Offering helpful financial and lifestyle advice for everyday Canadians

Posts tagged ‘money tips’

Teens and a Budget: Is There Such a Thing?

Not only are young children expensive, but holy crap those teens can cost you too! I never realized how expensive I was back in the day, but now that I am aware I found this for you parents out there. Keep that wallet lined, my friends and thank Tamara Wilson from Mommyland.

If you have teenagers, then you know how expensive they are. The old saying that small children need small things and big children need bigger things certainly is true. But, can you successfully set a budget with your teenagers? Of course, you can. It may not be easy, at first, but it is certainly doable. There are a few tips and tricks to setting and keeping a budget when you have teenagers.

It’s All about Communication

If you are determined to set a budget and stick with it, be sure to include your teens in the conversation. Implementing a budget and not letting them in on it, is like pulling the proverbial rug out from underneath them. You cannot expect good results if everyone is not on the same page.

Start out by letting your teens know that you are implementing a budget. Sit down with them and your spreadsheets if necessary and show them what the bills of the house look like. If you do not feel comfortable showing them what the monetary intake of the household is, that is just fine.

Be certain to let them know how much money you need to make up at the end of the month and what your thoughts are as to what needs to be cut. Sit down and have a round-table discussion, letting everyone know you will have a meeting to discuss the budget.

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Improving Your Credit Score – Government Advice

The government is looking out for you. If you have a poor credit score then there is help but you have to be careful. This article from the Government of Canada has some very helpful advice.

If your credit score is not as high as you think it should be, make sure that the information in your credit report is correct. If it is correct, read your report carefully to find out which factors are most likely having a negative influence on your score, and then work to improve them.

Here are some tips, from the Financial Consumer Agency of Canada (FCAC), on how to improve your credit score:

  • Always pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some cell phone companies may report late payments to the credit-reporting agencies, which could affect your score.
  • Try to pay your bills in full by the due date. If you aren’t able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
  • Try to pay your debts as quickly as possible.
  • Don’t go over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.
  • Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.
  • Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

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