Avoid overspending with this simple mindset shift
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Susan Methuen
2w ago
“It’s only this much.” “It’s only on sale this week.” “It’s only available for a limited time.”  Let’s be honest. We’ve all purchased something unnecessary by rationalizing with the “it’s only” mindset. For some, those two words can mean the difference between staying on budget or going further into debt.   With record-high inflation in 2022, over half of Canadians are turning to budgeting to combat increasing prices, meet their financial goals, and manage overspending. Cutting back and hunting for deals can reduce your expenses but looking for bargains everywhere can make refusing t ..read more
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The Top 5 Financial Changes of 2022
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Admin
1M ago
What a year for Canadian finances. Join us as we countdown the New Year by reflecting on five of the biggest topics in consumer debt and personal finances from 2022. Five In January, inflation was 5.1% year-over-year. It continued to rise and fall throughout the year, eventually landing at 6.9% in December. Four 2022 started with an interest rate of 0.25%. After six increases, the rate now sits at 4.25%. Three The CRA sent out over 300,000 letters requesting the repayment of CERB benefits. Two Retailers can now pass credit card surcharges onto consumers, resulting in 1.5-2.5% more at the t ..read more
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Are you eligible for the $500 Canada Housing Benefit top-up?
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Larry Crandall
1M ago
On December 12, 2022, the Canadian government rolled out a one-time payment of $500 for eligible low-income renters. The tax-free payment was introduced as a top-up to the existing Canada Housing Benefit to support renters amidst a challenging climate of high inflation and soaring rental prices.  The increasing cost of living is making it even more difficult for Canadian renters to find affordable, sustainable, and safe housing–the Canadian government estimates that 1.8 million Canadians are eligible for the benefit.  Are you a renter looking for additional assistance? Here’s what yo ..read more
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Budgeting for baby: How to financially prepare for parental leave
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Shynelle Derzaph
2M ago
First-time parents have a lot to prepare for. From picking out names to purchasing the necessities (and niceties), there’s no shortage of things to do. While your “to-do” list may be lengthy, making a financial plan for your parental leave will allow you to worry less about money and focus on being a new parent. We’ve set out some simple steps to help you plan for your child’s arrival and a few tips to help you make your baby budget. Step 1: Estimate your post-baby income Figure out what your post-baby or parental leave income will be. How much you are paid while on parental leave will depend ..read more
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Should I use my RRSP to pay debts?
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Larry Crandall
3M ago
It’s normal to want to get out of debt as fast as possible, but quick solutions can have long-term consequences. If you’re thinking about withdrawing from your RRSP to pay off debt, make sure you’re considering these four facts before deciding to dip into your retirement savings: RRSPs are intended to save for retirement. Every dollar you withdraw today is a dollar that won’t be available when you retire. Funds taken from an RRSP will be considered income in the year in which it is withdrawn. The institution will withhold income tax based on a sliding scale, but depending on your income, they ..read more
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Why do people take on debt? #DestigmatizeDebt
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Susan Methuen
3M ago
Having too much debt is often seen as shameful or lazy when in reality, many people accumulate debt for reasons beyond their control. Let’s #DestigmatizeDebt, by putting a stop to these common misconceptions:  Transcript: Having too much debt is often seen as shameful or lazy when in reality, many people accumulate debt for reasons beyond their control. Let’s #DestigmatizeDebt, by putting a stop to these common misconceptions. 1.”They’re in debt because they live beyond their means (spend too much money).”  Most people don’t choose to live “beyond their means”; it happens by circums ..read more
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The Real Cost of Pet Parenthood: How to Avoid the Financial Doghouse
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Julie Molasky
5M ago
Family pets bring so much joy into our lives, whether it be a wagging tail greeting you at the end of a long day, a loud purr after some good scratches, or a hamster squeaking as it runs on its wheel. However, with all that cuteness, it can be easy to look past the less fun—but fundamental—financial costs associated with owning a pet. How much does a pet cost? Generally, the first year of pet ownership is the most expensive. For example, for a new dog, you can expect to pay anywhere from $1,330 to $4,290 in the first year of ownership. The following years can cost anywhere from $600 to $4,400 ..read more
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Back-To-School On A Budget: 5 Tips For Saving On School Supplies
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Admin
6M ago
After two months of finding ways to keep kids busy while they’re at home for summer break, back-to-school is one of the most wonderful times of the year… for parents, at least. However, for many, especially against the backdrop of rising prices on just about everything, the elation can quickly turn to anxiety when considering back-to-school spending. While the amount of school supplies provided by each school varies, as a parent or guardian, you can almost guarantee that there will be costs associated with the new school year. The amount spent on back-to-school expenses will depend on grade le ..read more
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The Complete Guide to Budgeting for Your Vacation
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Sarah Morrison
6M ago
Last month, we discussed saving money for your summer vacation. Now, let’s talk about how you can make the most out of that money while you’re away. When planning your vacation, it’s easy to get carried away by the excitement. But what’s the point of a relaxing vacation if you come home with unexpected expenses or, even worse, debt? After many years of planning family vacations, I’ve learned several strategies to keep travel spending under control while still enjoying time away. 1. Make a budget The first step of any vacation should be calculating what you can afford to spend. It might not be ..read more
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The Complete Guide to Summer Savings
Grant Thornton | Fresh Start Atlantic | Bankruptcy Blog
by Sarah Morrison
7M ago
Canadian summers are synonymous with barbeques, beaches, and a well-deserved break from school, work and harsh winter weather. However, this year, Canadians should add another “b-word” to their summertime priorities: budget. With the cost of living continuing to rise across the country, more Canadians have reassessed their spending habits to make ends meet, including the cost of their summer activities. After two summers filled with restrictions, you may be excited to go all out on summertime fun. But remember that a vacation isn’t nearly as relaxing if you come back saddled with debt. That’s ..read more
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