Thursday, March 4th, 2010
When it comes to our personal finances, it’s easy to set goals, and often hard to meet them. Here are nine financial resolutions you might want to consider.
Tags: Financial Planning, Investments, Money Management
Posted in Money Management | No Comments »
Tuesday, October 13th, 2009
For those of you who haven’t lived through an economic downturn as drastic as the one that took place last year, there isn’t a better time than right now to get back on your feet. Articles on personal financial responsibility are cropping up all over the internet, with valuable tips and strategies for building financial fitness.
Garry Marr over at Financial Post: “Thousands of Canadians have suffered a “financial death” during this economic downturn, but come back to rebuild their wealth.” If I could add a postscript to that article, I’d suggest that bankruptcy and consumer proposals should not be considered options. Both are usually discussed in terms of how long they stay on the credit record (Bankruptcy for 7 years, consumer proposal for 3), but what always gets left out of the discussion is how long you will have to answer for them. When you apply for a job or for credit, you may notice that when you’re asked about credit history, the question isn’t “Have you declared bankruptcy in the last 7 years?” The question is “Have you ever declared bankruptcy?”
Bankruptcy is a life sentence, and if there are any possible means for you to avoid it, you should always take it.
“Mr. Miser” Dave McGinn at Globe & Mail discusses how to avoid impulse purchases – as soon as I’ve finished typing this, I’m e-mailing this article to all of the clients in my coaching program. The tip offered by CFP Valerie Chatain-White was right on the money: Leave the purse and credit cards with a trusted colleague at work. Most people would question why anyone else needs to be brought into the process, instead of leaving the cards at home. I think it’s an excellent idea; not only is someone else keeping you accountable, but you’re also bringing a friend or colleague into the process of smart personal planning. You never know if that small measure of trust was all the encouragement a friend needed to get cracking on their own financial plan.
Investopedia’s Douglas Rice offers damage control tips for a busted budget – excellent advice for anyone that’s tried to run a consitent budget, and only ended up sticking to it in fits and starts. Budget is a four letter word to many, but setting one and sticking to it is easier than most people realize. Having at least a $1000 emergency fund (for real emergencies, not for a cell phone bill that was higher than expected) is a great starting point, and using a personal financial tracking program such as Quicken can help scrub out unnecessary spending.
If you aren’t reading these columns, do yourself a favour and subscribe to their e-mail list, or add them to your RSS feed. Having this kind of information in front of your eyes on a daily basis, to reinforce your goals, is a necessity for becoming financially fit.
Posted in Money Management | No Comments »
Tuesday, October 13th, 2009
If you’re a pop culture junkie, (or married to one like I am), you’ve probably heard about Jon Gosselin cleaning house on the joint bank account with his ex-wife Kate. This happens more often than we’d like to think, and you may have questions on how to best set up a joint bank account.
Tags: Banking, joint account, Savings
Posted in Banking, Money Management | No Comments »
RSS Feed 
Copyright 2009 Total Money Fitness
Home | Personal Consultation | Workplace Learning | Learning Centre
Live Events | Retirement | The Corner | About Andray | Contact | Terms of Use | Privacy Policy