Personal Finances

Peter's picture

Finances For Couples II

Finances For Couples II: One approach to managing finances as a couple is to combine all your income and then pay each other an equal allowance.I've written in the past about one method which you can use to handle your finances as a couple. Of course, there are other ways to handle the money side of your relationship and depending on your personal situation a different method might work for you. Today I'll be looking at an alternative approach which you may want to consider.  ... read more of this story»

Peter's picture

Harnessing Habits: Taking The Hard Work Out Of Personal Finance

Personal finance can be a difficult topic for lots of us. It can be tough to remember to take some time each month to track our income and expenses. It isn't easy to reduce our unnecessary spending. Making a lunch each morning seems so much more difficult than just dropping by the local deli for a sandwich.

The trick to making all this stuff easy lies in our ability to turn them into habits. Habits can be powerful allies on our road to early retirement. Let's see how.  ... read more of this story»

Peter's picture

The Problem With Debt Consolidation Loans

Debt Consolidation Loans: Although debt consolidation loans can be a good way to package your debt for repayment, unless you get your spending under control, it can also lead to a much bigger overall debt. So be careful!If you are struggling with lots of debt from a variety of credit cards or other consumer loans, combining that debt into one large consolidated loan can help you to get things under control. However, if you aren't careful, you can get yourself into an even worse situation than when you started.  ... read more of this story»

Peter's picture

What Is Your Financial Screaming Baby?

If there is one thing that I've noticed since becoming a father, it is the ability of a screaming baby to get what she needs. It got me thinking about personal finances and how great it would be if I had a financial equivalent of a screaming baby to make sure I was doing everything that needed to be done financially. I guess there is no true equivalent, but there are a few things that can help.  ... read more of this story»

Peter's picture

Standing An Expense On Its Head

A great trick that I frequently use to get my frugal juices flowing is to look at my expenses in a different light. I've written before about seeing unnecessary expenses as potential income. Recently, however, I've come up with an even better perspective shifting trick that really hammers home the power of saving ... especially on those recurring monthly expenses. Let's see how we can get our savings to pay us dividends!  ... read more of this story»

Peter's picture

Finances For Couples

Finances For Couples: By taking the time to plan how you will handle your finances as a couple, you'll avoid one of the most common sources of tension in a relationship.If you've ever been in a relationship where money became an issue, you know how important it is to be open and honest about finances with your significant other. When my wife and I first moved in together she suggested we start things off on the right foot by establishing a fair and open method for dealing with our mutual expenses. Looking back, I think this was one of the best things we've done together as a couple and is one of the (many!) reasons we're so happy together. Today I'll show you how we handle our joint finances and I'll tell you why I think it works so well for us.  ... read more of this story»

Peter's picture

5 Reasons To Manage Your Money

The Value of Money Management: By tracking where each dollar you earn comes from and where it goes you'll be setting yourself up for financial success.One of the best ways to get yourself headed down the path to financial freedom is by getting a grip on your personal finances. I'm talking about knowing where your money comes from and knowing where it goes - in detail. Without this important information, you'll likely end up working a lot harder and a lot longer than you need to. Today I'm going to give you five good reasons why you should be managing your money and not just "going with the flow."  ... read more of this story»

Peter's picture

Personal Finance 101: Assets & Liabilities

After discussing income, expenses, taxes and savings, what else is left to learn when is comes to personal finance? Today we are going to look at some personal finance heavy hitters: assets and liabilities. In simple terms what you own is an asset and what you owe is a liability. A liability is commonly known as a debt. If we look closer, however, we can see that some assets are worse than others. Also, some liabilities are better than others. Understanding what makes one asset or liability better than another can help us achieve financial success. Let's see how.  ... read more of this story»

Peter's picture

Personal Finance 101: Expenses & Saving

Personal Finance 101: Expenses & Saving: Saving on expenses can be a powerful tool for getting control of your personal finances since money saved is tax free.
We all know that we should reduce our expenses to save money. This is often the first piece of advise you'll get on personal finance. This is, in fact, excellent advise but do know the reasons why? In this edition of the Personal Finance 101 series I'll take a look at some reasons why saving on your expenses is such a powerful tool for creating wealth and financial independence.  ... read more of this story»

Peter's picture

Personal Finance 101: Income & Taxes

Personal Finance 101: Income & Taxes

Let me start by saying that not all income is created equal. This is primarily due to the different tax treatment of various sources of income. In this installment of the Personal Finance 101 series we'll take a look at four common sources of income: employment, interest, capital gains and dividends. We'll also look at how Canadian tax laws can significantly affect how much you get to keep at the end of the day. You might be surprised ... I know I was!  ... read more of this story»

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