Strategies to Survive Unemployment, Job Loss,Injury and Disability At Work

When you get laid off, injured or become unemployed the money may stop coming in but the bills never stop. Are you prepared for this situation if it happens? Red Alert….panic sets in, frustration, stress, what will you do?  Collection agencies will come calling and doing everything in their power to get money from you if you don’t pay. They will even go as far as taking you to court if they believe you can pay and have exhausted all other avenues. Investing in yourself is, if not the most important tip you should take away from this post. You are your number one priority and you should take the time to know who you are and what you have to offer. That’s not all though, not everything you have to pay for comes in the form of a bill. You still need to pay for your food or whatever else you pay cash for throughout the month. Thank goodness for local food banks who try their hardest to keep the shelves full for local families in need and to those that donate. Please, I have to say, for goodness sakes stay away from those Payday Loan shops or you […]

Should You Be Breaking Your Mortgage?

Are you thinking about breaking a mortgage early? Most people assume that when they sign up for a 5 year fixed rate that they have to stay in that mortgage for the next 5 years…that isn’t true in most cases.  While there are a few lenders out there who have “closed” mortgages that are not breakable without a bona fide sale of the property, the vast majority are breakable. So how does that work?  If you decided that the rate you were paying was too high or you wanted to add funds in a refinance or various other situations that made you want to break the mortgage you were in, how can it be done?  If your current mortgage rate is less than lender’s rate on the equivalent remaining term, you simply pay a 3 month interest penalty…for example: Current mortgage of $150,000 @ 3.25% with 3 years remaining Lender’s 3 year rate is currently 3.45% 3 Months interest = $1,219 approximately ($150,000 x 3.25% /12 x3) What if the opposite is true, the current rate you have on your mortgage is higher than the current available from the lender?  Now we enter the world of IRD, or Interest Rate […]

Why I’m A Stay At Home Parent And Our Budget Compromises

PARENTING MEANS MAKING DECISIONS THAT ARE FINANCIALLY AND EMOTIONALLY FITTING FOR THE ENTIRE FAMILY   Deciding to be a stay at home parent was very nerve-wracking process for my husband I but happy we took steps to understand it. Don’t for a second think that you are alone when trying to figure out if being a single-income family is right for you. There is no definite right or wrong answer but a couple of things you need to consider.   Lifestyle choice   Having a parent stay home full-time with the new little bundle(s) of joy is a lifestyle choice, some parents are quite happy putting their kids in daycare/in the care of family for work hours as soon as their parental leave is expired and that’s fine. Initially when I found out I was pregnant the first idea that we agreed on was that we wanted me to be a stay at home mom until our little guy was old enough to be in school part-time. And after throwing around various numbers, costs and logistics of getting to and from work/daycare, we discovered that financially it would work for us.   Money, money and more money!   Most of us are really not […]

12 Ways to Save Big Money on Car Insurance

GET THE BEST INSURANCE PREMIUM    Do you see a lot of car insurance ads on tv? Do you get confused wondering if you are getting the best rate for your vehicle?  My husband says there must be a lot of money in car insurance for the insurance companies to keep putting out so many ads. Car insurance is one expense that many people pay more for than they need to. What would it take for you to change your car insurance company? Would you make a change if you could save several hundred dollars a year?  It is definitely worth your time to look into car insurance companies to get different quotes.   Car Insurance Canada   Where should you start looking for a Car Insurance Company? You can get free insurance quotes for the price of a phone call or search on the internet. Start your list with a basic search for car insurance on Kanetix where you can compare insurance quotes. Ask your friends, family, and co-workers if they are happy with their car insurance company and agent. Local agents can be very helpful if you have to make a claim and certainly don’t mind referrals. I’d say to compare a minimum of 3 companies with your […]

Mr.CBB’s Weekly Blog Post Picks June 22, 2012

What a week it has been in Ontario! We welcomed summer with a bang proving these next few months will be fun in the sun! When Mrs. CBB gets the blender out I know it’s party time at the CBB home! We made our first blender drink this week Vanilla Raspberry Banana Smoothie. Devouring one of these drinks on a hot day psychologically makes me feel like I’m on vacation sun,sand and beach. As you may know I like my summertime beer however Mrs. CBB has dragged me into her blender drink circle from the first time she made me one. I’m a blender drink believer.. no I didn’t say belieber. So if you like blender drinks.. I have more where these came from! Ok.. on to my blog picks. MR. CBB’s Vanilla Raspberry Banana Smoothie 2 cups frozen raspberries ( if you use fresh add 2 cups of ice cubes) 1 cup Liberte Greek Yogurt 0% fat 1/2 cup skim milk 1 frozen or fresh banana 1 tablespoon of vanilla extract 100% pure Put it all in the blender and pulse until mixed! Pour into any fancy glass, add a straw and some Mint for a splash of WOW! Enjoy! P.S […]

How Much Should My Grocery Budget Be?

SAVING MONEY WITH A BUDGET   Last week Mr.CBB asked me, “What do you think is a reasonable weekly grocery budget for 1 person in Canada?” The question got me thinking: You can’t define a single weekly grocery budget that will work for everyone because there are too many variables.   Determining your grocery budget   First and foremost, a budget is determined by income. Some people can afford to spend more on food than others. A Budget is also affected by food prices, which can vary depending upon your location. For example, because the weather is inhospitable to farming and the location remote, food will always cost more in the Yukon than it will in Ontario. Through need or preference, some people will have special dietary needs. If you need to buy special ingredients due to an allergy or illness, or if you choose to eat only organic foods, you can expect to pay a premium for shopping to accommodate those requirements.   How much effort are you willing to put in?   Grocery budgets are also affected by how much time and effort a person is willing to invest in food preparation and meal planning. When I’m not earning a pay-check we spend less money on […]

RESP Investing In Your Child’s Education-The Basics

Registered Education Savings Plan : The Basics What is an RESP? Being concerned about how to afford a college education for my son, I made some enquiries about a Registered Education Savings Plan, or RESP.  This is a special savings account that makes provision for post-secondary education costs. If you are like me savings and investing are very important to my family. Those who subscribe to a RESP are also entitled to receive the government’s Canada Learning Bond (CLB) if they qualify, and the Canada Education Savings Grant (CESG) which, as I found out, can provide a welcome boost to the funds. Who is it for? An RESP is set up to provide financial support for those aged 17 years and over, and who are undertaking eligible courses of study.  Contributors to a RESP are normally parents or guardians; however, a grandparent, other relative or even a family friend can also make contributions. How do you get one? A simple two-step process helped me to get things underway.  First of all I checked out my Social Insurance Number (SIN), and then I chose an RESP provider.  My SIN gave me access to government benefits and programs and, when I began to […]

Maternity and Parental Leave Part 1 – The Basics

Even if you have the easiest baby in the world, maternity or parental leave won’t be the blissful paradise you imagined if you’re constantly stressed about your reduction in income. In this two-part series I’ll outline how the benefits work, and how you can make them work for your budget. Maternity and Parental Leave Benefits in Canada Unless you work for a company that offers an income top up programs or paid maternity leave most parents on leave will only receive basic maternity benefits, which fall under Canada’s Employment Insurance program. While many people refer to the year a mother takes off after the birth or adoption of a child a maternity leave, it’s actually a combination of two leaves. The first leave is called maternity leave, and is only available to birth mothers and surrogate mothers for up to 15 weeks. After the 15 weeks, the leave is now called parental leave. This cheque can be collected by either the biological or adoptive parents for up to a maximum of 35 weeks.These benefits can be claimed by one parent or shared between the two partners, but cannot exceed a combined maximum of 35 weeks.   Parental leave benefits must be […]

%d bloggers like this: