5 Things You Need To Know Before Discussing Your Financial Situation : July 2018 Net Worth Update (+1.13%)

When your financial situation is in high spirits and you want to share your happiness with friends and family someone else’s world may be in financial crisis. One thing I learned early on before writing this finance blog is that money talk can be strange especially when you deal with different financial situations. If you’re debt free and the world is a blue sky and sunny days and you start talking about it to someone then you risk them telling you their financial situation is dark, hollow and lost. You either have to take the good with the bad or the bad with the good and accept it, run with it or not even talk about it from the beginning. It’s that simple but for this one reader she made the mistake of talking about her financial situation with a friend who was in dire need of some money and now she doesn’t know how to respond to her. Let’s read what she had to say…   MONEY TALK CAN SET THE STAGE FOR FUTURE FOOTINGS BASED ON WHAT INFORMATION YOU SHARE   Dear Mr.CBB, Thanks for taking questions and I hope this one makes your list for discussion on […]

Financing Your Kid’s Future With The Canada Child Benefit

Here’s Hoping The New Canada Child Benefit Will Be A Boost For RESP’s   Paying for your kid’s post-secondary education is going to be expensive.  Like.  Really, really expensive. I have a 6-year-old so I think about this a lot. Tuition and books will run you about $7,000 today. But when you add some more on to account for the requisite buses and beers, that number jumps to at least $10,000 – and that’s if they live at home with you. Tack on a modest 3% inflation rate to that, to project 15 years out, and you’re looking at $16,000 a year, for probably four years.  That’s a total of $64,000. Breathe. Just breathe. The $64,000 question:  Is the Canada Child Benefit part of the answer? This is, quite literally, the $64,000 question. And it is better to ask it – and ideally answer it – as soon as possible to give you as much time as possible to save. Perhaps the new Canada Child Benefit will help. The Canada Child Benefit, or CCB, is a new program aimed at helping families with the cost of raising children today and into the future. The cheques (or direct deposits) arrived in […]

Man uses hourly wage to spend less and save $5000

SAVE $ THE WAY THAT WORKS FOR YOU   Should you use your hourly wage as the deal breaker for potential purchases? Every so often I meet people who have something to say about finance and it just so happens that I find these people like magnets. First thing to remember is that what you earn is not what you net. In other words if you make minimum wage you aren’t taking home $11/hr after various taxes. Same goes to those who earn a salary, you’re in the same boat. This is common knowledge though right? If so why are so many people in debt? Whatever you net is the money you get to play with in your budget. It’s amazing how many people forget about using the concept “Spend less than you earn” even though it’s fairly straight-forward.   Mr.CD meets Mr.CBB   While we were doing some shopping in Burlington last week I was feathering through the CD’s which were on sale for 50% off. It was an amazing deal for new release CD’s and other CD’s that I normally wouldn’t pay full-price for. It was pretty busy so space was limited and we were all elbow to […]

Finances are like moon phases: February 2014 Net Worth update (+1.25%)

WATCHING INVESTMENTS GROW   Like moon phases, our finances including Net Worth is constantly changing and this month is no different. There will always be ebb and flow in everyone’s finances, sometimes purely by the choices we’ve made. In the CBB household we didn’t have an awful lot left over as spare cash from last month as we had city taxes and pet costs leave the bank. However, there was positive news on the finance front in the form of yet another increase in the exchange rate due to the falling dollar. This increase has led to our UK funds exceeding the total of what is left to pay on the mortgage and with quite a chunk of money left over.   Moon phases   We are definitely moving into our Waxing Gibbous phase where our finances and what we have set up are starting to fall into place. The Full Moon phase will be when our mortgage is paid off and we can move on knowing that fact that we will be carrying zero debt. In the very near future we have to decide what we will be doing with the spare cash that is left over once the […]

Time to get serious with numbers: Our budget Feb 2014

CRACKDOWN HAPPENS NOW   The numbers in this months budget update were a bit scary for us as we just made it with a bit left for our savings account. It truly is more about how much you spend when it comes to the final numbers. Although we earned a bit more this month with my new job the money went just as fast. We did have to pay property taxes which took just over $900 but that money came from the projected expenses account. When that big bill comes due we’re happy the money is ready and waiting. For others they would rather not deal with any more numbers than they have to so a portion of their city tax bill comes off their mortgage payments each time they are paid. That seems simple enough although I’d rather keep our money in the bank to earn some interest rather than it sitting in someone else’s bank account doing the exact same thing. Do you pay your own city taxes or do you have a portion paid each time you pay the mortgage?   Where the money went   This month was a particularly busy month for our budget and […]

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