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Tag: Personal Finances

New Year’s Resolutions! I Wish I Could Get Financial Comfort and Joy

New Years Resolutions - I Wish I Could Get Financial Comfort and JoyAre you ready to make New Year’s resolutions for 2013 to improve finances? Learning from mistakes is an excellent way to land on a right path but what happens if we don’t stick to the objective; in deed we will lose another year without getting financial comfort and joy. According to a recent survey that has been conducted through Credit Canada and Capital One which states: majority of Canadian men and women shows good concern to agree on money making resolutions but when it comes to practically go forward to carry on, they don’t. It means large majority of such individuals can easily get out of the financial worries if sticking with their commitments.

According to Wikipedia (what is resolution): “A New Year’s resolution is a commitment that a person makes to one or more personal goals, projects, or the reforming of a habit. A key element to a New Year’s Resolution that sets it apart from other resolutions is that it is made in anticipation of the New Year and new beginnings. People committing themselves to a New Year’s resolution generally plan to do so for the whole following year. This lifestyle change is generally interpreted as advantageous.

Financial resolution is the most important among various common resolutions that don’t even directly effects our personal commitments to improve finances, good credit score, credit repair, get out of debt and save money but also indirectly effects our everyday life related to non-financial resolutions because organising our personal habits, goals and achievement programs, not even help us to get best results for these but also improve personal finances.

New Year’s financial resolutions may be different with different age groups, early age requires to concentrate more specific goals related to education and career enhancement programs, mid age requires to concentrate on such goals that help to boost income and streamline your investments and savings programs and old age is the time to get retirement benefits for all of your accomplished goals. Moreover, check your credit occasionally to get a clear picture about your financial status to enhance creditability by eliminating problems and mistakes.

Following are few of the suggested personal financial resolutions that you can keep to consider in the New Year:

  • Establish your credit rating, it will help those individuals who are new and have not initiated their credit file yet to achieve good credit score in advance to get loans on best interest rates when in need.
  • Repair your bad credit rating; it will help you in getting your normal financial life back to enjoy all the benefits and savings that good credit history does.
  • Pay off credit cards and loans; get out of debt, debt load reduction and settlement.
  • Make an emergency fund.
  • Get insurance to protect your life, business and assets.
  • Make a retirement plan, open and contribute to a Tax Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP).
  • Consider saving for education.
  • Reduce credit cards and use it responsibly.
  • Reduce spending to save more; make a budget to track your spending.
  • Make a savings plan, set up an automatic system.
  • Start tax planning for 2013 now.
  • Enhance your financial literacy and or find the right financial advisor.

As we are all planning to celebrate great events on this holiday season while spending lot of money, organising entertaining programs for family and friends and getting gifts for our love ones. But before you get started for your holiday shopping, you should first make a list of your spending; make a budget within your means and if there is something you want on credit then don’t take expensive loan or extra spending through your credit cards that you can’t payback in full. If you didn’t fulfil your previous year’s resolution then it’s a best time to continue with your new year’s resolution by entering into new year without carry forwarding any financial liability to the next year, it will definitely help you in sticking with your commitments from the beginning and keeping up with the same trend can bring up success in accomplishing your new year’s resolution next year. It’s a productive self-commitment to get financial comfort and joy as it will help you in saving and making money many times over in the years ahead.


Canadian Family Debt-To-Income Ratio Hits Record High

Do you know your debt-to-income ratio? Find out and know your creditability and if its worst like most of the Canadians then improve it without delaying.Does the year 2012 of borrowing trouble? Family debt-to-income ratio hits record high in Canada! Debt rises 78% in last 20 years, according to The Vanier Institute of the Family 12th annual assessment of Canadian family finances report; the average Canadian family debt including mortgage loan has reached $100,000. The average Canadian family debt-to-income ratio has now hit a record 150% that means Canadian families owe $1,500 for every $1,000 in after-tax income. We are not going to discuss here about what happens next year, because it comprises lot of inside economic indicators and out side world crises as USA and UK are also reflecting nearly same negative trend. Yes, we have got a positive thing with us that benefit all the individuals, we still have a very low interest rate in Canada and it feels that Bank of Canada want it to continue it’s low rates in 2012. Time will definitely disclose about the report how much it compares of apples and oranges. Dealing with a high debt to income ratio is not very difficult and as a sensible individual you have to safeguard your personal finances by reducing your extra spending and saving for the future, and you can do it. Lets discuss our monthly personal and household spending in relation to our income that demands us to reduce our debts with a productive option of saving into investments.

Simple spreadsheet that will help calculate your debt to income ratio.Do you know your debt-to-income ratio? People usually want to use the debt to income ratio calculator, although Its a simple calculation that an individual can do it by using excel spreadsheet or by hand, it will help you in finding out how much you’re paying in relation to your earning each month and whether your ratio of debt to income is acceptable or high. Debt-to-income ratio is a percentage of your income you owe in debt or debt payments and its one of the best ways to know whether a person is in a good or bad financial position. You require a good financial position to borrow money, spending too much on debt and other financial commitments will result in bad credit, it will drop your creditability and a chance to get credit when in need. All the banks, financial institutes and lenders require your debt-to-income ratio to determine your ability to repay debt, lower ratio means you hold better chances of repaying your debt. Where higher ratio means you would consider being a credit risk that could result in dis-approval of your loan or mortgage. There are various lenders specially dealing in mortgages also calculate Gross Debt Service Ratio (GDSR) and Total Debt Service Ratio (TDSR) to analyze your affordability to take an additional debt. In view of various financial experts, your debt-to-income ratio should not exceed one third of your gross income.

You probably have taken some kind of debt in your life and it’s quite normal, whether it’s a mortgage, credit card, car loan, student loan, payday loan, personal loan, or any sort of due bills you may have. Debt can be divided into two types in relation to rate of interest, high and low interest rate debts; Where credit cards and payday loan debt belong to high rate of interest and these are the debts you should always consider to pay off as soon as possible, preferably before due dates, that way you can save your self from getting into speedy and extra debt burden.

Reducing your debt mean saving that you can further invest to get more future benefits, there are great number of individuals that prefer investing their money into government backed investment offers to get high interest savings programs like Tax Free Savings Account (TFSA), Registered Retirement Savings Plans (RRSP), Guaranteed Investment Certificates (GICs), Exchange Traded Funds (ETFs), Stocks, Bonds, Mutual Funds and other to enhance and save money for various future tasks and most probably for retirement purpose. Here you can get benefit from your lower rate debts while investing them into those investments, which deliver higher returns. It is further advisable to all the individuals to consider all the factors before making decision to go with these benefit programs because there are two possible things you must consider; you should calculate difference between your investment rate of return and interest rate over your various debts. A positive difference between two will help you in making your decision, if paying off debt would help you in reducing your financial burden while enhancing your monthly saving amount then it’s a best deal to consider.

Personal debt management is not difficult because you can easily manage your own debts according to your situation and priority but if you follow the ways how professional debt consultant do it, then their suggestion help you a lot in many ways like;

  1. Start paying off similar kind of debts of smaller in amount and interest rates, it will reduce your burden having various credit and you know these kinds of debts are easier to pay.  After paying off one debt individual can get more satisfaction and courage to start concentrating on the next debt amount to be paid.
  2. Paying off one big value debt having higher interest rate like credit card repayment require your most urgent attention, as you know interest occurring from the credit card is very high and payday loan late payments can charge you with penalty and high fee, don’t delay in paying off these expensive debts. This strategy will definitely enhance your satisfaction, creditability and more handy cash that let you concentrate on the other debts to reduce.

As an individual you have variety of options but choosing one best may determine by your own convenience that’s why go with the option that satisfy you a lot. If you are facing poor credit rating, you will observe when you start paying off debts to your lender, your credit rating will improve having lesser debts. It will also help you in getting your desired low rates big loans for your various types of future investments.

If you’re struggling with your credit card debts and other high interest rates debts and want to adopt better ways to manage your finances then credit counselling could be a right solution for you. You are also advised to consult with your debt consultant; there is variety of debt relief Canada websites available online today where you can get free debt help and analysis, and if it satisfy you, you may ask them their full help.

Lowering down your high debt-to-income ratio is not an easy task, but you still have a great option to lower it accordingly because its not in hands of other than you, take responsibility of your personal finances, educate your self, control your spending habits while purchasing smartly only things you need most, stop your frequent credit cards usage. You will be surprised yourself to find out about how changing your habits will improve your money management skills and help you reduce your debt.


How To Set Financial Goals

Basics of financial planning and setting financial goals! Most of the people often face problem in managing their money in relation to how to make it. It may be your habit of overspending, taking too much credit and involving into variety of loans or it may be your bad luck but it feels really shocking when some one with good financial history descend into poverty and indeed into bankruptcy.

There are plenty of reasons that effects our personal finances, these are some of the interesting things which may come in your life that may require a great effort of money management financial to deal with. Some times it may be in our control but our impulsive behavior may not help us getting out of it and some times it may be our bad luck that may ask us to pay the price, in all its way you have to pay the price.

1:  According to the Statistics Canada’s latest reports 50% of married people go for a separation every year. In it’s latest finding nearly 70,000 were divorced where nearly 150,000 Canadians marrying every year. Among married couples, money management problems are the leading cause of separation and divorce.

2:  As we know superstars including celebrities and top athletes have to maintain their image in the public and for that reason they have to spend more. Although these people make millions but sometimes their heavy spending habits may loose them all.

3:  There are plenty of people who don’t care planning and rush them selves in getting things on loan and getting more than one credit cards without thinking about, these people are not fulfilling their dreams but ruining their real financial life while increasing their liabilities and threat being caught in the debt problems.

You will find plenty of money management strategies but I personally believe in saving rather than making more from it because in reality, a dollar saved is more than a dollar earned, since I have already paid taxes on the dollar I have already earned; “A dollar saved is a dollar earned”.

Setting  Up Your Financial Goal

Setting financial goals is a smart choice! Setting a financial goal is same as setting a personal goal for you self. For example, if you decide to become a doctor, you develop an action plan that will get you there. Where as when you set a financial goal, you define what you need and develop a plan for achieving it. You have a definite aim and a clear path for getting there in certain amount of time.

How to set financial goals is crucial but rewarding! Goals like “get out of debt” and or “become a millionaires” are very common among us that required your persistence approach and hard effort to accomplish. In order to achieve your financial goal a little discipline on your side is required that may create a balance between your goals and enjoyment while ensuring your future financial security. Here’s how you can set your financial goals to achieve that will definitely require some changes in your lifestyle as you set these goals.

Short-term financial goals should consist the things that require your immediate personal attention to carry on life, building relationship and making a foundation to carry on the best hope entering into a successful future. It should not consist high expenses and pressure on your budget because you will be spending it from you current income or very limited savings that you may set and achieve within one month to one year. Examples of short term financial goals may include purchasing a kitchen utility, gardening utility, parking lot, family vacation, birthday and holiday gifts beside you may also pay off your credit cards or other utility bills.

Mid-term financial goals are goals that you have set and want to achieve within one to five years. You have the savings and you can easily manage your expenses getting all those things to improve your lifestyle. Mid term financial goals are best for purchasing a new car, repairing and remodeling your home besides paying off all your credit cards too.

Long-term financial goals are goals that may require a big investment that will take five years and longer to achieve, and it will accomplish indeed with your long-term savings. Examples of long-term goals may include purchasing a house, mortgage, retirement savings, college education funds and etc.

Dividing your financial goals into above these three time phases will definitely help you in achieving success with your personal finances. Short term financial goals may help you a lot in developing confidence and smoothly adopting and setting up other mid term and long term financial goals because these short term financial planning require a very small budget although it also comes from your savings but in just a fraction of risk you will get chance to study and correct your mistakes and problems.

Believe me the process of financial goal setting is quite simple and easy to do it job. All it needs is you to adopt the way you can do it easily and then follow accordingly. Here are 6 key steps in financial goal setting that will definitely help you in setting goals for success:

6 Steps To Reaching Your Financial Goals:

  1. Set and write down while dividing all these into short-term, mid-term and long-term financial goals.
  2. Make a goal setting worksheet; set and write down the dates to start working on your financial goals and a time frame to achieve these financial goals.
  3. Create a detailed, realistic, specific, measurable and achievable action plan because documented goals are easier to track and assessment.
  4. Be flexible because sometimes it requires necessary adjustments to your goals and strategies.
  5. Periodically review your financial goals and evaluate progress, you can better manage it if you measure it prompt, that’s why set a reasonable period to review as monthly, quarterly or what ever you may think better in your case. Remember, minimum will be the assessment period minimum will be the damage that also takes little time to handle the problem.
  6. Increase your financial knowledge. Take the services of financial consultant or ask your friends who can guide you personal investment options. Read books, articles and other financial stuff to enhance and update your knowledge.

Remember if you will be not spending wisely these financial goal setting and planning will not help you that’s why try to control your self when especially buying on impulse. This may be an excellent tip if you put such merchandise or stuff on a waiting list like a month and between that check other alternatives to compare prices and other features of interest it hold before purchasing one for you. This way you will get two possibilities to go with, either you may have it on a reduced rates or you may also say no to the product because it may be possible you don’t actually need to buy it.


Consider Your Mortgage Check Up In The New Year

As we have stepped into 2010, consider getting your mortgages check up in the new year to make it sure you have the best mortgage strategy for meeting your goals towards your personal finances.

Ask a personalized mortgage check up from your mortgage consultant to ensure:

  • That your repayment approach suits you mortgage deal, for example with payments structured to maximize mortgage principal reduction,
  • any consumer credit you may have like personal loan, car loan, credit card debt or balances are transferred to a lower interest rate,
  • you have access to the lowest cost funds for renovations, medical, education or other major expenditures.

Contact your mortgage professional right now to learn more about your current mortgage options that could help you save, improve your finances and how to make your home equity work for you.

From all of us at eLoan Canada, we wish you and your family a very happy new year.


Great Saving For The First Time Home buyers

Are you ready to buy a home?

Buying a home is exciting but stressful task that most of the people have to gone through at least once in the lifetime. Before making decision to buy a home, this is your responsibility to look into your pocket and the market both because your smooth financial life depends on the right time and your affordability. Are you financially ready to take advantage of this right time to get a title as a home ownership?

Thinking of buying your first home now that rates have gone down? Good news for those getting into the real estate market. The federal budget introduced earlier this year contains new incentives to help first-time home buyers.

  • Closing costs can be a sizable expense when buying a property, and the budget also provides up to $750 in tax relief to help with the purchase of a first home.
  • Under the popular Home Buyer’s Plan, first-time home-buyers will be able to access up to $25,000 or $50,000 per couple from their RRSP (Registered Retirement Savings Plan) for a down payment to purchase or build a qualifying home.. that’s a $5,000 increase.

In my view this is an excellent offer that helps first time homebuyer in making his or her decision easily because it holds maximum savings which could be utilized into other compelling dreams to fulfill while living in will always remind you, your success over your personal finances.

Consult your mortgage professional for the expert advice specific to your case and requirement. Remember, This investment opportunity is so hot that have made every mortgage consultant so versant to provide unbiased mortgage advice to first time homebuyers.



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