Boring Summer Be Gone: Make the Most of Your Summer Without Breaking the Bank
Money Mentors Blog
by Michèle LIang
1d ago
Are you tired of the same old summer routine? Wishing for fun and excitement without the financial stress? Look no further! Here are some creative tips to help you enjoy an unforgettable summer while sticking to your budget. Plan Ahead for a Fun-Filled Summer Strategic Savings If you anticipate higher expenses during the summer, start saving early. Setting aside an extra couple of hundred dollars each month during the winter can give you the financial freedom to enjoy more costly activities when the sun is shining. Create a Summer Budget Detail your expected expenses for the summer, including ..read more
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The Money-Saving Super List
Money Mentors Blog
by Liam Bartie
2w ago
Many people are feeling the financial squeeze in these tough economic times. The rising cost of living can make it seem nearly impossible to save money while still having a good quality of life. According to a recent poll, more than half of Albertans said it’s been difficult to meet their monthly household expenses. At Money Mentors, we understand these struggles and are here to help. Our Stretch Your Dollars workbook has long been a favourite of both our clients and counsellors. It offers practical tips and strategies to make your money go further. Whether you’re trying to save on groceries ..read more
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How to Retire Debt-Free
Money Mentors Blog
by Liam Bartie
1M ago
Have you ever wondered how it would feel to enter retirement without the burden of debt hanging over your head? Planning for retirement is a crucial step toward ensuring a comfortable and secure future, yet many find themselves worrying about debt as they approach this significant milestone. Imagine enjoying your retirement years without the stress of outstanding bills and financial insecurity. In this blog post, we will explore why retiring debt-free is so important and provide you with practical, actionable steps to make it a reality. We’ll discuss the impact of debt on your retirement, shar ..read more
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Understanding Debt: Warning Signs and Prevention
Money Mentors Blog
by Liam Bartie
2M ago
In today’s world, using credit is very common and is almost as expected as having a cell phone. But when does “using credit” turn into “having debt”? And how much debt is too much? Understanding how debt works and how to recognize when it’s becoming too much to handle is key. We’re going to help you spot debt warning signs so that you can steer clear of financial trouble. If you are struggling with debt, the first thing to understand is that you are not the only one. Many people have been where you are now and have turned things around. Need some inspiration? See how other Albertans got out of ..read more
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Money & Your Mental Health
Money Mentors Blog
by Michèle LIang
2M ago
Does thinking about money cause you stress? Do you spend nights tossing and turning, worried about bills? Does checking your bank balance make you anxious? Or does the thought of your debt make you feel overwhelmed? If so, you’re not alone. Recent data from the MNP Consumer Debt Index shows that 71% of Albertans worry about paying back their debt. Many can’t afford basic living expenses due to high interest rates and inflation. In fact, half of the people in Alberta regret the amount of debt they have. These financial concerns are more than just numbers; they deeply affect our mental health. M ..read more
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How to Shift Your Money Mindset in 5 Easy Steps
Money Mentors Blog
by Michèle LIang
3M ago
Embarking on a journey toward financial wellness often begins with a deep dive into our perceptions and beliefs about money. This exploration is crucial, regardless of the season or stage in life, as it paves the way for fostering a more positive and healthy relationship with our finances. Navigating through life’s ups and downs can sometimes leave our money mindset less than optimistic. However, it’s important to remember that our approach to money significantly influences our financial health and overall well-being. Acknowledging past financial missteps is the first step toward transformatio ..read more
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The Differences between Bankruptcy and the Orderly Payment of Debts Program
Money Mentors Blog
by Liam Bartie
3M ago
Dealing with debt can feel a bit like you’re climbing a mountain that keeps getting steeper. It’s tough. But when you’re in Alberta, you have a few main options to help you get back on track: bankruptcy, a consumer proposal or the Orderly Payment of Debts (OPD) program. We’ve written about consumer proposals in other posts, so in this blog post, we will focus on the differences between bankruptcy and the OPD program. We’re here to help you understand these options so you can decide what’s best for you without feeling overwhelmed. Think of the OPD program as a helping hand that brings all your ..read more
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Payday Loans: Pros and Cons
Money Mentors Blog
by Liam Bartie
4M ago
Life happens – we get that. So when an unexpected financial curveball comes your way, the prospect of a payday loan might seem like a saving grace, providing quick and easy access to cash just when you need it. If you’re considering taking out a payday loan, you certainly aren’t alone. The Canadian Consumer Finance Association estimates that nearly two million Canadians a year make use of payday loans. However, it’s essential to remember that these types of loans can be very risky, and are often more expensive than they seem at first glance. Many of our clients have signed up to our Orderly Pa ..read more
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How to Manage Financial Anxiety from Holiday Debt
Money Mentors Blog
by Michèle LIang
4M ago
The holidays are over once again and if you’re like many Canadians, you might be starting the New Year feeling financial anxiety from overspending at Christmas and looming holiday debt. According to an online survey conducted by The Harris Poll for NerdWallet in September 2022, approximately 4 million people have not paid off their credit card debt from holiday spending in 2021. With inflation rising, and existing holiday debt from this year, you may feel overwhelmed and worried about how you are going to pay down your holiday debt. If you’re dealing with financial anxiety from holiday debt, t ..read more
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How to Spot and Avoid Payday Loan Scams in Alberta
Money Mentors Blog
by Liam Bartie
4M ago
Imagine you’re faced with an unexpected bill, and money is tight. A payday loan might seem like a quick solution. But in Alberta, like everywhere else, not all payday loan offers are genuine. Some are traps set by scammers trying to take advantage of your situation. They might promise fast cash, demand upfront fees, or even pretend to be official debt collectors. It’s essential to know the warning signs and how to protect yourself. In this guide, we’ll break down the red flags of payday loan scams and provide tips to ensure you deal with legitimate lenders. Before we continue, it’s important t ..read more
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