Comments on: What We Learned This Year http://gailvazoxlade.com/blog/archives/922 Wed, 23 May 2012 11:19:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: This and That: W Expert Challenge and more… | Income Trust | Personal Finance | Real Estate SEO http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-18442 This and That: W Expert Challenge and more… | Income Trust | Personal Finance | Real Estate SEO Fri, 23 Oct 2009 02:59:39 +0000 http://gailvazoxlade.com/blog/?p=922#comment-18442 [...] Gail lists the lessons learned from the financial crisis. [...] [...] Gail lists the lessons learned from the financial crisis. [...]

]]> By: This and That: W Expert Challenge and more… | Canadian Capitalist http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-18440 This and That: W Expert Challenge and more… | Canadian Capitalist Fri, 23 Oct 2009 02:42:58 +0000 http://gailvazoxlade.com/blog/?p=922#comment-18440 [...] Gail lists the lessons learned from the financial crisis. [...] [...] Gail lists the lessons learned from the financial crisis. [...]

]]> By: Car News and Reviews - Ford in Britain the Early Years http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17661 Car News and Reviews - Ford in Britain the Early Years Tue, 06 Oct 2009 05:13:28 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17661 [...] What We Learned This Year « gailvazoxlade.com [...] [...] What We Learned This Year « gailvazoxlade.com [...]

]]> By: MP http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17660 MP Tue, 06 Oct 2009 02:15:58 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17660 I've learned saving for emergencies doesn't mean building up a few thousand dollars and then thinking you can spend it because you can pay cash and not charge it. I’ve learned saving for emergencies doesn’t mean building up a few thousand dollars and then thinking you can spend it because you can pay cash and not charge it.

]]> By: Kathleen http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17659 Kathleen Tue, 06 Oct 2009 00:57:44 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17659 I've learned to have a lot of respect for single parents because raising my daughter with my husband is a lot of work! We are both committed to being the best parents and partners we can be and it takes a lot of time, effort, and planning. Not necessarily a lot of money but a lot of love for sure! But it does help that we have two good-paying jobs with steady paycheques and benefits. :) I’ve learned to have a lot of respect for single parents because raising my daughter with my husband is a lot of work! We are both committed to being the best parents and partners we can be and it takes a lot of time, effort, and planning. Not necessarily a lot of money but a lot of love for sure! But it does help that we have two good-paying jobs with steady paycheques and benefits. :)

]]> By: Tweets that mention What We Learned This Year « gailvazoxlade.com -- Topsy.com http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17658 Tweets that mention What We Learned This Year « gailvazoxlade.com -- Topsy.com Mon, 05 Oct 2009 23:41:13 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17658 [...] This post was mentioned on Twitter by Tiger Edwards. Tiger Edwards said: What We Learned This Year « gailvazoxlade.com: Although it's sometimes hard to tell. While unemployment is .. http://bit.ly/1gmm5d [...] [...] This post was mentioned on Twitter by Tiger Edwards. Tiger Edwards said: What We Learned This Year « gailvazoxlade.com: Although it's sometimes hard to tell. While unemployment is .. http://bit.ly/1gmm5d [...]

]]> By: Catherine http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17657 Catherine Mon, 05 Oct 2009 23:11:28 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17657 Tried cutting and pasting an internet site that has an interesting article on 'debt levels rising' but it wouldn't work. Will try this.... It seems to be almost everywhere these days and is affecting almost everyone. Debt is a little four-letter word that quickly is growing in households across the nation, raising concerns that it may jeopardize the retirement of many Canadians. A recent report by the Certified General Accountants Association of Canada (CGA) found that the national household debt has increased to $1.3 trillion, in part because many Canadian families are using credit to cover their day-to-day expenses. The report had a number of disturbing findings. Eighty-five per cent of households have outstanding debt on a credit card and 21 per cent of Canadians who were in debt at the time of the survey said they could no longer manage it. Forty-nine per cent of families with children under 18 said their debt had increased in the last three years. Twenty-five per cent of Canadians interviewed admitted that they would not be able to handle an unforeseen expense of $5,000 and 10 per cent would have trouble with an unforeseen cost of $500. The report said the rise in debt levels of Canadian families is disturbing and is being caused by consumption rather than asset accumulation. "Many Canadians are not aware of how the economic downturn has impacted their financial situation and continue to load up their credit card and lines of credit while committing few, or in some cases, no resources to savings," says CGA Canada president and chief executive officer, Anthony Ariganello. "Household debt has increased significantly over recent years, jeopardizing the financial security of Canadian households." The CGA report also reinforced what many other studies are showing - that Canadians increasingly are becoming concerned about the financial security of their retirement. A study by RBC found that the percentage of Canadian baby boomers who say reducing debt is a top financial priority has doubled recently to 62 per cent from 31 per cent. At the same time, 50 per cent of boomers are changing their views of retirement because of the current economic recession. Twenty-five per cent say they will have to work longer than expected, 20 per cent believe they might not be able to live the lifestyle they thought they would have in retirement, and 14 per cent say they'll need to do more financial planning. Not all debt is the same. Financial experts like to differentiate between good and bad debt. Good debt includes anything that is too expensive to pay cash for but is something that you need or might be considered a good investment, such as a house, which usually rises in value over time. Bad debt is any form of debt with a high interest rate for things you don't really need or can't afford, such as charging an expensive vacation on a credit card. The worst form of bad debt is credit card debt because it carries the highest interest rate. If you can't solve your debt problem by budgeting, you may need a debt management plan (DMP). A DMP is designed for people who can afford to repay their debt but need help negotiating with creditors and time to get back on top of their financial situation. It's a voluntary agreement between you and your creditors arranged by a credit counselling agency. The agency pools your unsecured debt together so that you make a single monthly payment to the agency, which then divides your payment among your creditors, with the largest creditors getting a bigger share of the payment. A DMP gives you a single monthly payment to make. Then it reduces and sometimes can even eliminate interest charges and relieve you from receiving nagging calls from collection agents. In most cases, creditors will agree to waive most or all of the interest, so all payments go toward paying off principal, which reduces the debt faster. Depending on individual circumstances, a DMP may be a great way for many Canadians to get relief from the increasing level of debt they are incurring during these difficult economic times. Tried cutting and pasting an internet site that has an interesting article on ‘debt levels rising’ but it wouldn’t work. Will try this….
It seems to be almost everywhere these days and is affecting almost everyone.

Debt is a little four-letter word that quickly is growing in households across the nation, raising concerns that it may jeopardize the retirement of many Canadians.

A recent report by the Certified General Accountants Association of Canada (CGA) found that the national household debt has increased to $1.3 trillion, in part because many Canadian families are using credit to cover their day-to-day expenses.

The report had a number of disturbing findings.

Eighty-five per cent of households have outstanding debt on a credit card and 21 per cent of Canadians who were in debt at the time of the survey said they could no longer manage it.

Forty-nine per cent of families with children under 18 said their debt had increased in the last three years. Twenty-five per cent of Canadians interviewed admitted that they would not be able to handle an unforeseen expense of $5,000 and 10 per cent would have trouble with an unforeseen cost of $500.

The report said the rise in debt levels of Canadian families is disturbing and is being caused by consumption rather than asset accumulation.

“Many Canadians are not aware of how the economic downturn has impacted their financial situation and continue to load up their credit card and lines of credit while committing few, or in some cases, no resources to savings,” says CGA Canada president and chief executive officer, Anthony Ariganello. “Household debt has increased significantly over recent years, jeopardizing the financial security of Canadian households.”

The CGA report also reinforced what many other studies are showing – that Canadians increasingly are becoming concerned about the financial security of their retirement.

A study by RBC found that the percentage of Canadian baby boomers who say reducing debt is a top financial priority has doubled recently to 62 per cent from 31 per cent.

At the same time, 50 per cent of boomers are changing their views of retirement because of the current economic recession.

Twenty-five per cent say they will have to work longer than expected, 20 per cent believe they might not be able to live the lifestyle they thought they would have in retirement, and 14 per cent say they’ll need to do more financial planning.

Not all debt is the same. Financial experts like to differentiate between good and bad debt.

Good debt includes anything that is too expensive to pay cash for but is something that you need or might be considered a good investment, such as a house, which usually rises in value over time.

Bad debt is any form of debt with a high interest rate for things you don’t really need or can’t afford, such as charging an expensive vacation on a credit card. The worst form of bad debt is credit card debt because it carries the highest interest rate.

If you can’t solve your debt problem by budgeting, you may need a debt management plan (DMP).

A DMP is designed for people who can afford to repay their debt but need help negotiating with creditors and time to get back on top of their financial situation. It’s a voluntary agreement between you and your creditors arranged by a credit counselling agency.

The agency pools your unsecured debt together so that you make a single monthly payment to the agency, which then divides your payment among your creditors, with the largest creditors getting a bigger share of the payment.

A DMP gives you a single monthly payment to make. Then it reduces and sometimes can even eliminate interest charges and relieve you from receiving nagging calls from collection agents.

In most cases, creditors will agree to waive most or all of the interest, so all payments go toward paying off principal, which reduces the debt faster.

Depending on individual circumstances, a DMP may be a great way for many Canadians to get relief from the increasing level of debt they are incurring during these difficult economic times.

]]> By: Kandfamily http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17655 Kandfamily Mon, 05 Oct 2009 20:54:54 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17655 I've learned: living within you budget is not a negative, difficult thing. It takes discipline (and we've slipped a few times), but the end result is less stress. I've learned that I will slip and how to bounce back on track. I've also learned that meal plans not only save money at the grocery store, they save you time standing in front of the fridge figuring out what to eat! So simple, but so much less stress to know what to take out and what I'm cooking that day. I guess that was a big lesson too, that small changes mean big savings. Who would've thought! Thanks to Gail and fans for all the great insights and info. I love this blog! I’ve learned: living within you budget is not a negative, difficult thing. It takes discipline (and we’ve slipped a few times), but the end result is less stress. I’ve learned that I will slip and how to bounce back on track. I’ve also learned that meal plans not only save money at the grocery store, they save you time standing in front of the fridge figuring out what to eat! So simple, but so much less stress to know what to take out and what I’m cooking that day.

I guess that was a big lesson too, that small changes mean big savings. Who would’ve thought!

Thanks to Gail and fans for all the great insights and info. I love this blog!

]]> By: Megan http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17654 Megan Mon, 05 Oct 2009 17:57:46 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17654 This may sounds like common sense BUT, what I learned this year? Is there might not always be a job with a steady paycheque. I am 26 years old and have only really experience the "good times" when employers were doing everything they could to get you to work for them and you have the luxury of being choosy when it came to who you worked for. Fortunately nor I or my fiance lost our jobs but at least half of my office was laid off including half of my department. It was a huge wake up call for me someone who had never experienced layoffs or a slumping economy. It gave me a much larger appreciation for the job and paycheque I do have. Even though I don't feel I was one of the many young people you took advantage of there employers and only did what they wanted to when they wanted to I certainly didn't realize how fortunate I am to have this job. Money wasn tight this year but I felt that we needed to down scale or lifestyle. I started evaluating our bills and expenses and figured out ways to get them lower. We became creative in finding ways to save. By doing this we felt that if one of us did lose our jobs with the nice emergency fund we have, EI, and being creative we took much comfort in knowing we could survive. This may sounds like common sense BUT, what I learned this year?
Is there might not always be a job with a steady paycheque. I am 26 years old and have only really experience the “good times” when employers were doing everything they could to get you to work for them and you have the luxury of being choosy when it came to who you worked for. Fortunately nor I or my fiance lost our jobs but at least half of my office was laid off including half of my department. It was a huge wake up call for me someone who had never experienced layoffs or a slumping economy. It gave me a much larger appreciation for the job and paycheque I do have. Even though I don’t feel I was one of the many young people you took advantage of there employers and only did what they wanted to when they wanted to I certainly didn’t realize how fortunate I am to have this job. Money wasn tight this year but I felt that we needed to down scale or lifestyle. I started evaluating our bills and expenses and figured out ways to get them lower. We became creative in finding ways to save. By doing this we felt that if one of us did lose our jobs with the nice emergency fund we have, EI, and being creative we took much comfort in knowing we could survive.

]]> By: Bud.. http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17649 Bud.. Mon, 05 Oct 2009 16:59:09 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17649 I've learnt since being on jars since last Dec. that it takes time to get a hubby on board. For when he sees the results that saving money for the big expenses it does pay off. By not worrying to pay off the bill with interest and u feel ur ahead in life since there is no new bill coming ur way on what u've already spent! The other day he ask how much we have saved for auto maintenance envelope to get the winter tune up than said we need to save more since it may be more cash before he does it. When we did the budget together he put money away for house maintenance to fix the plumbing and that I can continue renovating the house (painting) Now he looks for deals before buying and he knows that I like to look into the price of a thing before we buy it.. We finely went on a three day vacation this summer with cash pd for it and we look for another week off next yr with a cash vacation :-) :-) :-) Since we bought three yrs ago and bills became more than renting since it's bigger place. Always seems that we didn't have the extra cash to take a wk off... Until I got serious to put cash aside to finely have that relieve in life... It's a great feeling and look out that we don't have to rely on the cc to pay for the expense that come up once in while.. We are finely on the same page with finances goes and arguements and stress are not there anymore.. I'm finely see a light at the dark long tunnel that getting a hubby on board the train takes loads of time, patience and showing this is the only way out.... Reading the comments on this blog has helped to see that I'm not the only one in the world with money problems and now their being solved with hard work at the beginning but now it's being paid off with cash in savings in different areas and more ahead with debt than always following behind with using cc... tks everyone!!! I’ve learnt since being on jars since last Dec. that it takes time to get a hubby on board. For when he sees the results that saving money for the big expenses it does pay off. By not worrying to pay off the bill with interest and u feel ur ahead in life since there is no new bill coming ur way on what u’ve already spent!
The other day he ask how much we have saved for auto maintenance envelope to get the winter tune up than said we need to save more since it may be more cash before he does it. When we did the budget together he put money away for house maintenance to fix the plumbing and that I can continue renovating the house (painting) Now he looks for deals before buying and he knows that I like to look into the price of a thing before we buy it.. We finely went on a three day vacation this summer with cash pd for it and we look for another week off next yr with a cash vacation :-) :-) :-) Since we bought three yrs ago and bills became more than renting since it’s bigger place. Always seems that we didn’t have the extra cash to take a wk off… Until I got serious to put cash aside to finely have that relieve in life…
It’s a great feeling and look out that we don’t have to rely on the cc to pay for the expense that come up once in while.. We are finely on the same page with finances goes and arguements and stress are not there anymore..
I’m finely see a light at the dark long tunnel that getting a hubby on board the train takes loads of time, patience and showing this is the only way out….
Reading the comments on this blog has helped to see that I’m not the only one in the world with money problems and now their being solved with hard work at the beginning but now it’s being paid off with cash in savings in different areas and more ahead with debt than always following behind with using cc… tks everyone!!!

]]> By: Mrs. T http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17648 Mrs. T Mon, 05 Oct 2009 16:25:43 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17648 This year I've learned a bunch of things - mainly that time WILL run out and we need to be prepared for a time in our lives when we are living on a fixed income with no potential for more income (ie: retirement or disability). I have learned that there's a need for an emergency fund rather than just relying on a credit line to pull us through a tough time. I have learned that an injury can happen to anyone, at any time, and if you aren't prepared (like I wasn't this summer when I was flat on my back for a month), you will have nothing to help you ride the waves till the calm returns. And I also learned that if I don't teach my children how to manage their money, they will not know what to do with their first real paycheque down the road. I am setting up the jars for my 9 yr old son this month and putting HIM in charge (under my close, direct supervision and guidance) of his own money, savings and purchases. This year I’ve learned a bunch of things – mainly that time WILL run out and we need to be prepared for a time in our lives when we are living on a fixed income with no potential for more income (ie: retirement or disability). I have learned that there’s a need for an emergency fund rather than just relying on a credit line to pull us through a tough time. I have learned that an injury can happen to anyone, at any time, and if you aren’t prepared (like I wasn’t this summer when I was flat on my back for a month), you will have nothing to help you ride the waves till the calm returns. And I also learned that if I don’t teach my children how to manage their money, they will not know what to do with their first real paycheque down the road. I am setting up the jars for my 9 yr old son this month and putting HIM in charge (under my close, direct supervision and guidance) of his own money, savings and purchases.

]]> By: MickMack http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17647 MickMack Mon, 05 Oct 2009 15:56:07 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17647 I have learned so much in the last year. The jars, which seemed so daunting and restrictive back in January, are wonderful now and there is usually money left over in them AND we didn't feel like we were missing out on anything. The planned spending has been great. Just knowing that I had the money for the car registration, the house insurance, the life insurance . . . wow, that was awesome. I did underestimate it a bit, but in the meantime, I have started making more money - being a school bus driver - which covers (more) debt repayment as well as covering for the planned spending for the last couple months of the year. Reading Gail every day and having the support of this blog has been a huge part of my success. Many of our friends have not seen the light, but I can come here and get ideas, or nod my head in agreement of the difficulties, or smile at the successes of others. Thank you Gail, and thank you fellow Gail fans for all your support and needed kick in the pants when necessary! I have learned so much in the last year. The jars, which seemed so daunting and restrictive back in January, are wonderful now and there is usually money left over in them AND we didn’t feel like we were missing out on anything. The planned spending has been great. Just knowing that I had the money for the car registration, the house insurance, the life insurance . . . wow, that was awesome. I did underestimate it a bit, but in the meantime, I have started making more money – being a school bus driver – which covers (more) debt repayment as well as covering for the planned spending for the last couple months of the year.

Reading Gail every day and having the support of this blog has been a huge part of my success. Many of our friends have not seen the light, but I can come here and get ideas, or nod my head in agreement of the difficulties, or smile at the successes of others.

Thank you Gail, and thank you fellow Gail fans for all your support and needed kick in the pants when necessary!

]]> By: *pol http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17646 *pol Mon, 05 Oct 2009 15:47:00 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17646 I learned there are a lot of like-minded peole out there thanks to this blog! "Sensible" living is nothing to be embarassed about. Now being debt-free and living frugally is more accepted than it was only 12 months ago. Isn't that bizarre?! Suddenly we aren't seen as the "poor family" on our street with our old cars and only one TV. Now we are the "smart family". Our choices have made this economic blip has only a minor inconvenience to our investments (so far) and -- thanks in no small part to the constant, daily, re-affirmations here-- we feel prepared if it gets worse. I learned there are a lot of like-minded peole out there thanks to this blog!
“Sensible” living is nothing to be embarassed about. Now being debt-free and living frugally is more accepted than it was only 12 months ago. Isn’t that bizarre?!
Suddenly we aren’t seen as the “poor family” on our street with our old cars and only one TV. Now we are the “smart family”.
Our choices have made this economic blip has only a minor inconvenience to our investments (so far) and — thanks in no small part to the constant, daily, re-affirmations here– we feel prepared if it gets worse.

]]> By: ioana http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17645 ioana Mon, 05 Oct 2009 15:13:06 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17645 I learned to invest my own money - thanks Canadian Capitalist!!! Also learned that life can throw you curveballs, so you have to be prepared, with savings and insurance. I learned to invest my own money – thanks Canadian Capitalist!!!

Also learned that life can throw you curveballs, so you have to be prepared, with savings and insurance.

]]> By: Rebecca http://gailvazoxlade.com/blog/archives/922/comment-page-1#comment-17644 Rebecca Mon, 05 Oct 2009 14:23:25 +0000 http://gailvazoxlade.com/blog/?p=922#comment-17644 I have learned that using cash and putting away the cards actually does work. :) I have learned that using cash and putting away the cards actually does work.

:)

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