Can you get a car loan during bankruptcy if you live in Canada?

Can you get a car loan during bankruptcy if you live in Canada?

Yes! Yes, you can get a car loan during bankruptcy if you live in Canada and it's actually not as difficult as you might think. You might be thinking that creditors will run from your car loan application, but in fact, there are many lenders and creditors out there that want your business simply because your car loan would be a secured loan

A secured car loan is a safer loan type for lenders when working with people with not so great credit. Going through the bankruptcy process is hard enough as it is for obvious reasons, but please don't feel like this is the end of the world for yourself and for your credit. You can still rebuild your credit after a bankruptcy and one way to do so is with a line of secured credit.

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Is Buying a Home for You?

Is Buying a Home for You?

Owning a house has become cheaper than renting in twelve major cities, including Orlando, Miami, Chicago and Atlanta, now that interest rates are floating around the 4% mark on a 30-year fixed mortgage. 

“Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past fifteen years and is less expensive than renting in a growing number of cities,” states the Wall Street Journal. 

Should you include owning a home in your spending plan for the near future? Here are the questions we asked ourselves when we made that decision late last year

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Using Money Wisely - How Pennies Improved My Shower Experience

Using Money Wisely - How Pennies Improved My Shower Experience

I really dislike a standard household shower. You know the kind - you probably own one too - a straight metal bar holding up the shower curtain. The curtain is so close to you during the shower its constantly touching you, or almost touching you so you have to manipulate yourself in such a way as to avoid it... Its cold, soggy and clings if you touch it with you leg or side or whatever... Anyway, if you're like me, its bothersome.

One time I had the fortune of being in a "nice" hotel they had an arc curtain rod. Its a rounded rod that curves out so the curtain is away from you, but the bottom is still inside the tub. It was wonderful.

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Six House Energy Savings Tips

Six House Energy Savings Tips

From the Oct 2008 issue of Money Magazine:

  1. Insulate your attic
  2. Cover the ducts
  3. Use a programmable thermostat
  4. Seal cracks in basement
  5. Wrap your water heater
  6. Service your furnace/air conditioner
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The Cost of Living in a 4-Season Climate

The Cost of Living in a 4-Season Climate

I have some friends from Mexico who moved to Canada earlier this year. We got to talking about the coming winter months and how cold it can get. She commented that she had never seen winter clothes before.

This got me thinking about how much it costs to live where I do, in Southern Ontario, Canada. Here we have 4 distinct seasons, with only fall and spring sharing the same clothing. That means we need appropriate clothing for 3 weather patterns.

Spring/Fall:

  • a light jacket, perhaps a wind-breaker or something of the sort
  • socks, pants
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Selling a Home in the Current Market

Selling a Home in the Current Market

 

I've had a few friends comment to me about how difficult it is to sell their homes in the current market.

One such friend has had their home for sale for over 3 years and has lowered the price by more than $100,000. He's so ready to move on but this home (which he lives in) is holding him up from moving on both in his financial life, and in this emotional life.

Another had their home on the market for about 8 months and had to drop the price nearly $200,000 (was a large property too). They expected the home was sell in a matter of weeks, so the drawn out process has been really tough on them.

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Turn Down That Hot Water Heater!

Turn Down That Hot Water Heater!

Another savings tip we've used recently.

We just had our hot water heater upgraded to a high-efficiency one, which should save us money on the long term, especially since the replacement and installation was free as part of a promotion from the supplier.

After the heater was installed, we noticed almost immediately that for our showers we had to turn down the water temperature quite a bit to get to a comfortable temperature. The water heater was keeping things too hot. So I adjusted the hot water tank gradually until it was low enough that for showers, we just turn the tempature to full hot. We never need tap water hotter than for our shower comfort level.

This will save us on our natural gas bill as we won't need to maintain that high temperature of water. The savings will not be extreme, but it will make a difference, and the convenience of not having to fiddle with the shower temperature makes it worth it!

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Can You Laugh In the Face of a "Money Pit"?

Can You Laugh In the Face of a "Money Pit"?

I'm happy to be back writing to you from almost a full week silent in bed sick.

I found this funny clip of a classic movie "The Money Pit".

Tom Hanks had a great attitude to just laugh at the list of mishaps that could have otherwise put him in a fit of rage. He could have been more aware from the beginning and avoided the stress/hard long work hours/money pit (seemingly endless expenses).

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Should I really pay for someone else to do my household jobs?

Should I really pay for someone else to do my household jobs?

There's a long list of daily household chores that usually requires more time than we have to dedicate to them. I've debated for a long time if it's worth my money to hire someone for the different chore areas. The hugest chores for me are trying to keep up with the laundry for seven people, and trying to prepare healthy meals while catering to the seven different people's eating likes/dislikes.

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Pre-approved for a big loan amount, I'm rich!

Pre-approved for a big loan amount, I'm rich!

When my wife and I were starting to consider buying our first house we decided that we should do our own evaluation first to see what we thought we could afford (based on our income and expenses at that time, with future plans in mind)...We had created CalendarBudget at that time for our own use and so we were able to figure this out more easily by looking forward in our budget calendar to see what our maximum monthly balances were showing as affordable. We decided on an amount and then went to the bank to let them know that we would be looking for a mortgage and know what they would pre-approve us for.

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Accelerating Mortgage Payments - good or bad?

Accelerating Mortgage Payments - good or bad?

Answer: It depends.

If you have extra money, reducing your debt is a great idea for several reasons.

  1. You never know if interest rates will go up and thus your mortgage payments may become unmanageable.
  2. Having no debt is one of the nicest, freest feelings available. You will be much happier.

There are several ways to do this.

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Mortgages and Interest Rates

Mortgages and Interest Rates

Interest rates recently went up again, and are expected to go up again next quarter. Studies show that people are living so tight with their money, that if interest went up 1 full percent, 25% of people would lose their home.

That is a scary thought.

Canadian interest rates recently went up again, and are expected to go up again next quarter. Studies show that people are living so tight with their money, that if interest rates went up 1 full percent, 25% of people would lose their home. That is a scary thought and makes me wonder how close I am to that outcome; how close is my extended family. Will they expect help from me if their personal finances go downhill and if so, what strain will that put on me and my family?

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Paying off mortgage in retirement?

Paying off mortgage in retirement?

Interesting article from Financial Times on a trend away from buying a house early in life due to increasing cost of housing.

Interesting article from Financial Times on a trend away from buying a house early in life due to increasing cost of housing.

This highlights the need for proper personal financial management, education and budgeting early in life. If you don't have these basic skills coming out of college/university, it can be a real challenge.

This education is typically free, so you have to get it. Talk to any financial planner, the internet is filled with links about it. This blog outlines some points, but is in nowise complete. My personal favorite is Personal Finance for Dummies :) A great intro and straight to the point.

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