by admin | Consumer Proposal, Credit Counseling, Uncategorized
Believe us when we say that you alone are capable of changing your life. You are solely responsible for what happens to you, so you can either choose to turn your life around by changing your attitude towards it or simply sit around and whine about your situation. The same stands true when it comes to your finances.
Simple steps at adopting a frugal lifestyle can help you overcome a grim financial situation and maybe even save you from having to declare bankruptcy. Cultivate the following habits and watch yourself turn into a thrifty person.
Be Proactive
Being proactive means taking charge of your situation; there isn’t much that you can do about what has happened already but you can control your response to it. Having a positive attitude is the first step towards change. Take a deeper look into your budgets, spending, and income to figure out where your money goes and where you can improve your budgets.
Envision Your Ultimate Goal
Your being proactive is bound to be wasted if you do not have a clear vision of what you want, in this case, to have a frugal lifestyle. Having a vivid idea of what you want to achieve helps you stay focused on your goal. Whether you aim at living debt free or building a savings account, you will eventually be taking steps that cut down on your over-spending.
Learn to Prioritize
Certain things in life matter more than others; it is always easier to focus on goals when you know why you’re working your way towards them. Remind yourself of the things that are of most value to you, put them first and you will see yourself planning and managing your efforts around them. So if you are saving for your daughter’s college tuition, you would do whatever you can to acquire/save up the amount.
Think of Mutual Benefits
While growing up, we are typically taught that life is a competition. While it might be true in some cases, it is mostly having an abundance mentality that helps you realize that you don’t need to snatch the things you need. Work out your situations in a way that they present a win-win situation for all. Frugal living might prove to be difficult as you watch your friend ‘having it all’ and you having to live on a budget. Do not wallow; just remind yourself that actual wealth is measured not in monetary possessions but in assets, and you need to focus on that. Trust us when we say that this habit will make your life a lot easier.
Although adopting a thrifty lifestyle requires patience, sacrifice, and a lot of guts, it is nonetheless quite achievable and fruitful. Your finances can flourish overtime as you settle in on a frugal way of life. However if you still need counsel related to your financial troubles, contact GTA Credit Solutions Services LTD.
by admin | Credit Counseling, Uncategorized
Counting days until the paycheck for the month arrives is something most of us do. Stretching the limited amount of money through the last few days remaining is a tricky ordeal, yet most of us tend to go through it. However, the good news is that you don’t have to continue living like that. You can make your hard-earned salary last longer with a few adjustments that can result in significant savings.
1. Make Your Own Coffee
We know you love your morning coffee, more so when you buy it from the coffee shop everyday on your way to work. It may not seem like it, but spending a small amount on coffee every morning adds up to be a considerable sum of money by the end of the month. We are not asking you to give up your coffee altogether, but switching to home-made coffee wouldn’t harm you plus you’d be able to save precious bucks to get you through the month.
2. Repair What You Can
Simple things that need repairing can mostly be accomplished using tutorials and instructional videos available online. There used to be a time when the smallest of things related to cars, appliances, or other technical issues required you to hire a handyman, with almost everything available on Google now, a handyman can be easily kept as a second option. No handyman means, no outflow of money.
3. Draw up a Daily Budget
Once you get your pay, make it a point to first pay off and buy the necessities- utility bills, rent, groceries, mortgages, etc. With the money left over, budget yourself to an amount that you can spend every day for the remaining days. For example, if you are left with $300 and you have 15 days until the next payday, you can afford to spend a maximum of $20 daily on average. However, if you manage to instead restrict yourself to spending $12 daily, you will have $120 left before your next paycheck arrives.
4. Don’t Spend to Make up For Guilt
We understand that as parents, most of you have tough job routines and timings; you are only trying to provide better for your families. Most of you spend considerable time away from home and your children, and then spend on gifts and things for your children to make up for lost time. Don’t do that – try and spend more quality time with your kids, even if it is just a few hours a day. There is no need to spend unnecessarily when you can make up for lost time by simple acts like reading a story to them, or watching their favorite movie together or playing games, or simply popping corn with them. These make for great memories, worth much more than things and cost absolutely nothing.
The alterations to be made to your habits are small, but can go a long way to help you maintain a comfortable living without spending too much. Make your paycheck last longer, or visit GTA Credit Solutions Services Ltd. for customized expert advice related to your financial struggles.
by admin | Bankruptcy, Consumer Proposal, Credit Counseling, Uncategorized
By far the smartest way to avoid going bankrupt is to save. It is sad, that most people do not realize the importance of savings. It is an art that not only helps you maintain a healthy financial position but also aids you when the situation resembles more of a crisis. For most of you, saving becomes a hassle as you do not have a direction or guideline as to what and where you can save your money. If that is the case with you, follow the simple tips listed below that will allow you to save effectively and efficiently.
1. Set Goals for Saving
Like every other thing, saving also needs motivation. Decide what you are saving for; whether it’s that sports car you have always wanted, or the homely diner you always wanted to own, it could even be a dream vacation or simply buying a house in five years time. Set a target and then work out how much you need to save every month to achieve it.
2. Set Aside Your Savings First
As soon as you receive your paycheck, set your intended savings aside no matter how big or small the amount is. If you fear you would sway at it if given an option, set up an auto debit from your pay account to your savings account. That way you would not cheat yourself out of a good long term savings.
3. Create an Interest-Bearing Account
Keeping your savings and checking accounts separate reduces the chances of you borrowing out of your savings from time to time. For long term savings, explore options of investing into products that will yield higher returns for you.
4. Save on Utilities
Save on your utility bills where you can. Lowering down your water heater thermostat can help you lower down your monthly energy costs. Opt for tankless water heaters instead of the conventional storage tank water heaters to further reduce your utility spending.
5. ‘Staycation’ Instead of Vacation
Everybody needs a vacation. It’s only fair that you take a break every now and then fly off to your dream destination spending a fortune. The idea is to take a break and while you are saving, a better option would be to look for fun vacation spots close to your home-it will cost you far less than an overseas vacation.
6. Take Home Packed Lunch
One of the most convenient ways to save is to save a little every day. If you buy lunch at work every day, it surely costs more than it would to take home-made lunch along. For example, if you save $4 on an average, you can create a good fund amounting to $1000 by the end of the year.
Simply put you can end up saving a valuable amount given you implement these basic habits into your life and making an effort to save.
by admin | Consumer Proposal, Credit Counseling, Uncategorized
A credit score matters a bit too much when it is your financial standing that is being evaluated. Thus it is important for you to know where you stand, and what can be done about improving your position. For this purpose alone, you should know how to obtain and evaluate your credit report and calculate your credit score.
An excellent credit score can land you financial products and services with the best terms and conditions-whether it is insurance policies or mortgage loans. The mere difference of a fair and good credit can either save or cost you thousands of dollars. Therefore, it is always a good idea to improve your credit score. Here’s how you can do that.
Don’t Apply For Credit That You Do Not Need
First things first, do not apply for unnecessary loans and credit. A large number of credit applications on your recent credit history make you look hungry for money. Greed never did anyone good, and neither will it do you any. More credit means lower credit score.
Do Not Delay Your Bills
Your payment history for monthly and utility bills counts. It is a major aspect in determining your credit score. Make sure you do not delay the payment of bills, because doing so will only take toll on your already fast declining credit score.
Keep a Long Credit History
A well maintained, responsibly paid off, long credit history is a plus point for you. When you show an impressive credit history when applying for a loan, it will boost your score and help you attain the best possible terms for acquiring your desired financial product or service.
Maintain Low Debt Balances
This is important. No matter how much you are tempted to spend, do not exhaust the limits of your credit cards. When you reach closer to the credit limit available to you, it alerts authorities and results in deteriorated credit score. Aim at keeping your debt balances lower than 50% of your credit limit. Even better, if you can manage it, try and keep it below 30% of your credit limit.
Have a Variety of Credit
Keep revolving your credit resources. It is not wise to keep all your credit in the same category. Mixing up different types of debts like mortgages, car loans, credit cards and RRSP loans can strengthen your credit history. It helps by giving off the impression that you are capable of managing various credit conditions efficiently.
Following the simple steps mentioned above can bring drastic improvements to your credit score. It may take a while though before results start to materialize. Remember, the key to better financial products and services is to improve your credit score and maintain it. If you feel your credit score is way too out of hands, visit the experts at GTA Credit Solutions Services Ltd. for expert counsel.
by admin | Consumer Proposal, Credit Counseling, Uncategorized
An increasing number of people are ending up deep in debt nowadays; most of them do not realize that it is possible to actually improve their financial standing and debt payment schedule. Simply put, some effective planning and modest lifestyle changes can help avoid you having to declare bankruptcy.
One of these minor lifestyle changes includes living on a creative budget. Now the word budget might appear daunting for most, but it can help you out of your debts and get back on your feet. It is aimed at making you learn how to save more and spend less. Listed down below are money-saving tricks that will enable you to reverse your debt problem.
Spend Less on Entertainment
Living on a budget requires sacrifices, the first of them would have to be the entertainment. Most people tend to spend a lot on eating out, movies, spa treatments, personal grooming, etc.
While personal grooming is something we do not want to discourage you from, most of these can be worked out using simpler, less expensive alternatives. For example, instead of going out for movies, you can rent one from online library; for a spa treatment that you have once every four weeks, try delaying it to once every six weeks; instead of eating out too often, stay home for dinner or choose less expensive meals if you do have to eat out.
Avoid Unnecessary Spending
Save on gas wherever you can. Plan your routes and errands well and cut down on the use of gas by avoiding multiple trips. Also, you can walk or cycle for short distances wherever possible.
If you have a skill, trade it for the services you require instead of a monetary value. Offer to babysit your hairstylist friend’s children in return for a nice haircut. Walk or hike instead of signing up for pricey gym or Pilate sessions, you can also stay fit using the instructional workout routine videos available online.
Cut Down on Monthly Bills
Monthly bills and payments can add up to a significant amount; look for the best insurance plans, services and utilities to make sure you are not spending more than you should be for a particular service. Cut down or downgrade the services you do not need in order to save further money.
Sell Off What You Don’t Need
Clothing, furniture, home décor – look around your house and you will find various things that you neither use nor need. Such stuff sitting in your house useless means you have cash tied up in unnecessary things. Sell them. Not only will it earn you cash that could be used to pay off your next debt installment, but will also help de-clutter your home.
Incorporating these simple, yet creative habits in your life can help you adopt a debt-free lifestyle and enable you to maintain it too. If however you wish to get expert advice for your debt situation, get in touch with the personnel at GTA Credit Solution Services Ltd.
by admin | Bankruptcy, Consumer Proposal, Credit Counseling, Uncategorized
Bankruptcy, like everything else, has its consequences- both good and bad. If you plan to declare bankruptcy in order to get out of the sea of debt, you might want to know how bankruptcy will affect you and your life. Following are both sides of the coin to help you make the right decision.
The Negatives
- Temporarily destabilized credit: A bankruptcy appears as a negative mark on your credit report, and once the bankruptcy is filed, it stays on your credit report for about 7 years or more. However, with time, the effect of bankruptcy on the whole ebbs away and your recent actions begin to highlight your credit report.
- Problems in getting loans approved: Since the Bankruptcy filing appears as a black mark on your credit report, it would be extremely difficult for you to qualify for a loan in months directly following the bankruptcy. Even if you do qualify, it would be for low dollar amount-high interest loans only.
- Trouble in getting work: Unfortunately, for some employers, bankruptcy is a reason good enough to not hire someone. Nowadays, employers carry out credit checks in addition to criminal background checks for prospective employees. So if you do not have a job at the time of bankruptcy, you might have trouble finding one immediately after.
The Positives
Fortunately, not everything resulting from bankruptcy is negative – no matter how we see it, bankruptcy is in fact is a protection intended to relieve the burden of liability for people struggling to make ends meet. Listed below are some of the specific positive effects you can generally expect when filing for personal bankruptcy:
- End of lender contact: Once you file the bankruptcy, you are then legally protected that takes effect. This protection stops all sorts of creditors from contacting you, which eventually means that you no longer have to be intimidated by threats of repossession, foreclosure or garnishment through any mode of communication during your case.
- A new financial beginning: the decision to file for bankruptcy is a major step, and thus offers an important reward: a chance to rebuild your life financially. If your bankruptcy case proceeds normally, you have an opportunity to restructure your finances so that they are healthier and better than when you filed for bankruptcy.
- Improved credit than before: Immediately after the bankruptcy, your credit rating will definitely take a hard blow, but as you learn from your past mistakes and take steps towards a better, financially secured life, you have a chance to create a strong credit.
For more on how to make the most of these positive effects and alleviate the damage from the negative aspects, you might want to approach credit counselors at GTA credit to steer you through this financial storm.
