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Money News>
Community Resource Centre Money News
January 10, 2008
Community Resource Centre
Money Management E-Newsletter
Workshop(s):
* Budget Blues, Jan 28th, 6:30-8:30 by registration only
(currently taking names for waiting list), at the Community
Resource Centre, Free. Call 604 885 4088 to register
More financial workshops will be scheduled throughout the
year.
Financial Resources:
* The Community Resource Centre has new financial
management books available for loan at the Community
Resource Centre. New Books include: Credit and Credit
Repair for Canadians. Information includes emergency
contacts for credit bureaus in Canada; Information about
paying back student loans; and how to order your credit
report.
* If you are interested in signing-up for one-to-one
financial information or participating in a support group
please call the Community Resource Centre at 604 885 4088.
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Quick Financial Tips:
1. Host a dinner and eat for a week
Once a week six of us get together for dinner. Everyone
brings a casserole with six servings but we only eat what
the host cooks. The other five meals are then split among
us, taken home and frozen for consumption later in the
week. That's six meals for cooking one!
2. Pennies for retirement
As a young, single mother of two sons more than 20 years
ago I learned to save my coins, roll them and deposit them
into a savings account for my retirement. I sometimes only
had $5 to deposit -- sometimes I had more. No matter how
small or large the amount my rolled change always went into
my savings account. I later took that small savings account
and rolled it over into an RRSP. That RRSP is now worth
$21,000. I am amazed that so much could accumulate from so
little. My tip is that small savings can turn into big
amounts if your are diligent in depositing to that account.
--Betty Brown
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What debt to pay off first?
By Lucy Lazarony • Bankrate.com
You've charged it up -- now it's pay-down time.
If you're up to your eyeballs in credit card and other
debt, paying the minimums and little else, it's time to get
serious.
The best way to get rid of debt, experts agree, is to
attack the balance with the highest annual percentage rate
first. When that one is paid off, move onto the debt with
the next-highest interest rate. Always continue to pay at
least the minimum on the other credit cards at the same
time.
Attack that high-interest debt first - paying double,
triple, quadruple minimum payments. When you're done with
that one, move on to the next one.
Stick to your plan
The key to an effective pay-down plan is sticking with it.
Don't let up on the monthly payments as the card's minimum
payments inch down and as bills get paid off.
Unfortunately, many people quit before they get started.
Think before you act
Take a hard look at your finances and determine how much
you can realistically afford to pay each month. People
should track their spending every day for a month to get a
firm handle on where their money is actually going.
"People will save 20 percent just writing down where their
money goes," he says. "Because they will start cutting
back."
After tracking their spending, people can better decide how
much they can afford to pay toward credit card debt.
Experts point out that just $50 more a month can make a big
difference.
If logging expenses for a month doesn't turn up additional
money try these tips for saving $50 a month from Consumer
Credit Counseling Service:
Brown bag 10 lunches per month.
Have movies and popcorn at home instead of going out.
Use coupons for groceries and buy store brands.
Make pizza at home instead of ordering out.
Buy in bulk and freeze dinner entrees.
Give handmade cards and gifts.
Shop at consignment, thrift and discount stores.
Pay more than the minimum
Once you start paying more than the minimum, the debts
start to disappear. Paying just the $60 minimum payment on
a $3,000 credit card balance would take eight years to pay
off and cost a person a whopping $2,780 in interest. By
paying an additional $50 a month, the debt would be paid
off in three years and they would be spared $1,800 in
interest charges. Use Bankrate.com's credit card minimum
payment calculator to see how increasing your payments will
cut your time in debt.
Most experts recommend that debt payments including car
payments and credit cards eat up no more than 10 to 15
percent of income. More could spell trouble.
If you can only afford the minimum payments each month,
you're on the edge. If you have to hope and pray that your
deposit gets to the bank to cover your checks. And
especially if you're using the cash advance on a credit
card to pay other cards or for routine living expenses,
then you're spending money you don't have.
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When should I shop for ...?
Plan ahead and save for purchases you plan to make
throughout the year. The best time to shop for ...
January
•Air conditioners •Hiking gear
•Bikes •Kayaks
•Boats •LCD TVs
•Diet-conscious foods •Linens and bedding
•Gas grills •Televisions
•Hiking/athletic shoes
February
•Boats •Irises
•Daffodils •Tulips
•Gas grills •Valentine's Day candy
March
•Boats •Irises
•Daffodils •Spring produce such as asparagus and broccoli
•Ham •Tulips
April
•Cookware •Tires and auto supplies
•Kosher food •Vacuum cleaners
•Real estate
May
•Cookware •Ranunculus
•Grilling items for Memorial Day •Real estate
•LCD TVs •Vacuum cleaners
•Peonies
June
•Hot dogs and other grilling items plus condiments
•Ranunculus
•LCD TVs
•Roses
•Real estate
July
•Hot dogs and other grilling items
•Larkspur
•Computers
Roses
August
•Computers
•Hot dogs and other grilling items
•Dahlias
•Zinnias
September
•Canned soup
•Refrigerators
•Canned vegetables like beans and tomatoes
•Stoves
•Cars
•Washing machines/Dryers
•Chrysanthemums •zinnias
•Dahlias
October
•Chrysanthemums
•Refrigerators
•Cookware
•Tires and auto supplies
•Games
•Stoves
•Puzzles
•Washing machines/Dryers
November
•Baking goods
•Ilex or holly
•Carpet and flooring
•LCD TVs
•Cookware
•Turkeys
December
•Baking goods
•LCD TVs
•Carpet and flooring
•Poinsettias
•Ilex or holly
•Turkeys
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Tel: 604-885-4088
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