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How to Choose a Financial Planner in Canada

February 6, 2013 / Common Cents Mom / No comments

Tonight for the #cdnmoney chat on Twitter I have a very special guest, Preet Banerjee the TV Host of Million Dollar Neighbourhood is joining me to talk about How to choose a financial planner. Such an important topic as how do we choose the best help for handling our money.

Reasons for choosing a planner may differ, but here are a few questions I would think about:

What are my money goals?

How much do I already know?

How much do I want to be involved day to day?

How does this person get paid and by who?Are they paid extra to recommend certain products?

How would I find a good planner?

What questions would I have for them from the get go? Do you have questions about taking risks? about securities? The list goes on.

Once you know you want from a financial planner, next ask your friends for a referral. Ask them how are they helping them out? Is that the kind of help you need? If yes then meet the planner and check them out to see if they are a fit for you.

One other resource you may want to check out is The Financial Planning Standard Council they have a wonderful section on financial planning including 10 tips for choosing a planner.

Once you have a few names, you will want to meet them. Make sure you have your questions for them ready.

Remember:

1. You are looking for a fit for you, this person will be handing your money, just as you are choosy about who you date, do your due diligence. Make sure you connect with them.

2. Ask about designations, and experience but more importantly can they make money real to you. Can they explain in ways you understand? Can they answer your questions?

3. Ask what products they offer and why? Are they limited in who they can choose to invest your money in.

4. Find out their track record, the company track record long term.

Do not sign any contracts in that first meeting, go home mull it over, meet with a few before you decide on one. Check references.

Does this sound like a chore, it should we are talking about your money and your future. Do your homework.

Now you have chosen someone, check in often and reassess are they really the best fit for you, are they doing what they said, and is your money growing?

These are just some thoughts on choosing a planner, how did you choose yours? What would matter to you?

You can join the discussion on the topic tonight on the #cdnmoney chat on Twitter, at 7pm EST.

Category: Money / Tags: canada, financial planner, Investing, money

Budgeting Basics 101: The Simple Must Do List

October 10, 2012 / Common Cents Mom / 3 comments

Budget © by Tax Credits

We all can make money mistakes, and over the years I made more then a few of mine but by learning the budgeting basics I was able to learn to really take control of my spending, and money habits. There are simple must do’s when it comes to budgeting. This is what I did, what I learned and what I am continuing to learn along the way.

Track It

You need know what is coming in each and every pay, and what is going out. Keep every single receipt for at least 3 months, I was in a hurry to get started so I cut this to a month. Some days it was hard, who wants to write that tea down, or collect a receipt for something cost less then a toonie, but I did it. So gather then record each one. I was just getting into Excel so I did up a spreadsheet just like a friends dad had. I also bought a notebook from Dollarama so I could track those small silly purchases.

Categorize it

Once you have them all you will find several patterns. You will find there are fixed and variable stacks of receipts. Separate them into piles that make sense.

For me when I was starting this it worked down to this:

Fixed Income -CTC, GST, and child support fell into this one for me

Variable Income- work and blogging income fell into this one for me.

Fixed Expenses:

Rent, Cellephone, Cable, Transportation were mine.

Variable:

Clothing, Medical, Food, Grooming, Allowance, Entertainment, and Charity were mine.

Notice Savings was not even in the picture.

Analyze It

Take a look, a good hard look at where the money went. Look through the piles. Check out each receipt. What are your habits? Where could your make changes. This is most likely to be found in your variable expenses. Do you eat out 5 days a week? If yes by brown bagging it just half the time, think saving. Look at each stack, where there ways you could of saved yourself some money? Think about it. Look for at least 2 ways you could save. I am not asking you to make big changes at the beginning. I found when I took on too much at once I set myself up to fail. I don’t want you to do the same.

Budget it

Now you know what you have been spending set out how much you want to spend in each category. For me I set a line in the sand for certain categories that I will not go over no matter what. Ie I have a strict budget for entertainment and once it is gone, we are looking for free things to do. When it comes to things like medical though I know now that some months there will be no expenses and others well I need to be prepared for large ones.Do make sure you add savings to your budget on my initial budgets there was no spot for it.

Test It

Use your new budget tracking as you go. If you do not spend what you have budgeted, great you save it.

Look At It Again

After you have used your budget for a couple of months look at it again, are there new ways you could be saving? Are there categories that need adjusting? Did you get a raise, change jobs, those are things that would require a relook at the budget. You should repeat this every few months.

I am trying to do this, and to be honest some months I am not the best tracker, but I am trying and I will get there. What keeps you on track if you keep a budget? What are your simple must do’s?

Category: Frugal Tips, Money / Tags: #cdnmoney, budgeting, Frugal Tips, money

6 Money Rules for Teens and University Students

September 5, 2012 / Common Cents Mom / No comments

When I was a teen I wished someone had sat me down and taught me some basic money rules. I went to university got my first credit card and by the end of my first year I was in debt. Not good! So what rules would I want for my daughter? For any teen getting ready for the next stage in life? Here are my money rules:

Keep a Money Journal

By writing it down and keeping a money journal you can see where you are spending your cash. By doing so you see your money habits and where you might want to change things.

Save for a Rainy Day

You never know when you may experience an emergency, and no an emergency is not the purchase of a want like the newest tech toy. Try and save at least 10% of what you bring in till you have enough to cover at least 3 months of expenses. This is your emergency fund.

Spend Less than what You Earn

When you spend less then you earn now, you are actually caring about your future. Does your future matter to you? Then you want take care of it by watching what you spend now.

Watch Out for Credit Card Debt

Your need to be very careful in how you use your credit card. Think does that night out warrant it going on your card? Do you really need that interest adding up?

A Sale is Not Always a Good Deal

People often think that a sale means a great deal. What if you do not need that new pair of shoes? that new tech toy? You need to learn to shop with a list. What do you really need? Buy with a purpose and a plan. As well if you are putting that sale item on a credit card that you do not pay off every month you lose the savings.

Set Money Goals

What do you really want? What are your plans? Do you want to travel? Graduate debt free? have money for the future? Set your goals, then put a plan in place to help you get there but remembering these rules you are well on your way to achieving them.

You can join in as we talk Money and Back to school today, Wed, Sept 5th, at 7pm EST with the hashtag #cdnmoney on Twitter.

Category: Frugal Tips / Tags: credit cards, debt, money, university

Get Out Debt Now

March 14, 2012 / Common Cents Mom / No comments

budget © by 401K

We all want that get out of jail free card when we play Monopoly but the reality of life is there is no get out of jail free card. There are consequences that come up in life. One of the biggest consequences Canadians are facing today is debt. We are taking on more and more debt, and seriously we are not getting a great handle on it. Do you know according to a recent Canadian Living article almost half a million Canadians are behind on their credit card bills by more then 90 days! That number is huge. We do not need a get out of jail card to fix the problem. We need a plan.

So what do you do when you find yourself buried in debt, YOU, have to have a PLAN!

1.First OWN your debt.

List it all out. Know how much you owe, and where. Know the amount of interest you are paying each month. You dug the hole, and now you need to know how deep it is.

2. Pay HIGHEST interest rate first and more often.

You want to get rid of that interest rate. Why spend what you work hard for on interest, so tackle this first. The more you can lower your interest payments the better for you.

3. TRACK your spending.

You need to know how you got to this hole in the first place. Track your spending for 90 days. Look at your habits. Do you go out for lunch often, shop for junk or do other things that are driving your debt load higher.

4. Set a BUDGET.

In our world today there are many ways you can set a budget. Use paper and pencil, software or even an app. All of these can help you as you learn to budget your money.

5. Get HELP if you need it.

I had to go so far as to speak to a bankruptcy trustee. There are people out there who can help you get through the dark days of debt, and trust me living debt free is so so much better. If you need help, ask, don’t be ashamed. I learned a lot going through my bankruptcy.

Category: Money / Tags: budget, debt, interest, money

It’s Your Money: A Talk and Giveaway with Gail VazOxlade

January 29, 2012 / Common Cents Mom / 20 comments

This week I got to have a phone call with one of my favorite money people, Gail Vazoxlade.

It was Tuesday and I had just visited Gail’s blog which is a norm for me and discovered she had just launched the Gail way which she said came because of a conversation with a girlfriend. Gail’s way came about because her friend tracked what she spent but didn’t understand what to do next. She wasn’t sure about the next step. The Gail way gives you the paperwork and steps to get you tracking and budgeting step by step.

As we talked more about It’s Your Money we talked about women and our mindsets and how we got this way. Gail said ” You as a woman are going to watch your life change and you need to adjust your plan when it does”. We are in constant flux as we live our lives and we need to be ready for it.

In Gail’s newest book she first examines our mindset and explores how we got thinking like we do . First she looks at your money personality..and has suggestions to help you with each.

In the middle of the book she goes over the financial foundation that each of us should have.

Then she closes the book with what I think is the best advice what to do in case of the just in case section. For me I know just in case well. I have lived just in case but wasn’t prepared, hopefully by reading the book you will be prepared just in case.

Now Gail was gracious enough to let me give away 2 books on my blog, and not just any old books but these two are signed by her. The inscription can be made out to you or who you choose, nice, eh.

So to win Gail’s newest book I am using Rafflecopter once again, and please leave a comment telling me one of the biggest money lessons you have learned.is

This contest runs till Feb. 12th
Read more

Category: Reviews and Giveaways, Uncategorized / Tags: book, Gail Vazoxlade, Its Your Money, money, review, women

Making and Keeping a Budget

January 18, 2012 / Common Cents Mom / 3 comments

Budgeting © by RambergMediaImages

One of best things I ever did for myself was learn what a budget was and how it could help me. A budget got me on track and moving towards my goals. A budget today keeps me on track.

So where to begin.

Begin where I began.

Know where you are at. You have to know what you have and don’t have. When I had to sit down and face my reality, it helped me to be more realistic. Track your habit for 30 days, gather up those bank statements, and look at what they are showing you. Do you notice any trends. If you are bouncing checks, not saving, not paying the bills, yet spending on junk you know you have an issue and that is where I was.
So now you know, Get the resources to help you. For me this was forced on me with my bankruptcy, there were forms to be filled out every month and I had to keep track of how I spent every penny. Now, one of my mentors while I was going through all this was the amazing wonderful Gail VazOxlade. On her blog she has some excellent resources for tracking, and doing the things that will help you like office in the box. Gail’s guide to building a budget takes you through it step by step. I highly recommend it. These days I have been using Mint.com to track my budget.
Got the resources, Set a date. We all like to put off those chores we don’t like and many people see a budget as just that a chore, so set a date. Plan a time when you can sit down and get to work. Setting a deadline often helps you get to a goal as well.

So you have your budget. Great, now comes the hard part, keeping it. For me my budget is like a roadmap that is keeping me on the road I want to travel. I have a destination I want to reach and my budget is a tool that will help me get there. Budgeting works for me, it helps this scatterbrained spendthrift stay on task, it focuses me. What does budgeting do for you?

Category: Money / Tags: budgeting, money

Changing Banks Can Be Simple

January 11, 2012 / Common Cents Mom / No comments

Bank Safe Combination © by Todd Ehlers

Have you ever been frustrated at your bank? Ever thought of switching banks but didn’t want the hassle or headaches? Did you know it is easier than ever to switch financial institutions?

“A new, national survey conducted by FirstOntario Credit Union, one of Canada’s leading member-owned financial cooperatives, reveals that the average Canadian has been with the same bank for more than 15 years, yet more than 40 per cent of those surveyed are unhappy with the high service fees their bank charges them. “ They asked 2500 hundred Canadians this question and this is what they found.

Canadians like me are so very tired of bank fees. We are all looking for ways to save, and reducing or even eliminating bank fees is on the mind of many. Most Canadians put up with the bank fees simply because they think it will a hassle to change banks.

Let me make it clear: changing banks can be very simple!

In that same survey 42% of Canadians said they weren’t happy with were they were. I think all the banks need to look at that figure. An other 10% said that even though they thought of switching they simply did not want the headache, or thought it would be too hard.

How wrong they are, switching banks here in Canada can be simple and painless.

First Ontario Credit Union today released 5 steps that you can use to switch banks, even if a credit union is not for you, it is a simple process.

5 STEPS TO LEAVING YOUR OLD BANK FOR GOOD

There are serious misconceptions among Canadians about what is involved in switching financial institutions, and for many people even the thought of switching can be daunting. The reality is that switching is simple and straightforward and we can even help you switch. Here are five simple steps to get you started.

1. SET A DATE

Any big decision requires a bit of planning and getting organized. Setting a date will give you time to plan according to a timeline that works for you.

There is nothing like a deadline to get most of us moving!

2. TELL A FRIEND

As simple as this might sound, it may surprise you how many people you know have actually switched banks or gone to a community-based credit union. Their experience may prove useful, and they can point out shortcuts or give you tips that could come in handy.

More than 10 million Canadians are members of an affiliated credit union or caisse populaire across Canada, drawn by lower banking fees and the ability to have a voice in how their financial institution is run.

3. OPEN YOUR NEW ACCOUNT

Generally, you are able to open a new account with an initial deposit. Plus, at a credit union you will also become a member and co-owner at the same time.

At FirstOntario Credit Union, getting started is easy. Click here to find out how we can take care of most of the details – free of charge.

4. GET YOUR NEW ACCOUNT IN ORDER

Ensure your new account is fully functioning:

* Order new cheques and a new credit card

* Reroute your direct debits – we can help! Click here to find out how.

* Reroute your direct deposits – ask the credit union for a direct deposit authorization form that includes your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old chequing account open and watch for the switch.

If you have direct deposits for payroll or government cheques, FirstOntario will also provide you with a form to assist you with switching over any incoming deposits you may have on the old account.

5. SET-UP ONLINE BANKING

Online banking has become a standard offering by most financial institutions. FirstOntario provides Members with a number of easy, convenient ways to bank and access your money. You may even want to use more than one type of access, depending on your location, the time of day, and the type of service you need.

Now even if you are not thinking of a credit union, these steps will work no matter where you are thinking of.

I want to add an extra step here:

6.DO YOUR RESEARCH

Find what is going to work best for you, and your money needs. Honestly, being with a credit union served me well for years but at this time it doesn’t work well, so I found a solution that did. The reason a credit union doesn’t work at this time, I can’t get face time with a teller close by. For me location was an important element in deciding.

*this is a paid post by First Ontario, and #myownbank. Even with it being a paid post, my opinions and thoughts remain my own. First Ontario is also the paid sponsor for the #cdnmoney chat on Jan. 11, 2012. They will not have input at the conversation, but will be watching the feed to see what thoughts real Canadians have about banking.

Category: Money / Tags: Banking, First Ontario, money, switching banks

Money Goals for 2012? Resources to Help You Achieve Them

January 1, 2012 / Common Cents Mom / No comments

Are you like me and have some money resolutions or goals for 2012?

In 2010 I decided the only way for me to get a handle on my finances was to declare bankruptcy. I wrote about it as a guest series on Where Does All My Money Go. I could see no way out from that burden. Last year I cleared my bankruptcy. So what does that mean? It means I have a second chance but it also means rebuilding a basis for credit.

Three things are major money goals for me in 2012.

1. Get a credit card. I have been using a wonderful debit Mastercard from BMO for the last 2 years. I love it but I also think it is time to reestablish my credit worthiness so I will go after getting my first credit card this year.

2. I have NO emergency fund. This is a HUGE no no. I have learned anything can happen in a moment so I will make this my number one priority.I plan on having 5% of my annual income by the end of the year in this account.

3. I want to learn more about RRSP’s, mutual funds, TFSA, index investing and so much more. I need to round out my financial knowledge. I will have a plan in place to invest. I will start with just a small amount $100 a month. But that $100 a month can turn into much more by the time I retire. It is a start. I will also invest my GST, and tax returns starting this year into long-term savings.

So how am I going to find the $ to fund these when I have been living pay cheque to pay cheque? I had to go over my bills and figure out where I was overspending, what I could cut and make a dream board of what I really want. That will give me the incentive to stick to my plan.

There are also a number of great resources and tools I will be using to keep myself on track. I am also eliminating some very bad habits.

1. Opened an ING account, really they do offer the best interest rates and the lowest fees I can find right now. I decided to go with a tax free savings account to start me off. I will also have a separate fee free account for that emergency fund I am building.

2. Cut soda and Timmy runs. I realized I was spending over $50 a month on junk! Junk that I was taking into my body and since one of my goals is to create a healthier me this one is a no brainer. This $50 is going straight into long-term savings. Do you know if you smoke and quit you could literally save thousands?

3. Download @Shopcatch unto my smartphone so when I am looking to buy something I can find the best deal.

4. Continue to utilize sites like Wag Jag, and The Deal Pages to get good deals on things I need or for gifts.

5. Continue to use Mint.com for my budgeting. Years ago I worked for the parent company Intuit selling the software to small businesses

6. Continue tweeting and planning conversations on Twitter on important money topics. The #cdnmoney chat helps me to learn and grow.

7. Utilize the calculators found on the Financial Consumer Agency of Canada site. By using the calculators I can estimate investments, etc so I can better plan my future. This site has alot of great resources for Canadians and I recommend utilizing it.

8. I will read alot so I can learn more about money, investing and financial planning. I think I have the frugal lifestyle down pat, what I really need to know now is how to make my money work for me.

For me the resources and tools will help keep me on track as I plan for my financial goals.

May they help you as well.

Category: Opinion, Uncategorized / Tags: money, Resolutions

For 2012: 30 Canadian Money Blogs to Read to be Money Smart

December 29, 2011 / Common Cents Mom / 5 comments

Three years ago in 2009 I wrote a list of Canadian Bloggers that help you be money smart. Well that post is my most read post each and every year.It is also on the front page of Google when you search for Canadian money blogs or Canadian frugal blogs. With that said I decided since there have been many new entrants since I wrote this list in June 2009 I would list who I read now. These bloggers help me be money smart. I have learned from each of them. Each of them offers a different take. Some are investment bloggers, some deal with Mortgages, some are frugal bloggers, some know a great deal. All of them are worth reading and knowing. They say here in Canada, 2012 will be another hard year for many a Canadian family so I wanted you my reader to prepared by giving you a great list of bloggers who can help you chart your financial course.

These bloggers are shared in no particular order. Some are moms just like me, some work with money day in day out, some are bankers, some are investors, and all are money smart. If you are like me and always wanting to make the most of your dollar here is a list of great reads that will help with that:

1. Gail Vazoxlade- We all know Gail from her hit TV Show Princesses, but her blog gives us a regular dose of money medicine. I have been blessed to had dinner with Gail and a gang of other bloggers this year. Getting to know her a bit better has only made me want to read her blog more.

2. Sqwakfox-Kerry is one of those old time (meaning she has been blogging for years) personal finance bloggers. Her blog is on a number of best read lists. She is practical which is why I love her.

3. Marcy Berg -Marcy is a mortgage broker, and the owner of Mortgages for Women, I first met her in person, then started following her blog, she is smart and knows her stuff, and great woman to read.

4. Fabulously Broke in the City- is another older personal finance blog. She has gone from being broke to now have a net value of a cool $250,000 all in just a few years. She also lives simply and has another blog that talks about that.

5. Simply Frugal- Taya started her blog about the same time I started mine, so we are both almost 4 years old. She posts deals, money saving tips and even some great recipes.

6. Give Me Back My 5 Bucks. I love Krystal and her blog. She has been debt free since 2007. She also writes for Moneyville and you can even find her talking money quite frequently with me on the #cdmoney chat stream.

7. Where Does All My Money Go Preet is an investment guy. He knows his stuff and has even won a spot as The W Network’s money expert. He also let me guest post over on his blog last year so a good guy in my books.

8. Money Smarts- This blog used to be Four Pillars and then Mike started this one. Its focus is on personal finance with an emphasis on investing topics. Another long time blogger who knows his stuff.

9.Canadian Dream:Free at 45- Tim started this blog as he dreamed of retiring at 45. Well I am there now and no where near retiring. One can dream though, but this guy is showing how it can be done.

10. Ellen Roseman- is a columnist with the Toronto Star, and one of the writers on their Moneyville blog, as is Krystal. She has been writing about money for years.

11. Moneyville- The Toronto Star started this blog just over a year ago and it has some great writers who I have read all before they came to Moneyville.

12.Peter Aceto- as CEO of ING Direct, he is a voice in the banking industry that I read and listen too.

13. The Canadian Personal Finance Blog- Big Cajun Man has been blogging as well for years and simply put he talks about everything money. I love how personal he is in some of his posts.

14.Canadian Couch Potato-Dan is a journalist who knows investing. If you want to know about index investing this blog is a must read.

15. Retire Happy Blog-Jim has been talking and teaching money for 20 years. He offers money talk that is timeless.

16. Boomer and Echo is a fairly new find of mine. They are mother and son team who want we all want to retire knowing we can manage. Really I am enjoying discovering this new read to me.

17. The Asian Pear- Is a young woman I love to read, she writes about day to day what she is doing to save, and lives in a very practical way.

18. Bargainista- I love Eden. She doesn’t write a lot about money, but she does know how to find a great deal, and is actually very money smart as I can attest because I know her in real life now too.

19.Smart Canucks is another blog that helps you find a great deal, or freebie, for me it helps me to be frugal.

20. Canadian Mortgage Trends is a blog all about the Canadian Mortgage industry. If you need to know what is happening and how it can effect your mortgage this is a blog to follow.

21. Canadian Capitalist is a blogger with Moneysense. Ram has been writing about about money for years and is well worth reading, he truly knows Canadian money.

22. The Wealthy Boomer is a blogger and writer with The Financial Post. He is also an author of get this a a financial romance. That alone is reason to read what he writes.

23.Million Dollar Journey-also writes about investing, he is a young man on a journey and on the way he shares everything from best credit card to have in your wallet, to index investing.

24. Thicken My Wallet- This blog written by the president of an investment company offers much in the way of personal finance talk and investing.

25. Bank Nerd Need to know anything about banking, then this is the blog you want to be following.

26. Financial Uproar Nelson is young, just starting out, but I love his wit, and for a young man he is very smart.

27. Mrs. January is another frugal mom like me, who is trying to be money smart. She shares deals and some great practical posts on saving money.

28. Sustainable Personal Finance-this blog written by a couple shares the story of meeting money goals while being eco friendly and green.

29. Nickel by Nickel- Another new find of mine, an east coast gal who wants to keep track of her money nickel by nickel

30.Common Cents Mom- Of course I want you to come here and learn, and grow with me as I move forward. For me this blog will be about having real money conversations and sharing things that help me day to day, whether it be frugal, or finance I will continue to share my journey here.

And don’t forget you can connect with many a Canadian money blogger on Wednesday nights on Twitter 7-8pm EST for the #cdnmoney chat. Come and join the conversation and may you get the insights you need to be money smart.

Category: Money, Opinion / Tags: bloggers, blogs, frugal, Investing, money, Personal Finance

What If A Bank Was Actually Listening to You?

December 27, 2011 / Common Cents Mom / No comments

Ever feel like you are getting shafted by you local bank? Ever feel like it might just be better to have your money in your piggy bank? Sometimes I feel that way. When I have to pay fees each and every month just to keep an account open I cringe, and what about the fees every time you need to do an unique transaction.

When I was in high school I opened my first savings account. It wasn’t with a bank though it was with a credit union. My mom had just married my step father and well my new uncle managed a local credit union in Manitoba. I learned about being a shareholder in my banking experience.For many years I had a credit union account because it made sense and I had a say. You see with credit unions every member has a say, something we do not have when we bank with the big banks. I attended many a shareholders meeting over the years and it was nice to know I could voice my opinion, that I had a say, and that they were actually listening to me.

My family has dealt with the big banks, and credit unions over the years and sometimes I just don’t understand why the bigger banks have such outrageous fees, and policies, over the years sometimes they have confounded me, but I have never felt that way with my credit union account. My sister’s mortgage is at a credit union, and so are others in my family, you see when it came time to get their mortgage it made the best sense.

One of the things I like best about being at a credit union they actually really listen to the customer. They engage their shareholders and care about what we say after all we own the bank. So what would you say if you owned your bank? One credit union really wants to know the answer to that question right now. So what if you owned your bank? What do you want them to know and know this your comments will be read, and heard. So I want to know here what would you tell them? and I want you to actually tell them at My Own Bank.

So what would you do if you owned your own bank?

* This post is sponsored by My Own Bank but my opinions and thoughts on the matter are mine so I really want to know what you think.

Category: Money / Tags: . My Own Bank, Bank, Credit Union, money

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