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How the magic of a three-paycheque month can give you a financial head start

There are lots of ways to play that extra payment https://financialpost.com/personal-finance/three-paycheque-month-financial-budget-mortgage-taxes-rrsp #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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The Latest Personal Finance News for March 2023

Here’s what’s happening in the personal finance space this month, how it might impact you and what you can do about it. Credit Card Debt and Interest Rates Are at an All-Time High Bouncing back from a steep decline at the beginning of the pandemic, credit card debt has reached an all-time high, according to

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How to Find Your Student Loan Balance

Whether you’re still in school or no longer attending, keeping tabs on your student loan balance can help you budget for payments and ensure you borrow only what you can pay back. How to check your student loan balance depends on whether you have federal or private student loan debt. Read on for more information

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4 Ways to Visualize Debt (and Make Paying It Off More Fun)

While paying off debt may not be particularly enjoyable, these ideas for debt payoff visuals can help you add elements of fun into the process. These techniques for visualizing your debt payoff can help you see more clearly what you owe, stay motivated for the long haul and celebrate your small wins along the way.

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So you’ve been laid off: Here’s what to do to keep your finances from going awry

Sandra Fry: There are steps you can take to make dealing with a reduction in income a bit easier https://financialpost.com/personal-finance/debt/laid-off-what-to-do-finances #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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What Is a Debt-to-Credit Ratio and Why Is It Important?

Your debt-to-credit ratio is the amount of credit you’re using on your credit cards relative to your credit limits at a given time. It’s an important factor in your credit scores, and lenders will usually consider it when they review your application for a loan or credit card. Understanding how your debt-to-credit ratio works and

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Half of Ontario insolvencies filed by millennials

Insolvencies are up 15% from last year and a younger generation is leading the way https://financialpost.com/personal-finance/debt/millennials-drive-rise-ontario-insolvency-filings #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Signs are mounting that households and businesses are struggling to manage the rising cost of debt

Bankruptcies, proposals to renegotiate loan terms expected to rise in first quarter https://financialpost.com/personal-finance/debt/bankruptices-proposals-renegotiate-loan-terms-rise-q1 #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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How to Avoid Bankruptcy

When you’re overwhelmed with debt, you may feel like bankruptcy is your only option. Bankruptcy is a legal process that can release you from certain debts, and it can provide a fresh start for people who feel they are drowning. But bankruptcy has severe and lasting consequences on your credit, impacting your ability to borrow

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Credit Card Debt Is at an All-Time High. Here’s How to Fight Back

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. The siren song of the credit card is music to our ears lately. When it comes time to pay the bills, we Americans are reaching

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How to make a budget: Step-by-step guide to managing your money

When it comes to budgets, most of us have tried to stick to one and failed miserably. Our step-by-step guide on how to make a budget will hopefully help. When it comes to budgets, most of us have tried to stick to one and failed miserably. Our step-by-step guide on how to make a budget

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6 Reasons Not to Pay Off Your Mortgage Early

Paying off your mortgage and owning your home outright is a major financial goal for most homeowners. Among the numerous benefits of being mortgage-free are the freedom from a major financial obligation and the potential to save thousands of dollars in interest payments. While paying off your mortgage ahead of time can be advantageous, it

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Debt-to-Income Ratio vs. Debt-to-Credit Ratio: What’s the Difference?

Taking out credit cards and loans can impact your financial profile in numerous ways, two of which are your debt-to-income ratio (DTI) and your debt-to-credit ratio. Credit scoring companies factor your debt-to-credit ratio into your credit score, and lenders often consider both your credit score and DTI when reviewing your application for new credit. While

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Dear Penny: My Dad Spends Up to $30K/Month. Could I Be Liable for His Debt?

Dear Penny, A few years ago, my parents got divorced. I’m in my mid-30s with my own family. The divorce was messy with lots of debate over money. My mother confided that my dad is deep in debt, spending sometimes $30,000 a month, at least, when she could still see his bank accounts. I don’t

Dear Penny: My Dad Spends Up to $30K/Month. Could I Be Liable for His Debt? Read More »

What Are the Long-Term Effects of Debt?

If you’re in debt, you’re not alone. The total average consumer debt was $96,371 in the third quarter (Q3) of 2021, according to Experian data. That’s up nearly 4% from the same time period in 2020. Carrying debt isn’t necessarily a problem; it’s what kind of debt you carry and how you manage your debt

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Avoid the Debt Trap: 7 Dangers of Buy Now, Pay Later Apps

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Buy now, pay later apps are an increasingly popular way to finance purchases. Companies like Affirm, AfterPay and Klarna let you split the cost of

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Pay off debt or invest: Which is smarter?

Big payments on credit card debts, student loans and mortgages eat away at how much you can save or invest. A sense of obligation or even guilt can dissuade people from opening an investment account and funding their retirement portfolios before these debts are paid off. That could be a costly mistake.Lots of people make

Pay off debt or invest: Which is smarter? Read More »

Revolving vs. Installment Credit: What’s the Difference?

There are two common types of credit accounts: revolving credit and installment credit. Both allow you to finance purchases, but the terms and how you receive the money differ. Revolving credit allows you to borrow money up to a set credit limit, repay it and borrow again as needed. By contrast, installment credit lets you

Revolving vs. Installment Credit: What’s the Difference? Read More »

Credit cards for kids: Which cards should you get and when?

Giving your kids a credit card is a great idea…if you set up limits. They’ll build credit and be fully prepared for adulthood when the time comes. Here are the pros and cons of parents giving kids credit cards.Opening a credit card for your kid can set them up for financial success, provided you set

Credit cards for kids: Which cards should you get and when? Read More »

With $1,000 Car Payments More Common, Here’s How to Cut Yours

You know inflation is bad when your monthly car payment hits a thousand bucks. For an increasing number of drivers, that’s the reality. A record number of Americans are paying at least $1,000 a month for their vehicles, according to new findings from the auto inventory site Edmunds. Nearly 16% of car buyers who financed

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