Have you ever wondered how your credit score is calculated? You are not alone! If you have at one point in your life applied for a credit card, personal loan, car loan or mortgage, then you must know that the lender pulled up your credit bureau file and computed your credit score in order to assess your creditworthiness. So how is your credit score calculated? The answer is not plain black and … [Read more...]
Paying off debt, money management, budgeting, frugal living, and more.
The year 2017 is just around the corner and it is time to reflect on days gone by and make solid plans for the future. Here are some worthy financial resolutions to consider for the New Year:Set a BudgetMaking a budget and sticking to it is difficult! My wife and I routinely assess our finances to see how robust we are financially. Our end of year assessment involves looking closely at … [Read more...]
A credit score is a 3 digit number that is derived from the information contained in your credit report by credit bureaus. Credit scores are utilized by lenders to assess the creditworthiness of a borrower i.e. the probability that a borrower will default on a loan.The two major credit bureaus in Canada use a score range from 300 to 900. In general, credit scores are ranked as follows:760 … [Read more...]
Energy consumption and costs have risen steadily since the end of the twentieth century with the increase in energy costs far outpacing growth in disposable income. A study by the Fraser Institute in 2016 showed that over one million Canadian households now spend more than 10% of their income on electricity, natural gas and other heating fuels, leaving them energy poor.Here are 15 easy ways to … [Read more...]
Follow my blog with Bloglovin Christmas season is just around the corner! Here are a few tips to avoid debt, stay on budget, and not look like a Scrooge.1. Set a Budget and Make a List You should have a budget for all your expenditures, and that that includes your Christmas purchases. Budgets put a limit on expenses, and that is always a good thing. Stick to your budget. Making a shopping … [Read more...]
Taking control of your finances and your life includes understanding some of these financial terms and concepts you will come across now and again.1.Annual Percentage Rate (APR): Is the total amount of interest plus fees paid on an annual basis on a loan expressed as a percentage. APR is a broader measure of the costs of borrowing money and is also referred to as "Effective interest … [Read more...]
In a society flush with credit and easy money - credit cards, buy now and pay later promotions, 0% financing and many other marketing tricks, it has become very easy to get into debt. Here are 10 simple ways to avoid getting into debt: 1. Question the purchase Before you go ahead and swipe that credit (or debit) card, ask yourself these 3 questions: "Do I need it?", "Do I need it right now?", … [Read more...]