Posts by Topic: Personal Finance

Quick Sands Tip of the Week: Fixed Costs

QuickSands

Join Sands & Associates each week (for about 60 seconds) and catch a Quick Sands tip of the week to help guide you to better financial management.

This week’s tip discusses reconsidering your ‘fixed costs’.  If you’re struggling to keep up with your financial plans here is where some of the hidden problems can be.

Want to participate further?  Like, Share and/or Comment on our weekly Quick Sands video and you could win a $25 iTunes Gift Certificate!

Blair Mantin talks Valentine’s Day costs with Vancity Buzz

VanCityBuzz

With the average Canadian anticipating spending more than ever showing their love this Valentine’s Day, the costs in what is now the most expensive city in North America just keep coming.

As noted by Blair Mantin, Trustee at Sands & Associates, the increase in clients with financial difficulties due to overspending is continuing.  Since dating can come with a hefty price tag, many singles may feel the perceived demands to keep up with the costs overwhelming and thereby overextend themselves financially.

To read the full Vancity Buzz article click here.

To arrange a free, confidential consultation with a licensed trustee in your area please contact us.

Quick Sands Tip of the Week: A Night “Off” the Town

QuickSands

Join Sands & Associates each week (for about 60 seconds) and catch a Quick Sands tip of the week to help guide you to better financial management.

This week’s tip focuses on nightlife. If you’re finding it tough to afford going out, look for ways to keep the fun but ditch the costs.

Want to participate further?  Like, Share and/or Comment on our weekly Quick Sands video and you could win a $25 iTunes Gift Certificate!

Quick Sands Tip of the Week: A Winning Partnership

QuickSands

Join Sands & Associates each week (for about 60 seconds) and catch a Quick Sands tip of the week to help guide you to better financial management.

This week’s tip looks at how to deal with finances when you’re part of a couple.

Want to participate further?  Like, Share and/or Comment on our weekly Quick Sands video and you could win a $25 iTunes Gift Certificate!

Quick Sands Tip of the Week: Asking for Help

QuickSands

Join Sands & Associates each week (for about 60 seconds) and catch a Quick Sands tip of the week to help guide you to better financial management.

This week’s tip is about seeking help. If you’ve been trying to get out of debt but have so far been unable to then it’s definitely time!

Want to participate further?  Like, Share and/or Comment on our weekly Quick Sands video and you could win a $25 iTunes Gift Certificate!

Blair Mantin talks Consumer Proposals on News1130

News1130

Last week Sands & Associates Trustee Blair Mantin sat down with News1130 to discuss Consumer Proposals as an alternative to individuals looking to resolve their debt solutions without filing a Bankruptcy assignment.

As discussed, while many in other provinces such as Ontario are making use of Consumer Proposals as a way to get debt relief, British Columbians seem to be lagging when it comes to knowledge about this process, administered exclusively by trustees in bankruptcy.

To listen to the full clip click here.

If you would like more information regarding Consumer Proposals please contact us for a free, confidential consultation.

Guest Blog: Eating Healthy on a Budget

GuestBlog-EatingHealthy

January already … the calendars have been changed and the time for acting on our good intentions for the year is here!  Improving health and diet as well as finances are typically high on Canadians’ New Year’s resolution lists; statistically, however, that resolve usually lasts about as long as the Christmas meal leftovers.  If you’re determined to make THIS the year you conquer both, our healthy eating “foodie” friend Elizabeth Nyland has shared with us some tips on how to eat healthy while sticking to a budget:

First things first:  Anyone can start immediately by simply removing most or all of the processed foods from our diets and returning to a more simple way of eating.  Since processed and prepared foods cost much more than whole foods, you’ll probably notice a big difference to your grocery bill straight away.  Begin eating more fruits and vegetables, drinking plenty of water and getting outside for a walk once in a while.  If those things are already on your “done” list and you are looking to go a step further, try researching some of the more popular “lifestyles” around.  Could you see yourself as a vegan, a vegetarian, a pescatarian, an ancestral eater or maybe your own blend of them?  Find what works best for you and get to it.

Things to look for:  When changing to a healthier lifestyle, the first steps are usually to add more fruit and veg, but these guys can get pretty pricey in the winter.  To keep costs down try local farmers markets for deals on produce that’s in season.  Buy meat from local farmers and purchase it in larger quantities.  If you’re a small household see if you can share an order with a friend or family member; some local farms will sell you their meat in sides, quarters, eighths or even smaller amounts as long as you pick up.  If you have the time to check flyers every week, do so.  Often costly everyday items like organic coffee or local apples go on sale for a few days, so nab them when they’re discounted.  Some popular items that you can use in your kitchen (such as nuts, seeds, dried fruits, flours and spices) can be bought on the cheap in bulk since extra packaging is expensive.

Bear in mind:  If you’re purchasing in bulk be careful whom you buy from.  Some items can go off very easily at room temperature, negating the savings.  Try to find stores that sell bulk but keep perishable items in the coolers.  Also be mindful of proper storage once you get your foodstuffs home.  If you’re unsure, ask a clerk or look up the information online.  When it comes to produce, don’t buy it out of season at all as it’s often brought from faraway places and those gas dollars are added to the end cost to you, the consumer.  Example: Tomatoes in January, probably not a good idea.  They will be less filled with all the healthy nutrients (having travelled from so far) and will cost you a pretty penny to boot.

Keep on track:  A great way for anyone to stay on budget while eating healthy is to plan out your meals — all of them!  Buy only what you need to keep your pantry stocked with regular items and the ingredients you need for each meal of the week, shopping once a week if possible.  Plan out breakfasts, lunches and dinners, as well as snacks.  Some people find it helpful to make large amounts of food on Sundays and then freeze portions for brown bag lunches for the rest of the week.  Whatever you do, don’t go shopping when you’re hungry or without a list, and be sure you know what your budget is.  Buying things you don’t need or didn’t plan for is an easy way to overspend.

Whether you’re eating vegetarian, vegan, paleo, gluten free, high fibre, low fat or otherwise, it all comes down to what works best for you. Think delicious nutrition at a low cost is impossible?  You’re in for a surprise!  Cost-effective, health-conscious eating can improve both your budget AND your physical well-being.  The first steps are up to you.

About our guest blogger:
Elizabeth Nyland has been obsessing over the food that goes into her mouth for over 15 years. What started as a passion for anything food became an all-out obsession with the local food movement. When it came to feeding her two children, Elizabeth became determined with sourcing everything she could that was seasonal, local and organic. A passion was born that needed to be expressed, and her blog, Guilty Kitchen was born. Blogging about food, her children and her life on the West Coast grew into yet another passion for photography. You can find Elizabeth around Victoria snapping photos of everything tasty, funky or just plain cool looking.

If your current debt load is looking anything but healthy, please contact us for a free, confidential consultation regarding your options.

Sands & Associates Talks Resolutions with The NOW Newspaper

Sands&Associates

In keeping with the general January trend of starting 2013 on the right foot, The NOW Newspaper spoke with a number of experts in their respective fields regarding making and keeping up resolutions in the new year.

Our own Blair Mantin, Trustee, was quoted in saying that he generally sees an increase in clients following holiday months.  In addition to cutting up credit cards and asking for help if you’re feeling financially overwhelmed, goal setting and reconsidering your budget are also suggestions from Blair as to how to help get back on track.

To read the full article from The NOW please click here.

If you are struggling with unmanageable debts please contact us for  a free, confidential consultation.

Should credit cards really be called debt cards?

CreditCards-ConvenienceorDebt

A new study conducted by Hoyes Michalos and Harris/Decima shows that 18% of Canadians polled carry both an outstanding balance on a credit card and a line of credit.  Given the convenience, ease and even rewards associated with credit use it’s no surprise that many of us carry balances month to month.

While it’s one strategy to use a credit card to pay for items right before a payday, thereby reaping the benefit of instant credit without paying interest, roughly half of Canadians said they always or often carry an outstanding balance…good for the bank, not so good for the customer.

Other insights from the study include:

  • Larger households of four of more people are even more likely than those comprised of only two to carry a balances
  • The ever-growing population of Grandpa Debtors (a name given to debtors over the age of 55), are less likely than nearly all other groups to say that they pay more than the minimum required monthly payment on their credit cards.

A previous Hoyes Michalos & Harris/Decima study published in the fall of 2012 showed that the vast majority of Canadians would need to rely on some form of credit (ie debt) to raise $2,000 in the event of an emergency, with about a quarter of respondents feeling that they would not be able to raise that amount at all.  Now combine those figures with other reports about savings being at an all-time low, record-level debt amounts AND that 62% are comfortable with their financial situation…Perhaps not so comfortable anymore?

Some good news is that most of the people with debt from a credit card or line of credit reported having considered cutting down on expenses or increasing their income to eliminate the debt, both of which are a great way to get started.

Unfortunately those may not be available avenues for those already stretched to their financial max, only able to make minimum payments or feeling that they will never be able to pay off the debts.  The survey revealed that while 10% said they had considered talking to a credit counselor only 3% saw a Consumer Proposal as an option, showing the need for better education about regulated debt resolution options.

For more information please visit:
http://bankruptcy-canada.com/2013/01/how-to-pay-credit-card/
http://www.moneyproblems.ca/blog/2013/01/14/minimum-payment-on-a-credit-card-canadians-debt/

To speak with a local, licensed trustee regarding available debt management options please contact us for a free, confidential consultation.

Kicking the Post-Holiday Financial Blues

Kicking the Post-Holiday Financial Blues

The merriment of the holidays has passed and if you found that your wallet was hit harder than your diet (even with all that eggnog), read on for some ways to make a new financial start this year:

Brew a fresh Budget:  If your festivities got the better of your budget then it’s time to make up a new one.  Factor in any extra winter expenses such as increased heating costs, special vehicle maintenance and seasonal clothing.  Adjust debt repayment totals or add in any new ones necessary.  (Be really on the ball and budget to start saving for next year’s festivities too!)

Avoid Temptation:  Even after the holidays, the lure of feel-good purchasing is everywhere, from never-ending Boxing Day sales to winter clear-out specials.  If it’s not a necessity or in your new and improved budget then leave it be!  If you know that making impulse purchases is a weak spot for you then be sure to leave your credit cards at home or bypass the mall altogether.

Stop Juggling Cards:  While using several different credit cards seems like an ideal way to keep balances low (a little here, a little there) and accumulate reward points, it’s unfortunately just another way to get yourself into hot water.  Keeping track of what was charged to which card, when each payment is due AND which is the lowest interest rate isn’t easy.  And when you’re juggling credit cards there is a tendency to rob Peter to pay Paul.  Sit down and sort out which can be paid and cancel what you can.  When it comes to credit cards, less is more!

Set Goals:  We’re not just referring to hitting the gym harder — set some solid, attainable financial goals.  Start with some short term (such as paying off your $1,000 credit card) then add medium term (like saving $15,000 towards a down payment within four years) and also something long term (retirement anyone?).  If in the past you’ve spent a lot of time beating yourself up for splurging on an extra lunch out or fancy latte then being able to congratulate yourself on meeting your financial goals is especially important.  The more visible progress you make the better you’ll feel about your finances and the more you’ll want to continue.

Make a Clean Sweep:  If your budget is as stretched as it can get, if you use credit for everyday living expenses like groceries, and if your minimum credit card payments aren’t keeping up to the interest, it’s time to call in the cavalry (by cavalry we mean a licensed trustee).  Starting fresh financially, whether it be with a consumer proposal or bankruptcy makes sense for a lot of people; you’re able to live comfortably, but not with the debt (and interest) constantly weighing you AND your budget down.  Sometimes despite your best efforts, you might just need a break — and that’s what we’re here for!

As nice as it would be, the party can’t last forever.  Although the new year may start off a little shaky, with the right efforts you’ll be on a solid new financial track.  Kind of like reinstating that workout regimen, the first few steps are the hardest but the sense of accomplishment and peace of mind are worth it in the end!

If you’re looking to become debt free this year please contact us for a free, confidential consultation.

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