are asked to pay back a loan that someone else has taken in your name. Though you cannot completely make sure that no one uses your personal information falsely, you could be a little more cautious by regularly going through your credit reports.

In case you have already been affected by identity theft then there are a few steps that you should follow as soon as possible. With evidence, report the matter firstly to the three major credit reporting agencies - Equifax, TransUnion and Experian, then, to the police and the Federal trade commission. Finally in case of fraud report it to the concerning credit card company. It is extremely mandatory for you to report the problem immediately after you notice it. Any delay might work against you.

In case of Social Security number (SSN) misuse, though the Social Security Administration (SSA) does not usually assist in identification of theft victims, do contact the SSA on time, to report Social Security benefit fraud, employment fraud, or welfare fraud.

Once you are done with reporting, keep track of your credit reports. Try to make it regular. Make use of the law which helps to obtain free credit reports at the end of every 12 months. In case of any suspicious dealings, immediately call or mail the concerned creditor or bank and let them know about it. If you are lucky enough you may be able to trace the thief or in the least, resolve your problem. Once your identity theft dispute with a company has been resolved, get the company’s closure, on the disputed accounts, in black and white. This will come in handy in case the problems relating to this account resurfaces.

As the good old saying goes, “prevention is better than cure”. It is very important to make your Social Security number, credit card numbers, or other financial account information, more personal. Once the identity thief catches hold of any of these details then you are sure to confront a tough battle against all the mess that he would make. So the next time you dispose your bills which has personal or financial information or fill up your personal information in unknown websites, think twice. It might as well be someone who is trying to steal information about you and use it to drain your financial savings and destroy your reputation.

Be exceptionally watchful over the internet. This is the medium where you can easily spill over personal information. If you feel that a particular website is not authorized, then make sure you do not enter any personal information in it. And do not open spam messages. You can help others from falling victim to this kind of fraud by spreading awareness among your family and friends.



Comments (8)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Mutual Funds
Other posts about Canadian Prepaid Legal
More articles from May, 2009
More articles from 2009


Getting a Loan from Banks
- Posted May 29, 2009 by Monty Loree
Post Back Link to Canadian Money Advisor

Getting a Loan from Banks

Before you think of getting a loan from banks, make sure that you are well prepared. Do small researches on all the things that you need to know before you apply for a bank loan. Consider the kind of loan you will be requiring – long term or for a particular period, the total amount you will need, how you are planning to use the money and mainly how you will be paying it back in time. And most importantly, think of all the short comings that you may face during the loan period. For example, if you are planning to start a business, you need to have a clear plan of how you would execute it. Your plan will decide if you are worthy enough for the loan. The bank is flooded with thousands of proposals to get loans each day. Only if your plan is crisp and well sketched will the bank consider it. Once that is accepted and you are able to convince the bank with your business strategy then you have crossed half the well.

Though banks are more comfortable and opt for financing the up and running business which shows promise, it also risks in lending a loan to start a new venture. Basically, all they want to know is if they can rely on you. If they are sure of your trustworthiness, then you can be sure of getting the loan from them. Your credit history speaks a lot about you. If you have been paying your due in time, it will help the bank to know more about your sincerity.

Apart from your character, the bank also bets on things that you own. This is known as security or assets. Before the bank sanctions the loan, you are asked to submit details regarding the security you own. The security includes –

  • Government bonds
  • Shares, land, building that you own,
  • Fixed deposits
  • Machineries – both movable and immovable
  • Vehicles


Showing proof of any of these above assets will ensure that you are granted a loan. Even if in some unfortunate circumstance you are unable to pay the loan, then the bank can cease your security. “Sureties” (any well known reliable account holder) can be your referral. A fine bond with the bank will make things smoother for you. Maintaining this connection during the loan period will help in easing out any misunderstandings that might occur later.

There are different types of loan offered by the bank. Few of them are – industry loan, vehicle loan, personal loan, commercial loan, housing loan, educational loan, etc. Though each bank differs in their own set of rules or terms in offering loans, a good credit report increases your chances. Opt for banks that offer flexible repayment terms. Look into all the terms and conditions of the bank before you apply for the loan.

The main advantage of acquiring loan from the bank when compared to other means is that it is easier to get. Though initially your credibility is under scrutiny, once they are sure of you, you won’t be having any problems.

Comments (3)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss The Banks
Other posts about Canadian Creditors
More articles from May, 2009
More articles from 2009


what are credit tips
- Posted May 19, 2009 by Monty Loree
Post Back Link to Canadian Money Advisor

What are credit tips?
Purchasing an Toronto-area home may be a far different experience than it was just a couple years ago. If you purchased a home in Toronto - or virtually any other part of the country, for that matter - during the height of the housing and {{{credit}}} boom, you will likely have breezed right through the loan application process. As a result of government-encouraged incentives, {{{lenders}}} developed a myriad of loan programs to put homeowners into homes - some of which they simply could not have afforded otherwise. We are all more than aware of the result of these loan programs and the havoc it wreaked on our nation. As a result, banks have switched gears entirely; in fact, the good majority of individuals in the United States can no longer breeze through a loan application for a mortgage. Changes in the Lending Industry that may Affect you when Purchasing a Home:

Traditional loan programs rule. If you are looking for one of the trendy loan programs of years past, you may be out of luck. No-doc loans, subprime {{{loans}}} and interest-only loans are now, for the most part, a thing of the past, and have been replaced with more traditional loan programs. What does this mean for you? Traditional loans generally consist of 15 to 30-year loans with a hefty down payment (about 20 percent). These loans also require documentation regarding your debts, your income and your credit. ~ Competitive Loan Rates are now the Name of the Game. Those looking to purchase or refinance will likely experience excellent, competitive interest rates, provided they have the credit to back it up. Interest rates are now at near-historic lows, so this is certainly a prime opportunity for those with excellent credit.

Down payments are required - so start saving now! Many of the alternative loan programs required very little - if any - down payment monies, but that went away as quickly as the easy credit. Expect to have at least 20 percent down of the purchase price of a home, maybe more, depending on the lender's requirements. You can raise your FICO score by paying off credit card debt, by always making the payments on your monthly bills (in time and in full), and by keeping your debt-to-income ratio at a reasonable level. Don't forget that many things come into play regarding your FICO score. Even your utility bills can come back to haunt you if you've failed to pay them on time. Realtors represents buyers and sellers of real estate in Toronto, Ontario including homes for sale in Bowmanville. Article Source: http://EzineArticles.com/?expert=Tina_W_Fountain

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss The Banks
Other posts about Canadian Creditors
More articles from May, 2009
More articles from 2009


what is credit repair
- Posted May 10, 2009 by Monty Loree
Post Back Link to Canadian Money Advisor

Credit repair in Canada is a recently new term term that has been around for the since the late 1990's.

Credit repair has to do with your Equifax credit report, and your TransUnion credit report. By law, everything on your credit report needs to be accurate, complete and verifiable. Many times what happens is that there are data entry errors, or reporting errors on an individuals credit report that are not reporting the true status of a person's credit history. Items that are reported on a credit report can be your personal contact information, credit information, public information inquiries and more.

You need to ensure that your credit information is perfectly correct, accurate and verifiable. The ensures that you have complete control over what is being reported about you to current and future creditors.

Items that could be wrong on your credit report � Identity Theft items could occur on the credit report. � Name Misspelled � Employers misspelled � Address information recorded incorrectly � Credit card or bank loan Information reported incorrectly & Duplicate items listed & Payment history errors & Collection agency Items reported illegally or incorrectly & Delinquent accounts reported incorrectly. & Unverified credit inquiries & Unverified credit or collection items

There are approximately 45 different types of information on a credit report. And because of the methods they are entered in to you credit report, there could be errors. If you suspect that there are errors, inaccuracies or unverifiable items on your credit report, then you need to start the credit repair process.

The credit repair process is as follows: Identify the credit report line item that needs to be fixed. Write a letter to the company that originated the information. This could be the collection agency, creditor, court, etc. As them to fix the error and re report the item to the credit bureau. Write a letter to the credit reporting agency asking them to investigate the item and then fix it as necessary. Wait for the responses and then repeat the process if necessary.

If required you can complain to your provincial Consumer Protection Agency to have them enforce your credit dispute if you're not getting the appropriate action from the credit bureau and the originator of the credit listing.

The main point of the credit repair process is to ensure that your current, and future creditors are getting 100% accurate information about you and your credit history. It is very important to make sure that they make accurate credit decisions for you.

Comments (14)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Canadian Credit Repair
Other posts about Canadian Credit Repair
More articles from May, 2009
More articles from 2009


for sale 1998 plymouth voyager mini van white pics
- Posted May 03, 2009 by Monty Loree
Post Back Link to Canadian Money Advisor

UPDATE: VAN IS SOLD

FOR SALE: 1998 Plymouth Voyager Mini Van:
White - PICS

What a shameless way to sell our mini van... I thought I would post it on the blog. :)

AS OF: May 3, 2009

1998 Plymouth Voyager Mini Van FOR SALE

ASKING PRICE: $2,500

FOR SALE: 1998 Plymouth Voyager Mini Van: White - PIC 1
Front Passenger Side View

FOR SALE: 1998 Plymouth Voyager Mini Van: White - PIC 2
Rear Driver Side View

FOR SALE: 1998 Plymouth Voyager Mini Van: White - PIC 3
Rear Passenger Side View

This van is really good condition. We've owned the van since 2001.

Details:
New tires - 1 year old
Air conditioning
Power locks
power windows
power rear (fin) windows
3.3L - 6 cylinder engine
150,000 KMs ( low kilometers)

Located in REGINA, SK

REASON FOR SELLING: We purchased a new car and no longer need this vehicle.


MORE INFORMATION:
The thing I like about the Plymouth Voyager, is that it's a common vehicle. There aren't a shortage of parts available. This is a well built vehicle by Chrysler. It's made for the family. It has extra outlets from which we plugged in a TV , cooler etc on our trips out west to Calgary, AB.

This has served us well as a family vehicle for the last several years.

For Sale
1998 Plymouth Voyager Mini Van for Sale
Low Kilometers, - 150,000KM
Family Vehicle


Comments (8)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Increasing Revenue
More articles from May, 2009
More articles from 2009


The Power of Joint Ventures - Listen Now!
- Posted May 30, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

See How Easily
You Can Change Your Life
in Just One Day

Robin Elliot has said “There is no such thing as a money problem, we only have thinking problems. Simply change the way you think about happiness, money, business... and everything else in your life will follow. All it takes to create tremendous wealth is a wealthy mindset.”

CLICK HERE TO HEAR ROBIN ELLIOTT

Track 1 - 12 Minutes - Listen Now!
Track 2 - 10 Minutes- Listen Now!

http://www.dollarmakers.com/winnipeg
`
This mindset means you start looking for ways to get other people what they want... and then get paid to deliver it! If you truly want to help people and make the world a better place

and

you agree that the only ethical way to make money is by creating value and

you believe you get paid in direct proportion to the value you create

then

you will create the greatest amount of value with the most effective outlay of effort

and furthermore

this all means you do not have to “sell” anything ever again...

Robin goes on to say: ”Oh, and here's the good news... sorry... GREAT news -- you let someone else do all the work, carry all the risk and cost and pay YOU for the privilege!”

How?

    By learning how to leverage other people’s:
  • Money
  • Reputation
  • Real estate
  • Advertising
  • Distribution channels
  • Sales force
  • Employees
  • Technology
  • Connections
  • Memberships
  • Credibility
  • Underutilized Resources
  • Time
  • Relationships
  • Database
  • Skills
  • Knowledge
  • Credit

This way you can create multiple streams of exponentially growing passive income at will... any time, any place, whether you have business experience or not!

    You can create wealth and live your life with...

  • NO limits on your income
  • Almost NO startup cost
  • Easily & simply
  • From almost any where in the world
  • Near ZERO overhead
  • Near 100% margins
  • Organically growing income
  • No products
  • No inventory
  • No administrative hassles
  • Absolutely no need to sell or recruit
  • Complete time freedom
  • Live by your own rules
  • Skyrocket your own business income, &
  • Get paid to help others

Best of all you're providing a service 98% of business owners desperately need. You're the hero that is going to solve their most pressing problem!

They're drowning in overhead, their marketing is
ineffective, they're leaking money left and right...
and you're the knight in shining armor!

CLICK HERE TO HEAR ROBIN ELLIOTT

Track 1 - 12 Minutes - Listen Now!
Track 2 - 10 Minutes- Listen Now!

http://www.dollarmakers.com/winnipeg

Completely Different

In less than one day, you can learn a completely new way to approach money; the drudgery and the working-slave mentality will be gone!

    Instead, you will gain:
  • A new-found freedom to do as you choose
  • An innovative set of interesting people & connections
  • A curious way of spending your every day
  • A true understanding of how big money is grown in short order
  • and, to never again be fooled by get-rich-quick schemes

You can find out how to build a retirement income through joint ventures with the least cost, risk, outlay, and time:

  • A complete methodology to building massive passive income
  • A philosophy that shows you how to benefit everyone around you
  • And, at the same time gain incredible rewards & satisfaction while helping out

You will never be the same!

    You will realize how to:
  • Increase sales by 10-20 % the first month you apply the tools
  • Double every venture’s profit in 97 days by employing 29 little known techniques
  • Become a joint venture broker utilizing every one else’s sweat, equity & assets

Finally, even if you are most ordinary, (or smarter), and if, you diligently apply this special training, you can retire in just one to two years!

There is nothing tough, demanding, or difficult to do. In fact, it is all very simple, very easy.

You just have to do the right things, the right way…

And, we will show you all that.

This is not hard, but rather, straight-forward and filled with the joy of discovery.

As always, 80% of all success is merely showing up…

but with the right people,

at the right place,

and at a time when you are ready to learn

So… are you ready to retire to a most interesting life, right now?
CLICK HERE TO HEAR ROBIN ELLIOTT

Track 1 - 12 Minutes - Listen Now!
Track 2 - 10 Minutes- Listen Now!

http://www.dollarmakers.com/winnipeg

Brought to you by: windfallmarkets.com

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Increasing Revenue
More articles from May, 2008
More articles from 2008


Raise Funds For Your Organization
- Posted May 30, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

See How Easily You Can
Raise Funds For Your Organization

No more bingos, bake sales, washing cars, begging,
running BBQs, or selling candy and tickets to events!

"I would like to write out a check for $5,000 to your cause. This is how I can do this with no time, cost, risk, or investment from you: Simply send out this notice to your database, advertising our BootCamp, and not only will we give your people a special Group Discount, we will send you a check for $200 for every person that signs up! If only 25 people out of your database of 2,000 people sign up, you get a check from me for $5,000. If 50 people sign up, you get $10,000... With no work, time, risk, or involvement."

In less than one day, your people will learn a completely new way to approach money; the drudgery and working slave mentality will be gone! Instead, they will gain:

  • A new-found freedom to do as they choose,
  • An innovative set of interesting people & connections,
  • A curious way of spending every day
  • A true understanding of how big money is grown in short order
  • and, to never again be fooled by get-rich-quick schemes

Finding out how to build a retirement income through joint ventures with the least cost, risk, outlay, or time:

  • A complete methodology to building massive passive income
  • A philosophy that shows them how to benefit everyone around them
  • And, at the same time gain incredible rewards & satisfaction while helping out

Your business-oriented members will never be the same; they will discover how to:

  • Increase sales by 10-20 % the first month they apply the tools
  • Double their profit in 97 days by employing 27 little known techniques
  • Become a joint venture broker utilizing every one else’s sweat, equity & assets

Finally, even the most ordinary members of your group, if they diligently apply our training, can all retire in just one to two years! There is nothing tough, hard, or difficult to do. In fact, it is all very simple, very easy. They just have to do the right things, the right way. And, we will show you all that. As always, 80% of success is merely showing up, but with the right people, at the right place, and at a time when we are ready to learn.

So… who else is ready to retire to a most interesting life, right now!

Please contact me at (204) 480-6606 or andrew@windfallmarkets.com

Respectfully,

Andrew PeTrick

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Increasing Revenue
More articles from May, 2008
More articles from 2008


Getting Rid of Junk is Good for Saving Money?
- Posted May 24, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Getting Rid of Junk is Good for Saving Money?

This week I had the energy to do a little spring cleaning. There are things that I had been collecting for years that no longer had any practical value to me, but they did have a little sentimental value.

I used to be the type that saved everything. I wasn't a pack rat as such, I only buy things when I need them. I don't go to garage sales and buy things because I think they'll be "fun to have".

I had collected to many computer software disks, since 1987, and had never gotten rid of them. It's not like I was going to need Microsoft Excel on 5 1/4" floppies any more.!!

I had kept alot of these software disks because I had spent thousands of dollars on them. And, when money was tight, I sacrificed alot to get these needed bits of software.

I also got rid of alot of computer hardware. A few years back, before I downsized my company I had several employees, and thus needed several computers. I had accumulated most of these computers 4-7 years ago. They were all in good shape, but were just sitting on my basement shelf collecting dust.

I either gave away or through out $25,000-30,000 worth of computer equipment or software, and data backups.

I'm trying to destress my lifestyle.
My logic was, I'm not going to use it any more, and quite frankly I don't want to have to manage all of this computer equipment and software. I wasn't going to go through the data backups that we created years ago.

I was trying to have less stress by having to manage less stuff.

WHAT A RELIEF!!
I couldn't believe the weight it took off my shoulders to get rid of all of that old computer equipment and software. I now don't have to remember any of it. I don't have to strain my brain to remember how to work each computer and each piece of software. ( I cringe just trying to remember how I managed this and more in the past! )

How does this relate to saving money?
I didn't save money by giving all of this equipment and software away. I actually lost alot of money doing it.

What I realized was that I can live with a lot less than I thought. I don't need all of those computers and software to run my business.

It strengthened my feeling that less is more when trying to destress your life. Having alot of toys means that you have to manage all of those toys. When I had the 15 employees, the two office buildings, the cottage, the Cadillac etc, all of a sudden I had several full time jobs trying to manage everything. I was burning out trying to keep everything managed and floating properly.

Even though I thought what I had was the ultimate in being self employed, I was actually harming myself by having too much, which was creating too much stress for me to handle properly.

SAVING MONEY - LESS IS MORE!
These days I am happy to live with alot less material items. I enjoyed alot of toys before, and that was good enough for me.

Living with less and being content with less is a good way to save money.

If you've got a lot of junk sitting around, and you're always looking for that next toy to keep you amused, why not start getting rid of some of the useless junk and see how it makes you feel. It may take some stress out of your life as well, and ultimately save you money.

Less is more. Especially when trying to save up money.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Life Insurance
Other posts about Canadian Term Life Insurance
More articles from May, 2008
More articles from 2008


the benefits of a capital one secured credit card
- Posted May 20, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

The Benefits of a Capital One Secured Credit Card

When it comes to secure credit cards, the Capital One Secured Credit Card is by far one of the most attractive choices for first-time credit applicants and people who have a tainted credit history. This is because the Capital One Secured Credit Card extends some very reasonable terms and conditions to its users as well as a number of other benefits that you typically won’t find with other credit card providers.



Reasonable Interest Rates

Because secured credit cards carry virtually no risk to the provider due to the existence of a cash deposit in a customer’s account, one would expect lower interest rates. Yet, many providers of secured credit cards give no consideration to that fact at all and ruthlessly charge their customers outrageously high interest rates. With the Capital One Secure Credit Card, that problem doesn’t exist as the interest rates are extremely reasonable.

Application fees

There are many providers of secured credit cards who will charge applicants an application fee. A legitimate provider will only charge this application fee if the customer is approved and will usually charge the fee to the secured credit card that is being issued. The Capital One Secured Credit Card, on the other hand, does not charge an application fee. Why would you pay another provider that extra application fee if there is no reason to?

Credit Limit

Providers of secured credit cards make more money when their customers actively use the cards to make purchases. Therefore, some shady secured credit card providers will allow their customers huge credit limits of more than a thousand dollars. The Capital One Secured Credit Card, however, comes with a maximum credit limit of $750 to help keep a customer from spending more than he can afford to. Capital One realizes that over-spending is often the reason why many of its customers got into financial trouble in the first place and wants to help them rebuild their credit by curbing the tendency.

Savings Deposit

The Capital One Secured Credit Card does not require that you deposit a huge sum of money into your savings account as a guarantee. It understands that first-time applicants and people with credit problems may not have a lot of money to spare. Refundable security fees on some Capital One Secured Credit Cards are as low as $75.



In line with its mission to help customers rebuild their credit rating, the administrators of the Capital One Secured Credit card will report a customer’s payment information to the credit bureaus. The purpose of this is twofold; it encourages people to pay their credit card bills on time and it also provides legitimate proof that a person with past financial problems is pro-actively trying to rebuild his credit rating.

For those of you seriously want to rebuild your credit rating by becoming more disciplined and responsible, the Capital One Secured Credit Card is definitely the best choice. Not only does the Capital One Secured Credit Card extend conditions that are extremely well-suited for credit re-building, but it makes it a point not to capitalize on people who are already at a disadvantage.



aecured credit card, zecured credit card, xecured credit card, decured credit card, eecured credit card, wecured credit card, swcured credit card, sscured credit card, sdcured credit card, srcured credit card, s4cured credit card, s3cured credit card, sexured credit card, sevured credit card, sefured credit card, sedured credit card, secyred credit card, sechred credit card, secjred credit card, secired credit card, sec8red credit card, sec7red credit card, secueed credit card, secuded credit card, secufed credit card, secuted credit card, secu5ed credit card, secu4ed credit card, securwd credit card, secursd credit card, securdd credit card, securrd credit card, secur4d credit card, secur3d credit card, secures credit card, securex credit card, securec credit card, securef credit card, securer credit card, securee credit card, secured xredit card, secured vredit card, secured fredit card,

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Secured Credit Cards
Other posts about Canadian Secured Credit Cards
More articles from May, 2008
More articles from 2008


the advantages of the capital one 0 9 credit card
- Posted May 20, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

The Advantages of the Capital One 0.9% Credit card

Many Canadians are tired of being bombarded by credit card offers on a daily basis. The sheer number of offers makes it hard to differentiate between the good offers and the bad ones. What about you? Are you confused by the wide array of credit cards that are on offer at the moment?

When it comes to choosing a credit card, there are a number of things that you need to take into consideration. For example, you need to pay careful attention to interest rate differences between various credit cards, even if they are small. Even a slight difference in interest rates can have a noticeable impact on your financial well-being over the long term, especially if you regularly run up large credit card bills. You would be surprised by the number of Canadians who have no idea what the prime rate on their credit card is.

Another thing that many Canadians don’t know is that a number of low interest credit cards exist that will allow you to transfer your balance from a higher rate credit card. Most of these low interest credit cards will charge extremely low rates on balance transfers and new purchases over a pre-determined introductory period. If you are wise about how you use them, low interest credit cards can generate some very attractive interest savings.

If this tweaks your curiosity, you will like what comes next. To save you from having to hunt around for the best low interest rate credit card, we’ll cut right to the chase. The Capital One 0.9% Credit Card currently offers the lowest long-term rate on balance transfers and new purchases in all of Canada. This knowledge will save you from continuously having to compare interest rate differences and will do away with the need to switch credit cards. In addition to this, the Capital One 0.9% Credit Card offers a ton of other bonuses and perks to new applicants. Here are some of the advantageous features of the Capital One 0.9% Credit Card:

• The low long-term interest rate for balance transfers and purchases equals the Canadian prime rate plus 0.9%.
• There is no annual fee.
• There is no fee for balance transfers.
• The fraud liability on the card is $0 for all fraudulent and unauthorized charges
• A customer can select his own payment date.
• The minimum credit limit of $5,000 and the maximum credit limit is $50,000
• Customer service is available 24/7, by phone or online

The Capital One 0.9% Credit Card is really one of the most attractive offers in the market at the moment. Perhaps the best thing about it is that the low-rate introductory period does not expire if you pay your credit card bill on time. So whether you are a credit card holder who is looking to take advantage of lower interest rates by transferring your balance or simply someone looking to switch credit cards, the Capital One 0.9% Credit Card is definitely the way to go. Well, what are you waiting for? Check out their fabulous offer today!

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss The Banks
Other posts about Canadian CDN Low Interest
More articles from May, 2008
More articles from 2008


Emergency Funds - Sometimes People just Don't Learn
- Posted May 16, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Emergency Funds - Sometimes People just Don't Learn

I was talking with a young fellow (age 31) yesterday who was telling me that his financial situation was getting better and better. He's working 1 full time job, 1 part time job, and doing some odd jobs on the side.

HE JUST DECLARED BANKRUPTY AND HAS NO SAVINGS
This young fellow recently declared bankruptcy, got a demotion at his job, and had his wages garnished because of outstanding debts.

It's a strong guess that he doesn't have any savings and lives paycheck to paycheck.

This fellow owns a small home, has a car and loves to buy electronics and toys.

I started to congratulate him on his new found success when he started to tell me about his new goal. What he was going to do with the money he was earning. I expected to hear that he was going to clear up his remaining debts and put away some money in an emergency fund.

HE WANTS A 60" FLATSCREEN TV
He indicated that his goal for the end of the summer is to buy a new 60" TV. A nice flat screen TV that he can put on his wall. The price tag on this TV is only $4,000. I was shocked actually.

I write about this because it's the kind of behavior that gets people in trouble.

I'm all for having goals and buying things you want in life. But spending every last cent you've got, year in a year out, to buy things you don't need is going to keep you living paycheck to paycheck.

This fellow has no emergency fund set up, so if anything happens to his health or job he'll have nothing to fall back on AGAIN!

My policy is... I will preach about money all I can on this site, however, I don't do it with people I know. They know what I do for a living and can ask all the questions they want, FREE OF CHARGE...

HERE'S WHAT I RECOMMEND
I would recommend that this fellow take the $4,000 and put it into savings. PERIOD. This is not the most exciting advice in the world. Emergency Savings don't show movies, they don't play video games, and they don't give you the prestige of owning a 60" FLATSCREEN TV.

Emergency Savings are dead boring. You don't get to see them, they earn 2.75% interest, and they live at the bank. Emergency funds are not as exciting as the big ticket items.

Emergency savings are all about peace of mind, and financial prudence though. If something breaks down, you get it fixed. If you can't make a bill payment, you've got back up money to help you out. You won't get hassled by creditors ever.

This young fellow just declared bankruptcy. You would figure that he would have an attitude of "I don't want to do that again!".

The I NEED TO HAVE THIS TOY NOW is the logic that really gets people into trouble and keeps them in trouble.

I think that if people have an income and are concerned about their finances, they should definitely set up an emergency fund. It is a definite must to set up retirement savings, and the emergency is just the first step in this process.

I thought I would take the time to talk about this discussion that I had. It's a case of the wrong thinking about money and what not to do.

Again... I"m all about goal setting. It would be a better idea for this fellow to save up money first, and then buy his flat screen TV. Hopefully at some point he will learn.

Canadian Life Insurance

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Canadian Credit Repair
Other posts about Canadian Building your credit
More articles from May, 2008
More articles from 2008


Stop Collection calls Trick explained
- Posted May 15, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Stop Collection calls Trick explained

I was talking with Richard Cooper of www.totaldebtfreedom.ca. He had emailed me a week or so ago with an article that wrote about some devices that stop collection calls and even telemarketing calls.

Listen Now! : Runtime: 7:30 minutes

Collection agencies usually use a bunch of computers and hundreds of phone lines to contact you automatically. There is no more collection agents that hand dial your phone number any more. These systems are called predictive diallers.

Because these computers are calling you, they have to listen to see if a phone number is in service, or not. If the phone number is no longer in service, there's not much point in then continuing to call the number.

The product Richard's talking about is a telezapper, which gives out a SIT tone (Special Information Tone) that tells the predictive dialler that your phone number is no longer in service. The collection agencies software then records your phone number as not in service, and thus they won't continue to contact you continuously with their computer driven systems.

This is what the SIT tone sounds like .

Richard Cooper is the founder of the Canadian Debt Settlement company Total Debt Freedom. He used to be in the collection industry and has a good understand of the systems that collection agencies use to collect.

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Collection Agencies
Other posts about Canadian Collection Agencies
More articles from May, 2008
More articles from 2008


Maxed Out and SuperSize Me - Movies to watch!!
- Posted May 15, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Maxed Out and SuperSize Me - Movies to watch!!

I just finished watching Maxed Out and Supersize me.

In my recent theme of losing weight and getting out of debt, these movies are absolutely on target. The gluttony of fast food lovers, and the gluttony of credit card users.

I found these movies on
video.google.com Maxed Out and
video.google.com SuperSize Me

MAXED OUT - The Movie

Runtime: 86 minutes

SUPERSIZE ME - The Movie

Runtime: 99 minutes

I'm not sure if these movies are going to stay on google video for long so it's a good idea to watch them now!! Alternatively, I believe you can rent both of these movies on DVD.

The topics of these movies are very similar in my opinion. While they both are completely in nature, one is about eating and the other about credit, they both talk about our societies lack of understanding about the problems that occur when you over use these services.

Fast food and consumer credit (credit cards) were invented roughly the same time, approximately 50+ years ago. Our generation is just starting to experience the problems that happen when you abuse these two industries.

We've never had this much fast food and credit cards prior to 1955. We don't know what to do with it.

Now we've got a bunch of overweight people, (myself included) who are in over their heads with debt ( myself not included ).

In Supersize Me, Morgan Spurlock has taken the challenge to eat McDonalds as his only food source for 30 days. He gained 25 pounds in the process, and his bodily systems were hurt in the process. He was strongly advised by his doctors not to continue the experiment as it was dangerous!!

In Maxed Out, there are two mothers who lost their children to suicide, because their children got in too much debt and killed themselves. How shocking and sad.

I love these movies as they help us understand the real downside to over use and abuse of credit and fast food.

I guess the opposite, healthy side of this discussion is to eat whole, unprocessed foods, and pay cash for everything!

I encourage people to watch these videos. They have changed my life.

Comments (2)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Personal Finance
More articles from May, 2008
More articles from 2008


Getting Out of Debt is Like Weight Lifting?
- Posted May 15, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Getting Out of Debt is Like Weight Lifting?

Lately I've been studying a great deal about losing weight and now weight training. Whereas I talk alot about money on this site, I usually take it for granted that everybody else talks this much about money on a regular basis.

Learning a new topic that is as personal as weight training has been a good shock to my system. Weight training not a language that I've spent much time with, and aren't very familiar with the concepts.

I have to pace myself when I'm reading it, as I want to understand the aspects of weight training, but don't want to overwhelm myself with too much information.

That probably sounds familiar to those of you who are trying to train yourself out of debt, and or train yourself into a stronger financial situation.

Learning interest rates, the language in the credit card contracts, how to deal with collection agencies etc. If you haven't spent much time with these topics, you'll have to concentrate and focus on them until they start to sink in.

In the meantime, I've got to learn terms like hamstring, quadriceps, triceps, latissimus dorsi for body parts, ( I need to figure out which body parts to exercise )

    And then there are the exercises.
  • Double Standing Hammer Curl
  • Barbell Seated Overhead Triceps
  • Cable Curl with Straight Bar
  • Barbell Incline Lying Triceps Extension
  • Alternating Incline Dumbbell
  • Cable Pushdown or Angled Bar Pushdown

I got these names from a book titled Maximum Muscle Plan that was written by menshealth.com.

For the amount of time that I'm in the gym pushing weights, I spend about an equal time on the internet reading about weight loss and weight training. I also have to spend a considerable time in the kitchen cooking food as I can't eat processed food.

This has become a time consuming activity. I expected the amount of time required to start weight training, and I am happy to continue with this time requirement until I've reach my goal weight.

GETTING YOUR MONEY UNDER CONTROL TAKES TIME
The point I'm trying to make is that if you're starting into a new process of any kind, it's going to take time. It takes time to learn about it, it takes time to work the plan. It takes time to make mistakes and then correct them. You have to make time to get your money under control

If you're serious about paying off debt and saving up money and learning about your personal finances, it all takes time. But you have to actively allocate that time.

I'M ALLOCATING TIME TO DO WEIGHT TRAINING
Over the years I've lead an extremely sedentary lifestyle. I've never been interested in losing weight or weight training. They would rank on the low end of my interest scale.

These days, I'm developing that interest because I need to lose weight. Muscle burns calories 5 times faster than fat. I'm really interested in developing a body that is like a calorie burning furnace. That's the goal. I want to speed up my metabolism and burn off the fat alot faster. That's why I've taken an interest in weight training.

I've had to really take the time to get into the weight training zone. (This is a about 10 time zones away from what I would like to do !! )

For people who aren't into money and couldn't care less about it, it's the same thing. You've got to motivate yourself to learn about how you're spending money and dealing with your personal finance.

I compare this to weight lifting as follows:
Paying off debt is like losing all of the body fat you've got, including the high interest that you're paying for.
Saving up money is like building muscle as it helps you earn money on your savings. This helps you pay off your debt faster and get into a solid financial situation.

Ultimately it comes down to commitment and dedication. I get more dedicated to weight training as I learn more and have more success with it. I know that you will have the same success with your personal finance journey, if you stay the course and take the time to do it properly.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Personal Finance
More articles from May, 2008
More articles from 2008


American Stimulus Checks - Saving Money
- Posted May 11, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

American Stimulus Checks - Saving Money

After reading a few blog entries about what Americans are doing with their stimulus checks, I thought I should write and ask the question, "what would happen if everybody put their stimulus checks into the bank and saved them?!!

There are all sorts of blogs talking about all sorts of questions.

I find it amazing that this common receipt of cash is causing such a discussion online. It's common because every body's getting the same amount of money.

It's probably fun to compare how you'll spend it. It talks about the differences in peoples lives and priorities.

WHAT IF THEY ALL SAVED IT?!
What happened if every American who received one of these checks either saved it or paid down a credit card?

This is the point that I've been trying to get across for a while. The governments policy is to have everybody spend, spend, spend. "Put the item on your credit card." "Spending is good for the economy." That's what the government is calling it, and that's why they called it a stimulus check.

    If people didn't spend their stimulus checks, would they would be harming the economy?
  1. The credit card companies would make millions less in interest payments. If the full $138 billion was put to paying down credit cards, that would be devastating to the credit card companies as follows:

    $138,000,000,000 x ( 18.9%/12 ) = $2,173,500,000 in interest payments that the credit card companies wouldn't receive in ONE month.

  2. If everybody saved the $138 Billion:
    $138,000,000,000 x ( 4.75%/12 ) = $546,250,000 in interest paid out in one month.
    On top of that, none of the retailers would make any money on these items, let alone the manufacturers, the distribution chain, the transportation companies , and the foreign manufacturer and distribution plants. (I can imagine that much of this $138 billion is going offshore to foreign manufacturers in China, India etc. )

As one blog mentioned, the government is borrowing the money to pay these stimulus checks... Now the tax payers are paying extra taxes to pay the government interest on these stimulus checks.

It's all a bit ridiculous.


In my opinion, each American should take their stimulus checks, and deposit them into a savings account. This would give many of them the start to their new savings plan. End of story.

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Retirement Planning & Savings
Other posts about Canadian Retirement Planning
More articles from May, 2008
More articles from 2008


Stop Spending Money Project - Update
- Posted May 09, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Stop Spending Money Project - Update

I thought I should take the time to give a quick up date on how I'm making out with my stop spending money project.

As I mentioned in earlier posts, I've been doing my best to stop spending money. This project has been taken over by my bicycling and weight loss projects, which I'm pleased to say are actually complementary in nature.

My goal right at the moment is to lose 85 pounds off fat. In doing this, I am restricted with my diet which means that I'm not eating out very much if at all.

I'll eat at a restaurant if I'm out with a friend, or if I've bicycled too long and am desperate for something to eat. I've probably been to 4 restaurants in the last month. This is a great reduction from eating at a restaurant 2-3 times per day.

I really haven't bought any new items except for some workout books for weight training, and some new clothes (because I've lost weight).

I've decided to use my credit cards for my purchases so that I can build up points to use to buy frivolous items. (I've used $40 in Canadian Tire money points to buy some kitchen items.)

I recently got a Presidents Choice Mastercard so that I can build up points and get free groceries. I figured that I shop every day at Extra Foods, so why not build up the points?!! I NEED free groceries.

Oh yeah... I pay off my credit cards in full each month. Don't worry.!! I just want the points.

The thing about bicycling everywhere is that I don't have alot of storage to carry things. If I'm picking up something at the health food store, I have to take my backpack with me. I did buy a rack for my bike, but I haven't got it installed yet.

I do use the household van on occasion, if it's cold and rainy out and I need to go across town for something. I sometimes drive my wife and son to work and I'll go to a store that's on the way back for convenience sake.

I haven't had a big desire to buy anything. I'm pretty content with what I've got. That's probably the biggest reason I'm not spending any more. Being content with things is a big money saver.

My retirement fund can is filling up and staying filled.
anti bankruptcy and retirement savings fund

LOL! This is a picture of my coffee can that I labeled ANTI-BANKRUPTCY AND RETIREMENT FUND!

I put my change in this coffee can whenever I get some. Lately It's been filling up pretty well, and staying filled.

I think I'm doing well with my stop spending money program.. I'll check in in a month or so and give you another update.

Comments (5)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Personal Finance
More articles from May, 2008
More articles from 2008


How to Stop Collection Calls
- Posted May 09, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

How to Stop Collection Calls

Harassing collection calls when you owe debt can be a nightmare. People tell me all the time how relentlessly the phone can ring when they owe money. There is a way to minimize this and actually stop it in most cases.

Adopting these techniques is also effective in stopping the horrible telemarketers that call you every evening offering windows, doors, lawn care and the like.

The first thing you must understand is most collection agencies, telemarketers and banks have adopted predictive dialing systems for making outbound calls. They are highly effective because each agent doesn't have to manually dial a number each time they call out. Instead they will hire 300 collectors for every 1,000 lines that are dialed out. The computer actually dials more numbers then agents available to take the calls. This minimizes time spent dialing numbers and getting disconnected numbers or no answers.

The way it works is when the computerized dialer recognizes a human voice on the receiving end of the call, it immediately connects the call to the first available bill collector. Sometimes there is a delay in the connection because the collectors are busy wrapping up another call, which is why you can sometimes end up saying "hello" several times before you talk to a human.

Your first step you should take is ordering a call privacy feature from your phone company. This feature essentially prompts the inbound caller with a message like "the person you are trying to reach does not accept calls from unknown or private numbers, please state your name before we attempt to connect you". The computer isn't able to state a name so the call drops and the call is not connected. Your phone doesn't even ring.

This feature is offered by almost every phone company and goes by names like: call privacy, anonymous caller ID or anonymous caller rejection. I have looked at several phone providers' websites and the price seems to range from $2/m to $5/m.

The other preventative step you should take is a telezapper. I have tested this myself and they work well. This is a device you attach to your phone. Essentially when you or your answering machine pick up it detects a predictive dialer calling and it plays a tone that tricks the dialer into believing your telephone number is disconnected. The predictive dialer removes the number from its calling list to limit wasting its calling resources at a later date. It is a very effective tool for $39.99 on the telezapper website; I got mine off eBay for $15.

Since the majority of the debt collection calls you will receive are made by a predictive dialer, you will stop collectors and even telemarketers in their tracks. I am not advocating hiding from your payment obligations to your creditors, but adopting these tips will let you fight back and at least give you an opportunity to minimize the collection harassment while you work out a debt elimination strategy.

If you need help getting out of debt, take 15 minutes and get a free consultation from our debt settlement specialists by calling (866) 833-1992 or fill out the form on our website at http://www.totaldebtfreedom.ca to learn more about debt settlement.

Richard Cooper is Founder & CEO at Total Debt Freedom Inc. Canada's most respected debt settlement company. Total Debt Freedom offers debt settlement plans that can save you 50-70% of what you owe and get you debt free in 1 - 3 years. http://www.totaldebtfreedom.ca

Comments (2)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Collection Agencies
Other posts about Canadian Collection Agencies
More articles from May, 2008
More articles from 2008


Debt Reduction like Weight Loss
- Posted May 09, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Debt Reduction like Weight Loss

I have to admit that lately I've been having a tough time writing about financial topics. That's a bad thing , especially when you have a website that deals with money topics.

I haven't lost interest in the subject of personal finances. I have been consumed lately with the topic of weight loss and health.

I'm trying to think of this in reverse. Many people who visit this site aren't interested in money, or the different aspects of it. Later on they find themselves in a bad situation financially, simply because they haven't focussed on it.

I was much that way with regards to health, food, and weight loss for the majority of my life. I didn't focus on health and I found myself 98 pounds overweight, feeling very sluggish with not much energy to live.

Over the last 2 months I've switched my focus over to health, weight loss, weight training and getting rid of Candida overgrowth. The more I've read, the more I realize how much more I needed to know.

Along with changing my diet, cooking at home and bicycling everywhere, I've had to learn about lifting weights, doing exercises and the disciplines that surround these activities.

I still have more questions than answers, but I'm making progress, slowly but surely.

I've lost 21 pounds to date, and am more certain that I'll be able to get down to my goal weight of 200 pounds, losing a total of 85 pounds. (I lost 13 pounds in the previous 12 months before starting this new health regime.)

Getting out of debt is a life change
If you're deep in debt, it's kind of like facing 85 of extra fat that you've got to get rid of..

I DECIDED TO ALLOCATE ALL RESOURCES REQUIRED
At the start of the program I said to myself, I've got 85 pounds to lose. I had heard that losing 1 pound per week was ideal. That would take 85 weeks, or 1.6 years. That seems like an awful long time. I've given up in the past because the time requirements, and all other requirements seemed to be too much.

This time I made the decision that I would allocate what ever time and resources required to do the exercising, the learning, the planning etc.
As I've mentioned it's taken time away from other things, but that's the way it will have to be for the next several months.

One good thing to note: Aside from the cost of a few supplements and some books on weight training, I haven't spent very much on my weight loss program. I've done a great deal of studying online which is absolutely FREE!

YOU HAVE TO DECIDE TO DO IT
Same thing if you're in debt. It's going to take a while to pay it all off.
If you're in debt and you're living off of a fixed income, then you're probably going to take a while paying off your debts. The more important thing is to develop the resolve to do it, and then just begin.

There is probably going to be a learning process that you'll have to go through. To be honest, if you understood in the first place why it's bad to have taken on too much debt, you wouldn't have done it.!! You must allocate time to learn about your spending habits, how to develop better spending habits, how to save money, and how to pay off debts. There are many things to learn about.

THE MORE YOU LEARN THE STRONGER YOUR RESOLVE WILL BECOME
When I started on my weight loss regime I thought I knew the basics. I soon learned that people put on weight because they're unhealthy and not eating properly. You have to eat healthy and exercise to become healthy and lose weight. This was a big break through in my understanding.

As I started to read about becoming healthy, I realized many of the reasons that I wasn't healthy, and the habits that made me unhealthy. I learned how these affected my weight.

(I was a bit frustrated to say the least as I exposed the bad habits that I had developed because now I had to spend the time changing them.)

If you've been spending money without any consideration for how it affects your short term and long term finances, then chances are you probably need to learn about your short term and long term financial requirements.

You'll soon realize that all of your credit card interest that you're paying could easily go to developing your emergency fund. You may realize that your latest big ticket purchase on credit is going to take away from your retirement fund for the next few years while you're paying it off.

These realizations will hopefully stop you from making the same bad decisions in the future. You'll also start to look for ways to build up your emergency fund and your retirement fund.

If you start to focus on these issues, they'll become clearer and clearer to you.

MY RESOLVE TO LOSE WEIGHT IS PRETTY STRONG
My resolve at the beginning of my weight loss program was pretty strong. I was very unhappy with how I was feeling and that was enough to easily fuel me for the first few weeks.

As I've learned a lot, changed some habits, lost some weight, and come to even more realizations, my resolve has strengthened enormously. I am committed to this project until I lose 85 pounds of fat.

This is the way it needs to be with paying down your debt. In some cases it's not a fun process, and will take time to make it work. However that's the price to pay. Trust me, paying off your debts and building up cash reserves will change your life as much as me losing 85 pounds.

Let me know how it goes.!

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Personal Finance
More articles from May, 2008
More articles from 2008


low interest credit cards for canada
- Posted May 05, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Low Interest Credit Cards for Canada


With a very competitive market, credit card companies are offering cut-throat rate on credit cards and balance transfer offers. You may have even received an offer for a low interest credit card in the mail recently. credit cards offer extremely low rates of interest on balance transfers from other credit card or new purchases over an introductory period. Some providers of low interest credit cards will even go so far as to charge you 0% interest for an introductory period of one year.

-->

When the introductory period is over, most providers will jack up the interest rate as the customer is already assured of sticking with the credit card and continue making purchases at the adjusted higher rate. Because of this, many people will immediately disregard low interest credit cards as nothing more than a marketing gimmick that credit card companies use to lure in new customers. But there are credit card firms that offer low interest rate for a longer period of time. The fact is, transferring your credit card balance from one card to another card with a low interest introductory period can result in some very attractive savings. The same is true with financing purchases with low introductory purchase rates. But you have to be wise about it and you must not let the credit card company outsmart you. Here are some suggestions on how you can make the most out of a low interest credit card:

Read the fine print. Credit card companies will always highlight the benefits of their products and hide the cons in the fine print. Therefore, it is extremely important that you read what is in the fine print before you sign up for a low interest credit cards. Find out the introductory rate and what's the period for the offer? How much is the rate increase after the introductory period is over? Is there an extra charge for transferring the balance? Are new purchases charged at a different rate than the transferred balance? If new purchases are charged at a higher rate, then it might be better not to use that card to buy new things.

Do the Math. To make sure that you are making a wise decision when transferring your balance into a low interest credit card, you need to do a little Math. For example, a four-month rate of 1.95% with a balance transfer fee of 3% is actually equal to 10.95% (1.95% + (3 * 3%)). In this case, you will only want to transfer balances from cards that are charging you a rate that exceeds 10.95%.

Avoid late payments. Defaulting on your payment on a low interest credit card will usually result in your low interest rate being bumped up to the higher rate before the introductory period ends. This defeats the purpose of getting a new credit card and will also have a negative effect on your credit score. So avoid making late payments at all times.

-->


Canadian Low interest credit cards.



Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss The Banks
Other posts about Canadian CDN Low Interest
More articles from May, 2008
More articles from 2008


4 Basic Tips for Personal Budgeting - Canada
- Posted May 05, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

4 Basic Tips for Personal Budgeting - Canada

Most Canadians will agree that in order to achieve financial independence, a person has to learn how to spend his money more wisely. Spending money wisely means that you have to establish and adhere to certain rules about what you can afford to do and what you can't. Creating a personal budget is an excellent way to implement these rules. Here are four basic personal budgeting tips to help you in your quest for financial independence:

Get clear on your income and expenses. One of the easiest ways to save is to create a budget for your variable expenses. For this, you have to create simple income statement. You first make a list of all your monthly sources of income. Then you make a list of all your fixed expenses. Your fixed expenses should include things like your mortgage, car loan payments, insurance payments, rent, and taxes. All your other expenses are variable expenses. These normally include groceries, clothes, and entertainment costs. By subtracting your total fixed costs from your total income, you will see how much is left to spend on variable expenses. If you can then subtract the sum of money that you would like to save on a monthly basis from that amount, you will know exactly how much you can afford to spend on your variable expenses.

Find ways to reduce your fixed costs. You should always be on the lookout for ways in which you can reduce your monthly fixed costs. The best way to do this is to take a closer look at all of your monthly bills. Do you really have to pay for caller ID, subscriptions to magazines that you hardly have time to read, or cable TV? Are there car insurance companies, credit card companies, or telephone companies that are offering more competitive rates than your current providers? If you give this enough thought, you will almost always find a way to reduce your monthly bills.

Research and creativity. Sometimes, people want to save money in a certain area but simply don't know how to. The best way to overcome this problem is to do some research on the internet, which contains a vast amount of free, useful information on a variety of subjects. For example, if are bothered by the amount of money you spend on branded skin care products but don't want to risk paying less for bad quality, why not do some online research on ways to naturally care for your skin?

Motivate yourself. This is perhaps the most overlooked part of personal budgeting. Most people are too hard on themselves when it comes to spending money wisely. They see it as a chore that requires them to make sacrifices. Remember, spending money wisely does not mean you have to torture yourself and live miserably. You just have to be more selective about the things you really want in life. Ultimately, you want to be happy about how you spend your money. In each month in which you achieve your savings goal, give yourself a reward. Give yourself a nice pat on the back by going out for a nice dinner or buying that new sweater you've had your eye on for so long!

Canada, Canadian

Comments (4)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss General Discussion
Other posts about Canadian Decreasing Expenses
More articles from May, 2008
More articles from 2008


Rebuilding your Credit - Resolving Negative Items
- Posted May 05, 2008 by Monty Loree
Post Back Link to Canadian Money Advisor

Rebuilding your Credit - Resolving Negative Items

A bad credit history is something that can make your life very difficult. A bad credit rating, for example, prevents you from being able to obtain a mortgage, a loan for your car, and even something as commonplace as a credit card. And in those rare cases where someone with a bad credit rating is able to secure some form of credit, he will be forced to pay outrageously high interest rates and fees.

When it comes to a bad credit rating, however, most people prefer to take a back seat. They have heard so many horror stories about the hardships of repairing one’s credit that they prefer to ignore the matter out of fear. But rebuilding your credit is not as hard as it may seem. All it requires is a little discipline and a pro-active approach.

Address negative items. The first, and perhaps hardest part in the credit rebuilding process is addressing and resolving outstanding negative items in your credit report. This task seems so hard because most people look at their entire credit report and think they have to solve everything in one go. Realize this - that is simply not the way credit rebuilding works. What you want to do instead, is recognize that it is a slow, eventual process that is much like a healing wound. When it comes to outstanding negative items in your credit report, there are several ways in which you can achieve resolution. The resolution strategy you use will depend on the overall nature of the negative items in your credit report.

Catching up. If the majority of your negative items in your credit report are fairly young and constitute relatively small amounts, the best strategy would probably be to catch up on your late payments. This means you will have to cut down on your living expenses as much as possible and just try to close the book on each item. Start with the oldest one first and work your way to the latest one. Know that lenders view older, but resolved negative items much more favorably than they do current, unresolved ones.

Negotiating. If a large part of your credit report is made up of negative items that are relatively young but constitute larger amounts, the best strategy may be to re-negotiate the terms of debt with each of your lenders. If you settle your debts, even for a fraction of what they are really worth, it is still a whole lot better than not dealing with them at all. Most lenders prefer to allow their debtors to pay off their loans at a discount or with a more lenient payment schedule than not at all. A negotiated negative item will also do more for your credit rating than an unpaid debt that has been written off by a lender.

Bankruptcy. If most of the negative items in your credit report are old and have been delinquent for a long time, catching up on them or re-negotiating their terms is usually difficult, if not impossible. In this case, filing for bankruptcy may be the only viable solution. Although bankruptcy will stay on your credit report for as long as ten years, it does allow you to “draw the line†on your financial failure; it will also show future lenders that you had financial problems in the past but chose to address them. Bankruptcy, unlike charge offs, do disappear from a credit report in time.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca
Discuss Canadian Credit Repair
Other posts about Canadian Credit Repair
More articles from May, 2008
More articles from 2008




Posts Archives from Previous Months
2012: July 2012: June 2012: May
2012: April 2012: March 2012: January
2011: October 2011: September 2011: August
2011: July 2011: June 2011: May
2011: April 2011: March 2011: February
2011: January 2010: December 2010: November
2010: October 2010: September 2010: August
2010: June 2010: May 2010: April
2010: March 2010: February 2010: January
2009: December 2009: November 2009: October
2009: September 2009: August 2009: July
2009: June 2009: May 2009: April
2009: March 2009: February 2009: January
2008: December 2008: November 2008: October
2008: September 2008: August 2008: July
2008: June 2008: May 2008: April
2008: March 2008: February 2008: January
2007: December 2007: November 2007: October
2007: September 2007: August 2007: July
2007: June 2007: May 2007: April
2007: March 2007: February 2007: January
2006: December 2006: November 2006: October
2006: September 2006: July 2006: June
2006: May 2006: April 2006: March
2006: February 2006: January 2005: December
2005: September 2005: August 2005: July




Subscribe in a reader

Better Business Bureau Member



blog roll
Canadian Debt Settlement
Canadian Dollar Forex
Monty Loree - EzineArticles
Life Insurance Rates
Life Insurance Blog
Canadian Mortgage Trends
Ellen Roseman
Canadian Life Insurance
CMA Faqs Master
DoFollow Blog Directory


Enjoy our "What Is This?" articles
Taxes
Credit
Debt
Bankruptcy
Credit Repair
Investing
Making Money
Saving Money
Retirement Planning
Comments on our
Blog Posts


2012-12-12 20:21:33
Canadian Credit Delinquencies Rising Deloitte Warns Canada
Put a date on your articles so that people know when it was written! How else will someone else understand if the information is recent?
Comment By:
jj

2012-12-12 12:18:15
Freedom Prepaid Mastercard Debit Card For Canadians
How do i check my account balance i only bought a couple of things on this card n now i have nothing on my account i got it a couple of weeks ago ????
Comment By:
kyle from regina

2012-12-05 04:58:54
Car Repossessed Trouble With High Risk Car Loans
Reading all the comments below is frustrating.......you dont have to be a rocket scientist...........every post the people didnt make there payments n
Comment By:
George

2012-11-13 23:08:19
Cbv Collection Services Problems
same deal,,these criminals sent a bill saying i owe 18,000$..hilarious,,they call me 5x per day..i am taking rogers to court..small claimes..why not y
Comment By:
karen cliff

2012-11-13 13:18:44
Retail Theft Could Get You Sued
I keep receiving emails and phone calls from people who think they can simply ignore the letters from these Civil Recovery lawyers. Don't. They
Comment By:
Gerry Laarakker

2012-11-10 12:04:12
Bad Credit Loans For Individual On Benefit And Have Low Income
I am a single mother and have a high gas bill can't afford to pay it I'm on ontario works and have a full time job but one income doesn't cut it I nee
Comment By:
amber haayema

2012-10-18 08:23:07
Retail Theft Could Get You Sued
Bank statements can be demanded or balloon a day even fail to repay the debts incurred from the varied lenders. The offered amount in such cash untill
Comment By:
Spadiatrere

2012-10-15 11:43:43
Bad Credit Loans For Individual On Benefit And Have Low Income
Need a loan wanting to buy a atv. Loan of 8,000 dollars is this possible.
Comment By:
Adam Brundage

2012-10-09 18:46:26
Bad Credit Loan Needed Canada Bad Credit Need A Loan
Dear Sir / Madam I am Mr.Nikky John of UNIVERSAL LOAN.we offer a variety of financing options at competitive prices to the Consumers who h
Comment By:
Mr.Nikky John

2012-10-09 12:42:44
Credit Repair Canada 3 Things You Should Know
to , take up a new job. Also, reflect on investing in generating a payday advance loan while using classmates and more, typically the segments. The in
Comment By:
WarbabsjamY

2012-10-09 12:24:31
How The Debt Based Monetary System Functions In Canada
incredible cash loan right away inspiration the email mentioned learn more loan service that demand the particular choices signal asset loan applicati
Comment By:
Nilkgeoli

2012-09-30 20:03:01
Cbv Collection Services Problems
I had a telus pay as you go phone from 2003 2008 and now cbv collectons is claiming that i owe over 1500 dollars, the last time they called i called
Comment By:
marcus

2012-09-25 10:19:31
Cbv Collection Services Problems
Had a bogus 'roaming charge' bill from Telus a few years back. Got mad at them and switched providers. It went to CBV. Yes, they are persistent and
Comment By:
Scammed

2012-09-23 07:37:50
First Canadian Finance Scam Site
While these aforementioned dangers are a cause for legitimate concern, there are other dangers that derive from perceptions that often have no basis i
Comment By:
effomicok

2012-09-21 19:09:43
Car Repossessed Trouble With High Risk Car Loans
I have had a Carfinco loan for almost 4 1/2 years, I have not missed a payment nor have I ever been late. I had to use this company because I had file
Comment By:
Gord

2012-09-16 16:42:15
Retail Theft Could Get You Sued
I am sick of all you so called legal counsel, wanting money from me , there was a reason i was stealing the items in the first place, i have no money!
Comment By:
a shopplifter

2012-09-15 05:13:22
Freedom Prepaid Mastercard Debit Card For Canadians
Some honest advice... if you need a card to use online DON'T EVEN THINK of using this one. Terrible customer server that disconnects calls on you and
Comment By:
Honest Advice

2012-09-13 11:18:04
Car Repossessed Trouble With High Risk Car Loans
Our car loan was with wellsfargo to begin with then transfered to carfinco,. Have never had a problem with them yet and have less than 2 years left on
Comment By:
Darlene Fougere

2012-09-02 18:27:17
15 Blog Post Articles That Talk About Equifax
obviously like www.canadianmoneyadvisor.ca however you need to test the spelling on several of your posts. A number of them are rife with spelling p
Comment By:
promotion site

2012-08-31 11:32:19
Retail Theft Could Get You Sued
so i went in zellers and i baught bus tickets. then walked around playing with toys, and i was with a friend, we're both adults who like stupid toys.
Comment By:
Aj.



Site Menu
Canadian Credit Cards
Best Canadian credit debt Financial Blog
Canada, British Columbia (BC), Alberta (Alta), Saskatchewan (Sask), Manitoba (MB), Ontario (Ont), Quebec (Que), Newfoundland (Nfld), New Brunswick (NB), Nova Scotia (NS), Prince Edward Island (P.E.I.), credit canada, Canadian