Category Archives: Personal Finance

Financial planning, tax returns, budgeting, deductions. What else do you need to know regarding personal finances? Let us know if you have any suggestions or questions.

Money Coaches Canada event: “55 and Up! Embrace the Future”

The amazing people at Money Coaches Canada are hosting the following event:

55 and Up! Embracing the Future

When: October 2, 2016 8:30am to 5:00pm
Where: YWCA, 535 Hornby St. Vancouver, BC

Rev up your health, your money, your relationships, your confidence, your style and even your love life! Learn how to ride the roller coaster of change with courage and confidence. A great event. And one we are very proud to support. Our own Karin Mizgala will help participants gain skills and confidence to handle their finances for a comfortable future.

For more information on this event and to register please visit Money Coaches Canada’s website.

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“Your Money Map” workshop hosted by Money Coaches Canada (MCC)

MCC_LogoMoney Coaches Canada (MCC) is hosting a workshop based on their new book!

Your Money Map

Create a financial road map to your goals!

Do You…

  • Make a good income but feel financially stuck in a rut
  • Feel ready to take your next steps in building your financial knowledge
  • Want a practical system to manage your money and plan for your goals
  • Want to be DEBT FREE!

Join us and you can expect…

  • A full day of learning and DOING!
  • A personalized Money Map that includes:
    • ✔A Personal Goals Statement
    • ✔A Net Worth statement
    • ✔A Spending and Savings Plan
    • ✔A Debt Management Plan
  • A functional system to stay on track, money information, tools and tips in plain language!
  • Clarity on your Next Steps…

When: Saturday July 12th 9:30 am – 4:30 pm
Where: 425 West 8th Ave Vancouver
Cost: $275 per person / $425 couples

For more information and registration, check out MCC’s website.

Why Your Personal “Beacon Score” Matters When Financing Your Business

Have you wondered about the status of your personal credit score?

Small Business BC has an interesting article about your “Beacon score”

Snippet from the article:

What’s a Beacon Score?

The beacon score is one of two measures on a credit report, and it’s a summary of how an individual has used credit in in the past. The report shows all the outstanding credit facilities (such as bank loans, credit cards, lines of credit and car loans) that you have, and how well that you’ve kept up with repaying those loans. It also shows the total available credit, and lists all the places where you have inquired about getting credit (such as at a car dealership, or by inquiring about a cell phone plan).

Small Business BC has a number of helpful and easy to understand articles on a variety of topics.

5 things your bank teller isn’t telling you

This is an intersting and somewhat entertaining article from MoneySense.

  1. We can drop fees. Why dig into your pockets when tellers routinely waive bank draft, certified cheque and overdraft fees? There’s no harm in asking for a break, especially in extenuating circumstances or when service is slow. “If I take forever with a transaction then I waive the fee as a courtesy,” said a teller who has worked at several major Canadian banks.
  2.  We have sales quotas. Most tellers have monthly credit-card and referral quotas based on hours worked and tied to year-end bonuses, so watch out for aggressive over-the-counter sales pitches. Some banks even have special premiums that make bonuses skyrocket after a certain amount of product is sold. Even credit limit increases count toward quotas at some banks.
  3. We overlook details. Tellers often miss the date on postdated cheques and process them anyway. If and when a premature transaction is caught, you will be called by the bank to return the money until the original date transpires. It’s best to double-check when cashing a cheque since the onus is on you.
  4. We’re smarter than you think. Since bank tellers have pretty good insight into your spending habits they tend to offer money-saving suggestions. For instance, a reward card may be suggested to a customer who spends a lot on gas and groceries. “When I see an opportunity to increase a person’s savings or reduce their debt load, I want to help them,” said the teller. “I wish people were a little more receptive to that.”
  5. Some of us love to gossip. Tellers have exclusive access to your chequings, savings and investment accounts. While they’re not supposed to sift through personal transaction details unless there is a reason to, that doesn’t mean it doesn’t happen. “We can see everything and sometimes chat among ourselves about how much money so-and-so is making and spending,” said another source at a bank.

Source: MoneySense magazine

Students and credit cards

This is another interesting article from MoneySense regarding post-secondary students and credit cards. Some of their findings may surprise you!

From MoneySense:

Canada’s post-secondary students get an ‘A’ when it comes to credit card habits.

Nearly nine in 10 college and university students have a credit card and 65% use it regularly making 12 purchases a month on average. What’s more, 80% of them pay off their balance—in full—every month, according to an annual survey for BMO. Pretty impressive, especially when you consider the wider population was carrying on average $3,556 in credit card debt in the second quarter, TransUnion Canada data shows.

Read the full article here.