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Avoiding Debt Help with the Fundamentals of Personal Finance

For older generations, preparing meals at home, doing your own laundry, balancing a chequing account, and keeping a household budget were essential skills that most young people knew. However, times have changed. Less than half (44 per cent) of young adults today keep a budget to record income and expenses, according to the National Report on Youth Financial Literacy. While it’s true we live busier lifestyles than ever before, a little knowledge can go a long way. While it’s certainly not the only reason young adults are struggling financially, the lack of mandatory home economics (or home ec) courses in […]

Tips for Living Within Our Means Without Incurring Reality TV Debt

Canadians have a fascination with reality TV with nearly 100 shows per year being made in Toronto, but the downfall to this fixation is that frequent viewing of these shows can affect our spending habits. Basing our spending on what we see on reality TV – the designer clothes, exotic vacations, awesome home renovations – is a slippery slope to incurring too much debt. Advertising can affect us all differently, but one factor remains: companies know how to illicit feelings in us that cause us to spend money, whether in the form of cooking, fashion, extreme sports, musical entertainment, or […]

Discussing Family Finances in the Modern Family

n today’s world, families come in all shapes and sizes. Whether you are a family with adult children living at home, step-children or no children, it’s important to set aside time as a family at least once a year to discuss the family fiscal plan. A Family Annual Meeting (FAM) is an opportunity to do just that. Think of a FAM as an Annual General Meeting (AGM) for the entire family. In the same way that many companies schedule AGMs to update stockholders and discuss current finances and future plans, a FAM is a chance for all family members to […]

Exploring Debt Options Can Help Millennials Ease the Stress of #GenSqueeze

Millennials and Generation Xers in Ontario may be unaware of—or at least uninformed about — their options for dealing with personal debt, such as debt consolidation loans, filing a consumer proposal or even filing for bankruptcy. Although these are serious debt options, the levels of student loan debts and credit card debts amongst younger generations are often within range of requiring serious consideration. The average college or university graduate is leaving school with thousands of dollars worth of student loan debts, often without a firm idea of what these levels of personal debt mean. So, taking some time to seriously […]

The Effects of FOMO with a Millennial Under a Baby Boomer’s Roof

Ontario Millennials and those throughout Canada are living at home longer than ever before; partially due to student debt and rising housing costs. The trend has been holding steady for the last number of years, so much so that it might be considered the new ‘normal’. With parents and older children living under the same roof what are the potential effects of FOMO, also known as the ‘Fear Of Missing Out’, on financial responsibilities for each? FOMO is that emotional response generated by social media posts of photos or videos of travel, parties, food, and recent purchases made by peers […]