budgeting
Budgeting related posts.
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Was in an abusive relationship and owes $50,000
I’m 23 and I was in a long term abusive relationship that severely impacted my finances and put me in a terrible debt situation. I currently have just over $50k in debt, roughly $30k from a car loan that I was pressured into getting into, about $7500 in credit card debt and around $13k in personal loans. I am making around $2300 per month and once all my payments are made (rent, car, insurance, phone, loans, credit cards) I have about $185 left over to cover food, gas and other necessities. I have good credit, around 750. I’ve never missed a payment but soon it will get to the point…
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Things to consider when asking for advice if you have a serious debt problem
If you have a debt problem, you’ll get better quality advice from a Licensed Insolvency Trustee if you provide the following information: Your province Property laws will very by province, so indicating where you live is very important. Your household income & expenses What’s your monthly net income – i.e., how much gets deposited into your bank account from your employer? Give a breakdown between employment income, spousal support, child support, rental income, Canada Child Benefit, EI, CPP, OAS, etc. What’s your spouse’s monthly net income? Give the same breakdown as above. What are your monthly household disbursements? Some examples: Rent Mortgage Property taxes Maintenance fees Hydro Gas for home…
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Preparing for the Next Recession in Canada
As a CPA and Licensed Insolvency Trustee, I had a front row seat during the Great Recession of 2009 – 2011. I saw the devastating impact it had on the lives of ordinary Canadians. These were everyday people who were for the most part honest, hard working, and played by the rules. Yet they found themselves on the short end of the stick when the Great Recession started 10 years ago: some lost their jobs, some had their financial portfolios decimated, some lost their homes and quite a few experienced losing all three. It’s been over 10 years since the onset of the Great Recession and Canadians are more indebted…
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What is the Cost of a Middle Class Lifestyle in Toronto? (Updated Feb 2023)
Photo credit: Zia Syed on Unsplash TL;DR A traditional middle class lifestyle assumes: (1) two spouses and a child and the ability to finance that child’s education; (2) home and vehicle ownership; (3) the ability to save for retirement. In Toronto, the aforementioned lifestyle would require an after-tax income of $145,804 per year. INTRODUCTION What are the hallmarks of a middle class lifestyle? And how much does a household residing in Toronto have to earn to be considered middle class? First, let’s define “Toronto”. “Toronto” means the City of Toronto. I’m not including the satellite cities in the Greater Toronto Area such as Mississauga, Oakville, Brampton, etc. This is…
