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Simple Tips to Increase your Emergency Savings

Simple Tips to Increase your Emergency Savings
How You Can Build Up an Emergency Fund Having an emergency savings fund is important. After all, you never know when an unexpected expense will come up. If your car breaks down, your roof springs a leak, or you lose your job, you will need to access to cash  quickly. If you don’t have an emergency fund, you could find yourself borrowing more than you can afford. Not having an emergency fund is a big reason why a lot of people end up in debt ......
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Saving for Retirement Without a Company Pension Plan

Saving for Retirement Without a Company Pension Plan
The Reality of Retirement Savings Many years ago, most full-time employees had company pension plans that they could count on. People knew that, if they worked at their job long enough, they would be able to retire comfortably around age 65. However, that isn’t the case for many people today. Even among those who do receive company pension plans, most plans these days tend to be group RRSPs or defined contribution plans, rather than defined benef......
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Marriage & Debt, Debt Consolidation, Bankruptcy & More: Answers from the Experts

Marriage & Debt, Debt Consolidation, Bankruptcy & More: Answers from the Experts
Ask the Experts: April 2017 Debt, money and many financial topics can be confusing. Many people don’t want to talk to anyone about their financial situation, which can make these issues even more confusing. That’s why, each month, we answer questions on a variety of financial topics. Talking about your finances is good and can be very productive. Have a question for our experts? Ask us online on Facebook, Twitter or through our website. Please ke......
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Know your Rights: Payday Loans

Know your Rights: Payday Loans
What You Need to Know About Payday Loans Payday loans can seem like a convenient way to quickly borrow money when you need to pay bills or afford expenses. In theory, they are designed to “help until pay day,” which is where they get their name. However, many people wind up in significant financial trouble due to payday loans. The majority of these issues are caused by people not being aware of the terms and costs associated with payday loans. Re......
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Understanding Debt Problems

Understanding Debt Problems
Recognizing Debt Problems Most people have debt. However, it’s important that people learn to tell the difference between manageable debt and serious debt problems. If a person gets into too much debt, he or she could find that it’s no longer possible to make the required payments. Do you have too much debt? How much debt is considered “too much” will be different for each person. Each financial situation is unique and what could be considered se......
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Understanding your Cash Flow

Understanding your Cash Flow
Managing your Personal Finances A lot of people think that the concept of “managing cash flow” only applies to businesses. This isn’t true. Managing personal finances is incredibly important and a big part of this is understanding and managing your cash flow. The basics of managing your personal finances are as follows: • Know how much you earn• Know how much you spend• Know how much debt you have• Track everything• Have a plan Knowing How Much Y......
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Why Talking About Financial Issues is Important

Why Talking About Financial Issues is Important
paying down debt Discussing Financial Issues Many people hesitate to discuss financial issues. There are a number of reasons for this but, overall, most people don’t discuss money matters with very many people. However, not discussing your financial problems can lead to trouble. There are a few reasons why. You Won’t Get the Advice and Guidance You Need One way that staying silent could hurt you is that a failure to speak to others about your fin......
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Debt is Causing me to Lose Sleep

Debt is Causing me to Lose Sleep
Is Your Debt Stressing You Out? A recent survey from the Canadian Payroll Association found that 48 percent of Canadians are living paycheque-to-paycheque and 36 percent feel overwhelmed by their debt. These feelings can cause anxiety, stress and even depression and other illnesses. People who have a large amount of debt often feel stress. Struggling to find a way to pay bills, remembering to make all of your payments on time and trying to come u......
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Graduate’s Nightmare - Student Loan Repayments

Graduate’s Nightmare - Student Loan Repayments
I recently met with a young lady in Barrie who was concerned as her student loan payments were falling behind and so were her credit cards and line of credit. The minimum payments alone were not being paid. The young woman thought she had done all the right things; finished high school, went to university and graduated with honors. She had worked all through school to help pay her bills and at the end of school owed very little on her credit card......
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Look at All the Options Before You Take Out a Loan to Pay Off Debt

Look at All the Options Before You Take Out a Loan to Pay Off Debt
I met with a man whose spouse had recently passed away. During his grieving, the creditors were calling him and harassing him that he was now responsible for her debt. There was no life insurance and she had no assets. The man took out a loan through his bank hoping to pay her outstanding creditors off. He was looking for a solution to his problem as he was now realizing that he could not afford to pay the debt he took out in his name. When he fo......
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What’s Right for my Financial Future?

What’s Right for my Financial Future?
Financial Planning & Your Future Deciding what to do with your finances and financial planning for the future can seem complicated, confusing and even scary. However, having a plan for your finances is important. Research shows that people who have financial plans for the future not only end up with more wealth than those who do not, but they are also happier. However, for many people, the concept of financial planning is intimidating. The go......
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Canadian Household Debt is Now Larger than the Overall Economy

Canadian Household Debt is Now Larger than the Overall Economy
Household Debt Continues to Grow to Record Levels in Canada For the first time ever, Canadian consumers’ debt is worth more than the entire economy. According to Statistics Canada data, total household debt amounted to 100.6 percent of Canada’s gross domestic product in the second quarter of 2016. Canadians now carry more debt than any of the G7 countries which include Canada, the USA, Britain and Germany. Reasons for the Increase in Household De......
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Common Concerns People Have About Getting Help with Their Debts

Common Concerns People Have About Getting Help with Their Debts
“I have good credit right now and don’t want it affected.” “I don’t want to lose my house or my other assets that I have worked hard to get.” “I don’t want my family or my employer to find out that I may have financial difficulties.” These are common concerns people have when looking at their debt options. If you’re having any of these concerns they can be addressed during a free consultation with a debt professional at A. Farber & Partners I......
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Collateral Mortgages Becoming More Popular

Collateral Mortgages Becoming More Popular
Collateral mortgages are becoming more popular, even in conventional residential settings. In fact, some mortgage experts believe that all the major Canadian banks will eventually use only collateral mortgages and cease using conventional residential mortgages. Currently several banks offer collateral mortgages and at least a couple banks offer only collateral mortgages. Therefore, it’s important to understand the differences between conventional......
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The Hardest Part Is Coming To Your Consultation

The Hardest Part Is Coming To Your Consultation
I recently met with a woman who had been struggling to make payments on all her debts for the past year or so. Although she had heard of consumer proposal and bankruptcy, she was unsure of exactly what each meant. She would call and book an appointment and not show up! I would always call and leave her a message, that should she want to rebook, to just give me a call. One day when I called she answered her phone. When I asked if she would like to......
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Will the filing of a bankruptcy or consumer proposal stop a garnishment against wages?

Will the filing of a bankruptcy or consumer proposal stop a garnishment against wages?
I recently met with a lady who has a wage garnishment against her salary. About a year ago a wage garnishment was placed on her pay by a creditor who had been awarded a judgment against her through Small Claims Court. She was in a relationship with an individual who erroneously told her that if she filed for bankruptcy or a consumer proposal she would never be able to buy a house or purchase a new vehicle so she had struggled financially because ......
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Filing a Consumer Proposal and Being Self Employed

Filing a Consumer Proposal and Being Self Employed
When you are considering filing a consumer proposal with A. Farber & Partners and you are self employed, it is important to remember a few key points. If you are required to file GST/HST returns with Canada Revenue Agency, the returns need to be up to date upon filing the proposal. The same applies to any personal/business income tax returns that may be outstanding and also any summaries for source deductions if you have any employees working......
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Adult Daughter has a Judgment Removed from her Mother’s Bank Account by Filing a Consumer Proposal

Adult Daughter has a Judgment Removed from her Mother’s Bank Account by Filing a Consumer Proposal
I recently helped an elderly woman in Barrie stop the seizure of her bank account, through the filing of a consumer proposal. I met with the elderly woman’s daughter, who had Power of Attorney for both property and health issues regarding her mother’s affairs. The daughter had received documents from the bank where her mother had her account, that they were seizing her mother’s bank account for an outstanding credit card debt with them. The bank ......
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When Does a Garnishment Get Lifted in a Consumer Proposal?

When Does a Garnishment Get Lifted in a Consumer Proposal?
I met with a lady in Barrie who had just started a new job after being out of work for nine months. During the time she was out of work she had accumulated a lot of credit card debt as she was using them to survive and cover her daily cost of living. It got to the point where there was no more room to use on any of her four credit cards and although she just started a job, her income was not enough to make ends meet. We met and went over some num......
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Alan Farber Drive to Thrive: Raising Money for Kids Help Phone and Toys for SickKids

alan farberWow, what an amazing experience yesterday, delivering almost $15,000 worth of donated Mattel toys to SickKids and raising $13,077 for Kids Help Phone. Alan Farber the joint managing partner of the Farber Finacial Group extremely excited and thankful to all the people who spent the time to raise the money for this Drive to Thrive campaign. Twenty Elves from Farber (and Farber McLay) loaded a 17 foot U-Haul truck full of toys and delivered them to ......
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