The holidays have come to a quick Monday closing meaning it’s time to head back to the “real world” and start thinking about your bills, and thus, your holiday repayment plan. December has always been a month for overspending, overeating, and overdrinking, so it makes sense that January is, and has always been, a time for new resolutions, new habits, and new goals – we want to correct the overindulging that happened throughout December. Financial resolutions are second in popularity to losing weight/being healthier and sadly end just as fast. Most people who make a new year’s resolution will give in by March mainly because they haven’t made a road map for their success. Today we look at making that road map so that people can feel stronger in their financial resolutions.

Write it out.

If your resolution is to save money, or pay off your debt you’ll need to make a commitment. And what better way to do that than by writing down your resolution in a place where you will see it daily so that you can find strength, be energized, and hold yourself accountable. Post-It notes are a great way to facilitate this goal because you can literally put them anywhere, they’re eye catching, and usually come in cheerful colors! Write a main list and put it on your bathroom mirror, you’ll see it every morning and every night. If you think you’ll need more support throughout the day then tuck them in your car or wallet. Wrapping a note around your credit card reminding you it is for “serious emergencies” (not emergency coffee runs) or “gas only” will help you avoid swiping by being a goal reminder and giving you time to rethink your decision while physically unwrapping it. To get a little more dynamic you can put reminders on your phone too! Set a reminder every payday to deposit your cheque and take out your spending money. This is the cash diet, meaning no plastic, and it’s a great way to ensure you stick to your repayment budget because when the cash runs out, so does the spending.

Read more

...we would have been paying debt & interest for the rest of our lives!

“Randy helped me feel we weren’t the only ones in our situation with debt. He made us look at our spending in a different light. Now I feel so good about budgeting and saving money at the end of the week when I see we still have money in our accounts, and we didn’t have to use any credit – I feel so good. If it wasn’t for Randy and his knowledge we would have been paying off debt & interest for the rest of our lives! We are so appreciative & also more educated. “

-Tanya

You always hear about people who dread bankruptcy so much that they would rather drown in their debt subsequently stressing themselves and their loved ones out instead of filing for a way to eliminate their debts in one foul swoop. Which begs the question: why? We all know that bankruptcy is bad because it stays on your credit report for 6 years after the date of discharge; but so does everything else. Your credit report is like a scrolling list, it takes time for your bankruptcy to roll off the end just like it did for that misunderstanding between roommates regarding who was supposed to pay the phone bill that month. We all know that bankruptcy is bad because it makes it harder to get loans and obtain credit but it’s would be just as hard if you have a shot credit score and existing debts; so that can’t be the reason either. It’s probably because not all debts can be included in a bankruptcy. Any debts or payments imposed by the Court, such as child or spousal support, fines or penalties, legal awards to others or liabilities surrounding white collar crimes, student loans, and any previously entitled dividends that would have been awarded to a creditor in the event you fail to inform your trustee of that creditor are not eligible to be included in your bankruptcy, and thus will still be there after you’re done. That would definitely be a reason to think bankruptcies are bad, let’s take a look at some other factors you may not know about.
Read more

Debt settlement in Edmonton is one of the most questionablet options for residents of this wonderful city who have found themselves in a great amount of debt, behind on their bills, and unable to pay the full balance. Some of the advice that they will hear might be to declare bankruptcy and to start all over. There are two major problems with that scenario and I’d like to share them with you and explain why debt settlement in Edmonton is equally as poor an option.

Read more

The current recession that has been happening in the past few years has shown some patterns which are in direct contrast to the last major recession, otherwise known as the Great Depression. People were starving, unhealthy, and thinning out; exposing bone because of a food shortage during the Great Depression The current recession is proving just as unhealthy, but not because there is a shortage of food, but because high calorie, fatty, fast foods packed with preservatives, salts and sugars cost less than proper nutritious foods. Consequently people suffering in the recession opt for the lower costing food; regardless of the health costs.
Read more

What in the World is OPD?

No, OPD is not some new fangled rap group and it’s not some new medical condition that has just been announced. OPD stands for ‘Orderly Payment of Debt’ and it is a wonderful program that is available to people within Edmonton who have fallen far behind on their credit payments and bills and are facing potential legal action against them to collect the debts. OPD isn’t going to be ideal or available for everyone, however, but if you qualify for the program, then there are some amazing advantages to using it.
Read more

The controversy between whether the upcoming corporate generation will be greedy, lazy, and financially illiterate continues to rage quietly among dinner parties and 40+ get togethers. Specifically the discussions and opinions around student credit, should students have (so much) credit, and the repercussions of student credit is quite divided. The people currently in their 20s (those born in the 1970’s ‘80s and ‘90s) continue to get a bad rep for being part of the ME generation –  according to most people this indicates that they are selfish, lack forethought, and dislike delayed gratification thus equating to only caring about themselves; these perceptions are incorrect, however, that is a conversation for another time. People continue to point out that the parents of the 60s & 70s raised their children from a “peace love & happiness” standpoint and encouraged them to reach for the stars and “be all that you can be”. Of course those values are good, except when they are compounded with a lower work ethic and a sense of self entitlement because even when you got the blue ribbon for participation parents still celebrated as if you won first place.
Read more

Knowing how and when to use credit card options can be a tricky endeavor. Seeking advice from a third party person can be one of the best decisions to make. The bank wants you to accept the offer, and you want to be freed of restrictions, but from both perspectives there is a selfish aspect. Taking advice from a debt consultant is smart because they want to see you debt free, and will take an objective stand on the matter in order to achieve that goal.
Read more

What is the first feeling you get when hearing “Spending Plan”? A little bit of excitement, preparedness, and confidence. Those are the feelings you should have gotten. When you hear the word “Budget” most people feel constrained, negative, and frustrated; not the feelings you want to have.

Fundamentally a Spending Plan and a Budget are the same things however the title affects your perspective and initial thoughts going into the mission. We have looked previously at how to make a budget and of course why someone should have a budget. Now it’s time to spin it around for those of you who dislike the word budget and set you up on the right foot. Let’s take a look at where you’re spending your money, and work toward spending more of it on the things you want more.

Read more

How do you get credit?

Credit /kred-it/

Noun:

“The ability to obtain goods of services before payment, based on the trust that payments will be made in the future.” Source: Dictionary

Today almost everything is bought with credit but do people really know what that means? Do they know what credit is, do they associate any values like trustworthiness with the use of their credit? Some common questions are:  how do I get credit? Or rephrased: how can I get credit?
Read more

Most people, if asked, would say that they live their life and run their business with total honesty. But is that true? And does dishonesty have its place in any corner of business?

First it needs to be recognized that there are pressures in business which can motivate people to justify dishonesty. Pressures from peers to partake in dishonest actions, pressure from bosses to yield results, pressure from your family to provide more, or pressures from yourself to accomplish more can all influence your decision to veer off the path of integrity in order to accomplish a goal or meet others expectations. People will try to ease their inner conflict when they partake in a dishonest act by decreasing the severity of the situation.
Read more

What is a money Mentor? The term isn’t all that common around the world, but in our modern society, they are becoming more and more important to people around the world. Money mentors, basically, are people who are experienced in managing finances, including overcoming debt and saving, who can help teach you how to build a brighter and stronger future for you and your family.
Read more

Ottawa, banks discuss measures to rein in Canadians’ personal debt

Ottawa is talking to the banks about putting new measures to curb the rise in consumer debt into the next federal budget.

Deputy finance minister Michael Horgan has broached the topic in prebudget consultations with executives from Bay Street firms and several bankers say they would support federal moves to cool the market.

Read more

People often make poor economic choices because they are overly optimistic about what they will do in the future, experts say. It’s akin to over estimating how much you can get done in a day or eating a piece of chocolate cake now because you are counting on yourself to have the will power to have only a salad for dinner.

For example, people transfer credit card balances over to cards that have low initial rates with higher long-term interest rates because they believe they will pay everything off before the “teaser” period is up – most don’t.

Read more

Turnaround Consultants Can Teach Debt Management in Edmonton

Do you live in the Edmonton, Alberta region? Are you looking for debt management in Edmonton? If so, then you are in luck. The last thing that anyone wants to face is a mountain of debt, but it happens. It’s like the proverbial snowball in winter. At first you have to push it around. As it grows bigger and you get to the hill it begins to roll down, that little snowball becomes an out-of-control beast ready to take out anything and everything in its path.
Read more