Credit Canada

A peace plan for the financial war of the sexes

The artillery sounds from the shores of the Atlantic to the beaches of the Pacific. But it is not the boom of cannons that can be heard across the continent; it is instead cries of frustration and anger between couples – married and unmarried alike – who are at war with each another over issues of money.

It’s an age-old thing. The financial war of the sexes has been going on since the dawn of the dollar, or I believe it was called a shekel in ancient Sumerian times. Back then, hubby doubtlessly got a berating from his spouse for imbibing too much wine with the boys late into the evening. There were mouths to feed in the hut, after all. But hubby had his own beef. Why was the wife shelling out so much for the overpriced pottery? Trying to impress the neighbours no doubt. 

From here, it’s easy to imagine the argument taking a turn for the worse – getting personal and ugly. It’s no different today. At Credit Canada, we are deluged with stories about troubled or ruined relationships between couples who want for skills in money management and who fail to understand the important role psychology plays in financial literacy. Burdened with debt, anxiety, and often depression, they reach out to us for counselling and guidance. (more…)

Come the holiday season, I can’t help but think about George Bailey of Bedford Falls. Otherwise known as actor Jimmy Stewart, George and his townsfolk have become a staple of Christmas viewing as TV and cable networks air what the American Film Institute has labeled the most inspiring film of all time, “It’s a Wonderful Life”, directed by Frank Capra.

George Bailey offers a life lesson to all of us as a man who gives everything he has to family and friends, only to find that he is threatened with financial ruin; thanks to the dishonesty of Bedford Fall’s sleazy slumlord, Mr. Potter. But as George prepares on Christmas Eve to commit suicide by jumping off a bridge, his guardian angel Clarence Odbody arrives to save the day. (more…)

There’s a new word on people’s lips this year: Staycation. And, no, it’s not a summer blockbuster starring Eddie Murphy as the unemployed patriarch of a family of misfits played by none other than Eddie Murphy. Staycation is the term for sticking around home this season and finding ways to enjoy yourself at the same time. It also can make your summer a hit in a big way. 

A staycation makes a lot of sense in a down economy. Travelling can be very expensive and sometimes you’ve just got to tighten the reigns and stay put. But that doesn’t mean you can’t have fun. Luckily, in cities and communities throughout Canada, you can have a terrific time without spending a lot. There is much to see and do for individuals and families alike.

For instance, I’ve already mapped out staycation options for my gang of rowdies, Chelsey (11) and Ben (13). We live in Toronto, and it is really quite amazing what you can discover and experience here while spending little or no money. (more…)

Velvet Elvis. The garage sale treasure hunt is on.

I don’t know about you, but I’m seeing garage sale signs everywhere right now, which means spring cleaning is underway – along with Canada’s annual rite of the spring treasure hunt.

I’ve noticed the treasure hunters are out in force this year, reminding me of line-ups at Tim Hortons during the morning rush hour. They’re coming out in droves along curbs, sidewalks and lawns – all in the hope of finding something special for cheap, cheap, cheap, to quote the red-breasted Robin.

Maybe the bounty is an old record player – you know the one with the needle that drops – replete with a collection of Don Ho and Perry Como albums. Or maybe it’s a kitschy pink set of “unbreakable” Melmac dishes from years gone by (actually, I broke one once as a kid). Then again, it could be a turquoise swan ashtray without a single chip in it. Oh, and let’s not forget about that eye-catching velvet Elvis painting.

My point is, never underestimate the acquisitiveness of the spring treasure hunter. What you deem to be a throwaway item could be considered a gem in the eyes of this adventurer.

Right now, the hunt is on for all kinds of trinkets and baubles from dusty old corners. You may be surprised by how much coin some of these items bring you. (more…)

There was an article in the news today that stated that Canadians are once again turning into a nation of savers and have curbed back their spending. According to this report, Canadians were finding new comfort in ensuring that their pocketbook remained full and are leaning toward saving rather than spending. What do I think?

Well at Credit Canada, we always see the sad stories of way too much debt and no savings at all, so it is hard for me to be pragmatic about this.  I do think perhaps the tide is turning slightly but we have a long way to go.   For example the Vanier Institute reported that our savings rate went from 13% in 1990 to 3% in 2008.  On top of this, we are really one of the worst country of savers (except for the Americans, their savings rate is 1%).  Consider this: France has a savings rate of 12%, Russia and Germany 11%, Italy 10% and Belgium 8%.   So when I read reports that state that we are suddenly magnificent savers ,I am truly sceptical. (more…)