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5 Hidden Fees That You Can Avoid

hidden-fee
How Hidden Fees Can Cost You When you’re trying to balance your budget, it’s important to look everywhere for places to cut. One expense that a lot of people don’t notice is the various fees they pay. These fees are often charged every month and they’re rarely anything that you’ve specifically signed up for or agreed to pay. Instead, they’re costs ...
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Five Tips for Tracking Spending

Five Tips for Tracking Spending
Making Tracking Spending Easier One of the most important parts of sticking to a budget is tracking spending. Many people get to the end of the month, look back, and wonder where their money went. This is a major reason why a lot of people overspend: they simply don’t know where their money is going. When you track your spending, not only do you get to see exactly where you’re spending money, but reviewing your spending can help you spot trends a...
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Tax Tips for Canadians

Tax Tips for Canadians
It’s Tax Time: What to Keep in Mind It’s April and that means it’s tax time. If you haven’t completed your income taxes yet, remember that most Canadian income tax and benefit returns for 2016 are due April 30, 2017. However, since April 30 is a Sunday this year, the Canada Revenue Agency (CRA) will consider filings and payments on time if they are received or postmarked by midnight on May 1. People who are self-employed (or whose spouse or commo...
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Do You Know Where Your Money is Going?

Do You Know Where Your Money is Going?
Keeping Track of Your Money One of the keys to sticking to a budget is always knowing where your money is going. However, a lot of people have trouble with this. Small purchases and impulse buys here and there add up and, before you know it, you’re looking at a bank account that is smaller than you expected or a credit card statement that is larger. This situation can lead to feelings that there’s never enough money to go around. This can not onl...
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Power of Attorney Signing Authority for Parents Who Are of Sound Mind

Power of Attorney Signing Authority for Parents Who Are of Sound Mind
I met with a debtor a while back who came in on behalf of his parents. He held a Power of Attorney for them both and also the Executor of their estates. He had recently found out that his mother had incurred a lot of debt in her name and she did not want her husband to find out about it. The son wanted to file a bankruptcy for his mother but did not want her to have to be present to sign any of the documentation, as he was worried that the situat...
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Before You Buy That Car; How Negative Equity Can Impact Your Future Finances

Before You Buy That Car; How Negative Equity Can Impact Your Future Finances
Are you in the market for a new car?  Have you done a budget to determine how much you can afford to pay a month?  Congratulations, you are on your way to making a prudent purchase, but beware of the implications it may have on your wallet.  The lure of purchasing a new car is very exciting.  That new car smell, the feeling of driving a new car with all the new gadgets.  All of these “ good feelings ” play into the emotio...
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How to Not Let Debt Ruin your Relationship

How to Not Let Debt Ruin your Relationship
Don’t Let Your Debt Hurt your Relationship Debt can be very stressful. It can cause anxiety, loss of sleep, anger, and more. In fact, money is one of the main things that couples fight about. This is especially true when one (or both) of the people in a relationship are in debt. When you’re struggling with debt, you’re on edge. You’re anxious. You might not be sleeping well or eating well. This can make you irritable and easy to anger. Unfortunat...
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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 ...
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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 Mu...
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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 & Part...
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