Category: Financial Stories

Retirement Plans

Posted on by Jordan Rumanek

Retired couple discussing their financial budget at home

Retirement Plans

Times have changed over the past few decades and now our life expectancy is late 70s on average. This statement should make us all re-think our retirement plans and put money into proper perspective. You need to think about a realistic retirement plan because it is possible that if you don’t plan for retirement, you are setting yourself up for a difficult 30 years of your life. If you have zero money put away for retirement because you are waiting to win the lottery…change your ways today! Let’s be honest, being realistic for retirement does not mean saving every extra dollar you make today—but it does encourage you to be realistic about your future goals, needs and wants and then plan ahead. Ask yourself: What are my needs/wants and goals besides a nest egg for the future? Most people will answer with these top 5 answers: Family, Friends, Purpose, Health and Creative/Artistic/Adventure/Fun pursuit. Thus, several of these needs are free and your retirement funds can help with your pursuits in life. If you have your mortgage paid off by the time you retire and you have savings set aside, you can use your retirement money to be productive with your time, figure out who you are again without work, get involved in activities and retirement could essentially set you free. It does not matter how old you are today—talk to family, friends, financial advisors, teachers, debt councilors and anyone else willing to help you come up with a financial plan that will optimize your life in the future—allow yourself to be curious, exercise and be healthy and the world is your oyster.

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 Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Additional Work—Exploring the Benefits of a Second Job

Posted on by Jordan Rumanek

Hand holding fanned out Canadian money.

Additional Work—Exploring the Benefits of a Second Job

What can additional work mean for you? Most often, finding and working an additional job is a short-term solution because usually working 2 jobs or long hours will challenge relationships and deteriorate health. However, finding a way to make extra income in times of financial difficulties can not only help increase your income but can also help develop new skills. Look for something to build your skills, find a purpose in life, connect with new people and gain a feeling of accomplishment. Forward thinking and retirement planning can be helpful when considering a part-time additional job or career. It will be important to find work that suits your personality and interests. In all, earning extra income can open up possibilities, help pay down debt and help you feel more connected to your future interests and potential hobbies for the future.

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 Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Living on Cash

Posted on by Jordan Rumanek

Hand holding fanned out Canadian money.Living on Cash

Every time a new client is told that they have to surrender their plastic when they file a debt consolidation proposal or bankruptcy, they get this blank look on their face. The look translates into: How am I going to live? The answer is: quite well, thank you. By spending millions of dollars on advertising, the lending institutions have convinced all consumers that we need credit cards to show the world how
great our credit is. A gold or platinum credit card is somehow the best. And we get points also – over the next eight years, you will be able to fly somewhere at a time of year that you would not go anyway. Buying something for cash, shame on you. It must mean that you have no credit. At the very least, it means that people with lots of cash, will find you pretty soon.

Who do you think is paying for all of these frills and loyalty programs?  Of course, it is you. Don’t buy into it. There are enough deductions from you pay cheque that you cannot avoid. Why volunteer more?

Living on cash (or close to it) means that you are in absolute full control of your spending. You likely have budgeted your spending habits so that you know what your basic weekly or monthly repeating costs are (rent, food, clothing, transportation costs, etc.) as well as the variable “feel good” costs of entertainment, restaurants, vacation, gym, etc. Of course, emergencies will always happen. So, open a savings account and put a small amount away by a regular automatic payroll deduction similar to what you are likely doing for an RRSP.

You should also have a credit (even a prepaid credit card) for an immediate emergency. It should have a reasonable limit and be used only in a true emergency. Think “need” instead of “want.”The best result of cash is that I always spend less when I am paying cash. Your mind seems to be telling you that you are actually spending money that you worked hard to earn. Not a bad thought to keep.

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 Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Save Money on Food

Posted on by Jordan Rumanek

shopping_cartSave Money on Food

When it comes to monthly expenses—you always need to calculate a weekly food budget. There are several ways to decrease the amount of money you spend on food and it takes a bit of planning. First, always prepare your own food, anything in a package is prepared for you and you pay for the expense of that preparation. Don’t know how to cook or where to start? Watch online cooking shows on YouTube to teach you how to prepare simple meals and save money. Second, don’t let perishables go bad—never throw out food. You can accomplish this by using left over food to create meals such as soups, stir fry’s, omelettes and burritos. Third, you can use coupons to receive discounts and also look through advertisements for weekly deals—this way, you can plan meals and try and only buy sale items. Finally, it is easier than you think to plant a small garden. Even if you do not have garden space or a yard, you can plant vegetables in pots on your balcony or front porch. This option gives you fresh vegetables and you can freeze them for use in winter months. However, make sure you budget and justify the costs of tools, soil, pots and seeds you will need. If the cost will be too high or a garden is too difficult to manage, then an alternate option is to purchase fresh produce at farmer’s markets in your local area. You can find farmer’s markets in your area or if you are fortunate enough to live in an area where farmers sell their produce—great!

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

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