Why Being Debt Free is Good

Debt is a burden.

Debt is a burden. It’s a burden to your future. It’s a burden to your family. Debt is also a financial burden that can keep you from accomplishing goals and dreams or even basic necessities like paying bills, saving money and providing for yourself and loved ones

It’s easy to forget this when we’re caught up in our day-to-day lives with all the responsibilities of adulthood: work, relationships, homes and children… but debt should be something we think about often because it could hold us back from reaching our full potential in life

Debt is a hole.

It’s not something that you can fill with money or work, and it will keep growing until you figure out how to deal with it.

If you have debt, there are some things that will help you dig out of it:

Debt is a trap.

You can’t get out of debt without changing your spending habits. You can’t get out of debt without changing your income. And you can’t get out of debt without changing your attitude towards money and wealth. If you want to be free from the shackles that are keeping you down, then you need to start working on all three areas at once!

Debt can be like being in prison, you’ve earned some and didn’t earn some.

Debt is like being in prison. It’s a trap, a burden that holds you back from doing what you want with your life.

If you’re in debt, it can feel like there is no way out and that you will never be free of it. But the truth is there are ways to get out of debt, even if they require sacrifice and hard work.

Debt takes away our freedom of choice.

Debt is often a burden. A debt can constrain your choices, making them much more limited. You don’t have the option to do something that you are passionate about because it doesn’t pay enough or because it will take too long for the return on investment. That’s why many people choose to go into debt instead of pursuing what they really want in life: a job that they love doing, traveling with their family, or taking care of their health and body through exercise and dieting.

Debt traps us into working harder at jobs we don’t like just to maintain our living standards which were created by overusing credit cards during good times when we were under the impression that no one would ever go bankrupt again! We end up spending more time working than with family members or friends so our lives become boring and meaningless; even worse yet we may feel trapped at work due to an ugly divorce settlement where half of everything has been given away (including homes).

Debt robs us of our dreams.

Being in debt robs us of our dreams. We can’t afford to do the things we want to do, like travel the world and pay off the house, because we have bills to pay each month. If you are struggling with debt and you want to start saving for retirement or your child’s college education, but don’t know where the money will come from—you need a plan so that you can finally get out of debt!

Being in debt makes it difficult for us to live our lives as fully as possible. It weighs down on us every day when we think about how much money we owe other people and how much interest there is on those debts.

We are fighting debt to pass on the legacy of financial freedom to our children.

In the last few decades, teaching kids about money has become more important than ever.

As a matter of fact, it’s harder today than ever before to raise children who are financially literate and responsible. The world of personal finance is far from straightforward and simple anymore. The challenges we face as parents are real: saving for our kids’ education or retirement; ensuring they don’t get lost in the shuffle of debt; helping them cultivate good money habits and avoid bad ones; teaching them how to manage their own finances when they’re adults…the list goes on.

These days, young people have access to so many resources that help them understand financial concepts—but these resources can also be confusing or misleading if we don’t guide our children along the way with sound advice grounded in reality. And while we do have some tools at our disposal (like this page!), there’s no substitute for having conversations with your kids directly about money matters like interest rates, compound interest rates and inflation—and then following up with more questions later on down the road when they’re older!

Conclusion

Debt is not a necessary part of life, and I am glad we are able to show others that it is possible to live without it. It may take some sacrifice, but in the long run it is so worth it!

Can Debt Relief Hurt Your Credit

Managing debt is not the same as managing your credit. Debt negotiation, debt consolidation, bankruptcy and refinancing a loan all involve some form of change to your credit score. However, these changes don’t always have negative effects on your credit report. In this article, we will look at how each of these methods can affect your credit in different ways.

Debt Negotiation Can Hurt Your Credit

Debt negotiation is a way to settle debts with creditors without filing for bankruptcy. It can be a good option if you are having trouble paying your bills, and it can be a bad option if you want to keep your credit score intact.

Debt negotiations are conducted by third-party companies that work on behalf of consumers looking to reduce their debt burden. The company negotiates with the creditor and makes them an offer they cannot refuse: an amount less than what is owed, but still more than they would receive in court if they went through official proceedings (which often results in garnishment). If accepted by both sides, then everyone goes home happy.

Debt Consolidation Can Hurt Your Credit

Consolidating debt can be a great way to pay off your debt and get a fresh start, but it’s not the only option. Before you consider debt consolidation, make sure that you’ve exhausted all other options. If you have good credit, it might be better for you to use a personal loan or line of credit instead of consolidating your debts into one loan with higher interest rates.

When considering consolidation, make sure that you understand what will happen if you don’t repay the money in full on time. You should also know what kinds of fees might come along with this type of loan before committing yourself to an agreement like this.

Bankruptcy Can Hurt Your Credit

Bankruptcy is a legal action that can be taken against you in the event of financial hardship. It’s rare for debt relief to hurt your credit, but bankruptcy certainly can—and it can stay on your credit report for up to 10 years after being filed!

Bankruptcy can make it harder to get a loan or an apartment and can make it harder to get a job. The impact of bankruptcy is lessened if you have been diligent about paying off other debts during the period between filing for bankruptcy and having it discharged, but even so many landlords will still check a prospective tenant’s credit history before deciding whether or not they want them as a tenant (and some landlords may not rent at all).

Refinancing a Loan May Hurt Your Credit

If you are in the market for a new loan and are considering refinancing your debt, there are several things to consider. Do not assume that every lender will report their loans to the credit bureaus or that they will report them in an accurate manner. While some lenders do report their loans according to guidelines, many do not. Some lenders may report for only a short period of time, while others may never report at all!

These factors can be important when it comes down to getting approved for another loan or financing option because most financial institutions take into account your overall credit score when determining whether or not they want someone as their customer. If you have gaps in your history where no one knows what has happened over those years, this could cause problems with obtaining additional financing options later on down the road since having no information about how well managed your finances were during those periods gives lenders little assurance about how good of a risk you actually may be worth taking on board as one of their clients.”

Managing debt is not the same as managing your credit.

  • Credit is a record of your financial history. It shows how you’ve managed credit cards, loans and other debt over time. Your credit score is a number that represents your creditworthiness as determined by the information in your credit report.
  • A good credit score can save you money on interest rates when you borrow money (for example, to buy a car or house). A low or bad credit score may make it difficult for you to get loans or credit cards at reasonable rates without paying higher interest rates than someone with better-than-average scores.

Conclusion

Debt relief is important when you’re struggling to manage high debt. However, it can also affect your credit score. This is why it’s important to consider all of the options available before deciding on a debt relief option that will help get your finances back on track.

Retirement in Canada

Saving for retirement is an incredibly important part of successfully planning for your future, especially if you live in Canada. There are a lot of options available, and they can help you build up the funds that will allow you to retire comfortably. In this blog post, we’ll go over some of these different options so that you know exactly how to get started saving for your golden years!

Saving for retirement is important no matter where you live in the world.

Saving for retirement is important no matter where you live in the world. If you don’t save, then you won’t have enough money to last until the end of your life.

Saving early is one of the best ways to ensure that you’ll have enough money in retirement to cover all of your expenses. The earlier you start saving, the more time it has to grow. This means that if you start saving at 25 years old, your savings will be able to grow faster than if you started at 35 or 45 years old. To help put this into perspective:

  • If you save $500 per month from age 25 until 65 years old and earn an average annual return on investment (ROI) of 5%, then by age 65, this would translate into about $330,000! That’s a lot more than if someone starts saving only five years later at age 30 and then stops contributions altogether after retiring at age 65 (which is actually quite common).
  • Alternatively, if someone started contributing just $50 per month starting at age 25 years old but stopped making contributions altogether once they retired at 65 – again assuming average investment returns over those 40 years – they’d still end up with only $28,000 in total savings by retirement day!

Many Canadians benefit from a workplace pension plan.

Many Canadians benefit from a workplace pension plan. In fact, about two-thirds of all Canadians have an employer-sponsored pension plan. This is one of the best ways to save for retirement because your contributions are matched by your employer, and some employers also offer additional contributions.

Workplace pensions are required to meet certain standards, such as offering lifetime income options and having enough money set aside to pay out benefits when they’re due.

The Canada Pension Plan (CPP) provides pension benefits to retirees.

The Canada Pension Plan (CPP) provides pension benefits to retirees. CPP is a mandatory pension plan for most workers in Canada. It covers nearly all employees and self-employed persons who work in Canada and make regular contributions, either through voluntary deductions from their pay or by paying directly into the plan. If you don’t contribute to the plan, you will not be eligible for CPP benefits when you retire.

CPP provides monthly benefits to eligible workers after they retire, become disabled or die. These benefits are based on your earnings history and how long you contributed to the plan.

The Old Age Security (OAS) provides another important source of retirement income for many retirees.

The Old Age Security (OAS) provides another important source of retirement income for many retirees. OAS is a monthly payment from the government that’s available to Canadian citizens who are 65 years or older and currently living in Canada.

If you live in Canada, you can apply for OAS regardless of whether you’ve ever worked in Canada or not. However, if you were born outside of Canada and became a Canadian citizen after age 18 (or 21 if born before 1947), the earliest date that your OAS could begin is July 1st of the year following your 60th birthday.

The good news about OAS is that it’s not taxable income! That means no matter how much money comes from your pension plan(s) or other investments, any amount received from OAS will be deducted from what is owed by the government at tax time—it won’t count against your taxable income at all! The bad news: while these payments are not considered taxable income by Revenue Canada, they’re still counted toward determining eligibility for other benefits like Employment Insurance and Guaranteed Income Supplement (GIS). This can have an impact on whether those sources will pay out enough money so as not to affect other benefits such as CPP disability insurance or provincial health care coverage premiums.

The Registered Retirement Savings Plan (RRSP) is an account that will help you save and invest for retirement.

The Registered Retirement Savings Plan (RRSP) is an account that will help you save and invest for retirement. Contributions are made with after-tax money and the amount of your contribution is deducted from your taxable income. The amount you contribute to your RRSP will be based on your eligibility, which depends on how much you earned in the previous year. For example, if you earned less than $46,605 in 2018 ($52,923 combined income if married or common law), then your maximum contribution is 18% of your net income up to $26,230 ($29,040 combined income if married or common law). However, these limits can vary depending on whether you have unused contributions room from previous years and provincial tax rates.

For each year that you make contributions before April 1st following any given tax year (e.g., 2019), there’s a grace period until December 31st during which time withdrawals aren’t taxable; however when withdrawing funds after this deadline without incurring penalties requires being over 71 years old or having financial need related to purchasing a home or paying medical expenses . You may also be able to transfer some of the investment earnings into an RRIF – Registered Retirement Income Fund at any time without penalty; however this option requires starting mandatory withdrawals within seven years after opening one up

Tax-Free Savings Account (TFSA) helps you save and invest without paying tax on your earnings.

The TFSA is a savings vehicle that lets you invest your money without paying any tax on your earnings. While it’s similar to an RRSP in that it’s meant for long-term saving and investment, there are a few major differences:

  • You can use the TFSA for short term goals like saving for a car or house, as well as retirement.
  • Unlike an RRSP, there are no age restrictions on when you can start contributing to your account (but if you withdraw money before age 65, it will count towards your income).
  • You won’t be taxed when withdrawing from your account, but if you sell shares outside of the account they will be taxed as capital gains which means they may be subject to higher rates than normal income tax rates.*

There are a lot of options for saving for retirement in Canada and it’s important to take advantage of them!

There are a lot of options for saving for retirement in Canada, and it’s important to take advantage of them! For example, if you’re eligible, you can contribute to an RRSP (Registered Retirement Savings Plan), which is a tax-deferred savings plan where you get a tax refund on your contributions. You can also save in an RESP (Registered Education Savings Plan), which will help pay for post-secondary education. And there are many more kinds of plans available!

The Canada Revenue Agency has some great tools on their website that can help you figure out how much money you’ll need when the time comes to retire. They even have calculators that will tell you how much should be saved each month so that by the time retirement arrives, there will be enough saved up to last until death or old age!

Conclusion

Canada has many great retirement savings options for Canadians. It is important to take advantage of these options so that you can save up for your retirement years and enjoy them!

Cash Is King

Credit cards are a great way to build credit and earn rewards, but they can also be dangerous. A lot of people end up in serious debt because they don’t know how to use them properly. When you use cash you get immediate gratification and it’s easy to budget your money if you keep track of how much you have on hand at all times. With that being said, here are some reasons why cash is still king when it comes to budgeting your finances!

Automatically Budget

You can set up automatic savings and bill pay by using a budgeting app. The benefit of using cash for budgeting is that it forces you to actually spend your money. You have to make a conscious decision on how much money will be spent as opposed to having it come out of your bank account automatically. When using an app, you don’t have to remember what else has already been spent so there won’t be any surprises when paying bills at the end of month.

A great way to start is by tracking all your expenses for one month and then categorizing them into categories like food, entertainment, transportation and so on. You can then see where all the money went each week/month until you begin identifying patterns in spending habits that need changing or areas where more savings could be made (e.g., eating out less frequently). Once this step is complete, use the budgeting app’s built-in tools such as alerts and notifications about upcoming due dates; these features will help keep track of things like monthly bills without having another reminder floating around in your head (and thus making it easier not only save but also reduce stress levels).

Help you with your impulse buying habit

You can’t spend what you don’t have.

It’s a simple concept, but it’s also one of the most effective ways to help you manage your spending habits. When you’re left with only cash and no possibility of going back to the store or online shopping site and buying more stuff, then you’ll be forced to change some things about how much money is coming in and going out.

For example: If there were an emergency situation that required us all to use cash instead of credit cards (and let’s hope that never happens), we’d likely stop buying things like shoes that cost over $100 because we wouldn’t be able to afford them anymore if they weren’t included in our budget.

Another benefit from using cash instead of credit cards is less temptation when making purchases. Since there are no rewards points for using cash vs credit cards, consumers won’t be tempted by those kinds offers when deciding whether or not it’s worth paying interest rates on items bought with borrowed money versus paying full price for something without any type of discount at all!

Immediate gratification

Cash is the fastest way to get what you want. Whether it’s a drink at the bar, a new pair of shoes or even groceries for dinner, cash allows you to buy things immediately without waiting for approval from a credit card company. The only delay that might occur would be if there’s not enough money in your account; but with cash, this isn’t an issue because there’s no line of credit involved at all!

When using credit cards online or in person, you can see how much money is available on your card and make sure it matches up with what you plan on spending before making any purchases. This is not possible when using cash; however, this does have its advantages: Because there are fewer steps involved between deciding what to buy and actually purchasing it (i.e., touching some paper), we are more likely to spend more impulsively using credit cards than if we had chosen cash instead (which requires us to physically hand over some bills).

Helps you keep your spending in check

When you use cash, you’re forced to be more aware of how much money you have. When you use a credit card, there is no physical limit—you can spend as much as your balance allows.

Think about it: if you have $50 in your wallet and want to buy something for $10, what will happen? You probably won’t buy the item unless it’s something you really need or want. Why? Because when there’s only $40 left on your card, it feels like that remaining balance represents part of your paycheck that has already been spent. If we try to be frugal with our spending habits, this kind of mentality rubs off on us too!

However…if we make the same purchase with a credit card instead (which doesn’t necessarily mean using an actual plastic card) and realize there’s still plenty left over in our account after paying off our bill later in the month…it might feel like those extra dollars were ours all along—and therefore easily accessible for later purchases without having gone through any sort of mental “budgeting process.”

Conclusion

Cash is still king, and for good reason. There’s a reason why so many people are choosing to use cash instead of credit cards or even debit cards. Cash gives you an immediate sense of security from using it because there is nothing else that can be charged against your account other than what you have on hand at any given time. Also, using cash helps keep spending in check because it forces one to only spend what they have available at the moment which helps avoid impulse buying (or loss). Finally, cash allows one to build credit faster since banks like seeing payments made without any delays due to checks being cashed or funds transferred between accounts before payment can be made on time every month!

Back to School in Canada

The back-to-school season is upon us, and that means it’s time to stock up on all the supplies you’ll need for your kids to get back into the swing of things. But if you’re like me, that can mean spending hundreds of dollars on basic items like notebooks and pencils — all while living in an expensive city where rent keeps going up. So how do parents who want their kids to get a great education without breaking the bank manage? Here are some tips that might help:

Take inventory of your supplies

The first thing you will have to do is take inventory of your supplies. Do you have everything that is going to be necessary for the school year? Are there any items that you need to buy or borrow from someone else? If so, make a list of these things so that it’s easier for you and your family members when shopping for them.

Once this step is done, organize them in a way that makes sense for you. For example: if all of your pencils are in one place and all of your notebooks are in another place, then keep them separated by color as well (blue pencils with blue notebooks). This way they’ll be easier to find when needed! If some students prefer using pens over pencils, then let them use their own method but still keep track of which item belongs where by labeling each one accordingly (e.g., “This is my pen.”/”This belongs here”). Remember not only does organization make things easier but also helps prevent losing anything important like keys or electronics during class time!!

Make a list and budget

Now that you’ve got a general idea of how much money to expect and where to find it, it’s time to make a list and budget.

First, make a list of everything you need for school. These could include:

  • Textbooks
  • School supplies (like pencils, paper, binders)
  • Lunch money or snacks

Look for deals and coupons

  • Check newspapers and magazines. Many newspapers have a section of coupons, so you can look for them every week at your local grocery store.
  • Check online coupon sites. Websites like Groupon and Living Social are great places to find deals on everything from restaurants to beauty treatments to school supplies. If there’s a deal for anything that you need for back-to-school, it’s probably on one of these sites!
  • Look for coupons on social media. It’s pretty common nowadays for companies to offer coupons through their social media channels—so if you see any companies that sell the types of things in which you’re interested (e., pens or notebooks), make sure to follow them so that they can keep you up-to-date with new offers as they come up!
  • Look in store flyers: Many stores will send out flyers with all sorts of special offers in them! Keep an eye out for any sales or discounts that might be available during back-to-school season at stores like Staples and Walmart; often times these stores will have big sales right around August when kids start school again after summer vacation ends (this also works great since most schools start around September/October).

Conclusion

We hope that you have found our tips on back to school in Canada on a budget useful. While it can be expensive, there are plenty of ways to save money and still find everything you need for school. You just have to know where to look!

The debt help industry is one of the most unregulated industries in Canada, with many companies offering services that can do more harm than good. If you’re looking for a legitimate debt help company, there are five things to look out for: BBB rated, Google Reviews, legal credentials, licensed with corporations branch and privacy policy.

BBB Rated

You can use the BBB to learn more about a company’s reputation. The Better Business Bureau is a non-profit organization that has been around for over 100 years and provides reviews of businesses in your area. The mission of the BBB is to promote trust between consumers and businesses, so it’s an ideal source for information on debt help companies.

Google Reviews

When you’re looking for reviews, you want to make sure that they’re actually from real people. There are some companies out there who pay for positive reviews, so if someone has a review that says “This company was awesome! They helped me get rid of my debts and now I have more money in my pocket than ever before!” it might be suspect.

If a company isn’t getting many reviews (or any at all), this may indicate that their services are either not well-known or not sought after. This is something worth considering before choosing a debt help service provider as they may not provide anything above and beyond what is already provided by your existing creditors.

  • Make sure that the debt help company you are dealing with is licensed with the corporations branch.
  • Check to see if your company has a Better Business Bureau rating, and if it does, make sure it’s an A+ or better.
  • Look for a privacy policy on the company website that protects client information from being shared or sold to third parties.

Licensed with corporations branch

You can also verify whether a debt help company is legitimate by checking that they are registered with the Corporations Branch, an agency of the Government of British Columbia. The official website of this organization is https://www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/home.

The Corporations Branch is a good indicator that your debt help company will treat you fairly and make sure you get what you’re owed, so always make sure that your chosen provider has been registered here before signing up for any kind of debt management program.

Privacy Policy

A privacy policy is a legal document that defines how a company will handle any personal data they may collect from you. It also outlines what information they retain, how long they keep it and who they share it with.

It’s important to have one because it gives you more control over how your personal information is used by a company – as well as protection in case anything goes wrong.

Conclusion

In the end, it’s important to remember that there are many companies out there claiming to help with debt problems. It is up to you as an individual to ensure that they are legitimate and won’t take your hard earned money without return. If you’re unsure about any company then please do research before making any decisions!

Allowance for Kids

For parents, there are two schools of thought about giving an allowance to their kids. One school of thought says that it’s important for your child to learn about money and how to budget it. The other school says that you should not tie your children’s allowance to chores or any other incentives because it will only lead to them being spoiled and entitled. So what should you do?

There are 2 schools of thought on allowance. One that says you should, and the other that says you shouldn’t give an allowance.

There is a really good reason why you should teach your children about money, responsibility and how to manage it effectively. Here’s why:

  • Allowance teaches kids how to save money for things they want or need in life and the value of their time. They learn that there are things they want but can’t get right now because they don’t have enough money saved up yet (or don’t have a job), so they need to wait until they can afford them. For example, if they want a new phone when they already have one that still works just fine…they’ll know not just how much it costs but also how long it will take them to save up enough money for it by doing extra chores around home or getting an after-school job during high school years so that when college starts all those years later–they’ve got plenty saved up!
  • They also learn about delayed gratification–the ability not only appreciate something more after waiting patiently for what seems like forever but also being able to enjoy some experiences without needing instant gratification like eating junk food whenever hungry rather than waiting until mealtime comes around again tomorrow at noon.”

If you give an allowance, what’s the right amount to give? And how often?

The first thing to consider when deciding whether or not to give your children an allowance is how much they need. An allowance should cover the basic necessities of life, but it shouldn’t be so little that your child goes without food and clothing, or so much that your kiddo becomes spoiled by too many treats.

This amount can vary depending on each family’s financial situation and what role parents want their kids to take in the household (preparing meals, helping with chores etc.). As a general rule of thumb, parents should make sure that their children have enough spending power for events such as birthdays and holidays — and if you have multiple kids who are receiving allowances from you at once (for instance), then make sure that each child has enough money set aside for him or herself. The rest can go toward saving up for larger purchases like cars down payments!

So what criteria should be used to determine if your child is mature enough to be given an allowance?

So what criteria should be used to determine if your child is mature enough to be given an allowance?

  • The first thing you must do is decide on the age at which your child will receive his or her first allowance. While there’s no magic number here, it should probably fall between the ages of 8 and 10.
  • Next, you must consider how well your child understands the concept of money. Does he/she understand that money comes from working for someone else in exchange for goods or services? Does he/she understand that earning an income takes work and sacrifice? If not, then it’s not yet time for them to receive an allowance as they won’t have any idea of what spending it would mean either way!

How can you teach your kids about money through an allowance?

One of the downsides of giving your kids an allowance is that they’re often only handed the money when they need something. If you want to teach them about spending and saving, you can give them a small amount of cash, let them decide how they want to spend it, and then see what happens. Some parents prefer giving their child a set amount at certain times during the week or month (like a weekly allowance). This way, parents don’t have to worry about remembering when their child needs money for something specific; if there’s no emergency situation going on in their lives at the time, then there won’t be any need for an extra handout.

This method also allows parents to teach kids about saving and investing—and even how credit cards work! It’s important for children understand these concepts early on so that when they get older (and hopefully more financially responsible), they’ll know what their options are when it comes time make financial decisions on their own.

Finally: teaching our kids about college savings through an allowance may seem like a daunting task but with some guidance from us adults we can open up new avenues where both parties benefit!

What about chores? How does that relate to allowance?

Chores are an important part of growing up. They teach responsibility, they teach kids about the value of work, and they teach kids how to use money wisely. Chores also help them learn how valuable time is — if you think back to when you were a kid, didn’t you have some chores that took time? Your parents had a certain number of hours per day that they worked (regardless of whether or not it was for pay), and so did your siblings. The same goes for your friends: Their parents probably had set hours at their jobs too! Everyone has responsibilities; everyone has expectations; everyone has things that need doing in order to keep living comfortably as well as possible. And all these things tie into earning an allowance because…

What role does money play in making kids more spoiled? Does money spoil kids?

Money is a powerful tool that can be used for good or bad. As a parent, it’s important to be aware of how you’re interacting with your children and their money.

Money can teach kids about earning, saving and spending. It can also teach them about work and effort—that it takes time and hard work to earn money that you can spend on things like school supplies or fun activities with friends or family members. A job isn’t always fun but sometimes we have to do things we don’t like in order to get what we want — in this case, money!

A little bit goes a long way when it comes to teaching kids these lessons through allowance as well: if they save up enough allowance before asking for something expensive instead of just buying what they want right away without thinking twice about it, then I think that’s great! But if they don’t save up first because there aren’t any consequences (such as “no allowance” if not), then there isn’t much incentive for them not  to buy whatever they want whenever they want regardless of whether or not they really need/want those items at all times throughout life… which could lead down an extremely slippery slope when I look back at my own childhood experiences growing up during The Great Recession (2008-2009).

So is it a good idea to tie their allowance in some way to their chores then?

So is it a good idea to tie their allowance in some way to their chores then?

The answer lies in whether or not you can be trusted to do the right thing and follow through on the reward/punishment so that it really becomes a teaching tool. If you’re not sure, there are other ways they can learn responsibility without losing money. They could do volunteer work at school, or chores around the house like cleaning up after themselves when they’re done with homework. This will teach them valuable work habits while giving them an opportunity to earn extra cash along with it!

Acknowledge your child’s efforts with a reward, but don’t give them something more than what they’ve earned.

Giving your child an allowance is a great way to teach them how to work hard, be disciplined and save their money. But don’t give your child more than he or she has earned. Acknowledging your child’s efforts with a reward, but not more than what he or she has earned, teaches the value of hard work and persistence.

It’s important for parents to remember that rewarding effort will help your child learn how to work hard, regardless of outcome. For example, if you are playing basketball with your son and he scores five baskets in a row – even though his shots were falling short – it would be unfair for you to say: “Okay! You deserve $10!” He didn’t do anything extra except make a few shots in succession so there was no reason why you should have rewarded him monetarily; giving him extra money would only serve as an incentive for him not try harder in future games because he knows there will be an automatic payoff at the end of each game no matter what happens out on court.

Conclusion

With all the ways to earn money, and so many temptations for kids to spend it on junk, it’s hard to know where to start. But if you just set up a simple system from the beginning and stick with it, then you’ll be able to teach your children good habits while they learn how much of a difference money can make in their lives.

Buy Vs Rent In Canada

Renting or buying a house? It’s a crucial decision that can feel like a big one. If you’re trying to decide, here are some things to consider:

In Canada, renting a home or buying a home is an essential part of life. But, what’s the right choice for you?

If you want to rent:

  • You can rent for shorter periods of time. Renting gives you flexibility to move around and try out different neighborhoods and living situations. If your job situation changes or if you just feel like moving, it’s easy to give notice on your lease and find another place to live in no time at all.*

Pros of Renting

You don’t have to worry about repairs.

You can move when you want, and where you want. No more being stuck in an apartment because your landlord doesn’t want to do the work or is pushing for a sale.

Your rent payments are predictable, as long as you live within your means and don’t overspend on other things that might impact your ability to pay rent on time every month. You’ll never have unexpected expenses like a leaky roof or broken furnace that would force you into taking out a loan against your home—or worse yet, losing it altogether!

If circumstances change in your life and make renting less desirable than buying (like having kids), then there’s nothing stopping you from moving out of an apartment complex and into a house or condo somewhere else within minutes (depending on whether pets need vet care).

Cons of Renting

Renting has many advantages, but you may be wondering if the cons of renting are worth it. If you’ve been thinking about buying a home instead of renting, there are some factors to consider before making this decision.

Pros of Renting:

  • You don’t have to pay for repairs or maintenance. If your toilet breaks or the roof is leaking, your landlord will deal with it for you as part of your monthly rent payment.
  • You’re not responsible for landscaping costs or snow removal; these are all covered by the landlord as well!

Cons of Renting:

  • There’s no guarantee that you’ll like where you end up living (unless it’s a condo). Since most landlords own multiple properties in various locations across Canada – they aren’t concerned with what kind of decorating style suits their tenant best – just how much money they can make off them every month! So if a new house down the street catches everyone’s eye but yours doesn’t match its aesthetics? Tough luck! Unless there isn’t anything else available nearby…then maybe just maybe…but probably not…

Pros of Mortgage

  • Mortgage is a loan
  • Mortgage is an investment
  • Mortgage is a long term commitment
  • Mortgage is a good way to build equity
  • Mortgage is a good way to build your credit score

Cons Of Mortgage

  • Mortgage is a long-term commitment.
  • You need to be financially stable and comfortable with taking on the responsibility of paying off your mortgage for the next 20 years or so.
  • You must have good credit score and be able to provide a down payment of at least 10%.

Which is the Best option?

While it’s true that renting is cheaper than buying a home, there are other factors to consider when deciding whether or not to rent or buy a home. These include your financial situation, lifestyle preferences, and long-term goals.

If you’re single and have no plans for starting a family in the next few years then renting may be your best option since it’s usually cheaper than buying a home. Plus, if you spend most of your time at work then having the flexibility to move around as needed would make renting more appealing over owning a property where you’d be stuck with one place for many years (or even decades).

However, if you want to raise children with access to great schools in their area without paying private school tuition prices then buying would likely be better since there are so many different types of properties available at different price points depending on how much house space/land size they offer compared against what type of amenities exist nearby such as shops/restaurants within walking distance along with parks nearby too which provide free activities all year round including skating rinks during winter months too!

You can motivate yourself without being mean to yourself.

It’s time to start thinking about moving out of your parents’ house, or maybe you already have and now you’re looking for ways to save money. One big way to do that is by renting a place instead of buying a home. The idea has been around for decades but recently it’s become more popular as people realize they can motivate themselves without being mean to themselves.

Renting vs mortgage in Canada is a choice every Canadian needs to make when they want to move out on their own or when they want an extra room in the house (or two).

Conclusion

At the end of the day, it’s your money, so you can decide what works for you. But if you’re still not sure about buying or renting a home in Canada, consider these pros and cons. Weighing both options will help you make an informed decision about what’s best for your future!

CCDR is the Right Debt Help Agent

#1: Choose someone who is knowledgeable and experienced. If you have debt, you’re probably already familiar with the industry. You may have heard of companies that offer debt relief services, but you don’t know which ones to trust. Look for a company that has been in business for several years, has a good reputation, and can provide references from satisfied customers. You want to be confident that the person who is helping you will know what he or she is doing when it comes to your personal situation.

#2: Choose someone who is trustworthy. It’s important to find an organization that encourages good communication between clients, including regular updates on progress toward achieving financial freedom through consumer proposals or other solutions offered by the agency..

#3: Choose someone who is affordable. You want to find a debt relief organization that offers reasonable rates and fees, as well as flexibility in payment plans. Keep in mind that most reputable companies also offer free consultations so you can learn more about their services and whether they are right for your needs before entering into a business relationship with them.

#4: Choose someone who is responsive. You need to be confident that your debt help organization will respond quickly and thoroughly to any requests from you or other clients. If they don’t, then it might not be worth using their services at all.

#5: Choose someone who is available. Find out when the company’s employees usually work during regular business hours so that if something comes up that needs immediate attention, you can call them without having to wait for a response.

#6: Choose someone who is professional. Look for a company with a good reputation among previous clients and in the industry as well. You should be confident that your debt help organization will act professionally and ethically when dealing with creditors, banks or other financial institutions on your behalf.

#7: Choose someone who is friendly. Find an agency that provides excellent customer service from start to finish.

How much money do you need to retire in Canada

Retirement is something that few people think about in their 20s and 30s and a large segment of the population around 50 isn’t really sure what they need to do to fund their retirement years. While there are many variables that come into play, one way is to figure out approximately how much money you will need in retirement. A good rule of thumb is this: in today’s dollars, you will need a minimum $1 million dollars to comfortably retire in Canada. To get to $1 million at retirement, assuming you make $50,000 per year, you should try to save at least 15% per year (if you start in your early 20s); if you start later, say in your 30s, try saving closer to 20%. If it’s still early enough for you (say under 40), then saving closer to 25-30% per year would be better!

Retirement is something that few people think about in their 20s and 30s and a large segment of the population around 50 isn’t really sure what they need to do to fund their retirement years.

It’s important to remember that retirement is a long way off for most people. At this point in your life, you’re probably thinking about getting through the next day, let alone planning for retirement. But if it’s not on your radar yet, it will be soon. You’ll find yourself thinking about saving money with every paycheck or maybe even setting up an automatic transfer from your checking account into a savings account when each paycheck hits.

The earlier you start saving money for your future self (retirement), the more time it has to grow and compound into something significant by the time you retire. If you wait until later in life to start saving for retirement without any previous contributions, then expect to have less money at that time—which means fewer options available to help fund those years when they come around! So while there aren’t any hard deadlines or cutoff dates where once passed there’s no going back (unless we’re talking about investing in crypto-currencies here), there are definitely advantages if done sooner rather than later.

While there are many variables that come into play, one way is to figure out approximately how much money you will need in retirement.

While there are many variables that come into play, one way is to figure out approximately how much money you will need in retirement.

In order to determine this, you will need to know what your living expenses will be once you stop working full-time. This includes housing costs and utility bills as well as any medical expenses that may arise. You should also consider transportation costs if you plan on continuing with a car payment or other regular expenses such as insurance premiums or memberships for sports clubs or gyms (if applicable).

Once you have an idea of how much money is necessary for each month in retirement, multiply it by the number of months per year (12) and then divide by 12 again to get an annual amount needed per month:

A good rule of thumb is this: in today’s dollars, you will need a minimum $1 million dollars to comfortably retire in Canada.

The rule of thumb is to save 15-20% of your income. The more you can save, the less likely you will need to worry about how much money do I need for retirement in Canada. If you are saving this amount every month, even if it’s small, then it adds up over time. You should also think about investing that money in ways that will grow and eventually make enough interest so that you can live off of the investment alone.

If we follow those steps and invest properly, then a good rule of thumb is this: in today’s dollars, you will need a minimum $1 million dollars to comfortably retire in Canada (and maybe even more depending on where).

To get to $1 million at retirement, assuming you make $50,000 per year, you should try to save at least 15% per year (if you start in your early 20s); if you start later, say in your 30s, try saving closer to 20%.

To get to $1 million at retirement, assuming you make $50,000 per year, you should try to save at least 15% per year (if you start in your early 20s); if you start later, say in your 30s, try saving closer to 20%.

For example: If a person is saving 15% of their income for the next 40 years and earns a 5% annual return on their investments (after fees), they’ll be able easily reach their goal. If that same person were only earning 2% instead of 5%, they would have to save as much as 22%.

Now let’s say that after 50 years of work and saving up an average of just over $1 million dollars (which is not unreasonable given how high house prices can be), we want our money invested so that it will grow over time while providing some income each month.

If you are entering your 40s with just a few thousand in savings, don’t worry too much – it’s better late than never! You can still save 15-20% of your paycheque each year and after 10 years, it will add up very nicely!

If you are entering your 40s with just a few thousand in savings, don’t worry too much – it’s better late than never! You can still save 15-20% of your paycheque each year and after 10 years, it will add up very nicely!

In fact, if you have been making steady contributions to your RRSP over the past 10 years (and have not withdrawn any money), then I would bet that you have more than enough assets to retire tomorrow. Let’s say that at age 45, your assets total $200k in stocks and bonds. Assuming an annual return of 5%, this would grow to $638k by age 55. If we assume that all these funds are invested conservatively (as opposed to taking on more risk) then at age 55 this portfolio could generate income of 8% per year ($52k). This means that even though our hypothetical investor has saved only $200k over the past decade (and did not take any withdrawals from their RRSPs), they could now retire comfortably at 55 without ever having contributed another cent!

Conclusion

After looking at the numbers and how much money you need for retirement, it is clear that if you want to retire comfortably, then you need to start planning early in life. A good rule of thumb is this: in today’s dollars, you will need a minimum $1 million dollars to comfortably retire in Canada. To get there at retirement age (average 65 years old), assuming your income doubles each year due to inflation, then it will take 10 years to save up enough money if you start saving 15% per year; if starting later than 30 years old then 20% per year would be necessary. If entering into your 40s with just a few thousand dollars saved up – don’t worry too much! You can still save 15-20% of your paycheque each year and after 10 years it adds up very nicely!