Recently I was led to pondering one of the main objectives of the Bankruptcy and Insolvency Act. And that is providing a fresh start to the honest, but unfortunate, debtor. I found myself asking (myself), “Who is the honest, but unfortunate debtor?”
I know we live in a world of credit, but sometimes I feel like I am on a seedy corner, with a drug pusher who is saying all of the right things to get me to make the “purchase”. I resist because I see the perils everyday, because I know how much credit I now have and how much I am unwilling to let myself be lured into that false sense of security that comes with credit.
There’s an epidemic in today’s society. We are borrowing on our lives. And payment day is coming earlier and earlier. Is it sad, that at age 40-something :), I look forward to retirement. That in the same breath I fear it, simply because I have little (translated into none) savings at this point because every day, every week, every month, the cash flow that I do have pays for our basic living needs and ensuring that our kids get to have some opportunities in their lives?
What does a passionate business owner, a devoted home owner and a drug addict have in common?
I will admit, this is the start of a very bad attempt at a joke, and the punch line is, well, anything but punchy. The answer is, they are unwilling to let go of an addiction for their higher good. What brings this up you ask? Or maybe you didn’t, but I bet you are wondering, “what in the world is this girl talking about?”…
I have to say that one of the most recent trends I am seeing concerns me greatly. Renting Furniture and Appliances! At first I thought I was misunderstanding. “So, if you don’t pay it, you lose the furniture and all of your money, correct?” I asked. The very distraught couple across from me, who according to their budget cannot afford the $300 per month they are paying for their furniture, nodded with sadness.
“But I had to use my credit because…” (you can likely finish that sentence) … . “I needed food, I needed to pay the rent, I needed to fix my car, etc. etc. I’ve...
I had coffee with a colleague of mine a few weeks back and we had a lively discussion on the price versus the cost of items. I loved the concept so much I asked her to send me her a guest blog on the subject. I like the different perspective this gives us on purchases we make as we tend to focus on the obvious “price” but not necessarily the “cost” to us and the “benefit” received.
Want a simple ‘Spending Plan Process’? – Set up three accounts. These can be three bank accounts or can consist of a cash account or two, depending on what works for you. One account for your regular monthly expenses, one for savings and one for your day-to-day spending needs.
I remember listening to the radio one morning and BJ and Bobby Mac (The Q104 Morning Crew) were discussing the purchase of a new fridge. Apparently Bobby Macs ice cube maker wasn’t working. Bobby...
With mortgage rates still hovering at historic lows, chances are you’ve considered breaking your current mortgage and renewing now before rates begin to rise.
Perhaps you want to free up cash for such things as renovations, travel or putting towards your children’s education? Or maybe you want to pay down debt or pay your mortgage off faster? In some cases, the penalty can be quite substantial if you aren’t very far into your mortgage term, but we can determine if breaking your mortgage now will benefit you long term.
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