Category: Finance

In The Midst Of Financial Stress, What Is The Way Out?

For several reasons, you may experience financial stress. Perhaps you have had unforeseen events requiring you to pay an amount of money that you did not foresee, have spent too much or are unable to work due to an illness? Financial stress means that you feel an inability to “make ends meet”, that you may even be discouraged and helpless about your situation.

Did you know you are not alone? One in two adult feels financial stress. It is likely that the mere act of discussing finance is crippling, but to see a way out of this stormy road, you have to take big or small steps.

Identify your source of stress

What is causing you stress? Is it that you can’t put money aside, have you used up your hard-earned emergency funds, do you have any upcoming expenses? To fully understand the source, you have to get to the bottom of it and explore your problem to fix it.

Create a budget

Take stock of all your income and expenses, then revise it to suit your needs. Do not hesitate to ask for the help of one of our professionals to revise your budget. Never fall into the trap of credit offers since this will increase your debt and thus, the tension felt in your situation.

Pay attention to your expenses

By the time your situation gets back under control, allow yourself a certain period of time, buying only what you need and paying off your debts as much as possible. Your budget will go a long way to helping you get a picture of your situation. Now is the time to take action!

Save money

Once your financial situation is “under control”, prevent stress from returning by better planning for the unexpected. By putting money aside, you will better cope with the unforeseen and the blow will be better amortized if you have money for a future purchase / investment.

Things You Didn’t Know About Financial Bankruptcy

When all other options are no longer available, bankruptcy is a last resort that allows you to prevent the situation from worsening and finally regain control of your life. It is, in other words, a whole new start to regaining good financial health.

In many cases, almost no property is seized in bankruptcy.

Indeed, declaring bankruptcy does not mean that you will lose everything. Whatever happens, you will keep the essentials in order to maintain a reasonable standard of living. You will pay a sum of money monthly according to your income and the assets you want to preserve. You will not lose the instruments and tools essential for your work and you will keep the necessary furniture in your main residence. In fact, filing for personal bankruptcy interrupts foreclosure proceedings as well as any legal proceedings against you.

A first bankruptcy lasts approximately 9 months in Canada

Although several factors affect the longevity of bankruptcy, it is usually of limited duration. However, if you have not followed your conditions, your bankruptcy may well take longer. In particular, you will need to complete the required payments to your trustee and attend at least two consultation sessions.

You don’t have to do the same if your spouse has declared bankruptcy

You are in no way responsible for the debts of others due to a common-law relationship or through marriage.

You are no longer allowed to own credit cards

The law requires that you surrender all your credit cards to the trustee in bankruptcy, regardless of whether there is a balance owing or not. You are not entitled to any credit during this period.

To find out more or for more advice, do not hesitate to consult us and do business with our team of professionals.

Things To Do With Your Tax Refund To Put Your Finances In Order

Spring doesn’t just bring milder weather, it’s also tax refund season. However, while this influx of money may turn out to be a temptation to spoil, it is also an opportunity to put your finances in order.

Pay your debts

Deciding to postpone paying off your debts is just about making yourself even poorer. After all, with the high interest, it is better to pay off your credit card, your car loan or even the mortgage as soon as you have a surplus in your budget.

Undertake renovations

Although this is a long-term investment, undertaking renovations could not only allow you to refresh your interior, but also qualify for the green tax credit and receive a refund of up to at 20%.

With this in mind, we invite you to consult our latest articles in order to discover other practical advice to restore your finances and allow you to optimize your savings.