Ted Michalos, CA, Mississauga Bankruptcy Trustee

I work with Brian McIlmoyle in our Mississauga consumer proposal and bankruptcy  office helping people deal with their debts.  Here’s my advice for budgeting and planning for next Christmas.

I hate to be the bearer of bad news, but in January the first round of “Christmas bills” start arriving in your mail box…

If you’d like to avoid this problem next year, now is the time to start planning for Christmas next year.  I can see your eyes rolling in your head, “We just cleaned up from this Christmas and you want us to start thinking about next year?  You’re nuts!”

Maybe, but give me a couple of minutes of your time to make a serious suggestion.

As the Christmas bills roll in, try and figure out just how much you spent this year.  $300?  $500?  $1,000?  More?  Whatever the amount, did you pay with cash or put it on credit?  If you paid on credit, do you have a plan to pay off the debt?

Most people over spend at Christmas – which is ok, but only if they have a plan to pay for it.

The best way to avoid Christmas bills in 2012 is to save enough money between now and then to pay cash for your gift buying this year.  Take whatever amount you spent in 2011 and divide it by 10 – that’s your monthly saving target.

If you spent $1,000 on Christmas 2011 and you want to pay cash for Christmas 2012 then you need to find a way to set aside $100 per month starting in February (and running to November) in order to have the money you need to do so.

You can pay your bills, and create a savings plan for next year, by not budgeting; just pay your bills as often as you get paid, or set aside money for next Christmas every payday.

The hard part, the really hard part, is doing this for the first time.  If you used credit to pay for your shopping this Christmas, then you have those bills to pay off.  Finding the extra $100 (or whatever number you need) every month will be difficult.  Having the discipline not to spend your Christmas savings may be even harder, but you need to do it.

It is like dieting (the OTHER Christmas nightmare).   Set a goal for yourself – in this case saving a set amount of money each month and stick to it.

Happy New Year everyone – here’s hoping 2012 finds you happy, healthy and prosperous.

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At this time of year we reflect on the year past and look forward to a new year.

For many people 2010 was a tough year, The media reported an end to the recession but for many the recovery has been slow or absent altogether.

I meet with people every day in my Mississauga office that have not returned to the income levels of 2008, or that are struggling with debt accumulated over a long period of unemployment.

Well it’s 2011 and it’s time to take control of your future and deal with your debt.

To get started you need to find out what options are available, the best place to start is at our website. www.hoyes.com we have compiled a wealth of information regarding dealing with debt.

Once you have educated yourself a bit, then it’s time to get down to specific plans, that’s when it’s time to come in to meet with me to create your debt freedom plan.

Ill explain all the details regarding Debt Settlement, Debt Management Plans, Consumer Proposals and we will even clear up your questions about Bankruptcy.

The meeting costs nothing and you will have all your questions answered so you can make an informed decision about what you want to do about your debt and what makes sense for you and your family.

It’s a New Year, and you can get the fresh start you need.

Visit www.hoyes.com or call 310-PLAN and lets get started

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A difficult year past, what does 2010 hold?

2009 is going to go down as “one to forget” when it comes to times past. Everyone is looking forward to 2010 to be an opportunity for a fresh start.

Our Firm, Hoyes Michalos and Associates Inc. has never been busier but I have to admit that the work this year has been emotionally draining. So many people were in serious distress due to job losses, financial reversals of fortune, business failures and all the related stress that brings. Add to this the government’s bad timing for bankruptcy law changes and we had a “perfect storm” resulting in difficult times for many people.

Often when I meet with people they are at their wits end. Fortunately, our team has been able to help very many people get relief from crushing debt and a fresh start. But for some, even bankruptcy won’t resolve the issues of loss of employment and income reduction. For many all they can do is dig in and focus on surviving until their situation stabilizes.

There are signs of recovery though, work hours for many people who suffered cuts are returning to full time levels. Some laid off workers are being called back and employers are looking to increase staff as the economy begins to return to growth.

For others the tough times will continue, particularly for older workers laid off from long time employers who are now no longer in business. Returning to the workforce for these workers usually means a pay cut and little in the way of job security. Significant lifestyle and downsizing adjustments will be required and oftentimes substantial debts will remain to be resolved from extended periods of unemployment.

If you find yourself back to work, but with a reduced income and carrying big debts we can help you regain control of your finances, no one wants to consider bankruptcy, but for some it is a viable solution to resolve debt. Bankruptcy is not the only option, we can help you make a plan that works for you and fits your “new reality” . You don’t have to carry the burden of debt , put 2009 behind you, we can help. Call us today at 310-PLAN and let’s get started on your 2010 fresh start.

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