Forever Debt “Spend Money Like You Have It”: The Saturday Weekend Review #176

Spend Money Like You Have It...If You Don't Mind Forever Debt

LIFE GIVES US OPTIONS AND WE MUST DEAL WITH THE CONSEQUENCES OF OUR CHOICES EVEN IF IT’S A COMMON SENSE LESSON   Since Father’s Day is around the corner I thought this email from a fan was fitting and likely one of the reasons she submitted it when she did. A timely lesson about wealth, money and debt. Liz learned her lesson the hard way and now she’s digging her way out of $50,000 worth of  potentialforever debt because she believed that if you spend money like you have it then everyone will think you’re successful. That’s the situation which 30 year-old Liz is battling now that she is done University, living on her own and has nothing or nobody to fall back on, not even her credit cards. The safety net which she called “plastic” has since been cut up and she was forced to put herself on a cash diet and a strict budget. Her story details the life of an entitled child who was handed choices but with consequences just like any other person. No one likes to succumb to a tight budget but you if you spend money like you have it then you must suffer […]

There’s One Major Budget Tool Needed For Success : Our May 2016 Budget Report

THERE'S ONE MAJOR BUDGET TOOL NEEDED FOR SUCCESS

MAKE MONEY NOW, SAVE IT, SPEND IT AND START ALL OVER AGAIN   If another month has come and gone and you have failed to balance your budget that doesn’t mean your efforts failed you. It simply means you need to focus on budget categories that need attention, bringing in more money and spending less. There is one tool more important than all of the above especially for people who give up on budgeting because it’s not working for them. If you’re not already doing this, you should be. Let me explain. For starters please don’t forget that there will never be a perfect budget as it will always have flaws. Even we have good months and bad months and we’re debt free which wasn’t an easy journey. What you have saved in the bank or with investments has nothing to do with whether you meet your monthly budget goals.   Find this tool and you’ll succeed   I’m afraid the one tool that you need to start using a budget is not an actual budget, that comes after and to be honest doesn’t take that much effort. With all the free budget spreadsheets available online it’s easy peasy. What […]

The Poorest People Are Often The Most Generous

THE POOREST PEOPLE ARE OFTEN THE MOST GENEROUS

MONEY IS ONLY A SMALL PART OF THE GENEROSITY YOU WILL EXPERIENCE WHEN FACED IN A TIME OF NEED.   A rich person may believe they are poor if they compare themselves to the next millionaire or billionaire on the block. Just about anyone can believe they are living the poorest life because of debt and low-income depending on how they approach their situation. This means that the poorest people could actually be the richest, so it all boils down to perspective. Don’t let the title fool you. When I saw a photo tonight of a boy who hardly eats handing the photographer his second lollipop. I had no words but I know the child must have done this because he knows what it’s like to go without. He knows that empty feeling and he wouldn’t wish it on anyone. Sharing comes natural to those who understand the circumstances. A research study by PhD candidate at Berkeley, Paul Piff between had the rich and the poor imagining themselves in opposite situations by viewing sympathy inducing videos. The results were the poor became less altruistic and the rich more generous. “Empathy and compassion are the key ingredients in the generosity of […]

Stay at home new mom causing financial strain and marital upset

new mom stay at home mom(1)

LIFE CHANGES WHEN THE STICK IS POSITIVE   So many people get divorced after having kids and now I know why, parenting is not easy but 110% worth the effort. I don’t think there is anything that could prepare you for becoming a parent, not even having lots of siblings. When we found out we were having a baby we knew that our lives were going to change, including our finances. My wife also knew that she was going to be a stay-at-home new mom and feared not knowing other moms to hang out with. Over the past year she has met plenty of other moms on social media, at the park and other community events. She says it’s getting easier but she does miss getting out whenever she is inside for a few days at a time with our son. These days we tend to do lots together as a family which helps our relationship to grow and our son build a bond with the two of us. Mrs.CBB is a people person so it’s important for her to get out of the house to keep her spirits up even though our son is the light of her life. […]

Ambitious Teen helps mom with family budget

Family Budget

LET ME HELP YOU WITH THAT MOM   There was a time in my life when I was a teenager and all I cared about was working, saving money and hanging out with my friends. I didn’t have to worry about what my parents did with our family budget nor did I care. Growing up in our household my parents were frugal to the point that if we wanted something we worked for it. They didn’t scour the weekly flyers because we didn’t have them but they would buy products reduced if mum was able to do something with them right away. My mums favourite was making pies with fruits that were ripe or ready to go off. That’s probably why I’m the way that I am in the kitchen. Being that it was Mother’s Day (Mothering Sunday) March 15 in the UK yesterday this email made me remember growing up and what life was really all about in our house. My mother was and still is our rock and I can understand how this young lady is so determined to help someone so special and close to her heart.   Help with the family budget   I received an […]

CBB Year-End Financial Report : December 2014 Net Worth Update (+1.29%)

MONTHLY NET WORTH UPDATE

FINISHING UP THE YEAR   As another year ends we look back on what occurred to make the gains we made and the losses we took a hit on with our year-end financial report. The objective of financial reporting at the end of the year helps us to create goals for the following year and to somewhat forecast where we are going financially. For the first time in our lives we have been able to say we are mortgage-free and that happened back in April/May of 2014. This was not only an achievement for ourselves but set us on the right path to save and invest even more for a healthy retirement in the future. There hasn’t been one point during the last 4 years of using a budget that we thought, this isn’t worth it. It was and continues to be the best thing we ever did for our finances. In 2014 January to December we saw a 11.34% increase in our overall net worth which is more than we ever imagined. Thrilled, you bet. Motivated… beyond belief! Below is our final numbers for the 2014 year.   Our 2014 Financial Report   Below you can click the links […]

Parents tell son he will create credit card debt with rewards cards

credit card debt

CREDIT CARD BUDGET SAVINGS   I talk about credit card debt on CBB once in a while and I also talk about how credit cards can easily be your friend if you use them properly. Many people use credit cards today rather than carrying cash with them. It’s simple to tap, swipe or insert and enter a pin to pay for a purchase and in most cases it gets you through the checkout faster. We carry credit cards because of ease of use and of course there are perks to using Canadian Credit Cards if you use them wisely. Credit cards have helped many people get back on their feet because they knew money was on the way. One friend of ours was in between jobs and used the credit card to get grocery rewards which helped them to buy more groceries for the family every month. One of our current rewards cards the SDM Optimum has almost 500,000 rewards points which is equal to about $1000 worth of free product. We don’t own the Optimum credit card but if you did you could get even more Optimum points faster.   Credit card debt   How to pay off credit […]

How to turn bad habits into positive goals: PF Weekly grab a brew #77

grab-a-brew-online-review

LOOK UP AND BE AWARE   I don’t care who you are we all have bad habits in our lives whether it be smoking, drinking, drugs, over-spending, laziness, etc.  The list of bad habits can go on and on and what I never gave much thought to was how we tend to focus on the “good habits” rather than the bad habits. Why? We like to feel better about ourselves so focusing on the good and forgetting about the bad habits is much easier to do. I don’t know the exact psychology behind the way the human brain works but when I read an article about what Dean Hovey who met with Steve Jobs in 1978 to design the first mouse for the Apple computer had to say, it made me realize that I needed to make small changes in my life. To paraphrase Hovey felt that although we do something over and over it doesn’t necessarily mean we are aware of our surroundings. Interesting, I thought but true. He used an example of riding his bike to University every day and not being able to recall the roof’s shape, colour or composition when his Stanford University professor asked him […]

Budget help for families who want out of debt

Never Be Afraid To Ask For Financial Help I had a reader contact me the other day and asked me for my Canadian Budget Binder excel spreadsheet that you see me post snap shots of each month when I post our budget update because he said their finances are in chaos and they risk losing everything. It’s not easy asking for help when it comes to finances because for many people talking about their money is taboo so they suffer in silence and continue to pile debt on top of debt. Although it seems like lately I’ve seen a shift in those wanting to break-free from their debt and the emails to my inbox have been flowing through daily asking for help. Sinking your financial ship doesn’t have to happen nor do you have to feel shameful of why you are where you are financially because we all have our reasons and no one should ever judge. What I do encourage is for people to speak up whether they are already in a crisis or believe they are headed that way. Most people already know they are going to be in trouble financially but there are those few that will […]

The Saturday weekend review #38: Dream big and have faith

  Never Underestimate The Power of Your Dreams If you’ve ever had a big dream and I know you have then you know how easy it is to give up on that dream when you lack confidence and faith. Sometimes when we are alone we sit and think about all the things we want to do with our life but never really do much about what ends up on our bucket list. I hope to change that about me and I did starting with this blog almost 2 years ago. This blog started with a small dream to make it a place where people came to learn about personal finance and to share their success and lessons learned in their life. I know if you are a personal finance blogger you can probably count how many times you wanted to throw in the towel because you can’t justify the time you spend blogging or you just lose faith in your ability to grow your audience. I’ve been there many times but with that push from my fans like I mentioned in yesterday’s post I’m still here today. I’m getting ready to embark on the next phase of Canadian Budget Binder […]