There are adult children who are slackers still living at home on their parents dime. And then there are adult children who out of real need depend on their parents’ help for food and shelter. I think it’s important to distinguish between the two types of hangers on, especially nowadays as more and more young adults fail to launch early for independence.

According to some studies, nearly a quarter of 25 to 34-year-olds in Canada and the U.S. remain under the wing – and roofs – of parents or grandparents. For a lot of elders, that’s bringing an unwelcome outlook to household budgeting and financial planning. What can mom and dad or grandpa and grandma do to help improve matters, not only for their children’s sake, but for their own budgeting needs and financial peace of mind? [click to continue…]

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financial planning

Every age has a corresponding token of status.  We recognize wealth and privilege by the stuff that we crave and from cradle to grave, those symbols change.  For the elderly, look for the high end Buick and jewelry.  For people of status in middle age think Lexus or BMW, big house or boat.  The young seek high end gaming consoles or the 65 inch flat panel screen.  Teenagers show off the iPhone 6 with all its large screen glory.  But for the very young, status comes with sugar. Each acquisition maintains the same basic principle of great financial planning and requires planning and saving.

When I was a child, we had Halloween night planned, analysed and rehearsed to the last detail.  Every aspect of the evening, from the route we took to the neighbourhoods we chose was planned.  Pity the child who carried a plastic pumpkin to collect candy.   We were armed with extra large pillow cases.  Nothing compared with the joy of dumping the fourth and final load of candy onto the living room floor and scooping the heaping pile of treats into your arms…a confectionary treasure…all mine.  [click to continue…]

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The perils of new plastic. Credit card debt amongst rookie borrowers.

by Laurie Campbell October 23, 2014

  At my agency, Credit Canada Debt Solutions, we are greeted almost daily by young adults mired in debt due to overspending through credit cards. Lots of these people are in their 20s. They’ve finished college or university and now they’re struggling with all the debts that accumulated during school, when they signed up for […]

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The problem with online vices.

by Phil Brown October 21, 2014

The Internet has been a wonderful tool for knowledge and entertainment. It also has a pretty definite downsidee. Like an infinite garden, many weeds have taken root, taken over and will not be removed any time soon. At Credit Canada we offer up free credit counselling advice and often come into contact with triumvirate of […]

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Budgeting 101.

by Kerri Barreca October 16, 2014

Some people are just natural savers.  As children, when my mother gave my brother and I our weekly allowance, I would put it straight into my piggy bank while my brother would spend his the same day on candy or baseball cards.  For those whom saving does not come naturally, like my kid brother, it’s […]

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Will debt management problems follow from your car spending?

by Laurie Campbell October 14, 2014

These days, more and more Canadians are taking out big loans on cars they can ill afford, with debt management problems lurking down the highway like deer ready to pounce. Used to be that a lot of us would take four years to pay off a car loan. Not any more. Nowadays, we take as […]

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The Creeping Cost of Fast Food.

by Chris Northey October 9, 2014

Most of us think of our daily coffee or muffin as a small insignificant expense, not even worth thinking about; but at Credit Canada Debt Solutions we know our clients’ situations can often be significantly improved by calling their attention to expenses of which they may not be aware. Here is an excerpt from a […]

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Got debt problems? Maybe it’s not the economy. Maybe it’s you.

by Laurie Campbell October 7, 2014

Maybe you’re down and out about money even though you’re gainfully employed. There never seems to be enough green in your life. You’re always scrambling to cover the rent and pay the bills. You can’t save. Debt management is nothing but a grind as you scramble to stay on top of credit card payments, car […]

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Expecting a little one? Expect to take care of financial planning, too.

by Laurie Campbell October 2, 2014

With baby on the way, expecting parents always have great expectations. But overspending without financial planning often accompanies all the enthusiasm, and that can spell trouble. That’s where smart personal money management comes in. It can make for a happier, more secure home when baby arrives, and as baby grows. Here I offer some financial planning advice […]

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8 reasons to pay off your overdraft today.

by Helen Ramlal September 30, 2014

Paying off an overdraft—and staying above zero—is a very powerful step in debt management and relief from financial stress. Here are the top 8 reasons why: 1. Find some solid ground on which to stand.  If your account is overdrawn, how do you feel?  Not so great.  You can’t build a castle on shifting sand.  When your […]

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