PF Weekly Grab a Brew 31: I don’t care about debt…push!

I’m sure you know someone who is deep in debt and shrugs it off like it’s no big deal saying they don’t care about debt. Sometimes I wonder how someone gets to that point but from another perspective I can understand how overwhelming debt can be for some people, myself included. Every one in a while we need motivation in our lives, and I’m here to share some of mine with you. Yes, when I bought my first condo that amount of debt and unexpected bills were piling up even though some people would say a mortgage is not a bad debt it loomed over my head. I’s not near as bad as having thousands in consumer debt that you just can’t pay off no matter how you accumulated it. Some people are comfortable paying the minimum payments until the bitter end no matter how much they pay in interest. It’s easier to close our eyes than to take the steps to iron out the wrinkles. 12 per cent of them — said they are comfortable carrying the debt and don’t intend to pay it off. The CIBC telephone poll that I read said “14% of Canadians won’t pay off […]

Too Many Bills Not Enough Money Each Month

Some Canadians are faced with the reality that they simply can’t get to the end of  the month before running out of money. We humbly turn to credit cards, lines of credit or even borrowing from family and friends to make ends meet. For some Canadians having a high debt load and spending more than they earn spells disaster and for some debt denial is better than acknowledging it. This ends up leaving no room for  retirement savings, the kids RESP let alone an emergency savings account. With grocery prices slated to increase in 2013 it’s time to buckle down and make a game plan before the going gets tougher. Do you feel like your hands are tied and you don’t know where to turn? You’re not alone but there are ways to tackle this problem so don’t give up. What do you need to do? You need to either improve your income or reduce your expenses meaning that you have to take a hard look at your finances. Do you know your net worth? You should. Do you use a budget? You should. Budget, but why should I budget when I don’t have enough money each month? That’s OK, you still need […]

Killing Your Mortgage In 3 Easy Steps

Killing your mortgage in 3 easy steps I was honoured when Mr. CBB invited me to share some mortgage tips on CBB.  It’s evident that he really values his readers so this is a real honour. I’m speaking from experience. Derek and I became mortgage free at 28 (we purchased our first home at 23, and built a new, bigger home when we were 25.)  These are the 3 most important actions we took in killing our mortgage early.  In the interest of full disclosure our current home is worth between $280,000 and $300,000.  It’s a lovely home, but the bank would prefer us in something bigger and more expensive. Pay your mortgage first and last. We’ve all heard the concept that you should pay yourself first. If you’ve been living under a rock, avoiding any personal financial advice, this means that you should set aside your savings as soon as you’re paid before you spend a dime.  The story goes that if you never have access to the savings you won’t miss it, and you’ll be forced to live within your means. This works unless you’re a credit addict, then cut up your cards and return to step one. Decide how much […]

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