The staycation. Summer’s money saving grace.

by Laurie Campbell on June 18, 2013

Canadian families will spend an average of $3,073 on summer travel this year, according to a recent study by BMO Financial Group. Ontarians, with average vacation spending set at $3,016, rank second behind British Columbians, who will spend $3,572. Quebecers will spend the least at $1,978. Through September of 2013, 83 per cent of Canadians plan on taking a vacation, the top travel destinations being the U.S., Europe, and Central and South America.

I look to my home province of Ontario for insight into what might happen if, for just this year alone, thanks to proper financial planning families decided to save some money by sticking close to home for a summer break. Would this mean making a huge sacrifice in terms of experiencing much-needed R&R over the summer months? Will spouses and kids fall into deep pits of depression, gloom, and boredom? The answer is not at all if you’ve got a handle on how to plan a “staycation” – otherwise known as taking your summer leisure locally on the cheap. [click to continue…]

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Bankruptcy and the need for more financial literacy.

by Laurie Campbell on June 11, 2013

For the scoop on personal bankruptcy in Canada, look no further than what the skilled trustees at Hoyes, Michalos & Associates (HMA) have found in a recent study. It offers ample proof that many Canadians – particularly men entering middle age – ought to take sound debt management, savings, and smart monthly budgeting increasingly to heart.

After reviewing some 7,000 personal insolvency filings from 2011 and 2012, HMA was able to create a good portrait of the typical, bankrupt Canadian: Male, 43 years old, and with unsecured (or non-mortgage) debt of more than $61,000. But that’s just the beginning of the story. [click to continue…]

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More coaching on financial well-being. Give and live a happier life.

June 4, 2013

Acts of kindness and generosity make us better people. It’s just that simple. In fact being charitable makes us feel better according to a study undertaken by a team of Canadian researchers at the University of British Columbia. Professor Elizabeth Dunn, who led the study, said: “We wanted to test our theory that how people [...]

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What’s going on as food prices rise?

May 28, 2013

Good money management is always based on reliable numbers. Day to day, month-to-month, we can only spend wisely – and determine what we might save – by knowing what things cost. It’s vital to a sound personal budget. Yet these days, we have to question the larger economic framework for our spending. We might ask, [...]

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Thoughts about embarrassing money moments and personal debt management.

May 21, 2013

Only the rarest of birds can detach from money emotionally, and remain unmoved by it under all circumstances, including decidedly embarrassing moments. Certain artists, poets, drunks, anarchists, and lunatics are among the rare species. They can amaze others with their disregard for money or managing debt, not to mention their ability to survive day to [...]

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Attention students: get a summer job, manage your money, and enjoy some independence.

May 16, 2013

Yes, it’s almost that time of year again. Our coveted Canadian summer will soon be upon us, and with it students from across the land will be setting aside their studies for other pursuits. Plenty I’m sure think that summer break is purely a time for sleeping in, lounging by the nearest available pool, or [...]

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For Eva, our debt management services were right on the money.

May 2, 2013

Ask Eva Robinson about the effectiveness of our debt management program and she’ll tell you, they work beautifully. In fact, after my preamble here about Eva, you can read below a lovely letter she sent to us recently here at Credit Canada Debt Solutions. She thanks us for helping to turn her life around. And [...]

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Paying your taxes using plastic? Not a good debt solution.

April 26, 2013

I suppose we should have seen it coming. A couple of U.S.-based entrepreneurs have developed a new service allowing debt management for Canadians by providing the ease of paying their tax bills by credit card, according to a recent piece by Toronto Star financial writer Ellen Roseman. As Roseman explains, normally most government departments – [...]

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Ontario lawmakers get tough with debt settlement services. Amen.

April 18, 2013

Let’s hear it for the Ontario government, and specifically the Ministry of Consumer Services. In an announcement April 16, the ministry affirmed it is moving ahead with tough measures to protect consumers from unfair business practices surrounding what are called “debt settlement services” (also referred to as “debt reduction,” “debt relief,” and “debt negotiation” in [...]

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Cash Cows, Pigs and Jackpots. Other ways of looking at personal finance.

April 16, 2013

Step aside conventional wisdom. Author David Trahair is cutting a swath through the crowd with his book, Cash Cows, Pigs and Jackpots. In this interesting volume, our friend and former board member at Credit Canada Debt Solutions offers non-traditional wisdom about personal finance, with observations and advice that could shake up your worldview in relation [...]

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