by Ajay Oberoi | Bankruptcy, Children’s Future with money, Consumer Proposal, Credit Counseling
We were able to see many economic downfalls during the recent past. With all these instances, we can never say when we will have to file for bankruptcy. Before you run into such a situation, you have to do many things in your life. Saving enough money for the future of your children holds a prominent place out of them. Otherwise, your children will have to go through a lot of suffering.
Here is a list of some useful tips, which you can keep in mind in order to save enough money and secure the future of your children before you file for bankruptcy.
1. Start investing early as possible
This is a basic rule in investments, but many people tend to forget it. As a result, your children will have to face a series of negative consequences in the long run. When you start investing early, you will be able to save a lot of money. Some of the individuals delay their investments, up until the moment where they come across bankruptcy. You should not do it and you need to get your hands on the investments early as possible.
2.Think about investing in a child insurance policy
You can easily get your hands on a child insurance policy. It is another effective method available to consider, especially while you try to secure the financial future of your child. However, all the child insurance policies that exist out there will not be able to help you achieve your goals. In fact, you will not be able to get the desired level of flexibility from most of the insurance policies. Therefore, you are encouraged to do your own research on available options and figure out what the best insurance policy out of them is.
You should be provided with flexibility from the insurance policy and it should not lock away your money. If you cannot spend money, then there is no use of money. The best child insurance policy would make sure that you are provided with the chance to receive money in a timely manner. In addition, you will be able to withdraw money during unfortunate events, such as filing for bankruptcy. Such child insurance policies exist and by doing simple research, you will be able to get your hands on one of them.
3.Invest in a life insurance
The child insurance plan would ensure the financial needs of your child. You should also think about getting life insurance before you file for bankruptcy. That’s because you will not be able to afford on life insurance, at the time of bankruptcy. It can provide excellent assistance to all your family members at your absence. In addition, you can make sure that all the money you invest are not stuck within single policies. You have several options to go ahead and make sure that your children don’t come across any financial difficulties.
4.Set up a fixed deposit
Setting up a fixed deposit can be considered as another straightforward method available for you to secure the financial future of your child. Even though the SIPs are a more lucrative option available to consider, they are linked with a higher rate of risk. On the other hand, the fixed deposits are more of a traditional investment method and you will be able to get guaranteed returns out of them.
Instead of investing in one fixed deposit, you can think about investing in a couple of fixed deposits. You can select the terms of the fixed deposits in a way so that the maturity coincides with the important milestones of your child. For example, you can assign the maturity of one of the FD milestones to a period where your child starts attending college. When you follow such an approach, your child will never face any negative consequences in the future.
5.Have a bank account for the child
Last but not least, you can think about having a bank account for your child. It may not sound as the biggest deal available for you to consider at the moment. However, it can provide great help to you when you come across unforeseen situations, such as bankruptcy. It is better if you can set up the bank account and deposit money in it, instead of giving pocket money for your child in cash. This will help you to teach the basics of baking to your child as well. In addition, you can make sure that your child is provided with the opportunity to learn how to budget the expenses. You will also be able to keep track of how much money you give to your child by following this approach. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Are you looking forward to opening an RSRP? Then you must be looking for the best time of the year to go ahead and make that decision. At the beginning of the year, you can see many financial institutions advertising that it is the best time to go ahead and open a Registered Retirement Savings Plan, which is also known as RSRP. By taking a look at these advertisements, you will wonder whether it is the best time of the year for you to go ahead.
Yes, if you are in a position to spend money out of your pocket to the RSRP contribution, the beginning of the year is the best time to go ahead and open an RSRP. We will tell you why and you can keep on reading to figure out more information.
Most of the employers tend to provide the opportunity for the employees to go ahead and contribute towards a group RSRP. This is a good opportunity that you can get your hands on as well. Therefore, you are strongly encouraged to take a look at this alternative. If you compare the facts, you will figure out that it is a better option available to consider instead of opening an individual RSRP at a credit union or a bank.
When you open an individual RSRP account, you will have to pay a management fee of around 2% to 3%. But when you open a group RSRP account, you will be able to reduce that to around 0.5% to 1.5%. In the long run, this can contribute a lot to your savings.
Some of the individuals boast about having thousands of dollars in their bank accounts towards the RSRP in the months of January and February. Due to this reason, contributing to the RSRP account during this time can be considered as more effective. Then you will be able to make a wise move towards your retirement.
If you want to save enough money for your retirement, you need to make sure that you have an excellent savings plan. This savings plan needs to be based upon the regular contribution frequency to RSRP. As a result, you will be able to overcome hassle and frustration that you have to do with budgeting as well. For example, contributing $50 towards your RSRP account in every couple of weeks is more convenient, instead of contributing over $1,3000 at the end of the year. Therefore, you are encouraged to take a look at such a plan and make sure that you don’t take your retirement savings as a headache.
It has also been identified that people find it as an easier task to make the payments if they are being deducted directly from their paychecks. In fact, the deductions are made from the paycheck before it is deposited into the bank account. This is another benefit that you will be able to get with the assistance of group RRSPs.
You can also receive a tax refund when you are making a payment to the group RSRP account with your payroll deductions. This tax refund would be immediate. Therefore, you don’t need to wait until you file for the tax returns. For example, if you make a contribution of $100 from every paycheck, $100 will be the actual deposit. However, your real deposit will only be around $60, and $40 will be the tax saving.
You will be able to get a large number of benefits with the immediate tax savings, instead of receiving refunds at the end of the year. In fact, this will help you to experience a large number of additional returns. Moreover, you can make sure that you don’t have to wait until the end of the year to get your hands on the returns.
When you spread the RSRP contributions throughout the year, your return potential is much higher. That’s mainly due to the amount that you will be able to save with the assistance of income tax savings. You will be making immediate investments and the returns of that investment can be obtained both short term and long term. As a result, you will be able to generate a better return.
When you wait until the end of the year to make a contribution, you will not be able to generate any return throughout the year. But when you contribute with your every payment, it will be converted to thousands of dollars at the time of your retirement. Even though this depends on the performance of bond markets and stocks, your returns are guaranteed. Therefore, you will be able to keep peace of mind when you go ahead as well.
Now you have a basic understanding of when you need to invest your money on the RSRP account. With that in mind, you can go ahead and start your investment. You should also determine the exact contribution amount before you start so that you will be able to get the best possible results out of it in the long run. When you do it, you will be provided with a peaceful and hassle-free retirement, without any financial difficulties. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you don’t want to deal with any frustration after your retirement, you should have a proper retirement plan. Unfortunately, most of the seniors find it a difficult task to create retirement plans on their own. Here is a list of few effective retirement planning tips that you can keep in mind in order to enjoy a hassle-free retirement.
1. Save enough money
Saving enough money for retirement can be considered as one of the biggest struggles faced by seniors. One of the most convenient methods available for you to stay away from this frustration is to start saving more money. People are encouraged to save at least 15% of the salary on retirement. This would help them to end up saving a decent amount of money, which can be spent during retirement.
2. Get to know about your retirement type
It would not be an easy task for you to visualize your retirement ahead of a few decades. But if you can figure it out, you will get the opportunity to stay away from a great deal of frustration in the future. In other words, self-understanding can lead you towards a variety of surprises in the future.
3. Plan to retire in the best possible place
Plenty of destinations are available out there in the world for you to retire. However, you need to be careful enough to find the best retirement location out of them. Sometimes, you will be able to find a better place to retire in a different part of the world. If you don’t have any special intentions to retire in your country, you can think about visiting such a place. It is better to keep an eye on a few such places to retire beforehand. The place you retire should have low taxes, low living expenses, and excellent facilities for seniors.
4. Have plenty of money in hand
There are some people who go into their retirement with a bunch of investments. This is not something recommended and you should have a decent amount of cash in your hand. You would come across plenty of emergency financial requirements and you need to have cash in your hand to be spent on such instances. Therefore, you should make sure that you have enough money in your hand before you start your retirement.
5. Settle all the debts
You need to take the necessary steps in order to settle all your debts before retirement. Approaching retirement with debt cannot be considered as the best option available for you to make. If you do, there is a high chance for you to end up with frustration. That’s because you will not have any source of income during retirement. Instead of saving money, you will be spending on the loans that you have obtained.
If you pay attention to these retirement planning tips, you will get the chance to enjoy your retirement.
In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you are looking for an effective method to save money, you can think about saving money on transportation. There are many effective methods available for you to save money on transportation. Here is a list of 7 of the most effective methods out of them. These tips will ensure that you get the opportunity to save a considerable amount of money out of your transportation expenses.
1. Buy a bike
Instead of using your car for short-distance travel, it is better to use a bike. In case if you cannot purchase a bike, you can think about renting a one. It will not cost a fortune for you to rent a bike and it will provide you with the opportunity to save a considerable amount of money. Pedaling your bike on a daily basis will not just assist you to save money, but you will also be provided with the chance to experience a large number of health benefits. However, you must take a look at the other factors, such as safety and time before you pedal your bike in day to day life.
2. Walk whenever possible
If you can walk, you should never think about using your car. This will also help you to save a considerable amount of money on transportation. Most of people prefer to drive their cars, instead of walking. But if you can make an effort to walk instead of driving the car, you will be able to see a significant reduction of your expenses at the end of the day. If you can go somewhere within 15 minutes by your feet, you should not think about driving there.
Walking is available for you in most of the environments as well. Apart from saving your money on automobile trips, it will be one of the most inexpensive ways available for you to ensure your good health. Therefore, you don’t need to think twice before you walk.
3. Minimize your fuel expenses
You can track how much money you spend per month on fuel. With that in mind, there are few effective methods available for you to minimize your fuel expenses. Reducing the total number of miles that you drive holds a prominent place out of them. You will be able to seek the assistance of Maps in your smartphone to determine the most efficient route that you need to take in order to reach your destination. You need to keep in mind that the most efficient route is not the same as the shortest routes. If there is traffic in the shortest route, you will be spending more money by traveling on it. Hence, you need to locate the most efficient route by analyzing what you can see on the map.
You can also think about practicing sensible driving skills. It can also provide great assistance for you to reduce the total amount of money that you spend on fuel. For example, sharp accelerations and brakes will not provide you with smoother driving experience. Therefore, you should learn how to drive smoothly.
4. Focus more on your car maintenance
When you properly maintain your car, you will be able to boost the fuel efficiency of it. In addition, you can also make sure that your car doesn’t run into any expensive breakdowns, where you are forced to replace the parts of the car. To overcome such issues, you need to get your car inspected by a mechanic and maintain it on a regular basis. Then you can make sure that your car doesn’t run into any expensive repairs or any other similar issues. You will be able to save a considerable amount of money out of this method as well.
5. Be careful when you purchase the cars
Some people tend to purchase two or more cars for their transportation needs. If you want to save money, this is not a good habit to move forward with. In fact, owning one car is less expensive, when compared to maintaining two or more vehicles. You will not just have to spend on fuel, but you will also have to spend money on licensing, insurance, interest charges and depreciation. When you come across the need to use a second vehicle, you can easily rent it. This is a better option available for you to save money, instead of purchasing two cars.
6. Rent out a car when you go on special occasions
When you want to use a car for special occasions, you can simply rent a car. One of the biggest mistakes that people do is that they tend to go ahead and purchase cars for temporary needs. If you want to save money on transportation, this is not a good method to move forward with. You can simply rent out a car and make sure that you get all the temporary needs catered in a cost-effective manner.
7. Share the rides
Carpooling has become a popular concept in today’s world. Sharing rides will help you to save a lot of money. If you are traveling to work in your car every single day, you can think about sharing the space available with a couple of other guys. If you don’t have a car, you can look for a driver who is willing to share his empty seats with you. Carpooling is a cost-effective method available for the drivers to minimize their overall expenses and for the riders to get to their destination, instead of paying a lot of money for taxis. In case of you have the credit or debt issues visit www.gtacredit.com or
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Creating a budget is not an easy thing to do. You will need to pay attention to a variety of factors to end up with the best possible results when creating a budget. To make sure that you don’t miss out on any of those factors and to ensure that you end up with successful results out of budgeting, you can seek the assistance of online programs available.
Here is a list of 3 such useful and effective online programs, which you will be able to use for budgeting purposes. You will be able to end up with impressive results by using these programs.
1. Personal Capital
Personal Capital is not a tool designed only for budgeting. You will also be able to use it for many other purposes such as tracking your investments and credit cards. The features that this tool provides you with budgeting are impressive and you will fall in love with them. This tool will provide you with an outstanding interface. You will be able to use this interface to get most of your work done. You can easily link all the accounts that you have and move forward with budgeting with the assistance that you get from this tool. In addition, the linking of accounts will help you to understand how you spend your money and how the investments are performing.
If you are looking for an all in one financial dashboard, there is no better option available for you to consider instead of Personal Capital. It has the ability to track all your investments along with budgets and provide you with a more realistic overview of your financial status.
If you are looking forward to getting your hands on an all-in-one dashboard, there is no better option than Personal Capital to consider. The most outstanding feature that you can find in this program is its ability to track your investments along with the budget. Therefore, you will be able to budget accurately, without assuming anything. You will also be able to customize the budget according to your preferences and track it.
2. Mint
Mint is one of the oldest budgeting tools available on the internet for you to try. It has been able to maintain an excellent reputation throughout history by delivering an effective experience to the users. The most impressive feature that you can see in Mint is its ability to download transactions from multiple sources.
When you use Mint, it will create a secure connection with your credit cards, checking account, and the other sources of spending. Then it will be able to pull all the transactions automatically. You will be provided with the chance to tag them and categorize them according to the unique needs of creating the budget.
Mint also provides you with an excellent graphical interface. This is one of the most outstanding features that you can see in Mint. In addition, you will be provided with the chance to become the detailed money manager of the entire family as well. As a result, you can track the overall expenses of all your family members in an effective manner.
When you use Mint, you will be able to create any number of budget categories as per your preferences. In addition, you will be provided with the chance to change the budget amounts on a monthly basis. On top of that, you can set up goals for settling your debts and saving money for your future.
Mint comes along with basic investment tracking capabilities as well. However, the investment tracking features offered by Mint are completely opposite when compared to Personal Capital. That’s mainly because Mint is a tool that focuses more on budgeting. Hence, you will be able to take a look at the investments from the viewpoint of budgeting.
3. Pocket Guard
If you are dealing with issues with regards to budgeting, Pocket Guard is a great option that you can consider. It will provide you with the chance to put all the savings and bills into one single app. Then you will be able to track all those expenses. In fact, Pocket Guard will track them automatically for you and you don’t need to worry about anything. Hence, it is a great budgeting app that you can get.
The analyzing capabilities that come along with Pocket Guard are impressive. If you don’t want to put extra effort to create your budget, but you still need a budget to survive, Pocket Guard is a great option to try. That’s because it can automate most of the tasks with regard to creating a budget. This will help you to save a considerable amount of time and effort while you use the app as well.
Pocket Guard will also teach you multiple methods on how to save money. Negotiating on the bills hold a prominent place out of them. On the other hand, Pocket Guard will teach you how to move money to savings accounts that provide better interests. The mobile-first approach offered by Pocket Guard has helped it to receive a lot of attention from people in today’s world. If you are looking for a smart budgeting app to be used on your mobile device, Pocket Guard is a great option that you can purchase from the market. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
We are about to start a New Year and it is high time to focus on the New Year’s resolutions. When it comes to New Year’s resolutions, you are encouraged to pay more attention to the financial resolutions. Then you can make sure that you don’t run into any financial issues in the long run. Here is a list of some of the most prominent New Year’s financial resolutions that are available for you to consider in the upcoming year.
1. Take a look at your credit score quarterly
It is important for you to take a look at your credit score on a quarterly basis. Failing to do it can lead you towards some negative complications in the long run. This becomes extremely important with the Equifax information leak, which took place in the recent past. Therefore, now you are provided with the ability to try credit monitoring services or freeze your credit. Or else, you can even monitor your credit on your own. Then you will be able to notice all the changes that take place in the credit activities. You will not have to spend any money out of your pocket to take a look at the credit score as well.
2. Save at least 15% of the gross income
If you are a person who didn’t have the habit of saving money, it is the high time to do it. It is recommended for you to start saving at least 15% of your gross income. Then you will be provided with the opportunity to overcome a large number of financial issues in the future. Most of the people in today’s world have the need to save money, but they don’t have a clear understanding on how to do it. That’s where you can start saving 15% of your gross income. In other words, if you are a person who is making $3,000 per month, you need to make sure that you save at least $450. When you continue this habit, you will be able to save a considerable amount of money in the long run. It would be more than enough to help you overcome the financial difficulties that you will come across.
If you find it as a difficult task to stick to this habit, you can open up another savings account and configure a standing order, so that you will be able to transfer 15% of your funds to the new account. Then you will not have to put any extra effort to save money.
3. Craft a debt plan
If the debt has been troubling you in the past, it is important for you to craft a debt plan as well. It can provide great assistance to you with overcoming the debt related issues that you are dealing with. When you pay your own debt, you will be climbing a mountain. It will take strategy and time to get to the top.
As the very first step, you need to take a moment and see how much debt you have. Then you need to take a look at the interest rates associated with your debt. To make your life easy with managing the debts, you can note down all the information in a spreadsheet. Then you can craft a plan on how to settle your debts. When you follow this kind of approach, you can make sure that you don’t miss out on anything.
Some of the options available for you to consider when you are crafting the debt consolidation plan include personal loans, 9% balance transfer credit cards, and student loans. You need to compare all available options and discover the best repayment strategy available out there to consider. Then you will be able to overcome the pain points with debt consolidation.
4. Invest on a monthly basis
It is recommended for you to make your investments on a monthly basis. It is another excellent method available for you to save a considerable amount of money. This is applicable to all the investment methods that you can try as well.
However, some of the investment methods are not in a position to deliver the best possible results to you. For example, if you keep your money in a bank account, you will not be able to get an interest to cover up even the inflation. As a result, you will be losing the value of money that you have in your bank account in the long run. To overcome this issue, you need to look for other investment opportunities.
Since a large number of investment opportunities are available to consider, you need to make sure that you select the best investment out of them. No matter what investment opportunity you decide to go ahead with, you should do it on a monthly basis.
5. Track all your expenses on a daily basis
You are spending a considerable amount of money on a daily basis. However, most people find it a difficult task to survive during the last few days before they get the paycheck. That’s because they tend to spend their money unnecessarily during the other days of the year. To overcome this issue, you need to start tracking your expenses on a daily basis. Then you will be able to see how much money you have spent at the end of the day. These details will also help you to manage your money in an effective manner. Hence, you will not come across any financial issues at the end of the month.
You don’t have to write down all your expenses when tracking money. You just need to download one of the smartphone apps available and get the job done. This is one of the most convenient methods available for you to track your daily expenses as well. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
