Money Mart Class Action Settlement

Money Mart has settled their Class Action Lawsuit in Ontario.

This notice is directed to all persons ("Settlement Class Members") who received a fast cash advance or payday loan from a Money Mart store in Ontario between August 19, 1997 and December 15, 2009...read more

Staying away from credit card debt

As many Canadians continue to charge their credit cards, they are increasing their debt loads at an alarming rate. Getting into debt can happen very quickly, getting out of it is not so easy. Below are some tips for avoiding getting into serious credit card debt.

1. Do not apply for too much credit. Limit the amount of cards you apply for and have to two.
2. Use your card sparingly, for purchases such as gas and groceries.
3. Only charge amounts on your card that you know you can pay back before your next credit card billing date. Do this to avoid paying interest charges.
4. Choose a low-interest credit card over a rewards or points credit card if you intend on carrying a balance. Rewards cards are nice, but often come with higher interest rates.
5. Do not use your card for frivolous, spur of the moment purchases. Using your credit card for an expensive pair of shoes you might never wear is a waste of money. Always plan your purchases.
6. File your credit card receipts for 3-5 months. After the fifth month, look back at your purchases and see which ones you could have avoided. You might be surprised to find that some or many of your purchases did not have to be done by credit. This will prompt you to think about future purchases.
7. Leave your credit card at home if you are going somewhere you know you will be tempted.
8. Credit card companies periodically increase the credit limits of their customers. If this has happened to you, call your credit card company and request your limit to be decreased. This will keep your debt load low.
9. Shred your credit card receipts instead of throwing them away to avoid identity theft.
10. Notify your credit card company of any unauthorized purchases or any discrepancies.
    

Tips for Saving Money

1. Open an ING account and have your funds automatically deposited into it.
   
2.  Save the Rest at Bank of Nova Scotia automatically deposits $1 or $5 into a separate account for short term savings such as a vacation or car repairs.
3. Start clipping coupons. Search online, newspapers, magazines and in-store.
4. Make a list before going grocery shopping and eat first before you go. Once at the grocery store, shop on the outer perimeter of the grocery store, this is where all the fresh food is kept. Vegetables, fruits, breads, meats and dairy. Don't forget to stick to your list. 
5. Plan your meals, at least a couple days in advance if not longer. There are some wonderful meal plans online. Search under meal plans.
6. Start using cash. Leave your debit and credit cards at home. By doing this, you won't give in to impulse spending.
7. Budget. Write out your expenses and allocate your funds accordingly. Don't forget to include some fun things like entertainment. Stick to your budget. You might get off track once in a while, but do not make it a habit. Too many times off course and the budget won't work.
8. Shop for items when they are on sale. 
9. Adopt the jar method. Allocate into jars, money for those expenses that are not fixed, for example: gas, entertainment, groceries, transportation, spending. Once the funds in the jar are finished, the do not get replenished until next payday. This method works best by pay period.
10. Open an RRSP account. You can start as low as $25/mth with most banks.
11. Swap children's clothing with friends. Kids grow up so fast, it gets expensive buying them a new wardrobe everytime.
12. Shop at second-hand stores such as Goodwill, Salvation Army, Value Village and Once Upon a Child.
13. Watch movies at home instead of going to the theatre. 
14. Make gourmet meals at home instead of going to an expensive restaurant. 
15. DIY. Learning to do-it-yourself will save you hundreds of dollars a year. Everything from home improvements to interior design can be done by you. It just takes time and patience. 

 If you have any money-saving tips, please email me and I will post your suggestion.


Happy Shopping!!