Today Magazine - Winter 2018/2019

Page 83

MONEY TALK//COLUMN

The Need for Canadians to Control Their Spending Every January, the thought of most Canadians is, “where can we book that last minute vacation,” or “I wish I bought a snow blower to deal with the winter weather”. The next big moment that comes towards the end of January is when we go to our mailbox and that dreaded credit card bill is waiting. December is a great month of celebrations and family get togethers, but all of that commercialism comes with a price tag and the lavish spending rears its ugly face in January. Canadians today are taking on more debt than ever before. A CBC news report states that the average Canadian now owes $22,081 of consumer debt and that figure doesn’t include mortgage debt. All told, consumer debt among Canadians has now totaled a whopping $1.7 trillion. Credit cards balances as of the end of June were $2,280 and other debts excluding mortgages totaled just shy of $20,000. It’s a challenging time for most Canadians! Prices of goods have been rising faster than wages. Mortgage rates on renewal are higher now than they were 5 years ago and most Canadians are finding that there is less money left over after expenses each week. The challenging news is that prices aren’t going down and mortgage rates may be on the rise, so we have to start being disciplined in order to lessen additional debt. So what do we do? Well, here are a few thoughts that can hopefully ease your sleepless nights when it comes to the debt most of you are creating: 1. Design and live within your budget. This may seem hard and it’s not going to be fun, but it’s the only way to fix the source of the illness: your over-spending. 2. Think twice before you trade in your car for a newer, fancier model and then roll your monthly payments into a longer term. Cars are the worst investment, period. 3. Skip using credit cards at Christmas and try to pay in cash. 4. Avoid keeping up with the Jones’. No one really cares about what you have and in the end, it’s you who is stuck with the debt for playing a big shot. 5. Always pay off your monthly credit card balance. Banks get rich on selling debt, not savings. 6. Stop allowing the banks to get you to take on more debt via a new credit limit increase. When these options come in the mail, shred them as fast as you can In the end, as humans, we tend to gravitate to what’s fun and easy. Shortterm gain gives over to long-term pain. However, I do know that our wealthiest clients don’t engage in high amounts of consumer debt. The greatest way to create wealth at any income is to get out of debt as fast as possible and maintain discipline on personal credit.

David Somerville CFP Certified Financial Planner, Captial Wealth Management

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Dave Destefano has been helping clients finance their homes for the last decade and is one of the most recognizable names in the Mortgage Industry. He owes his success to his in depth industry knowledge and outstanding services you won’t find anywhere else. Working with Dave will ensure you receive the best Mortgage advice.

davedestefano.com CONTACT DAVE TODAY TO TALK ABOUT YOUR NEXT STEPS!! t: 905.933.1090 tf: 1.844.315.7569 e: dave.destefano@mortgagegroup.com

6293 Thorold Stone Rd., Niagara Falls, ON L2J 1A6

NIAGARA’S PREMIER SOURCE FOR USED VEHICLES

100% APPROVAL RATE GOOD CREDIT BAD CREDIT NO CREDIT

4460 Drummond Rd., Niagara Falls, ON L2E 6C7 905-371-2277 mcmniagara.com UCDA DEALERS ADHERE TO A STRICT CODE OF ETHICS


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Articles inside

Tobogganing Hills Niagara

4min
pages 104-105

Two Minutes in the Box

9min
pages 95-101

De Simone Winery

4min
pages 90-91

Sentineal Carriages

3min
page 89

Live Like The Locals

6min
pages 86-87

Niagara Music Awards

4min
pages 84-85

Money Talk

2min
page 83

Top Ten Financial Resolutions

3min
page 81

Snowy Scenes and a Soothing Spa

3min
page 75

Cultivate Your Inner and Outer Radiance

3min
page 73

You Can Never Have Too Many Pairs of Shoes

3min
page 70

Could Movies Save Your Relationship... or Even Change Your Life?

3min
page 69

To The Hostess With The Mostest

4min
pages 65-67

Is Your Skin Holiday Ready?

2min
pages 62-63

The 80/20 Rule

3min
page 59

Marriages & Honeymoons: Romance at Niagara Falls

4min
pages 50-51

Alternative Wedding Cakes

4min
pages 48-49

More Than a Big White Wedding

4min
pages 42-45

The (Wedding) Traditions We Keep

3min
page 41

Groom Trends: Caswell's Fine Menswear

2min
page 39

Romantic Winter Photoshoot Spots in Niagara

3min
pages 34-37

The Whiskey is a Go-Go at Doc Magilligan's

2min
pages 24-25

On The Table: A Chat with Chef Andy Di Pietro of Ruth's Chris Steakhouse

3min
pages 20-21

Festive Drinks

4min
pages 16-18

Camera Ready

3min
pages 12-13
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