Category: Bankruptcy

Words to Live By… I Can’t Afford It!

Posted on by Jordan Rumanek

PaymentWords to Live By… I Can’t Afford It!

Understandably, it can feel embarrassing sometimes to tell acquaintances, friends and family that you just can’t afford it but once you say it a few times, you may find yourself feeling honest, financially responsible and relieved.

Most people have experienced the feeling of impulsive “quicksand spending” others may call it “shopping therapy” but all in all there is nothing therapeutic about it. Perhaps it could be compared to fast food binging: a momentary feeling of “satisfaction” followed by days of gut rot and oily skin.

Your body can not afford the effort it takes to digest unhealthy food and you can not afford the impulsive purchase to please other people or falsely please yourself. Start to tell people in your life that you can no longer afford so many dinners/lunches out or that extra weekend away or that golf membership or the spa day. You will be surprised how many people understand and you will ultimately feel relieved to be able to prioritize your spending according to your financial goals.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Do Not Take Debt Into Retirement

Posted on by Jordan Rumanek

DebtDo Not Take Debt Into Retirement

If you research retirement and debt topics, almost all articles, advice and financial help and planning books say something similar to these three points:

1. Carrying debt on a fixed income is very stressful

2. Carrying debt and spending a fixed income drains cash flow

3. Retirees with outstanding loans are less happy

It is difficult sometimes to think about retirement when you are just figuring out your mortgage or paying into your children’s tuition account every month. However, retirement is around the corner and you not only deserve to be stress free and happy now but you also deserve to feel secure and happy in the future. This may sound easier than it seems but small steps in this direction every year may reap financial benefits in the future and towards retirement.  Start by selling items you no longer need or decide to do something you love to make a little bit of extra money every month to decrease your debt. Downsizing your living environment may feel scary but can be most invigorating and beneficial. You just need to do what makes you feel most comfortable but most importantly, do not carry debt into retirement.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Line Of Credit: Not a Second Income

Posted on by Jordan Rumanek

Line Of Credit: Not a Second IncomeDebt to Income Ratios

Yes, sometimes a line of credit is useful if you need money immediately and realize that using your credit card is not the best financial decision. Most often, it is never the best decision to use your credit card for big purchases unless you actually have the money in the bank and you are going to pay it off immediately. There are situations when people want to earn points or miles on their credit card and make this decision. However, most other times it is not in anyone’s best interest to carry a balance on a credit card.

First, if you decide to research line of credit options, which you should always do, make sure you shop around to get informed and compare interest rates.  Secondly, you will notice that many financial advisors will advise you to cap your line of credit and then make sure you pay off that line of credit before you get a new line of credit. For example, if you need $5,000, do not take the $20,000 the bank may offer you. First of all this is not a bonus for you and it becomes more and more difficult to pay back the line of credit when you start thinking that it would be so great to not only get a new bedroom set for the kids but also a new washer and dryer.   

In short, do not take more of a line of credit than you need and make certain you pay back everything before you spend again. This will also help you build financial confidence because you will be paying off your goal quickly.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Spend Less Than You Make

Posted on by Jordan Rumanek

Spend Less Than You MakeDebt

Start today! You have to save and live within your means. This means a little discipline and common sense. We all know this is much more difficult than we imagine. Think about how status has come to be rewarded: we have perceived wealth and we tend to have a preoccupation with possessions.  You can walk into a department store and think to yourself: I deserve it! Yes, you deserve to have the life you want but this comment: ”I deserve it” needs to be about your future.

Step 1: Take away the ability to give in to temptation and you will start spending less. Don’t go to your favourite stores without a plan, don’t grocery shop hungry, decide that you truly don’t need anything because you probably don’t and probably won’t for a long time. Finally, don’t compare your spending and needs to anyone else’s spending and needs.

“GRATITUDE IS RICHES. COMPLAINT IS POVERTY”…DORIS DAY

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

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