A little more than one left to make your RSP contribution for the 2011 tax year!

Why do it you may ask?

• Save for your future
• Reduce the amount of tax paid now Read more »

Isn’t it amazing what effect the date February the 14th has on the prices of certain things? Every year it comes around, right in the middle of the stat holiday drought and it doesn’t matter if it falls on a Tuesday or a Saturday there are a few things you can count on:

• Restaurant reservations are coveted
• The menu has a lot of chocolate on it and the prices for dinner are higher than usual
• The cost of buying flowers for your sweetheart is suddenly double

It all goes back to the basic economic laws of supply and demand. Mostly demand in this case. There is no getting around the fact that the big day is once a year on the 14th of February and if you want flowers delivered on that date, you will pay the going rate!

It’s one of those things though….it is worth treasuring the things you love any time of the year, not just on the day that the commercials tell you too! Creative and thoughtful ways of appreciating those you love doesn’t have to cost an arm and a leg and likely will be received with a glowing smile if it’s not delivered per a formula.

How’s it going with your 2012 resolutions? Even though it’s already the beginning of February, 2012 is hardly underway and there’s always time to get started on the right financial path.

Many of us start the year with fresh resolve to improve, change and/or get organized. What can you get done before that impetus to put plans into action dissolves?

How do you make it happen?

1. Start small
2. Put it on the calendar
3. Make it easy for yourself Read more »

You may ask what these have in common? Even if you didn’t watch any of the games, you may have heard that they achieved their goal of qualifying for the summer Olympics.

Even though they didn’t win or score against the US team, they competed in the tournament with a disciplined focus on their objective. Because they didn’t qualify for the Beijing Olympics, this prize was especially dear to them.

Keeping up with the Jones’ might seem like a good idea and something you want to do but it may not be the best plan for you. You never truly know what money goes in and out of someone else’s household – you can only manage your own finances effectively by setting goals that align with your values.

The US team is paid to play, have the benefit of extensive team support and sponsorships. This may seem like an impossible machine to play against so it’s important to put it in perspective. Can’t wait to watch you at the Olympics ladies!

Last post outlined our family case study. What should Mr & Mrs B do?

Their concerns about a large amount of mortgage debt, retirement and lack of confidence with respect to the day to day finances are very common and can add a great deal of stress to a household or relationship. It seems their priorities are:

1. Get a handle on day to day household money
2. Develop a future plan (retirement, education etc.)
3. Contingency planning

Read more »

It seems that there’s a lot more in and out transactions to keep on top of in a family situation. More people = more responsibilities and keeping track of them all on a month to month basis is no easy feat! What about planning for the future? Does it often get put off until next year? With child care costs and taking a moment to relax after the holiday season, it is easily put off.

Let’s take a look at the following family:

Mr & Mrs ‘B’ live in Vancouver with their 2 children, one turning 5 and the other age 7. Because they both work it’s a scramble week to week to keep the calendar straight, meals on the table and lunches in back packs. Read more »

What should Betty do? Her concerns are quite clear. What can she do to increase her confidence with respect to her finances?

The first step is to take a look at past patterns. How much does she make each month (after tax) and how does spend it? Does her income cover her expenses? This is a relatively quick exercise to complete because the information is available.

Tip: Use an average of several months spending (i.e. average spent on groceries each month is $200) Read more »

I opened our mail today and it was full of bills! It’s that time of year when the holiday spending catches up with us. Income tax preparation and RSP marketing are in full swing. What to do?

Betty has been back at work for a couple weeks and is feeling the pressure to start the new year with a budget.

“Get your financial house in order!” she keeps telling herself. You’re 28 and still don’t know where your money goes and there is never enough at the end of the month. The student loan is taking forever to pay off and the credit cards keep creeping back up. Retirement? How much do I need and how do I do it? These are regular conversations she has with herself. What to do? Read more »

2012 Post #1 was about deciding what you want and Post #2 was about knowing what you spend and your current financial condition. Post #3 will give you some ideas on how to make it happen.

1. Set a budget – it’s easier than you think
2. Integrate your goals
3. Set up a system to achieve your goals
4. Monitor how you’re doing

Read more »

Part 1 of Ringing in the New Year with a Fresh Financial Plan was about deciding what you wanted, in what order and what it would cost.

Part 2 focuses on using your past to reset the path for your future. It won’t take long!

Gather whatever information you have:

• Bank statements
• Pay stub
• Credit card bills (with the detail)
• Loan or mortgage information

Now take a few moments to synthesize it into 1 page by listing: Read more »