Articles — Finance

January's Financial Stress

Dr. Linda Hancock Finance Personal Finance

January's Financial Stress

Christmas is over and the bills are arriving. It's time to figure out how you are going to handle the January financial stress. Following are some hints that will help you to get back into control again: REGULAR REPEAT EXPENSES:1. Prepare a chart with headings that include: Item; Amount; Due Date; Minimum Payment; Interest charged; Notes2. Go through your bank statements and invoices entering information about recurring expenses in the chart. These are things that you cannot change and must pay based on your contracted arrangements.3. Consider ways that you might be able to reduce these costs. For example, calling...

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Bills Are Coming In

Dr. Linda Hancock Finance Personal Finance

Bills Are Coming In

So, you spent too much for Christmas (again!) and all the bills are making you nervous. Following are some ideas about how to get out of the financial problem that you have created: Don't ignore them! - It will not help to put unopened envelopes into a drawer or to hide them from your partner and yourself. The bills will not go away and, in fact, interest will increase what you owe. If you wait too long, you will have collection agencies begin chasing you and they are relentless! Set Up a System - When the mail arrives, shred everything...

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Work Smart - Not Hard

Dr. Linda Hancock Finance

Work Smart - Not Hard

Sometimes people think that they need to work harder to do better. That isn't always the case. In fact, working smart is better than working hard. Let's talk about your future for an example. Most people pay Income Tax based on the amount of money that they earn and the bracket that they fall into. You can get some of that back if you overpay, have dependents, file tuition receipts for education or invest in either an RRSP or Pension Plan. These deductions can result in a refund which most people spend on luxuries or to pay down debt. There...

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I'm Moving Up!

Dr. Linda Hancock Finance Personal Finance

I'm Moving Up!

Well, it's nice weather and often that brings thoughts of moving - but the move might not be motivated by anything more than a desire to change locations. And the results might include costs that you really never considered. I remember when my cousin bought a beautiful new boat. He drove friends and family around and around the lake for hours. I remarked on how much the gas was costing and he wisely told me that before he made the purchase, he factored in all the operational costs so that he would be prepared without any financial stress! Good thinking!...

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Why Don't I Have Any Money?

Dr. Linda Hancock Finance Personal Finance

Why Don't I Have Any Money?

I remember when I was in grade eight and my father was scared to resign from his job because he didn't want to lose the three hundred dollar a month income that he was paid. But then you have to consider that our house had only cost six thousand dollars. We were never really what I thought was "poor" but we really didn't have any extra money. Our family of four saved to have one holiday. We drove in our only vehicle from Saskatchewan to British Columbia and stayed at the house of my father's friend and visited Stanley Park....

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Facing Your Financial Reality!

Dr. Linda Hancock Finance Personal Finance

Facing Your Financial Reality!

The recent debt crisis in the United States and media coverage of a volatile world economic situation has brought us to a point of realizing that when it comes to money, we just have to facts the facts! You cannot spend more than you earn without facing consequences! I enjoy the television program "'Til Debt Do Us Part" - not because I like to see people who are in financial trouble but because there are specific things that can be done to get people out of financial trouble. Following are some simple steps in the formula that can lead to...

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Debt-Free Forever

Dr. Linda Hancock Book Reviews Finance Personal Finance

Debt-Free Forever

One of the most interesting books that I have ever read is actually the fifteenth by author Gail Vaz-Oxlade. Ms. Vaz-Oxlade is who also the star of the popular television series "'Till Debt Do Us Part" has offered advice about personal finances for years. This book, which she claims is her "best", is a very comprehensive guide for individuals and couples who wish to improve their present and future situation and reduce the negative emotions that accompany debt. The book lays out a very practical formula for the reader to not only honestly assess and plan to improve their lives...

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Bipolar Financing

Dr. Linda Hancock Finance Personal Finance

Bipolar Financing

Bipolar Disorder is a condition that involves two opposite extreme moods that usually appear in unpredictable patterns. They are the result of chemical imbalances in the brain. Mania is the state which appears as a high and energized mood. Depression is the opposite and can be quite reach stages which are quite debilitating. Often the person who is diagnosed with Bipolar Disorder has perceptions which are skewed and believe that the manic mood is actually "normal" and that "normal" is "depressed". They therefore wish to be in the high mood as much as possible - partly because it feels good...

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Three Mistakes That People Make With Their Money

Dr. Linda Hancock Finance Personal Finance

Three Mistakes That People Make With Their Money

I think I've heard it all when it comes to money. When people state that they are unhappy with their financial situation, I know that their problems likely fall into one or all three of the following categories. SPENDING TOO MUCH - When I grew up, we touched money - real money. If we didn't have coins in our pocket we just didn't spend. We didn't have Lines of Credit, credit cards or Overdraft Protection. Cash was all we knew. Often people buy things they don't need with money they don't have to impress people they don't even like. They renovate...

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The Psychology of Money and Personal Finance

Dr. Linda Hancock Finance Personal Finance

The Psychology of Money and Personal Finance

The people who tend to complain about money seem to fall into three categories. There are those who don't have any, those who spend more than they earn and those who have money but are terribly afraid of losing it. Throughout history, money has been a topic of discussion and debate. Expressions such as "money doesn't buy happiness" or "money is the root of all evil" are often declared by those who do not have any. I'm definitely not trying to criticize anyone in this article or in life; however, I've met many poor people who are desperately unhappy and...

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The Economic Crisis!

Dr. Linda Hancock Finance Personal Finance

The Economic Crisis!

The world has been on a huge economic roller-coaster ride over the past few weeks! News media blame mortgage meltdown in the United States but I believe that its history goes back to earlier times. When I grew up, we paid cash - and if we didn't have cash - we didn't buy anything. I remember the first time that I heard of a credit card and all the promises it offered. It didn't take long until everyone had one or two or ten! The "paperless" monetary system that resulted allowed individuals to buy things that they didn't need with...

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Getting Control Over Your Money

Dr. Linda Hancock Finance Personal Finance

Getting Control Over Your Money

There is an old adage that states "Money makes the world go 'round" but sometimes it just keeps you at home. Problems with money can not only interfere with your credit rating but also jeopardize your relationships. We live in a very commercialized environment where everyone not only seems to want to "keep up with the Jones'" but also pass them. If you are having money problems, the first step to correcting this is to keep an accurate accounting of your income and all your expenses. Begin with a ledge and write down every single thing that you spend in...

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Getting Control Over Your Money - Earn More

Dr. Linda Hancock Finance Personal Finance

Getting Control Over Your Money - Earn More

I often hear individuals state "I can't afford that". The person who is talking may be referring to a trip, vehicle or item of furniture. What would you do if you had an extra $2,600.00 a year? Would you travel, purchase a dream or start a savings account? Do you think that you could earn $10.00 a day more than you earn now? This would give you $50.00 a week which is $2,600.00 a year. Here are a few ideas about how you can increase your income a little each day and ultimately enjoy the benefits at the end of...

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