Saving Money and Avoiding Debt

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Sep 212015
Saving money and avoiding debt

Personal finance is important. We all strive towards this and struggle with this in equal measure. No one likes to be in debt, let’s face it-its not a great feeling, as debt can affect finances and personal relationships. It is not unusual in this day and age to have a mixture of store cards, credit cards as well as loan repayments.

Canadian personal finance affects you directly. We all aim to save money for a rainy day, but sometimes it is not so easy. It is important to have a handle on your finances. Every month you should consider drawing up a personal income-expenditure form. Write down monies coming in, and monies going out. By doing so, you will see how much money is left over at the end of the month. And with the leftover money, why not put it in a savings account? I know this is easier said than done.

When it comes to credit cards, we all have them. Usually more than one. Most times more than three. Before applying for a Canadian credit card, you should shop around and consider the following:

  • Balance Transfers
  • Cash Back
  • Low Interest
  • Instant Approval
  • Airline Credit Cards-where you can accumulate points or miles or both.

There are lots of credit cards out there. Alternatively, you can choose a Canadian prepaid credit card. This might be a better option if you trying to budget yourself and save pennies. For example, Scotiabank pre paid credit card, allows you to spend money you load on it. It also helps you keep track of your spending. What could be better than that? Also, MasterCard has a pre paid credit card as well, you can use it everywhere and in fact, it is Canada’s lowest prepaid reloadable credit card.

When it comes to the Best Canadian credit card for travel, there are various options. Take a look at Rewards Canada-on their website, they have over 80 travel credit cards in which to choose from. You will find five major categories which will help you decide which ones are best for you. They include:

  • Travel Points
  • Cards with annual fees
  • Cards without annual fees (this is a good option if you are trying to budget and save money)
  • Hybrid credit cards
  • Airline credit cart
  • Hotel credit cards

Not sure where to start?

TD Aeroplane Visa Infinite credit card is popular among Canadians. Why not check out their terms and conditions?

In closing, personal finance can be a quagmire, but it doesn’t have to be. First, set financial objectives for yourself. What is it you want to do? Do you want to pay off your bills? Pay off your credit cards and loans? Set money aside for a rainy day or even a holiday cruise? All of the above are possible. It just takes a little time and effort. You can do it, as so many have before you. Take the time to sort out your finances. Get a handle on them. Know where your money is going and to whom it is going to. Personal savings and personal finance is attainable. Arm yourself with knowledge and you can’t go wrong. There is plenty of knowledge here to get you started. Go!

Personal finance: How to Manage your Money

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Sep 152015
Personal finance: How to manage your money

The majority of people have difficulties in managing their money. Although managing personal finances can sometimes be complex, it does not require you to be a financial genius in order to do so successfully. Luckily enough there are hundreds of Canadian personal finance blogs out there which can help you with tips on how to properly manage your finances.

In this regard, for you to succeed in managing your money wisely there are basics that you need to observe. First, you need to track down all your monthly spending. It is sickening to realize that you even don’t know where all your money goes. Whether you use cash, credit cards, or debit cards, the sum total of all the monthly expenditures will give a clear picture of where you are standing financially.

Secondly, you should come up with a budget highlighting how you will spend your money in that particular month. Ensure that your budget is realistic and that you can live comfortably within that budget. Thirdly, you should also keep some money for your future use or for emergencies. Do you wonder how much you can keep for yourself? Ideally, set aside 10% of your monthly income and any extra cash that comes your way.

Besides, as experts that offer Canadian personal finance advice, we highly recommend that you review your credit report on a regular basis. This has a very big impact on your future finances. Also, your credit scores will tell you how well you manage your finances. Lastly, another key way to ensure that you manage your money wisely is by eliminating any credit card debt. If your debt piles up, then it is most likely that you are living beyond your means. The sooner you reverse this trend, the better for you!
Signing up for the best Canadian credit card.

If you are not among those people who have perfect credit, then you will be required to do extra homework in order to find a great credit card with many options and best perks. You can shop online and find that coveted credit card with sign-up bonuses, reward programs, higher spending limits, and low interest rates. It is very much rewarding by picking a credit card that matches your spending habits.

Sometimes, caution need to be taken because some credit card issuers entice clients with good sign-up offer only to disappoint them later. If that happens to you, change your credit card. Enough said, among the best Canadian credit cards include the MBNA Rewards World Elite MasterCard, TD Emerald Visa, and Rogers First Rewards MasterCard. Also, Make sure to check the fine print to get a clear picture on what they offer.

When it comes to travelling choose the best travel credit card that matches your habits and preferences. If you travel a lot, it is essential that you get a Canadian travel credit card that will help you fly or stay in a hotel for free. Also, consider other services such as travel insurance, emergency medical cover, and special discounts.

On that note, the best Canadian credit cards for travel include the Scotia bank Gold American Express Card, RBC Visa Infinite Avion, and the Capital One Aspire Travel World Elite MasterCard. When you choose either of these cards, it will be a great advantage to your wallet.

On the same note, Canadian prepaid credit cards can also help you to manage your personal finances. You can load your monthly budget and use it strictly at the gas station or supermarket because the spending will automatically end if the money in the card gets finished. Although it is a clever budgeting tool, prepaid cards work like a debit card. They can be used anywhere and you can reload with more money whenever your balance gets low.