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!

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.

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!

Used Items For Sale

There are many reasons why you might be considering buying new items instead of used ones. Maybe you’re worried about how well the product will hold up over time, or maybe you’re afraid that it’ll break down before your warranty expires. But we’re here to tell you that buying used is often a better choice than buying new. There are some things that should always be bought new (like mattresses) but there’s also plenty of stuff that can last just as long if not longer when purchased secondhand. Here are some examples:

Used appliances.

When you’re in the market for a new appliance, you might be surprised at how expensive they are. You may even be tempted to buy one used, but how do you know if it will work?

Are you willing to risk purchasing an appliance that isn’t up to par or doesn’t function properly? If so, then go ahead and purchase used appliances—but don’t say I didn’t warn you!

Buying used appliances is risky business because most people don’t want their new appliances breaking down after only a few uses. If this happens, then what will happen? The repair costs can be high and time consuming (especially if the part has to be ordered). Plus who wants all that stress when trying something new out for the first time? Not me!

Used building supplies.

When it comes to building supplies, it’s important to note that you’ll often pay by the pound. That means that used building materials are often cheaper than new ones!

Here are some places where you can find used building supplies:

  • garage sales
  • thrift stores (like Goodwill)
  • online

Used clothing.

When you’re looking for used clothing, there are a number of places to check. Thrift stores and consignment shops are two common options. You can also shop online or at garage sales—though it’s a good idea to make sure the seller is trustworthy before agreeing to buy something from them.

While shopping for used clothes may seem like a daunting task at first, it’s actually quite easy once you know how to go about it. By knowing where and how to look for clothes on sale, you’ll be able to find exactly what you need—with no worries about breaking the bank!

Used audio-video equipment.

  • If you’re looking for a new audio-video equipment, consider buying used. It’s a great way to save money and often comes with warranties that don’t have any extra costs. When shopping around for used audio-video equipment, try to find the best deal you can find. Try not to buy something that is too expensive because it might not be worth it later on when you decide to sell or trade it in later on down the line.
  • Look into getting warranties on items like laptops and tablets as well as televisions before purchasing anything new; these types of warranties usually cost more than normal ones but they give you peace of mind knowing that if anything goes wrong with an item within its lifetime period then there’s someone who will repair or replace it for free (or partially free).
  • Make sure whatever type of warranty coverage receives does so by keeping track of all documents from when purchased new from store(s) where purchased such as receipts etcetera so we can process claim requests quickly without delay once submitted within 30 days after purchase date which must include original sales receipt showing proof purchase date bought at store(s) location where purchased along with photo ID card issued by government agency such

Used books and magazines.

Finding used books and magazines can be a great way to save money. You can find used books from thrift stores, yard sales, and online. If you are looking for an inexpensive option for books for your child’s school projects, consider buying secondhand if possible. It might be fun to check out your local library too as they often have shelves full of books that were donated by the community or are being resold before they go into storage.

In addition to saving money when purchasing used items, it can also be beneficial environmentally because fewer materials were used in production and transportation costs will be lower as well. If you don’t want to keep the book after reading it then donating them to someone who might enjoy reading them is another great way of recycling titles that no longer have any usefulness in your household!

Used children’s items.

Buying used kids’ items is a great way to save money. You can find everything from toys to food and furniture.

  • Used toys: When shopping for used children’s toys, look for items that have not been recalled by the manufacturer or government agencies. Check the date on each toy, as well as its packaging, labels and instructions. If you’re in doubt about what condition is safe for your child to play with, don’t buy it! Also consider how much fun your child will get out of the item—if he or she has already outgrown it and won’t be able to play with it much longer anyway (such as a first walker), then buying new might be more practical than buying secondhand since they won’t get as much use out of it over time before being replaced by something newer.
  • Used baby clothes: Buying used baby clothes can save you tons of money! Be sure to check all seams carefully before purchasing any garments made from delicate fabrics such as silk or wool since these tend not hold up well when washed repeatedly over time due their fragility while synthetic materials like polyester will retain their shape better under repeated washing conditions over time which means that your purchase could last longer than expected so long as no rips occur during washing cycles which would cause them fall apart faster than usual.*Used Baby Gear: Buying secondhand gear for babies may seem risky at first glance but remember that many parents sell their gear after using just one child so if anything goes wrong there’s always someone else who can fix whatever needs fixing without having spend hundreds upon hundreds dollars on something brand new

Used furniture.

Buying used furniture is a great way to save money. You can find used furniture on craigslist, kijiji and other online sites. You can also find it at thrift stores, yard sales and other local places. When buying used furniture, make sure that it is in good condition and that you know what you’re getting into.

Used home décor.

Home décor is often an area where people have a hard time saving money. There are just so many things to buy: bedding, curtains, rugs, artwork and more! That’s why it can be a good idea to shop secondhand when looking for home décor.

If you’re trying to save money on decorating your house or apartment without looking cheap, thrift stores and garage sales are great places to look for used items that can be repurposed into something beautiful. If you’re buying online instead of in person (or even if it’s a garage sale), make sure that the item is in good condition before buying—you don’t want anything falling apart after only one use!

Another great thing about shopping at secondhand stores is that it will help you find pieces that are unique or have a story behind them—something that can make your home feel more like yours instead of mass-produced furniture from Walmart. If there’s anything else about the piece that appeals to you besides its appearance (such as its size), then go ahead and get it! It’ll fit perfectly into whatever style room space exists in your home right now — because who doesn’t love saving money while making their house look better?

Used music and movies, CDs and DVDs.

Used music and movies, CDs and DVDs are available at many different places. Online sites are a great place to find used music and movies, CDs and DVDs. The prices on these items are often cheaper than you’d expect, but they can sometimes be more expensive than new ones.

Used outdoor gear, including camping, fishing and hunting equipment, bicycles and boats.

  • The used outdoor gear market is huge, and you can find used items at garage sales, thrift stores, and online.
  • A lot of people are selling their old gear so there’s a lot to choose from.
  • Used outdoor gear usually costs less than new outdoor gear because it doesn’t have to be manufactured or marketed yet.

Used sporting goods and exercise gear (the newer the better).

  • Used sporting goods and exercise gear are a great way to save money.
  • Used sporting goods and exercise gear are often in great shape.
  • You can find used sporting goods and exercise gear at yard sales, flea markets, or online sites like Craigslist and eBay.

Conclusion

Hopefully, this article has opened your eyes to the many different ways you can save money by buying used items. If you’re interested in trying out some of our tips, we encourage you to do so! You might be surprised at how easy it is to find great deals on things like appliances, building supplies or even furniture at thrift stores or garage sales. And if you need help cleaning them up before use? Well then maybe consider hiring someone else for some extra cash—like yourself!

The Debt Snowball

The debt snowball method is a simple way to pay off your debts. Instead of tackling them all at once, you focus on paying off the smallest debt first. Then, when that’s paid off, you move to the next-smallest debt and so on until all your debts are gone. It’s an easy way to revitalize your finances because it gives you a sense of accomplishment right away—you’ll see progress right away rather than staring at a $10,000 balance on your credit card statement feeling hopeless and overwhelmed.

Debt Snowball

The Debt Snowball method is a proven way to eliminate debt. The principle behind this approach is simple: the faster you pay off your debts, the less you will owe overall. By focusing on paying off your smallest debt first and then moving onto the next one, you can quickly start seeing results.

The Debt Snowball method also works because it allows you to build momentum as you progress through your goals. Once you’ve paid off your first (or second) loan, it becomes easier to imagine that other loans will be eliminated in due time as well—and this makes it easier for us humans to maintain our motivation and keep going!

The method works because it saves you from wasting time on the highest interest rate loan, allowing you to pay more towards it every month and get out from under its burden sooner. The logic behind this method is pretty simple: if your goal is to pay off all of your debts in order of smallest balances first, then sit back and enjoy life as a debt-free individual!

Eliminate debt

The first step to getting out of debt is to list all your debts in order of size. If you have a credit card balance, a student loan balance and a car loan, start by making minimum payments on all three accounts except for the smallest one. Once this account is paid off (or almost paid off), put all the money that was going toward that account toward your next smallest debt, until you’ve eliminated all but your final one.

At this point, it’s time to focus on one remaining debt at a time while making bigger payments than just the minimums. Your goal should be to pay each debt down as quickly as possible—and then start over again!

Pay off Debt

Once you have your debt snowball ready, it’s time to start paying off your debt.

There are a few different ways to pay off debt (like the debt avalanche and debt snowball), but we recommend using the debt snowball method. It’s also called the “snowball effect” because it starts with small debts that are easier to pay off and builds momentum by adding larger debts into the mix. With this approach, you’ll eliminate all of your debts sooner than if you just paid off one at a time in any order or didn’t use any strategies at all!

Here are some tips on how to pay off your debts faster:

Debt Plan

  • Set up a debt payment plan.
  • Set up a budget, including all of your expenses and income.
  • Make a plan to increase your income, if possible – for example, by getting a second job or starting a side hustle (or both).
  • Make a plan to decrease your expenses, if possible – for example, by canceling subscriptions that aren’t providing enough value in exchange for the cost or shopping around for lower-priced options (like cable television).
  • Make a plan to increase savings by setting aside some money every month in an emergency fund or retirement account so you don’t have to take out additional debt later on when there might not be any other options available (for example: when you have no more credit left).

The debt snowball method will help you eliminate your debt faster.

The debt snowball method is a debt elimination method. It’s a debt reduction plan and a debt management strategy, too.

If you use the snowball approach to eliminating the debts on your list, you’ll get to see progress much faster than if you were trying to pay off all of them at once. You’ll be able to check something off your list with each payment made towards one of your debts, which will help keep motivation high and lead to more success in paying off all of your outstanding bills.

Conclusion

If you’re planning to pay off debt, the Debt Snowball method could very well be your best option. The debt snowball method is a tried and true way to get out of debt quickly. We’ve learned throughout this article that there are many different ways in which people approach their finances, but one thing that’s always going to remain constant is that everyone has money problems at some point in time or another. Using Dave Ramsey’s Debt Snowball Method will help you eliminate your debts faster than ever before because this strategy focuses on paying off what seems like smaller amounts at first but eventually becomes larger payments towards your debt balance as time goes on

Steps to get out of debt in Canada

Getting out of debt can feel like an impossible task. But it’s not. With the right information, guidance, and support, you can get out of debt faster than you think. The trick is knowing where to start. You might be surprised to learn that debt isn’t always bad—in fact, it can be helpful when used correctly. You just need to make sure that your debts are manageable and affordable so they don’t keep piling up on top of each other like a house of cards ready to collapse at any moment (which happens more often than you’d think). In this guide we’ll walk through what getting into debt looks like and how you can use these tips to get back on track with your finances!

When you’re in debt, it can feel like you’re never going to get out.

When you’re in debt, it can feel like you’re never going to get out. You might have the same thought I did: “I’ll never be able to pay off all this debt. I will always have debt.” The stress of living like this is intense, and as a result, so is the sense of being trapped—a feeling that’s only exacerbated by financial challenges such as low or unstable income and unemployment.

If your debt is causing stress and negatively affecting your life in other ways (for example, by limiting what you can do), then something has to change. Here are some ways to help:

  • Get back on track with budgeting
  • Start saving for the future

Your debt-to-income ratio will tell you how much of your income goes toward paying off your debts.

Your debt-to-income ratio is a way to measure your financial health. It’s the percentage of your income that goes toward paying off all of your debts. The debt-to-income ratio is calculated by dividing a list of outstanding debts by total household income. For example, if you have $20,000 in credit card debt—and annual household income is $50,000—your debt-to-income ratio would be 40 percent (20 / 50).

The higher the number on this scale, the more at risk you are for experiencing financial trouble down the road. If your ratio is too high (e.g., above 40 percent), it may mean that you can’t afford to take on any new loans or repay existing ones without getting deeper into trouble with debt collectors and creditors who want their money back immediately!

Understand the way that debt works and how it fits into your life.

The first step toward getting yourself out of debt is to understand how debt works in your life. Debt isn’t a bad thing, and it doesn’t always have to be bad for you. It can actually be a great tool for optimizing your finances and helping you achieve the things that are important to you. For example, if buying a house is something you want in the next few years, taking on some mortgage debt could be an excellent way to get there faster—assuming that the value of what’s being purchased outweighs the cost of borrowing money at interest rates higher than those available through other investments.

However, there are times when taking on too much debt isn’t wise at all; this usually happens when people don’t understand or respect their own limitations with regard to paying off loans over time (e.g., credit card balances). If this sounds like something that describes your own situation right now then please keep reading!

Know what happens if you don’t pay your bills on time.

You may think that if you skip a payment or two, it won’t matter. But if you don’t pay your bills on time, there are consequences. You could lose your credit score and find it hard to get loans in the future. Your creditor can also sue you for payment and send the case to collections if they decide not to pursue legal action themselves. These actions can make it difficult for you to get approved for new credit cards or loans in the future because they’ll lower your credit score even further.

There are many options for paying off debt and saving money, but not all of them work for everyone.

There are many options for paying off debt and saving money, but not all of them work for everyone. You can pay off debt in a variety of ways, including:

  • paying off your credit card with another credit card
  • using a cash back rewards credit card to save money on everyday purchases like groceries
  • taking out a personal loan or line of credit to pay down your debt faster (but this can be risky if you’re carrying too much debt)

If you need help deciding how you want to pay your debts, consider getting advice from an expert at CCDR.

If you’re struggling with debt, try these tips.

If you’re in trouble with your debt load, try these tips:

  • Pay off the debt with the lowest balance first and roll that payment toward the next largest the following month.
  • Make a budget and stick to it. If you don’t know where your money is going, you might be surprised by how much of it is going toward unnecessary spending—like those daily coffee runs or weekly happy hour outings that seem harmless but really add up over time.

With enough knowledge and support, getting out of debt can be less scary than it seems at first.

If you’re feeling overwhelmed by the idea of getting out of debt, don’t worry. With enough knowledge and support, getting out of debt can be less scary than it seems at first.

  • You can do it yourself: If you have a basic understanding of how to manage money and create a budget, then self-management might be an option for your situation.
  • You can get help from a professional at CCDR: A professional can help set up an action plan and provide guidance along the way as well as assist with difficult decisions or unexpected challenges along the way. While this type of assistance is often more expensive than self-help options, having someone else involved who understands what needs to happen may feel more reassuring during times when things seem overwhelming (and they will!).

Getting out of debt is a tough process, but it’s also a rewarding one. If you’ve managed to get this far and read this article about the best ways to save money and pay off debt, then you’re already taking steps toward your financial goals. The next step is simple: follow our advice! Keep in mind that there are many different approaches to spending less and saving more—whether it’s cutting down on eating out or finding creative ways around paying bills late. No matter what method works best for you personally, keep working towards those goals until they become habits instead of just resolutions by using our tips above as guidance along the way!

Staying out of debt in Canada can be difficult. The credit card companies and other lenders have made it all too easy to get into the red. You may think that it is impossible to get ahead while avoiding debt traps, but there are ways to do so.

Get a copy of your credit report and make sure it is accurate.

  • Get a copy of your credit report. Click Here
  • Check for errors and make sure the information is correct. If it’s not, contact the credit reporting agency to get it fixed.

Keep track of your spending.

  • Keep track of your spending.
  • Know what you’re spending and where you are spending it.
  • Use a spreadsheet or budgeting software to keep track of all your expenses, especially those that are recurring (such as rent).
  • Place receipts in a folder for easy reference later on if the need arises, such as an audit or tax season.

Set up a budget and stick to it

The first step to staying out of debt is to set up a budget. A budget is a plan for your money, which will help you keep track of where it’s going and get an idea of how much money you have left over at the end of the month. You can use online tools like Mint.com or Quicken.com to create your own personal budgets, or download them from the Internet for free in Excel format.

Once you’ve created a budget and added all your expenses into it, stick to it! Instead of buying things on impulse, put aside some cash each week so that when payday comes around again (after all bills are paid), there’ll be enough left over for some fun stuff without having to borrow or charge more than planned for until next pay cheque rolls around again.”

Pay down your debts. It will build your credit rating and relieve stress.

The most important thing to do when you’re in debt is to get out of it as quickly as possible. You can do this by paying off the smallest debt first and then working on the next one. If you have multiple debts, try to pay more than the minimum payment each month so that your debts are paid off faster and you have less interest charged on them.

If your credit score is an issue for getting a mortgage or home equity line of credit, it might be worth paying off some of your smaller debts before making any large purchases like a car or house. This will not only improve your credit rating but also save money in interest charges over time. However, don’t use credit cards to pay off other credit cards because this will just lead to more debt!

Consolidate all your debt into one loan with a lower interest rate, if possible.

Consolidate all your debt into one loan with a lower interest rate, if possible.

This is the best way to get out of debt quickly and easily. Consolidating your debts means taking all of your different debts, like credit card bills and car loans, and combining them into one new loan. You’ll have one monthly payment instead of several smaller ones that are spread out over time, making it easier to budget each month. If you can consolidate all the debts into a lower-interest rate loan (usually from three percent to six percent), then this is what you should do first before doing anything else.

To find out whether or not consolidating will save you money on interest payments, go online and run some numbers for yourself using an online calculator like this one: Loan Calculator

If you have bad credit, consider a secured credit card to help rebuild your credit rating.

A secured credit card can help you rebuild your credit rating if you have bad or no credit history. You will apply for a secured card and make a deposit, which becomes your credit limit. The amount you deposit determines your interest rate and whether or not you will be approved for the card. If approved, payments are deposited directly into an account that is held by the bank until it’s paid off in full, so there are no surprises with interest or fees at renewal time.

Pros: A secure card can help establish a track record of paying bills on time and show lenders that they should consider offering regular unsecured loans in future when they see how capable YOU are at managing money responsibly.

Cons: Secured cards have higher than average interest rates compared to unsecured ones due to their riskier nature; however this may be justified if using them allows consumers access to more affordable loans down the road (especially those with low incomes). Get a Secured Credit Card

Applying for new credit cards may lower your rating, so stick with what you have.

Applying for new credit cards can lower your credit rating, so it’s best not to apply for one if you already have a lot of debt. If you do decide to apply, make sure that you are able to pay off whatever balance is on the card before the interest kicks in.

You should also keep in mind that while they can be useful tools, they can also be dangerous if misused. If you have no reason at all (like paying off medical bills or tuition), then it would probably be best not to get one right now. The same thing goes with borrowing money through a payday loan company : if there’s no need for such an expense then don’t take out a loan!

Get help from an accredited debt help agency like Canadian Customer Debt Relief. Their counsellors are trained to help you find the best solution for you, no matter where you live in Canada.

CCDR can help:

  • Understand your current financial situation
  • Figure out how much money is coming in and going out each month
  • Understand which debts are causing problems for you (credit cards? student loans? car payments?)
  • Create a plan that lets you pay off all or some of your debts over time

Conclusion

Debt can be a burden that holds you back from the life you want. It can also lead to stress and anxiety. The good news is that there are steps you can take to get out of debt and start saving money for the things you really want.

Introduction

When you get a credit card, you will be given the option of paying the minimum payment or a higher amount. You may not realize that if you pay just 2 percent of the balance owed each month, it could cost you hundreds or thousands of dollars more in interest than if you paid more than just the minimum amount. In this article, we’ll explain why paying more than just your minimum payment is better for your wallet and how to do it effectively so that you can save money!

Your minimum payment does not always have to be 2% of your balance.

The minimum payment is the amount you must pay on your credit card if you want to be considered in good standing with the company. It is not always the best way to pay off your debt, and it does not reduce your principle balance.

If you want to pay off your debt faster and save money in interest charges, consider paying more than this amount. For example, if you have a $2000 balance on a credit card with an 18% interest rate and you make only the minimum payment each month ($100), it would take over 2 years to get out of debt! If instead you paid $1000 per month (equivalent to 24% of the balance), then it would only take about 2 months.

You pay more interest if you just pay the minimum each month.

You pay more interest if you just pay the minimum each month.

When it comes to paying off your credit card balance, it’s tempting to just pay the minimum amount due each month, but that’s not a good idea. Why? Because minimum payments are calculated based on your interest rate—the higher your rate is, the higher your minimum payment will be. And since most credit cards have variable rates (meaning they’re tied to an index or a prime rate), those rates tend to go up when inflation rises and fall when deflation takes hold of an economy. Plus, if you don’t make any regular payments against this debt over time—which is like running up new charges on top of old ones—you’ll end up paying even more in interest than originally planned because the longer this debt remains outstanding, the more money it costs you in total cost of ownership expenses like finance charges and other fees charged by financial institutions like banks and credit unions (like transaction fees).

Minimum payments do not reduce your principle balance.

We know that it can be tempting to just pay the minimum payment on your credit card each month, but doing so will not reduce your principle balance. The minimum payment is the minimum amount you have to pay each month as a percentage of your balance. This means it will never go down because most companies calculate their minimum payments as a percentage of interest owed, not principal balance.

Minimum payments extend the term of your debt.

The problem with minimum payments is that they only cover the interest, not the principal. This means you’re only paying interest on your credit card balance and not actually reducing it. In other words, you won’t be freeing yourself from debt any time soon. You’ll just be paying more in total than if you had paid more when monthly payments were due (which is why we recommend always paying at least double your minimum).

Balance transfers are not a good option for long term debt management.

When you consider a balance transfer, think about the following:

  • Balance transfers don’t reduce your principle balance. They do, however, lower your interest rate and monthly payments.
  • Balance transfers are not a good option for long term debt management. The debt will still be there after the introductory period has passed, and many consumers find that they have just created another problem to solve when their introductory period ends.
  • Debt consolidation is one of the most popular reasons people choose to use balance transfers on their credit cards in Canada

You can save hundreds to thousands of dollars by paying more than the minimum on your credit cards

If you’re a credit card user, there’s a chance that you have taken advantage of this interest-free period and are paying only the minimum monthly payment. But if you’re like most Canadians, there’s also a good chance that your credit card balance has remained constant since signing on for the card or getting approved for a line of credit.

If you’re currently doing nothing about your debt, consider these statistics:

  • The average 2 person household has $41,500 in debt on their credit cards and lines of credit.
  • The average Canadian household carries an average debt load equal to 1/3rd of their annual income (not including mortgages).
  • The average Canadian owes $300,000+ on their mortgage alone!

Conclusion

The bottom line is that you should always try to pay more than the minimum amount on your credit cards. You will save money and reduce the length of time that it takes to pay off your debts. If you can’t afford to pay more than 2% of your balance, then don’t do it! Instead consider using another strategy for paying off debts such as contacting a counselor at CCDR and get a free consultation.