The Major Warning Signs Of Financial Difficulty:

Do you recognize any of these warning signs?

• - You receive past-due notices on household bills.
• - You rely on automatic draft protection to cover your chequing account.
• - You are constantly borrowing money to make it from one payday to the next.
• - You take out new loans to cover monthly payments on existing loans.
• - You use available credit on your cards to cover daily household expenses.
• - You borrow from one credit card to cover the minimum balance on another.
• - You continually miss payments on your mortgage or property taxes.
• - You are slipping behind on your rent or utility payments.
• - You are being harassed or sued by creditors.

Doing a Budget

Regular budget or cash flow analysis will help you identify where your money is coming from and how you are using it. To see where you stand, complete this quick budget check

• Budget Worksheet
• Outcomes
  • Extra Cash – Congratulations, you have extra money at the end of the month. You can be putting this into a savings account for a special purchase, paying down your mortgage, or contributing to an RRSP.
  • Perfect Balance – You are managing things to the penny, which could mean two things – you have an excellent handle on your finances or you are very close to running into trouble. If you are headed in the wrong direction, see what spending you can adjust, entertainment or clothing are the variable expenses.
  • Overspending – You could be heading for trouble. You are currently spending more than you earn. You may be using credit to make up the difference, which can get you into trouble in the long run. You need to speak to a professional right away to help you solve your money problems.