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One thing I recommend to the people I meet with in Mississauga and Brampton is to sit down and spend some time doing up a plan or budget for the new year. A budget is important as it will help you set goals for such things as a holiday or new sofa that you need.
To start, review what has happened in the past year or at least the past 3 months to determine what you make in a month, that is your take home pay after taxes and how you spend it on food, car payments etc. For most of this information does not change and can be put into a new budget for the new year. Then we add the new things and the increases that are required for things like rent, food and gas for the car. Yes, it is expected that gas prices will once again increase in the summer months so don't forget to make an allowance for this extra cost. If it does not happen then that is a good thing but at least you have tried to budget for it.
I like to do my budget based on my monthly income and expenses. It's just easier to organize and see how much is left over each month or not. Also don’t forget to put money aside each month for the one time expenditures. For instance some people pay their car insurance only one a year. Thus you need to set aside funds each month so that you will be able to make that payment in the month it is required.
Once you have done this budget for each month in the new year you will be able to see if there is a trend toward savings or are you behind each month. If it looks like you will be behind you may want to determine why. Is it because you have credit card payments that are charging a lot of interest and you cannot make the payments and need to decide each month which one will be paid and the ones that will not? Do you have payday loans that you being taken out for at least one pay per month and you never seem to catch up on the payment? Are you borrowing from friends and family to get to the end of each month?
If this sounds like you then these are some red flags that may mean you have some financial difficulties to deal with. This is where we at Hoyes Michalos & Associates will be able to assist you. We can provide you with all the options available for dealing with your debts. Personal bankruptcy may not be the only option. You may be able to do a consumer proposal. Or you may be able to see your bank about a debt consolidation loan. To understand all your options and have as many as possible available to you, usually means starting as early as possible. So give us a call at 310-PLAN or in Mississauga at (905) 848-3649 and we can set up an appointment for you to see one of our trustees at a location that is convenient for you. This meeting is a free consultation and we will review all the options and allow you to make the choice that's right for you.
posted by Sandra Sykora, Trustee @ 8:05 PM
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