Credit & Financial Counselling Archives - Resolve Counseling Services Canada

A Year of Financial Wellness: A Month-by-Month Guide -2

John Garofalo — Fri, 25 Apr 2025 13:53:19 +0000

A Year of Financial Wellness: A Month-by-Month Guide

Welcome to the second month of your journey through our financial wellness series for 2025! Now that you took the time last month to assess your current financial situation, you’re ready to take the next step: creating a budget. Remember, the idea of a budget is to make better use of your money, not reduce your enjoyment of life!

Month 2: Create Your Budget (In 5 Easy Steps)
Goal: Build a spending plan that aligns with your financial goals.

Financial wellness begins with understanding where you currently stand by taking an honest and thorough look at your financial situation. It can feel overwhelming and
anxiety provoking to uncover the full extent of your debt, lack of savings, or poor credit, but even taking a small step toward understanding your situation is empowering.

Assessing your finances isn’t about judgment—it’s about progress. We’re going to start with small steps this month and you will find that confronting your finances head-on can
bring relief, courage, and clarity, allowing you to take more and more positive steps forward.

Creating and using a budget is the foundation of financial stability. Whether you’re saving for a major purchase, paying off debt, or simply wanting to take control of your spending, a well-planned budget can help you achieve your goals. This month, we’ll guide you through the process of setting realistic goals, finding the right budgeting tools to help you stay on track, and categorizing your expenses.

Step 1 – Set your financial goals.

Before you begin creating your budget, determine your short-term and long-term goals. Short-term goals are those you expect to achieve within six months to five years and may include things like building an emergency fund, paying off a credit card, saving for a wedding or a house down payment, and more. Long-term goals are at least five years out and might include paying off a house, saving for retirement, or opening a business. You must have clear goals in order to effectively structure your budget and spending.

Step 2 – Choose a budgeting tool.

Now that you’ve set your goals, it’s time to find the right tool to track your progress. Finding the tool that works for you means you’re more likely to stick with it.

If you prefer pen and paper, there are printable options online, or you can even start with a blank notebook. If you prefer an electronic tool, Excel or Google Sheets provide a few options within their “templates.” You can also find a template online (just be safe when you’re downloading). There are also many budgeting apps available, some of which will allow you to link to your bank accounts so you don’t have to enter your transactions manually. Money.ca recently published an article detailing the “Best budgeting apps in Canada” in 2025. I personally have used YNAB for a number of years.

At a minimum, the tool you choose should be able to show you how much money is coming in and where it’s going.

Step 3 – Estimate your income.

When estimating your available monthly income only include money you are certain to receive, such as your salary or regular payments. Avoid counting on bonuses, gifts, or other unexpected income until they are actually received.

If you receive a single paycheque each month, managing your budget is straightforward. However, if you’re paid weekly or biweekly, you’ll need to plan how each pay will cover different

expenses. For those paid every two weeks, base your budget on two paycheques per month. During the two months each year when you receive a third paycheque, you can use the extra income to boost your savings, pay off debt, or make a special purchase.

Consider using a common 50/30/20 budgeting rule as a guideline, where 50% goes to needs, 30% to wants, and 20% to savings and debt repayment. Adjust these percentages according to your financial goals.

Step 4 – Categorize your expenses and savings.

Using the information you gathered by tracking your income and expenses last month, organize your expenditures into three buckets:

Fixed Expenses – set amounts that you are obligated to pay

Mortgage/rent
Utilities (heat, electricity, water, cell phone)
Property taxes
Insurance (house, car, life)
Loan and credit card minimum payments

Variable Expenses – estimated amounts for various household and living expenses

Food (groceries, dining out)
Transportation (gas, transit)
Medical
Entertainment (streaming, recreation)
Personal allowance
Charitable giving
Additional payments on loans or credit cards

Savings – amounts set aside for the future

Emergency fund
Retirement accounts

All your expenditures should be contained in one of these categories. In addition, you’ll want to think of periodic expenses that you won’t have to pay every month but will inevitably come up at some point.

These are things like clothing, holidays and gifts, automobile repairs, and travel. These are often the expenses that derail a spending plan and add to debt. Estimate a realistic yearly amount for these expenses, then divide by twelve to get an average monthly amount to add to your list of variable expenses.

A common budgeting mistake is to save the amount you have left at the end of the month. This often leads to having nothing left for savings. Since savings are vital to long-term financial security, we suggest you pay yourself first, even setting up automatic transfers to savings accounts each time you get paid.

Step 5 – Review and adjust as needed.

Now is the moment of truth! Subtract your expenses and planned savings from your income to see if your budget balances. People often find that their expenses are more than their income and they are living beyond their means. If this is true for you, review your expenses and identify

areas where you can cut back. This may include dining out less, canceling unused subscriptions, or finding cheaper alternatives for certain purchases. If this feels overwhelming for you, don’t worry, we’ll look at ways to increase your income and cut unnecessary expenses in future months.

Next you need to track your actual income and expenses each month. Commit to a weekly budget review so you can more easily make adjustments to stay on track.

If you have struggled with sticking to a budget in the past or if you feel overwhelmed and don’t know where to start, consider Resolve’s Budget Coaching series. This affordable three-session program will take you through an analysis of your financial situation and create a personalized budget and action plan that will serve as your roadmap to managing your finances with confidence.

Resolve Counselling has accredited financial counsellors and certified money coaches that can help you on your financial wellness journey. Don’t wait, book your 20-minute FREE assessment today to see what program best fits your needs and your budget.

Stephanie Barker
Accredited Financial Counsellor Canada (AFCC) Candidate

Download: Budgeting Series 2

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A Year of Financial Wellness: A Month-by-Month Guide

John Garofalo — Fri, 14 Feb 2025 20:46:25 +0000

A Year of Financial Wellness: A Month-by-Month Guide

A new year is the perfect time to take a fresh look at your finances and start (or restart) your financial wellness journey. Knowing where to begin with getting control of your money can feel overwhelming, and having a structured plan can make all the difference. This will be the first of a monthly financial wellness series to guide you through practical, step-by-step actions to help increase your financial stability and confidence by the end of 2025.

Month 1: Assess Your Financial Situation
Goal: Understand where you are financially.

Action Step 1: Track your income and expenses over the next month.

You’re only tracking, not making any adjustments or changes at this step.
You can use a notebook or a spreadsheet. Some online banking apps provide the ability to categorize your spending.
Be sure to track income from all sources (salary, side hustle, rental income, government benefits) and both fixed (rent, utilities, insurance) and variable
(groceries, clothing, entertainment) expenses.
A hint: This is in preparation for next month where you’ll create a budget.
You can use a notebook or a spreadsheet. Some online banking apps provide the ability to categorize your spending.
Be sure to track income from all sources (salary, side hustle, rental income, government benefits) and both fixed (rent, utilities, insurance) and variable
(groceries, clothing, entertainment) expenses.
A hint: This is in preparation for next month where you’ll create a budget.
Action Step 2: Make a list of your debts and savings.
Start by gathering the most recent statements for your mortgage, loans, credit cards, and any other debt you owe.
Make a list of all your debts. Include the creditor’s name (bank, Visa, a family member you owe money to), type of debt (credit card, auto loan), balance owed, monthly payment amount, and interest rate.
Make a list of any savings you have. Include where the savings is held (chequing/savings account, employer pension account, cash in your mattress) type of savings (emergency fund, retirement savings), and amount.

Action Step 3: Check your credit score and review your credit report for errors.
You can check your credit score and review your credit report for free through
online services like Borrowell, Credit Karma, and Equifax.
Action Step 4: Create a net worth statement.
Net Worth = Assets – Liabilities
Assets: Include the money in your chequing/savings accounts, your investments, and the value of your home, vehicles, and any other property of value.
Liabilities: Include debts such as the mortgage against your home, your vehicle or personal loans, and credit card balances.
Your net worth does not equal your value! If you find that your net worth is a negative number, don’t panic. We will deal with that in future steps.

Whether you complete all or just some of these steps this month, you’ve made progress on your financial wellness journey. In fact, you can start these steps any time during
2025 or any other year—it’s never too late!

Remember that an important aspect of financial wellness is recognizing that our emotions, behaviors, patterns, and beliefs influence our money decisions more than our financial knowledge does. Our Money Coaching program here at Resolve Counselling starts by assessing your financial situation and money management needs, but it goes beyond to help develop a positive relationship with money so you can make better
financial decisions—decisions that will lead to true financial wellness.

Stephanie Barker
Accredited Financial Counsellor Canada (AFCC) Candidate

Download: Budgeting Series 1

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Financial Wellness 101: 7 Basics Everyone Should Know

John Garofalo — Mon, 03 Feb 2025 14:36:19 +0000

Financial Wellness 101: 7 Basics Everyone Should Know

Financial Wellness 101: 7 Basics Everyone Should Know

Financial wellness is an often overlooked but important aspect of overall well-being. A lack of financial wellness can significantly affect your physical and mental health, leading to stress, anxiety, high blood pressure, poor sleep, and strained relationships. In fact, money is the number one issue married couples fight about, and the second leading cause of divorce.

Financial wellness is about being in control of your finances and feeling secure about your current and future financial situation. It’s not just about making good financial decisions, but about making decisions that align with your personal values. An often-overlooked aspect of financial wellness is recognizing that our emotions, behaviors, patterns, and beliefs influence our money decisions more than our financial knowledge does. Our Money Coaching program here at Resolve Counselling combines financial literacy education with your behaviours and emotions so you can achieve true financial wellness. Acknowledging financial struggles can feel overwhelming but small steps can make a big difference.

Let’s start our financial wellness journey with seven basic principles that everyone should know.

Budgeting: The Cornerstone of Financial Wellness

Why it Matters: A budget helps you understand where your money is going, ensuring you live within your means and prioritize savings.

Living on less than you make is the true cornerstone of financial wellness and budgeting is the best tool to get you there. If you don’t like the word budget, think of it as a money plan because that’s what it is–a plan for where your money goes.

There are almost as many budgeting methods as there are people so choose one that would work best for you. If you prefer pencil and paper, look for a printable budget template. If electronic is your thing, look for a budgeting spreadsheet template or an online budgeting platform. Start by tracking your spending for a month to identify patterns. People are often surprised to find that they’re living beyond their means without even realizing it.

Seek the help of a professional for this foundational step. When you complete our Budget Coaching program here at Resolve Counselling you’ll gain a clear, step-by-step plan to help you budget effectively, pay off debt, and achieve your financial goals. You’ll also have the support you need to make adjustments as needed, along with tools and strategies to make positive financial change.

Building an Emergency Fund

Why it Matters: An emergency fund is a safety net for unexpected expenses, such as car repairs, a flooded basement or job loss, giving you some protection from high-interest debt.

If you have high-interest debt, such as credit cards, start with an emergency fund of $1,000 or the amount of your highest insurance deductible, whichever is more. Ideally an emergency fund should cover 3-6 months’ worth of essential living expenses but, if you have high-interest debt, you are better to reduce or pay it off before building a larger emergency fund.

Get creative! Consider side gigs, selling unused items, or freelancing to generate additional income that can go directly into your emergency fund without impacting your regular budget.

Managing Debt Wisely

Why it Matters: Unmanaged debt can lead to stress and hinder financial progress.

Do you have debt that feels unmanageable or keeps you awake at night? Is your debt hindering your ability to save for the future? You’re not alone. The average Canadian household debt exceeds 173% of disposable income

To reduce or eliminate debt, start by making a list of all debts including balances owed, interest rates, and minimum payments. Once you understand your debt, choose a repayment strategy that you think will work best for you. There are several debt repayment strategies but the two most popular are:

Snowball Method: Make minimum payments on all debts. Put any extra money toward the smallest debt. Once the smallest debt is paid off, put the extra money toward the next smallest debt. Repeat until all debts are paid off.
Avalanche Method: Make minimum payments on all debts. Put any extra money toward the debt with the highest interest rate. Once the debt with the highest interest rate if paid off, move to the next highest interest rate debt. Repeat until all debts are paid off.

Consistently following your budget/money plan, having an emergency fund, and using credit cards responsibly is key to avoiding new debt.

Saving for the Future

Why it Matters: Saving ensures you can meet both short-term goals like vacations or large purchases as well as long-term goals like buying a home or retiring comfortably.

Start with clear goals. Define short-term (emergency fund, vacations), mid-term (buying a car, home), and long-term goals (retirement). Here are several things to consider when it comes to saving for your goals.

Employer match: Even before paying off credit card debt you should take advantage of any employer match opportunity you have at your workplace. It’s free money!

Make it automatic: Setting up regular automatic contributions to your savings or investment accounts ensures that money is regularly put aside without requiring ongoing effort or willpower.

Use the correct account:

High-interest savings accounts (HISA) are best for funds needed for short-term goals.
First Home Savings Accounts (FHSA) are tax advantaged accounts that help Canadians save for their first home.
Tax Free Savings Accounts (TFSA) are tax advantaged accounts for Canadians to set money aside tax-free throughout their lifetime. Contributions are not tax deductible, but contributions and income earned are tax-free when withdrawn.
Registered Education Savings Plans (RESP) are long-term savings plans that help Canadians save for a child’s post-secondary education. The government contributes to the plan through grants, and the money grows tax deferred.
Registered Retirement Savings Plans (RRSP) are tax advantaged accounts to help Canadians save for retirement. The contributions are tax deductible, which can lower your tax bill. Withdrawals are taxable but ideally at a lower tax rate during retirement.

It’s never too late to start saving for the future but, those who start early have the benefit of compound interest to maximize growth over time.

Understanding Credit and Building a Good Score

Why it Matters: Your credit score affects your ability to borrow money, rent property, and even secure certain jobs.

Did you Know? A credit score above 760 is generally considered excellent and can help you qualify for the best interest rates on loans and mortgages. Keep track of your credit score through free credit monitoring services like Credit Karma.

Factors that contribute to your credit score:

Payment History (35%): Late payments, bankruptcies, collections, and judgements. Always pay your bills on time.
Credit utilization (30%): Keep credit card balances below 30% of your credit limit.
Length of Credit History (15%): How long have accounts been opened and established. Maintain older accounts where possible.
Credit Mix (10%): Credit cards, bank loans, etc. Keep a mix of credit types.
New Credit Applications (10%): Avoid opening too many accounts in a short time.

Investing: Growing your Wealth

Why it Matters: Investing protects you from inflation and builds wealth over time.

Investing is a long-term strategy to grow and protect your wealth and achieve financial independence. It’s easy to be intimidated by the world of investing but start simple by making sure to take advantage of your workplace retirement plan, including any employer matching.

Learn the basics by familiarizing yourself with these key investing concepts:

Risk vs. Reward: Higher returns typically come with higher risks. Understanding your risk tolerance is key.
Time Horizon: The longer you stay invested, the more you can benefit from compound growth. Even small contributions can grow significantly over time.
Diversification: Spreading your investments across different asset classes, industries, and geographic regions reduces risk.
Asset Allocation: Determine the right mix of asset classes (stocks, bonds, cash) based on your financial goals, risk tolerance, and time horizon. Conservative investors will likely hold more bonds and fewer stocks. Growth investors will likely hold more stocks and fewer bonds while balanced investors will hold an equal mix of both.

Did You Know? Warren Buffett recommends index funds for most investors because they provide broad market exposure with low fees.

Protecting Your Financial Wellness

Why it Matters: Unexpected events can serious impact your finances. Protection helps mitigate risks.

How to protect yourself:

Get Insurance: Health, auto, home/renters, life, and disability insurance are important.
Create a will: Ensure your assets are protected and distributed according to your wishes.
Monitor Accounts: Learn about fraud prevention and monitor accounts for suspicious activity.

Achieving financial wellness is a journey that starts with understanding the basics. By mastering budgeting, saving, managing debt, and planning for the future, you’ll build a solid foundation for financial success.

If you struggle with sticking to a planned budget, have unmanageable debt, or want to improve your relationship with money and feel in control of your financial future, Resolve Counselling has accredited & certified financial counsellors that can help you on your financial wellness journey. Don’t wait, book your 20-minute FREE assessment today to see what program best fits your needs and your budget. Your future self will thank you!

Stephanie Barker

Accredited Financial Counsellor Canada (AFCC) Candidate

Download: Financial Wellness 101

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What is the difference between a Financial Advisor and a Financial Planner?

John Garofalo — Wed, 09 Nov 2022 15:56:08 +0000

It can be really hard to know who to see when you are experiencing financial difficulties, or looking for advice on how to manage your money. In this blog we are going to look at the differences between a Financial Planner and different Financial Advisor professions.

A Financial Advisor is a blanket term to describe someone who helps people with money. They can be a Certified Financial Planner (CFP), an Insurance Advisors, Investment Advisors, An Accredited Financial Counsellor (AFCC), Certified Credit Counsellor, or a Financial Coach. There are no regulations on who can call themselves a Financial Advisor.

As you can see there are many professions who fall under the umbrella of Financial Advisor and within each profession are different avenues of education and experience. Many of these profession have things in common, most will look at your current financial situation; income, assets, and liabilities. They will discuss your short term and long term goals and map out a plan for you to meet those goals.

Trying to decide who to see can be overwhelming. Where you fall in your financial journey will help you decide who to meet. Think of these questions when trying to choose what professional advice you need.

Are you struggling with debt? If so a Certified Credit Counsellor is a great resource.
Are you looking to supplement your income due to an illness, or want to protect your assets? An Insurance Advisor would be a great person to contact.
Are you over spending, does budgeting cause you to become overwhelmed, or are you and your partner arguing about money? In this case a Financial Coach or an Accredited Financial Counsellor would be your ideal advisor.
Do you want to learn about investments? Contact an Investment Advisor
Are you wanting to plan for retirement, need tax advice, or estate planning? If so a Certified Financial Planner (CFP) would be a great resource.

As you can see each designation has their own strengths when it comes to helping you with your money management needs. Let’s take a more detailed look at each Financial Advisor profession.

Insurance Advisor

An Insurance Advisor will help you with all your insurance needs. They will look at what your income needs are, what assets you have and provide advice on the best types of insurance to ensure you have adequate protection against loss of income, or damage to assets. They will review your short and long term goals and provide you with the most suitable insurance products and the estimated costs.

Investment Advisor

All Investment Advisors in Canada need to be registered with Investment Industry Regulatory Organization of Canada (IIROC). An Investment Advisor will discuss your short and long term goals, your risk tolerance, and provide you with investment strategies to meet your financial goals. They will monitor your investments, and stay up to date on the investment trends in the market. They provide advice on mutual funds, securities, stocks and bonds.

Accredited Financial Counsellor

An Accredited Financial Counsellor gets their certification through the Ontario Association of Credit Counselling Services (OACCS) this is a rigorous training of investments, estate planning, budgeting, debt repayment options, and counselling skills to ensure a holistic approach is used. At Resolve Counselling Services of Canada our AFCC’s focus on the financial challenges people face, and educate clients on how to manage their debt and assets to meet their long term goals. They will help clients create and stick with a budget, and provide tools to improve their credit. Click here to lean more about becoming an Accredited Financial Counsellor Accredited Financial Counsellor Canada Designation Program – OACCS, Financial Literacy Empowerment, AFCC Certification and Accreditation : OACCS, Financial Literacy Empowerment, AFCC Certification and Accreditation (financialfitness.ca)

Financial Coach

A Financial Coach like the ones at Resolve Counselling Services of Canada, look at not only your income and expenses, but also your behaviours with money. They empower you to make positive financial decisions, and help you create a financial plan that is tailored to your situation and work with your strengths. At Resolve we will provide tools to help you reduce over shopping, improve your communication with loved ones, and help you set and achieve financial goals.

Certified Credit Counsellor

A Certified Credit Counsellor receives their certification from the Ontario Association of Credit Counselling Services (OACCS) and are experts in all things to do with debt. At Resolve our Certified Credit Counsellors will review your financial situation and provide you will information on how to become debt free. There are several debt options such as a consolidation loan, debt management programs, consumer proposals, bankruptcy, and refinancing. A good Certified Credit Counsellor will be able to review your financial situation and explain the pro’s and cons of each of these programs, what the payments would be, and how they would work within in your financial situation so you can make an informed decision. Contact a certified credit counsellor at Resolve for a free assessment to learn your options.

Certified Financial Planner

A Certified Financial Planner (CFP) is a well known designation. A CFP received their designation from the Certified Financial Planner Board of Standards, and only people with this designation can call themselves a certified financial planner. CFP’s come from various Financial Advisor roles such as insurance brokers, accountants, investment advisors and other professional designations. CFP’s advise on investments, insurance needs, and retirement planning so you can meet your long term financial goals. A CFP might sell financial products to help you meet your goals, and will monitor your progress and life changes to ensure that your needs are being met through each stage of your financial journey.

Resolve Counselling Services of Canada has Certified Credit Counsellors, Accredited Financial Counsellors and Financial coaches in their Financial Wellness program. We can help you

Create and stick to a budget
Reduce overspending
Improve your mindset about money
Set and achieve financial goals
Become debt free
Stop arguing about money

Authored by: Jeri Bittorf – Financial Wellness Coordinator

AFCC, Certified Credit Counsellor, Bankruptcy Insolvency Counsellor

Resolve Counselling Services of Canada

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Locating Student Loans

John Garofalo — Wed, 01 Sep 2021 23:51:29 +0000

When looking for your student loans, remember that once your student loans come due and move through the collection process, they may break into several different portions. It is important to go back to any original paperwork that you have kept to ensure that you track all the portions.

1. If you received your student loan funding directly through the government, it would have been issued to you through the National Student Loan Centre. The NSLC has two departments:

If you attended a public university, college or technical institute, call 888-815-4514
If you attended a private trade school, vocational institute or career college, call 866-587-7452

Here are the names of some of the portions that you may encounter:

Canada Integrated Student Loan
Ontario Integrated Student Loan
Can-Ont Integrated Student Loan

2. If you received your student loan funding through a bank, start with the following departments:

Scotiabank Student Loans 888-284-3044
CIBC Student Loans 800-563-2422 or 877-338-5469
Royal Bank Student Loans 800-363-3822

Here are the names of some of the portions that you may encounter:

Canada (federal) Student Loan
Ontario (provincial) Student Loan
Bank Risk Portion

??? Questions to ask ???

→ Can I please identify the name, account # and balance of each loan portion originating with you?
→ Am I eligible for interest relief on any portions?
→ Am I eligible for a revision of terms (reduced payment arrangement direct with the bank/NSLC)?

If you obtained your funding through a bank and they were not able to successfully collect the debt from you, some portions may have defaulted and been sent back to the government. Call these numbers:

National Student Loan Centre refer to #’s above (federal or integrated student loans)
Human Resources and Skills Development Canada 855-340-2786 (federal or integrated student loans)
Ontario Shared Services** 705-564-7069 (provincial student loans)
**OSS may have one further portion called a Loan Forgiveness Overpayment

If the loan is in good standing the National Student Loan Centre (NSLC) has a repayment assistance program which is wonderful at working with the student to come up with a payment arrangement that fits within their financial circumstances.

At any step during the process, the bank, NSLC, HRSDC, OSS or government department may advise you that your account has been sent to and is being handled by a third party collection agency. Ask whether you can continue to deal with them directly, or whether you must make arrangements with the collection agency.

If the student loan defaulted it will be split into 2 different portions, such as the federal portion and the provincial portion. These portions may then be sent to various collection agencies.Once the loan is split it can difficult and time consuming to locate.

If the loan defaulted, contact Resolve Credit and Financial counselling. We can work out a payment arrangement between an individual and the creditor. Some portions of the defaulted loan may qualify for stopped or reduced interest once the client signs onto the Debt management program.

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ASK THE EXPERT – Creditors are calling me all the time, what should I do?

John Garofalo — Tue, 20 Jul 2021 14:44:37 +0000

ASK THE EXPERT

Creditors are calling me all the time, what should I do?

It is important to understand that this problem is not going to go away without some help. A creditor is allowed to call you anytime between 7:00 am and 9:00 pm every day of the week except Sundays and Statutory holidays.

Creditors can also call you at work which can be extremely embarrassing and potentially this may result in loss of employment.

If you are trying to negotiate with your creditors it is important to keep the following tips in mind:

Remember to be as courteous as possible.
Make reasonable promises to your creditors and follow through with them. There is
nothing worse than making a promise to your creditor that you know you will not
possibly be able to fulfill.
Keeping an open line of communication with your creditor will give them a sense of
confidence in your desire to repay the debt.

If you are experiencing difficulty dealing with your creditors on your own, it may be time to consider speaking with a credit counsellor.

You may think that you are the only person going through these kinds of experiences but believe me you are not.

Remember you are NOT alone.

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Kingston Defeat Depression 2021

John Garofalo — Wed, 05 May 2021 20:09:39 +0000

Kingston Defeat Depression 2021 – Virtual Walk & Talk Fundraiser

As we continue to face the COVID-19 health crisis, we are also facing a critical mental health crisis. Join us for this year’s Virtual Walk & Run fundraiser event in support of local mental health programs and services.

WHAT: Annual Defeat Depression Campaign: Kingston & Area Virtual Walk & Run

WHEN: Saturday, May 29, 2021

How to Get Involved:

Go to: Kingston.defeatdepression.ca
Register as an individual/team OR sponsor an existing participant or team
Share your registration or support for a team with your contacts by social media
Ask friends/family/colleagues to sponsor you (or the participant/team you choose to support) for the Virtual Walk & Run on May 29, 2021!

Resolve Counselling Services Canada is a proud partner of the Mood Disorders Society of Canada— Defeat Depression Campaign.

Defeat Depression registration info & fundraising Kit

DD_ParticipationInfo_16Apr2021
Defeat_Depression_Fundraising_tool_kit
Kingston_2021_DD_Poster

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Ontario Eviction Ban

John Garofalo — Wed, 20 Jan 2021 03:25:33 +0000

“Ford announced that the province was halting enforcement for residential evictions while the state of emergency is in place.”

This is good news for people in dire circumstances. But, please be aware, this Ontario Eviction Ban doesn’t mean that you can stop paying rent during the pandemic.

It does NOT mean that you can’t be evicted. You can still be issued a notice of eviction during this time.

The key here is the wording. It simply means that “enforcing” an eviction will not take place while Ontario is in the state of emergency. You can still be evicted during the pandemic and the state of emergency but not forced to vacate your rental unit until the state of emergency is lifted.

Rent payments have not been suspended or forgiven in any way. If you are struggling, speak with your landlord to try and make alternate arrangements.

Possibly, a landlord will agree to let you reduce or defer a month’s rent with the agreement that you will repay the missed amount over an extended period.

Owing unpaid rent and being evicted has other consequences beyond having to find a place to live. You can be sued in Small Claims Court. If you lose, the landlord gets the right to garnishee current or future wages and you will have bad credit.

Protect your housing. Pay what you can and keep records of that and any arrangements you and the landlord agree to. Ask them to put the agreement in writing and do your best to honour it. If needed, this could help you file a defense in Small Claims Court.

Stay safe, stay home.

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Financial literacy in 2021

John Garofalo — Tue, 12 Jan 2021 21:21:04 +0000

Mary Huntley, a certified credit counsellor with Resolve, talks about Financial literacy in 2021 after a challenging 2020.

Financial advice after a challenging year

John Garofalo — Tue, 29 Dec 2020 16:20:24 +0000

Mary Huntley, a certified credit counsellor with Resolve, offers advice on how you can redeem your savings and bank account in 2021 after a challenging 2020.

Financial Literacy Month can be a reminder to take stock, financially and otherwise.

John Garofalo — Mon, 23 Nov 2020 17:15:35 +0000

I’ve been one of the lucky people who has been able to work at home with no income interruption. But, the pandemic made me reflect on where I am now and where I really want to be in terms of finances and lifestyle.

Being home 24/7 has been an eye-opener for me in a number of ways. I have realized how much “stuff” I have and how little I need. I am determined to work down my pile of clothes and craft supplies. I will not bring a new item into my house unless an item leaves.

I am a person who carries no debt other than a small mortgage. Oh, I use my credit card. However, nothing goes on it unless I can pay it off in the same month. I refuse to pay a credit card interest.

I want to retire sooner, rather than later. In preparation for that, I sat down and made a list of things my house will need in the next 2 – 5 years and how much I expect the cost to be. A roof, several new windows, a deck. Plus, some emergency money. It is a shockingly large number.

Currently, my savings are meager. I have a house full of dogs who could blast through that savings account with one small surgery bill.

Here’s where the true taking stock comes in. I went through my credit card statements to see how much money I spent on “fluff”. I’m not going to lie, it wasn’t good!

I pulled out a budget sheet and recorded an accurate accounting of my monthly expenses. I do this quite regularly but I know my spending slides a bit in between. Truth! I made some adjustments.

After a close examination, my retirement goal might be somewhat optimistic. But, if I really stick to the budget, I can pay a bit extra on my mortgage while systematically increasing my savings. Every baby step closer to my goal is a win!

All this is my convoluted way of saying, sit down and really examine your spending. Don’t lie to yourself about where you spend your money. Do a realistic budget. Set goals. If you are carrying debt, seriously look at ways you can pay it down faster to save yourself a small fortune in interest.

As a Financial and Credit Counsellor, I’m here to help people examine their own finances and work toward goals. Give us a call at 1 800-379-5556….. we are here to help.

The post Financial Literacy Month can be a reminder to take stock, financially and otherwise. appeared first on Resolve Counseling Services Canada.

D is for DEBT

John Garofalo — Mon, 16 Nov 2020 10:58:22 +0000

Debt affects people’s health and well being, causes undue stress and is a leading cause of divorce.

Canadians owe $2.3 TRILLION.
Canadians owe $1.77 for every $1.00 they have to spend.
Credit Card companies worldwide generate $200 Billion in fees and interest annually.

Credit Card debt is very expensive and since banks and credit card companies generate so much revenue they will not likely change their business model. Canadians therefore need to be much more prudent with these financial products. Since the start of the pandemic many people have been using credit to maintain their lifestyle.

With many Canadians working from home, there’s been an increase in spending on home improvements. The next time you look at your credit card statement find out how long it will take you to pay it off, if you only make the minimum payment. Here’s a quote from Albert Einstein: “compound interest is the 8th wonder of the world. He who understands it, earns it…he who doesn’t…pays it”.

If you are carrying a balance on your credit card, I encourage you to make a plan to pay it off. If you don’t have a “written” budget, now is the time to start one. By writing down a budget you can visually see your income and expenses, you will become more organized, more accountable – to both yourself and your family, and it will help you plan for your future. As Benjamin Franklin said:Start with your monthly income and then make a list of your fixed expenses. These expenses do not change, for example, your rent, car payment and car insurance. After you deduct your fixed expenses from your income the amount left over is for variable expenses, debt and hopefully savings. Go to your on-line banking for the past few months to get an idea of where you have been spending your money.

Look for ways to cut or reduce some of these expenses, for example, cut back on eating out or take out, meal plan so you are not throwing food out, buy fruit and vegetables in season which is cheaper. You can also find great savings through electronic coupons like FLIPP. Challenge yourself to find a few more ways to reduce some expenses. These savings can be used to reduce your credit card debt.

Many people spend more time planning their vacation than managing their money. A budget is quite easy to set up on spread sheet, but it takes discipline to follow. Of course we all have on-going expenses but try to be intentional with each purchase.

It’s hard to stay motivated unless you have a goal and it’s best to write it down because you are more likely to follow it.

For example: Goal – Pay off credit card in 8 months.
Balance – $2400
Monthly payment – $300 + interest.
The interest amount is written on your statement.

Please note: this will only work if you stop using your credit card.

It’s also important to continue to save rather than pay more on your credit card. What typically happens is that some unexpected expense comes up, and if you don t have the savings to pay it, then you are back using your credit card.

Many people have all kinds of payments being charged to their credit card on a monthly basis like Netflix. If you are not paying your balance in full every month then you are paying credit card interest for these purchases which could have been paid from your bank account.

Congratulate yourself once your credit card is paid off and continue to be vigilant in keeping it paid in full.

Now you can start $aving…Write out a savings goal and think about what Albert Einstein stated about compound interest.

Having a plan to repay your debt will go a long way in reducing your financial stress. Take a look over this step-by-step guide to begin to pay down your debt: https://www.canada.ca/en/financial-consumer-agency/services/debt/plan-debt-free.html or give us a call at 1 800-379-5556….. we are here to help.

The post D is for DEBT appeared first on Resolve Counseling Services Canada.