I dread summer vacation a little bit. It tends to cost me a lot of money, and it seems like I’ve just gotten over Christmas.

So here are a few costs I’ve come up with for summer vacation that you might also have, and some creative ways I’ve tried to buffer the cost.

1.    Daycare: I fortunately/unfortunately have 2 very small children. And as much as my 5 year old believes he is a super hero, I can’t leave them home unattended. During the summer it’s especially hard because they both require full time care.

Tips:

a)    My husband and I take separate vacation time so that one of us is always home.

b)    We bug family… a lot.

c)    I know some people who take advantage of free vacation bible school church programs. (hey whatever works)

2.    Stay-cations: My husband and I have perfected the stay-cation. Instead of going somewhere we enjoy the luxuries of home and go on day trips.

Tips:

a)    Watch the climate control with stay-cations. I find the A/C is running a little more so I can expect a higher electricity bill.

b)    Look for cheap or free day trips in the community.

c)    Meal planning is the key to a good stay-cation. Make sure to plan a nice family dinner or try something different.

3.    Actual Vacation: Sometimes you just need to get away and go somewhere.

Tips:

a)    Go with another couple or family. You can split the cost of the room, travel expenses or food costs. Great way to save money.

b)    Look for coupons online or book on off-peak times. If you stay on a Monday/Tuesday your room rate will dramatically reduce.

c)    Bring snacks and drinks with you. Theme-parks and attractions will charge an arm and a leg. It’s much cheaper to buy snacks at the grocery store and bring them with you.

~Nicole Olsen

Even before I became a financial counsellor it seemed that I was fixated with budgeting. I think it’s because my husband and I were so hopelessly broke before we got married. I watched a lot of TV shows and read books on budgeting, wealth management and how to live on a limited income.

We’ve made some mistakes with our money, like everyone else, but I chalk it up to learning experiences. One time, we bought a brand new Volkswagen Golf…  my husband is 6’5”, that didn’t last long, we traded it in for a huge loss and it took us 3 years to make up for it.

Now that I’m working in the field I’m exposed to money management on a daily basis. I pick up tips and tricks through professional development and even learn a thing or two from my clients. Money management is in my face 24/7.
Sometimes when I review strategies or money management techniques, people sometimes ask how much time per month I devote to budgeting. I like to use my house cleaning scenario; there really are 2 methods of cleaning the house.

1. You do little to no work during the week and do a massive 3 hours clean on the weekend when you’ve finally decided it gets clean or you burn it to the ground.

2. You do a little cleaning every day, that’s it!

I prefer method 2, and it works well with money too - every day I check in with my money. I might review my budget, make sure my planned bill payments are set out and record my transactions from the previous day in my money tracker. Fifteen minutes tops and I can go on with my day. It allows me to maintain my money management so that I don’t have to cram it all in on the weekend.

At first it might be more like 20 minutes. If you’re unfamiliar with budgeting and money management it may take a little longer. In the beginning I took copious amounts of time staring at my bank statement. As time went on, and I became more familiar with it, it became more and more efficient.

Allow yourself to make mistakes. We all do, and it’s a normal learning process. Start the next day fresh and forget what happened yesterday. Budgeting and money management is an ongoing process and is a job, like house cleaning, that’s never “done”.

~ Nicole Olsen

A short time ago I went home from a long day at work and found this piece of mail addressed to my wife. It looked like a bill, one I had never seen before. I asked her what it was for and she told me it was for some magazines she purchased. “Like I know what those magazines were”.
Since I had never heard of nor seen these magazines, out of curiosity I asked her how much they cost. She stated $22 a month, thinking she did well for what she got. She mentioned when the sales people stopped by that day the offer was “take the monthly magazines and receive a free book”. I wondered after looking at the bill and hearing that story, “what did she get us into?”

How long has she been making these payments without me knowing and  how long was the term of these payments going to be?
After reviewing all documents and -oh yes the contracts she signed- I discovered we had committed to $22 a month for a term of 3 years! I went crazy, I could not believe that my wife -the wife of a financial specialist- had been taken advantage of and I did not catch it.

The first thing I did was call this agency as I am now fully aware that I will be paying over $800 for these magazines that I could have gotten at Wal-Mart for $4.00 each and a book that I found on Kijiji for $15.00.

I know under the statute of consumer protection that you have 10 days to return the product without any questions and receive a full refund, but it had been months since she signed the agreement. I asked them for forgiveness using the excuse that  my wife did not fully understand what she was signing up for. That did not work.

I asked if they would close the account if we paid it out today. They said for the full amount of $800 they would. We were stuck in it and could not do anything.

We learned something from this.  One, she will never sign up for something without understanding it, and two I will be paying more attention to the cheques she signs. To end this story, my wife and I are still together and we now do not do anything without the other one knowing and approving.

~ Mike Bergeron

So, you got your notice today, you’re laid off, shut down, quit or fired. All of these situations would send anyone into a panic and it’s a worry we all have.
After the panic  has worn off there are a few very important steps you can take to help adjust as quickly as possible.

1. Find out what type of income you will be receiving from the employer. You might be entitled to severance, vacation pay or sick benefits.

2. Find out what government benefits you might be entitled to like unemployment benefits. The website may even have an online calculator to predict your benefit amount.

3. Create a new budget. As quickly as possible you should list all of your new income sources and expenses.

4. The budget may not balance. If there is a reduction in income it’s possible that your budget will come up short. In this case it will be very important for you to make decisions about how you will spend your income. Some decisions may be easy – no dining out. Some may be harder – get rid of the second car.

5. Evaluate your debt obligation. If you are paying a lot every month to debts and after all of your expenses have been cut back there is still a deficit in the budget consider contacting a credit counsellor to help you navigate your debt options. 

For fun I went around the office an asked the staff what is the first thing they would do if they lost their job? Here are some great ideas:

"Cut out entertainment expenses"

"Do a new buget ASAP"

"Pull the kids out of daycare"

"Have spouse work overtime"

"Don't panic!"

Have you even wondered why bankruptcy has such a negative meaning?

Back before the days of large multinational corporations there were smaller banks and lending institutions, owned by people within the community, possibly a tab with the corner store or a doctor. When an individual filed for bankruptcy, it not only affected them, but also the debt holders, or creditors. It affected the bankrupt’s creditability as a borrower and gave others pause before lending again. I think of the old proverb “Fool me once shame on you, fool me twice shame on me”.

Now we have very large banks, where the personal interaction is very limited. Most people don’t know the names of the tellers in the bank, some (including myself) have never actually been in the bank. The personal connections with our money and the people who lend it to us have been lost. We feel that the bank is so large, it could never really affect them, or that we’ve paid so much in interest the debt has been more than paid. That we are entitled to borrow that money, we deserve it.

I want to step back and look at a debt in very clear and simple terms. Money has been borrowed with the promise to pay it back. The conditions (interest and fees) were clearly stated before you received the money. If the debt has not been paid a promise has been broken. Be very careful and think long and hard about these terms before you decide to borrow money. Is this a responsibility you are willing to carry for the length of time required? The price may be too high, and if so you should really reconsider.

Now imagine the lender was your 86 year old grandmother, or your child, or your best friend. Does that change your feeling of responsibility to the debt?

I encourage you, if you have debts, to continue to hold up to your end of the bargain. If it is completely impossible for you and your family to live and keep your financial commitment come in and see one of our counsellors. We can help you with a budget to find a way to fulfill your obligation, or we can work with you to contact you creditor and try to re-negotiate the terms of you debt. This may be enough to allow you to pay back your debts in full and carry out your promise.

~Nicole Olsen

Surf's Up Dude!

Join us for our 1st annual Winter Beach Party & Steak BBQ fundraiser

Visit www.surfsupdude.ca

 Tickets $35 per person. Call 519-258-2030 to order your tickets!

Financial Fitness Executive Director Wendy Dupius is featured in a new article by the Windsor Star. Check it out!

Debt Remidies January 16 2012

Financial Fitness, the leaders in financial education in Windsor-Essex are proud to offer our new upcoming workshop series entitled Busy mom's (and dad's too)

In this series we will explore strategies for budgeting, money management, extreme couponing, meal planning, financial parenting and much, much more.

Where: Financial Fitness Centre (420 Devonshire Rd. Windsor ON)

Part 1: Fundamentals Saturday Jan 28th

Part 2: Extreme Couponing Saturday Feb 25th

Part 3: Paying it Forward Saturday Mar 24th

Time: 10:00am -11:30 am

Register: Call 519-258-2030 or email info@ffcwindsor.ca

Cost: $30 for series (resources and refreshments provided)

Hope to see you there!

We’re going into the worst financial season of the year… January. It’s after the holidays when everyone gets their credit card bills. We’re surprised by the amount that we spent on Christmas and a lot of workers find slow downs or shut downs at work. It’s a cycle and it happens every year. It seems around this time that the number of bankruptcies tends to increase.
If you find yourself in a position when you are unable to pay your creditors and are considering bankruptcy please consider the pros and cons of the bankruptcy process.

Pros of Bankruptcy:
• You are discharged from all or a significant part of the existing debts and are able to make a “fresh start”
• Creditors are not allowed to start new legal actions or to continue existing ones against the debtor or the third parties in possession of bankrupt’s property i.e. wage garnishment and liens
• Collection agencies are not allowed to enforce the debts, meaning the collection calls will stop
• Bankrupt is entitle to keep certain property exempted from distribution among the creditors (sometimes a house or car may be exempt)

Cons of Bankruptcy:
• You give  up the legal title and control of non-exempt property (TFSA, possibly a second car)
• Bankruptcy will be shown on your credit rating as long as seven years after discharge
• You lose some professional and civil privileges, i.e. capacity to hold money in trust, capacity to be elected to certain civil positions
• Bankruptcy still carries negative stigma, i.e. negatively influence your credibility in the community
• You lose part of any surplus income and all property received before the discharge is transferred to the trustee for distribution among creditors (you may have to pay additional fees into the bankruptcy)
• You are deprived of a part of the income and the property and as a consequence may have to lower his and his family’s standard of living
• Debts that are not dischargeable debts will still have to repay them after the discharge order is made (some debts may not be included in the bankruptcy and you are still responsible to pay them)
• You have duties to perform before the discharge (you will be required to submit paperwork)

A bankruptcy can have long lasting emotional effects that need to be considered very closely, especially if a house or other property has been surrendered. If you are facing a situation where bankruptcy might be an option, come in to see one of our unbiased counsellors. We can discuss your options and provide you with information on bankruptcy options.

I have worked for The Financial Fitness Centre in Sarnia  for well over 10 years now.  During  these years I have often heard clients say that they “wish they had heard of us earlier”   & “why don’t people know about your services?”  Good questions!!!

As a community based, nonprofit agency we continually face  the challenge of raising  public awareness about our programs and services.  Part of the reality of being a not for profit agency is that advertising dollars are limited.  We rely heavily on our solid reputation, word of mouth and all the various referral sources; from professionals in the financial industry to fellow community agencies.

The economic downturn has contributed to an assortment of financial hardships for families – household debt increases, job losses, divorce to mention just a few.  Where to turn for help can also be a somewhat daunting decision as well.  After all, our society does not encourage discussion about our personal finances, so any money difficulties and the various solutions remain uncomfortable to discuss.  Is it any wonder we put off and avoid solutions for as long as possible….  Sometimes until it’s too late! 

It’s easy to see why one might choose what seems like the easiest & less painful route to take to resolve debt issues.  Hence, the “quick fix” remedy.   
“For profit” Debt Consolidation outfits -  Backed with big advertising dollars  that lay claim to:
 
quick fix solutions,
credit repair,
debts slashed by up to 70%,
creditor protection

Here’s my concern!!!  It won’t work.

These are all promises that sound great but in reality come at a big price tag….
Namely, your large, upfront fees.   $$$$$$

Locally, I have seen families victimized by these fees that can vary anywhere from a few hundred to several thousands of dollars for nothing more than an empty promise of resolution.  What these companies often do – (aside from cashing your cheques)  is make the situation worse. 

As a Counselor I am not the only witness to such misfortune –
I invite you to read a recent blog posting written in part by Joel Sandwith, a former non profit Credit Counselor now working for a firm called Hoyes Michalos  - as a Client Services Specialist.
http://www.hoyes.com/blog/2011/10/debt-consultants-horror-stories.html

As you can see, these concerns are shared by all sorts of financial professionals,  from the banking industry to bankruptcy trustees.  These financial and community professionals are just as unsettled by these situations as we are.

Here’s what you need to know:   If you of someone you know is experiencing financial difficulty of any nature….

Firstly, that you DO  have options.  
• The Financial Fitness Center is right here in Sarnia and Windsor, providing free consult appointments – where we offer unbiased  advice.  We are regulated and our agency is an Accredited member of the Canadian Association of Credit Counselling.  Canadian Association of Credit Counselling Services - The National Voice for Not-For-Profit Credit Counselling in Canada

Counselors are Qualified, Accredited & Certified.  Our Debt Management & Financial Literacy Programs are well respected and recognized within the financial industry. 

And best of all, you do not need to pay us to refer you to another professional.

Knowledge is definitely power.
Make a well informed decision. 

To schedule an appointment please call in Sarnia:     519-542-1130
                                                          In Windsor  519-258-2030     

For further information:   Refer to Credit Counselling Agencies:   Home - For Consumers - Budgeting and Money Management - Debt Management 

I am a VERY busy mom. I have a full time job, a part time job, two kids under five, a husband, and a household. Ok, even typing that was exhausting. We are all struggling with the demands of life and sometimes it feels like the pressure will never lift.
I’ve noticed, during these particular times of stress, that I tend to overlook certain things. I might neglect to notice the mountain of laundry in the basement or hurry past the cat little box trying to remind myself to clean it out. Well yesterday, as my co-workers can attest, I over- looked a very, very important detail.
Hubby leaves for work in the morning before any of us get up so I’m left on my own.   The night before had been difficult; my two year old was cutting teeth and we didn’t get very much sleep.  I woke up late -at 7:05 - my alarm didn’t go off. I had twenty minutes to get myself and the kids dressed, prepare breakfast, pack lunches, make two stops to drop off the kids before picking up my car pooling colleague. I rushed out of the house with the kids in tow, made the rounds and arrived at work a mere 5 minutes late.
As I’m getting ready for the day another colleague asks “What are you wearing?!?!” My reaction—“Pants?” She laughingly pointed out that I had put my pants on… inside out! I was mortified! In all my rushing I had actually put my pants on inside out and not even noticed!  Good thing this happened before I took my first client!
When we are rushed and busy, we can over look things in our finances that can be more upsetting than wearing your pants inside out. Here are some helpful hints that will keep you on track when your life gets busy:
1. Know your expenses: Either through money management tools like the cash envelopes/jars or through a tracking tool like a journal or software program, you should know approximately how much money you are spending every month on certain item.  Do you really spend $120 per week on groceries or is it more like $150?
2. Is your chequing account the right one?: Go over a month’s worth of bank statements and add up all of the bank fee charges including overdraft, ATM fees, monthly fees. Is this number shocking? You might be in the wrong chequing account. Visit your local branch or search the website to see what other chequing accounts offer. You may qualify for an account that can be saving you money in the long run.
3. Know you debt load: You should know how much debt you have within a couple of hundred dollars. Even better is knowing if it’s been going up or down over the last couple of months.
4. Know your interest rates: We all get our credit card statements but how often do we look at the interest rate. Make sure to touch base with your interest rates every month to see if your lender has increased them. The lender will notify you if there has been an increase but it can sometimes be difficult to find on the bill. You can also call the creditor to confirm the interest rate and possibly negotiate a lower one.
5. Balance protection insurance: Many lenders will call you to ask you to sign up for balance protection insurance on your credit card or loans. It may cover your minimum payments in the event of job loss or illness. Please look over the agreement very carefully. They may have a time period in which you have to apply to receive this benefit, usually 30 days. Interest may also continue to be charged during this time. It’s very important for you, if you choose this insurance, to know exactly what it covers and what you as the consumer need to do to qualify.

Set aside a little time every day or every week to touch base with your financial situation, it will pay off in the long run and will contribute to your sense of balance. I on the other hand will be focusing a little more on my wardrobe choices!

~Nicole Olsen

My husband just got a raise! (It’s about time)

 Surprisingly, I was asked “So, what are you going to buy?” My absolute first thought was to replace my University furniture. I don’t think we have one piece of furniture in our whole house that hasn’t been handed down or salvaged from a garbage bin/side of the road.

I dreamt of walking through Tepperman’s or Leon’s sitting on all of the plush, new smelling furniture. Lying on a chaise lounger and smiling as my 4 year old asked for a coaster for his Kool-aid jammer and my husband waited on me hand and foot,  when a co-worker abruptly halted my thinking with the question “So, what are you going to save? If you don’t save any you’ll be ‘living off the fat’. ”

When I went back to my office as I pondered this query I decided to ask the all knowing Google exactly what “living off the fat” meant. (For fear my co-worker was criticizing my latest attempt at weight loss).

live off the fat of the land - to live on stored-up resources or abundant resources, to have enough money to live in a very comfortable way without having to do much work

I thought, “You’ve got to be kidding? I’ve been living on this skinny diet of a budget for years I DESERVE to indulge a little” Then it hit me. We’re living pretty well actually, I have a decent living environment, we make decent money, we have food on the table, our kids needs are meet and I actually enjoy being frugal.

If I live off the extra income and adjust my standard of living to be higher I will be using up funds that could be better put towards building up resources in case of another recession or job loss. My husband and I devised a plan to use his additional income to increase our savings contributions to our emergency fund and accelerate our debt payments putting us a whole 1 year close to being debt free.

Interestingly enough our lives have not changed at all since the raise… but I did get a nice dinner out of it!

~Nicole Olsen

My sweetie and I were out walking the dog a few days ago. As we were crossing the street I spied a quarter lying in the roadway. Some people may have ignored such a paltry sum, but not me. Oh no!
This was found money! My luck usually tends toward finding pennies (which I immediately put in my shoe), and the occasional dime, but this was a quarter! As I bent to pick it up, two thoughts immediately flashed through my brain. The first was “be sure to wash your hands when you get home” the second was “look around to be sure there isn’t more”.  Sure enough, there was another quarter lying a short distance away. Mindful of an oncoming car, I swiftly scooped up the two quarters and raced across the road.  Oh lucky day! Not only was I fifty cents richer, but I managed to avoid being struck by a car in the process. I happily deposited the quarters in my change jar, adding it to the mix of loonies, toonies, dimes, nickels and quarters my sweetie and I have been accumulating for some special goal not yet defined.

Now, fifty cents is not much in the grand scheme of things. Some people may not have even bothered picking it up.

What would you do if you found a sum of money? Would your answer depend on the amount you found? Would you behave differently if you found twenty dollars instead of fifty cents? Let’s set the ethical debate aside for the moment and assume that you end up keeping the money. What would you do with it?

Believe it or not, your behaviour says a lot about how you are motivated by money.  According to Syble Solomon, creator of Money Habitudes™ having certain habits and attitudes may affect your behaviours and decisions related to money. Solomon categorizes six types.

If you ignore the money completely, and walk right on by, you could be the “free spirited” type, where money is not a priority in your lifestyle.
Or, you could also be the “status type”, where it would be beneath you to stoop over to pick up money, what would people think? Or if the sum of money were enough to make you ditch your dignity and dive for it, you would spend the money on some latest gadget or clothing to impress your friends. For the “status” type, money is used to create a positive image.

If you put the money in your wallet to boost your weekly allowance and immediately spend it, you could be the “spontaneous” type. You live in the moment, and money helps you do that. You are a “Life is short, eat dessert first” kind of person.

If you immediately drop the change into a street person’s jar, or buy a gift for someone using the money, you may be the “selfless” type.  You spend money on others to help you feel good about yourself.

If you tuck the money away in savings account or jar you could be the “security” type, where having a sum of money available to you at all times makes you feel safe and secure.

If you add the money to a fund you have set up for a special occasion you could be the “targeted goals” type. For those folks, money is a tool to help them achieve thier goals.

As for me, I know I am the targeted goals type, as is my sweetie. And sure enough, those habits and attitudes were reflected in what I did with my new found gains.

If you want to learn more about your Money Habitudes, please join us for one of our Money Habitudes™ nights. People LOVE this seminar. Call or email for more details.

According to the Fraser institute, June 4 was tax freedom day for Ontarians. To explain tax freedom day, let’s suppose that you had to pay all of your taxes first, before you could keep any income for yourself. In Canada, the average Canadian would have to work until June 6th this year, before he or she could keep any money. That means that all the income earned up to that date, goes to pay for taxes. Included in this calculation are the usual suspects, income tax and sales tax. But there are a lot of “hidden” taxes we pay that we often forget about. Things like EI, consumption taxes, fuel taxes, license fees, import duties, profit taxes etc, etc., etc..

That’s a lot of tax! Every year when the news comes out, people kvetch about how much tax they pay.  My philosophy is… yeah, we pay a lot of taxes but we have a decent network of social supports that are funded from those very taxes. Could our tax dollars be used more efficiently? No doubt. Even so, taxes are an important tool to even the playing field and make things more equal for all Canadians. At least there is some social good coming from paying all those taxes. Can you say “Universal Health Care”? “Pension Plan”? “Disability Benefit? Those are things that most Canadians still believe in and support.

Let’s carry this a bit further. What if, in addition to paying all of our taxes up front, we had to pay all our debt payments including interest and fees up front? How many more days would you have to add to that tax freedom day before you would be working for yourself? Think about it. Add up all your debt and interest payments for one year and divide it by your daily after tax income. Go ahead, I dare ya!
How many days would have you to add to June 6 before you were free to spend your money on what you need and want?

I can hear it now. “If I didn’t have so much tax to pay, I could manage my debt!”
The thing about debt is; the interest you have to pay benefits no one except to enrich the person or institution that lent out the money. Somebody -other than you - gets rich off of your lack of planning or self-control. And you may have to work many more days each year to pay your creditors before your money is your own.

What would your year look like if you had Zero debt? How many days of financial freedom would you gain if you managed to pay off your debt? It’s not that hard, with a little focus and a good plan. Oh, and the desire to “work for yourself” instead of your creditors aka “da man”.

I heard a radio interview the other day with a man who travelled for work. The news spot was
portraying how the everyday person is being affected by the rising gas prices. In this poor fellow’s
case, he commuted over an hour to work everyday! In our neck of the woods, that’s certainly not the
norm. He did drive a somewhat economical car, (oxymoron- I don’t thing any car can really be called
economical- they’re a major expense and a depreciating asset). What bothered me though was how he
intended to cope with the increase in his gas expenses.

Was he going to share a ride or carpool with someone? No.
Was he going to move closer to his work? No.
Was he going to trim expenses somewhere else? No.
Was he going to look for employment closer to home? No.
His stated intention was to discontinue his savings plan. He said he could no longer afford to save!
Egad!! Danger Will Robinson!

It is advisable to consider the above listed options before taking such a drastic measure as discontinuing
saving. The first indication that a person may be living a lifestyle he or she cannot afford is when they
cannot find any money to save. As with everything, savings is relative. The more money you have
available to provide more than your basic needs, the more money you can save. And save you must. Any
healthy financial plan has savings as a fundamental component. To be financially healthy, savings is not
an option.

A good tip: When planning your expenses for the year, allow for a 2-5 % increase in your expenses,
across the board. Call it a cost of living adjustment that you make every year to your spending plan. That
way as costs rise, you have already anticipated the increase and are prepared for it. You may have to
make adjustments to other categories, if your wage increases have not kept pace. Do it. Is it pleasant to
have to cut back? Of course not! Is it necessary? Absolutely. It’s all about living a life you can afford.

I can’t bear to see the gas prices go up again! Every time I drive past a gas station I break into cold sweats. It seems like the gas stations are competing to see who can get to $1.50/ltr the fastest.
When the price of living goes up, we as consumers are faced with a difficult challenge – what is going to give to cover this new cost. This is where it is absolutely critical to have a budget in place. Typically our income doesn’t keep pace with the increased cost of living so other expenses are going to have to pick up the slack or use cost cutting to help with keeping that budget item down.

Fuel Cost cutting ideas

Gas rewards program - This isn’t a credit card but a program created by the company to collect points that you can redeem for gas. It may take a while but every penny counts.

Fill up your tires – Check your tires every few weeks and make sure they are to the manufactures standards. This can save you some drag on your car and make it more fuel efficient.
Fill up and drive till a quarter tank – Putting small amounts of gas into the tank can actually cost you more because you are driving to the station more times. It’s easier to fill up once and drive around less. Let the tank get down to a quarter tank before you fill up. You will benefit from driving around with a lighter fuel load, constantly topping up creates more weight in your vehicle.

Change your driving habits – Avoid idling, drive at a constant speed, take off slowly from a full stop and reduce your speed. All of these driving techniques can reduce how much fuel your vehicle is using.

Maintain you vehicle – Make sure you are changing the oil and spark plugs on a regular basis. Regular maintenance on your vehicle will keep it performing at maximum capacity.

Shop around for the best fuel prices -  http://www.ontariogasprices.com is a great website to see all of the local gas prices before you fill up.

The little things and big decisions – Consider car pooling, bike riding, and commuter van or downsize to 1 vehicle. Park in the shade to avoid the fuel evaporating and make sure you gas cap has a proper seal.

~Nicole Olsen

Awesome, awesome, awesome. What more can I say? We had a great afternoon event showcasing our agency with presentations on the 10 Steps to Financial Fitness and Mortgage information by Genworth.

We are also pleased to announce the introduction of our new Healthy Money™ program. A culmination of years of professional information and experience, written by our Executive Director, Wendy Dupuis and Senior Financial Counsellor, Pauline Laforet.

The Healthy Money™ financial fitness module system is an easy 10-step system containing topics that will help anyone effectively manage their personal finances.

This instructional information has been divided into a 10 step module system, allowing you to easily and effectively learn the basic information you need to know to help you increase your financial health.

This system has truly been developed with the “everyday person” in mind, so it has been written in a casual engaging style using everyday language with easy to grasp examples. This system is designed using our “bringin’ it to the streets” communication style, allowing you to learn in a relaxed and fun manner. No “accountant-speak” here!

Please check out our review in the Windsor Star for more information on our modules. You may also call 1-877-777-9218 or email info@financialfitnesswindsor.ca

I HATE spring cleaning! There’s just too much to do. Have you heard of hoarding? I actually do the opposite; I throw everything away even if I might use it in the future.

But let’s not talk about the things that provide fodder for my psychiatrist, I want to put out a plan for Financial Spring cleaning.

So go to your home office or file box; first thing you want to do is resist the urge to pour yourself a drink…

Now we’ll get onto the finances,

1)      Get all of your files, bills, records, and paystubs in the same place. Organize them in a way that makes sense to you. Most people will sort them into file folders, chronologically. You may want to use different coloured file folders for each type. I use green for my paycheques (cha-ching!) and red for debt (bad!).  This will allow you to have all of your important information in one convenient place, no more looking for bills in the couch or ruined paystubs in the dryer. Make sure you are only keeping records for their required retention period.

2)      Do a net worth statement. A new worth statement can be a very valuable tool in determining your financial fitness. It gives you a little report card of your finances that can be compared year to year. List everything that you own with value of $1000 or more (beer can collection probably doesn’t count). Now list everything you owe (credit cards, Lines of Credit, Mortgage). Simply take:

What I own  -   What I owe = Net Worth

3)      Resist the urge to pour yourself a drink…

4)      Now would be a good time to review your insurance policies. Do you have adequate coverage? Maybe you can get a better rate? Do some shopping, it doesn’t cost anything to get some quotes and might save you money in the long run. Insurance can be a very valuable tool to cover you and your belongings just in case Murphy’s Law comes a’ knockin.

5)      Get your credit report. A credit report is not only a good way to see how creditors rate your lending worthiness but to check for fraud.  There are 2 major credit bureaus in Canada Equifax and Transunion. All for the price of a stamp you can fill out a form, photocopy 2 pieces of government ID, send it in to EACH bureau and in 7-10 business days get a copy of your credit report.

6)      Review and update your budget. (Hint: if you don’t have one, now’s the time) List all of your sources of income and expenses. How do they compare. Do you spend more or less than you earn? If the answer is yes, you might need to rework it. Use pencil!

7)      List your debts, interest rates and minimum payments. You can find a free debt repayment calculator at Cnnmoney, or come in to see one of our qualified counsellors to discuss your options.

8)      And last but not least savings. What are your dreams? Your goals? Upcoming events for the next year? List some short term, medium term and long term goals. How much will you need to save? Maybe you can’t buy that super awesome 1:16 Millennium Falcon off eBay right now, but can you over the next 10 months?

9)      You’re finished! Put your feet up and relax; you will feel a sense of accomplishment and thank the stars you only have to do this once a year… now to the house…or that drink!

~Nicole Olsen

Every year we prepare an annual report on the Agency's activities for our Annual Members meeting.

In the report we celebrate our accomplishments and the general sense of well-being we all get from a job well done. It is a chance to report on the impact we make in the lives of the people who come through our doors seeking our help. I find it extremely rewarding to pore through the hundreds of client impact statements telling us how we have made a difference in thier lives.

With the issue of financial literacy getting so much attention these days, we appreciate knowing that what we do really does help.

I thought I would share what our clients say about the service they have recieved from us.

“This is the best service possible, it has helped so much”.
“Great program. We have learned a lot about ourselves and how to manage our finances better”.
“…consistently provided guidance in a knowledgeable and empathetic manner”.
“This was the best decision I ever made”
“Without these services who knows what state my life would have been in”.
“Very helpful. I was being buried alive and I appreciated a hand up not a hand out”.
“Right from the start of the meeting there was a feeling that everything would be okay”.
“People would be lost without a place like this”.
“So much weight lifted off my shoulders. I feel great”.
“I’m not afraid to answer my phone anymore and I can sleep at night”.
“All staff have been very accommodating of our situation. Thank you”.
“I appreciate the advice and professional service I receive when I contact (Financial Fitness)”.
“You made it easy for me. Thanks a lot”.

No, cher clients, thank YOU for taking responsibility for your financial lives and allowing us to be partner in your efforts to create a better financial future for you and your families.

Here's to many more years of making a difference.

Wow! Life has been so busy lately with all the projects on the go, a product launch, deadlines, balancing my home life, hardly time to breathe. When life gets crazy busy like this, I tend to lose track of things. Things like making personal appointments and phone calls, following up on details. The house is a little messier; magazines sitting unread, projects that I began a month ago sitting idle, abandoned temporarily as other priorities demand my attention. At work my desk is buried under mounds of papers in what I affectionately refer to as my “organized mess”. Some times the world wants more of me than I have to give. Now I know that I am not alone on this insane hamster wheel. I can hear you now, saying … wow, you think you’re so hard done by, try adding a couple of kids to the mix!
 At times like this, if it weren’t for my calendar and my faithful adherence to checking it regularly I’d be in big trouble. My organizer is my saviour. My strategy for getting through these times is to let go of the unimportant things. I focus on the “need to get done” tasks instead of the “nice to get done”.
When life comes at you at mach speed, it’s easy to lose track of things, like opening mail, paying bills or tracking your spending. Have you ever heard yourself saying “Whaddya mean the hydro bill was supposed to have been paid yesterday, we just received it…oops three weeks ago! Well uhm.. it seems like it’s been that long”!
Before you know it, you’re getting reminder notices in the mail for your bills and there is no money in the bank because you were not minding your budget and overspent just a titch.
Here are some helpful tips to keep you organized and on track with your finances during hectic times.
1. What ever system you use, keep it simple and easy to use. If you are already time stressed, don’t add to it by choosing a complicated organizing system.
2. If you are a techno-geek, there are a bazillion on- line organizers out there. Stay away from any system that offers anything more than pure money tracking and management. Some sites redirect you to all sorts of shady characters willing to help you pay off your debt or repair your credit. Be wary.
3. Set up an automatic withdrawal program with your bank or credit union, so the bills are paid automatically every month from your account. Caution: if you have a dispute with the bill, you will have to take costly and time consuming measures to prevent the company from withdrawing what they think is their entitlement from your account. It may take a long time to get the money back.
4. Typically most bills have a regular due date. Enter the name of the bill on your calendar a few days ahead of its due date. This way you only have to devote a few minutes at a regular time each day to check your calendar. Set up a file or other space where you can keep your bills until they are paid. When the date arrives, pull out the bill and pay it.
5. Use a file box or drawer with files folders labelled from 1 to 31. Each file folder represents a day of the month. When you receive your bill, drop it in the file dated a few days before the date the bill is due. For eg: if the bill is due on the 15th, put it in the file labelled 12, and pay it on that day. This allows a few days for processing. Don’t forget to allow extra time for processing on holidays and weekends.
6. If you have gone paperless, you will be receiving emails instead of paper bills. Be sure to check your email account regularly so you won’t miss your statement. It is still your responsibility to pay your bill on time, regardless of whether or not you receive a statement from the company. The statement they send you is merely a courtesy. It is your responsibility to pay what you owe. If you do not receive your bill when you expect to, call the company immediately. They can send another statement.
7. As far as tracking expenses when you are super busy, designate a spot in home where you will keep your receipts. At the end of each day, put your receipts in this spot. Then take a few minutes every week to reconcile your expenses to your bank account. Taking a few minutes to do this regularly will keep this chore manageable when you are time stressed.
8. Create a system to organize your financial records. Having an organized system takes little time to maintain and you won’t waste time looking for information. It will be at your fingertips.
9. Delegate some tasks to someone who can help. You don’t have to do everything yourself.
10. Ask yourself this question. If you do not have time to do it right, when will you have time to do it over?