Budgeting skills can be taught at any age and must not be delayed
until one is already working. Starting at an early age builds good
financial habits that will only improve as one gets older.
We
highly encourage younger people – especially those in their teens – to
start putting together a budget for the money they earn so they may
understand its value and not spend excessively. There are different ways
to teach teens how to budget their money - you know your teen best, use
our tips below to craft education suited to their needs.
Getting a Job
A
job teaches your young adult responsibility and shows them how to plan
their finances. Discuss with your teen the amount of money they need to
save to cover for expenses that they will incur such as gasoline,
insurance, food, bills, or others.
A job helps them
learn the value of each cent they make once they are on their own.
Understanding the work needed to make money will teach them how to
manage their finances properly.
Budgeting Reports and Projects
Teaching
your teen to monitor their expenses will help them better understand
where they are spending their money. They will also learn which parts of
their budget need work; which items to remove to save more money and
where to invest to improve their budget.
Planning the
next family vacation or looking for the best deals on mobile phone plans
or restaurants help your child learn how to work within a budget. Give
them an amount to work with, and let them plan and look for the best
value.
Goal Setting
Setting a goal gives
them something to save for and a structured budget to achieve it.
Saving for part of their college fees, tuition, a car, a new gadget or
for insurance teaches your teen to save money and make ways to earn more
or learn where to cut back to reach their goals.
Art of Thrift
Learning
how to budget is tied with thriftiness. Managing unnecessary expenses
and excessive spending helps your teen learn how to plan their finances.
Look through your teen’s expenses with them and discuss where to reduce
to save more. Show them the importance of spending within their budget,
especially if they have a job, so that they don’t get into debt at an
early age.
Teaching them important life skills like how
to do basic maintenance on their car, or how to cook so they don’t
depend on dining out when you’re not around, will help them not only
develop confidence in themselves but also help them understand the value
of their money.
Learning how to budget as a teen is of
utmost importance as your young adult matures and begins to collect a
paycheque. Since provincial government school boards in Canada have
not implemented a great deal of financial education,
it is up to you as a parent to take the lead. Once your young adult
understands how difficult it is to earn, encourage them to create a
budget and work within it to meet their wants and needs.
Monday, September 21, 2015
Starting on a Path to Financial Security
Waiting until a few years before you retire to save money and secure
your financial future is a recipe for disaster. You never know when you
will get sick, deal with emergency expenses or get into debt because of
an unforeseen circumstance.
There are different ways to reach financial security; it’s all a matter of implementing and looking at the big picture.
Start as Soon as You Can
It’s never too late to start saving and planning your financial security, but it’s better if you start as soon as possible.
There is a huge difference between someone who saved $150 every month for the last 30 years, compared to someone who saved the same amount for 10 years before retirement. Saving for a short time goes a long way in covering some of your expenses, planned or unexpected, during your retirement years.
Other aspects of financial planning, such as asset allocation become increasingly important, as you get older. Your risk tolerance decreases as the years in which you can recover losses goes down.
Diversify Your Portfolio
The old saying that you shouldn’t put all your eggs in one basket holds true once you inch closer to retirement. Putting all the money you saved over your life in one form of investment increases the risk of losing everything, if that investment fails. This is where asset allocation becomes important.
Proper asset allocation considers different factors such as:
Consider Savings as an Expense
Saving regularly is difficult as you have regular expenses to deal with and the tempting consumer goods and travel that will consume your disposable income. You can safeguard your retirement fund when you treat them as expenses that you will regularly incur.
You can have your retirement savings deducted from your salary by your employer or directly debited from your account to a retirement savings account as soon as it is credited.
Achieving financial security may seem difficult, but if you plan and take decisive action it is doable even before you reach retirement age.
There are different ways to reach financial security; it’s all a matter of implementing and looking at the big picture.
Start as Soon as You Can
It’s never too late to start saving and planning your financial security, but it’s better if you start as soon as possible.
There is a huge difference between someone who saved $150 every month for the last 30 years, compared to someone who saved the same amount for 10 years before retirement. Saving for a short time goes a long way in covering some of your expenses, planned or unexpected, during your retirement years.
Other aspects of financial planning, such as asset allocation become increasingly important, as you get older. Your risk tolerance decreases as the years in which you can recover losses goes down.
Diversify Your Portfolio
The old saying that you shouldn’t put all your eggs in one basket holds true once you inch closer to retirement. Putting all the money you saved over your life in one form of investment increases the risk of losing everything, if that investment fails. This is where asset allocation becomes important.
Proper asset allocation considers different factors such as:
- Risk tolerance as this makes sure in the event of any losses, they take place at a time when it is still possible for you to recover them.
- Your age also plays a factor in asset allocation. The younger you are, the more aggressive your portfolio manager will be and less so once you get older.
- Whether your assets need to generate income or grow.
Consider Savings as an Expense
Saving regularly is difficult as you have regular expenses to deal with and the tempting consumer goods and travel that will consume your disposable income. You can safeguard your retirement fund when you treat them as expenses that you will regularly incur.
You can have your retirement savings deducted from your salary by your employer or directly debited from your account to a retirement savings account as soon as it is credited.
Achieving financial security may seem difficult, but if you plan and take decisive action it is doable even before you reach retirement age.
Planning Your Payday Loan Payout
A payday loan helps you get the cash you need to pay for immediate
expenses, but this is still a loan that needs to be paid back. Planning
the payout will prevent you from getting deeper in debt. .
Paying Back the Borrowed Amount
Lenders have different rules as to how much they will lend you. Normally, the maximum amount of money you get will be a percentage of your monthly income. It could be as low as $100 or as high as $1500, depending on the terms of the lender and your application information.
Avoid borrowing money beyond your income, as it will put you further in debt. Creditors that promise low interest rates and a sizable cash out, are signs of a lender that does not lend responsibly.
Once you get the money, you have to pay it back by your next payday. Avoid using the money to spend on things you do not need, especially if you are already on a tight budget. Use the loan to pay urgent bills or emergencies that require immediate cash out.
Is an Extension Possible?
Extensions are not always given when you get a payday loan. Missing your payment date will incur late fees and additional interest as stated on your loan agreement. Your best course of action at this point is to call your lender to discuss the issue.
Should you be unable to re-pay a loan from GoDay on the due date, you can call us at 888-232-3463.
Plan Your Expenses Accordingly
Payday loans are supposed to provide you with financial relief, not add to your woes. But you have to do your part in making the loan work for you.
Limit your daily and monthly expenses to be able to pay the loan on time and not incur additional fees and interest rates as per your loan agreement. Late payments may affect your credit score.
Keep your spending to the necessities as this will help you get out of debt and help you learn how to budget and plan your finances accordingly. Excessive spending on clothes, dining out and buying consumer goods other than what is necessary will only get you into even more debt.
Monitor your daily expenses to identify which items you can remove from your expenditures to help you quickly pay off any outstanding loans.
Planning your expenses and budgeting your re-payment for the payday loan will help you get back on your financial feet.
Paying Back the Borrowed Amount
Lenders have different rules as to how much they will lend you. Normally, the maximum amount of money you get will be a percentage of your monthly income. It could be as low as $100 or as high as $1500, depending on the terms of the lender and your application information.
Avoid borrowing money beyond your income, as it will put you further in debt. Creditors that promise low interest rates and a sizable cash out, are signs of a lender that does not lend responsibly.
Once you get the money, you have to pay it back by your next payday. Avoid using the money to spend on things you do not need, especially if you are already on a tight budget. Use the loan to pay urgent bills or emergencies that require immediate cash out.
Is an Extension Possible?
Extensions are not always given when you get a payday loan. Missing your payment date will incur late fees and additional interest as stated on your loan agreement. Your best course of action at this point is to call your lender to discuss the issue.
Should you be unable to re-pay a loan from GoDay on the due date, you can call us at 888-232-3463.
Plan Your Expenses Accordingly
Payday loans are supposed to provide you with financial relief, not add to your woes. But you have to do your part in making the loan work for you.
Limit your daily and monthly expenses to be able to pay the loan on time and not incur additional fees and interest rates as per your loan agreement. Late payments may affect your credit score.
Keep your spending to the necessities as this will help you get out of debt and help you learn how to budget and plan your finances accordingly. Excessive spending on clothes, dining out and buying consumer goods other than what is necessary will only get you into even more debt.
Monitor your daily expenses to identify which items you can remove from your expenditures to help you quickly pay off any outstanding loans.
Planning your expenses and budgeting your re-payment for the payday loan will help you get back on your financial feet.
Sunday, September 20, 2015
How to Make Compound Interest Work for You
Compound interest turns your saved money into a powerful
income-producing tool that can help you become rich, and stay rich, for a
long time.
Compounding is the process of creating income on assets through reinvested earnings. For it to generate money, you need reinvestment and time. The more time you provide your investment, the faster you can accelerate the potential to generate more income from your original investment. For example, should you invest $1,000 in an account and have $1,100 in the account after one month, you would reinvest the whole amount of $1,100 thereby generating a return on your principal investment plus the interest or gain obtained from the investment. This tool allows you to grow your assets but does not allow for ongoing income or cash to be pulled from your account to support expenses.
Make the Most Out of Compound Interest
The best way to take advantage of compound interest is to save money as early as possible. If for example one person invests at age 25 compared to someone who started at 30, the younger person will earn more in interest when they both reach 50 years old even if both invested the same amount of money at the same interest rate.
The sooner you start with saving at a compound interest, the more money it will earn over time.
The growth of investing in compound interest starts slowly as the base of your savings slowly grows along with the interest earnings. You will then see a sharp increase once your savings and interest earnings accumulate over time.
Time and reinvesting makes compound interest work for you, that is why it is important to leave the earned interest and principal alone to make it grow bigger as you age. Use other sources of income or another savings account to pay for emergencies to make sure your investment in compound interest works.
Things You Need to Know About Compound Interest
When it comes to compound interest, it really isn’t about whether you’re saving a huge amount or you’re working with a small balance. It’s all about making your money work for you. Don’t forget - it's important to save but it is also important to keep up on your bills. Don’t fall behind on routine expenses because you have to keep saving!
Compounding is the process of creating income on assets through reinvested earnings. For it to generate money, you need reinvestment and time. The more time you provide your investment, the faster you can accelerate the potential to generate more income from your original investment. For example, should you invest $1,000 in an account and have $1,100 in the account after one month, you would reinvest the whole amount of $1,100 thereby generating a return on your principal investment plus the interest or gain obtained from the investment. This tool allows you to grow your assets but does not allow for ongoing income or cash to be pulled from your account to support expenses.
Make the Most Out of Compound Interest
The best way to take advantage of compound interest is to save money as early as possible. If for example one person invests at age 25 compared to someone who started at 30, the younger person will earn more in interest when they both reach 50 years old even if both invested the same amount of money at the same interest rate.
The sooner you start with saving at a compound interest, the more money it will earn over time.
The growth of investing in compound interest starts slowly as the base of your savings slowly grows along with the interest earnings. You will then see a sharp increase once your savings and interest earnings accumulate over time.
Time and reinvesting makes compound interest work for you, that is why it is important to leave the earned interest and principal alone to make it grow bigger as you age. Use other sources of income or another savings account to pay for emergencies to make sure your investment in compound interest works.
Things You Need to Know About Compound Interest
- It works as a double-edged sword. It works excellently if you save on a regular basis; as your principal increases, so will your interest earnings. It decreases savings at a fast rate if you borrow money.
- You do not need to be Wall Street savvy to invest in compound interest. All you need is time and money. Speak with your financial institution about the best investment and savings opportunities for you.
- You earn more interest if you choose to compound quarterly instead of yearly.
- Time is definitely your ally because as the money compounds, the faster you will earn.
- Today’s low interest rates may deter you, but if you are willing to wait, you will see your money grow when you reach a certain age or retirement.
- Sacrifice now and reap the benefits later.
- You do not need to invest a lot of money to take advantage of compound interest. Save enough and see the money grow over time.
When it comes to compound interest, it really isn’t about whether you’re saving a huge amount or you’re working with a small balance. It’s all about making your money work for you. Don’t forget - it's important to save but it is also important to keep up on your bills. Don’t fall behind on routine expenses because you have to keep saving!
Formulating Your Debt Management Plan
When it comes to debt, small problems can accumulate into bigger ones
if you do not plan and manage your budget properly. For example, a
small loan can balloon when you add extra fees and interest rates which
can result from late payments.
If you are already in debt, don’t dig yourself into a deeper grave by mismanaging your payment schedule. Here are some tips to help you formulate a debt management plan and implement it:
Know who you owe and how much
Make a list of your debt including the creditor, the total amount you owe, your monthly payment and the due date each month. This will help you keep your debt top of mind and help you get into the regular payment cycle easier. Communicate with your creditors to ensure that your agreed payment plan is reducing the outstanding balance and not only paying interest.
Stay on schedule for payments
One thing that can derail you from properly managing your debt is late payment. Depending on your loan agreements, this can mean additional fees or an increase in the interest rate. Use smartphone apps or online calendars with an alarm to remind you of due dates.
Set your budget
It is easy to lose track of spending, such as, buying groceries, shopping, purchasing gadgets, renovations, repairs and numerous other expenses you might incur. Monitoring your finances allows you to keep track of where your money goes. It helps you identify which aspects of your daily expenditures you need to reduce or add to, to improve your debt management skills and create a better budget.
Use extra money wisely
Whether it’s an unexpected bonus, a tax refund or income from a freelance project, use any extra money you get to pay off some of your debt. If anything is left after that, you can put it in an emergency fund.
Plan for emergencies
As with any plan, there will be emergencies that may come out of nowhere that may eat into your finances, such as illnesses, hospitalizations and accidents. Set money aside to cover any emergency expenses that you might incur.
Talk to your creditors
The worst thing you can do when you know you cannot pay the debt on time is to stay silent or hide. Talk to your creditors to find out what the effect is if you are not able to pay your loans on time. Furthermore, work with your creditors to build a repayment plan that fits in your budget.
Get professional help
To make your debt management plan better, you can turn to a professional financial planner to assist you. Consult with them on where to put your money, when it is advisable to get a loan and how you can grow your money at the lowest possible risk. If the debt feels too much to handle, you can get help from a credit counselor or a debt relief company to help consolidate debt or work on debt settlement.
These are some ways to help you formulate a debt management plan that increases savings, reduces credit and creates a daily budget.
If you are already in debt, don’t dig yourself into a deeper grave by mismanaging your payment schedule. Here are some tips to help you formulate a debt management plan and implement it:
Know who you owe and how much
Make a list of your debt including the creditor, the total amount you owe, your monthly payment and the due date each month. This will help you keep your debt top of mind and help you get into the regular payment cycle easier. Communicate with your creditors to ensure that your agreed payment plan is reducing the outstanding balance and not only paying interest.
Stay on schedule for payments
One thing that can derail you from properly managing your debt is late payment. Depending on your loan agreements, this can mean additional fees or an increase in the interest rate. Use smartphone apps or online calendars with an alarm to remind you of due dates.
Set your budget
It is easy to lose track of spending, such as, buying groceries, shopping, purchasing gadgets, renovations, repairs and numerous other expenses you might incur. Monitoring your finances allows you to keep track of where your money goes. It helps you identify which aspects of your daily expenditures you need to reduce or add to, to improve your debt management skills and create a better budget.
Use extra money wisely
Whether it’s an unexpected bonus, a tax refund or income from a freelance project, use any extra money you get to pay off some of your debt. If anything is left after that, you can put it in an emergency fund.
Plan for emergencies
As with any plan, there will be emergencies that may come out of nowhere that may eat into your finances, such as illnesses, hospitalizations and accidents. Set money aside to cover any emergency expenses that you might incur.
Talk to your creditors
The worst thing you can do when you know you cannot pay the debt on time is to stay silent or hide. Talk to your creditors to find out what the effect is if you are not able to pay your loans on time. Furthermore, work with your creditors to build a repayment plan that fits in your budget.
Get professional help
To make your debt management plan better, you can turn to a professional financial planner to assist you. Consult with them on where to put your money, when it is advisable to get a loan and how you can grow your money at the lowest possible risk. If the debt feels too much to handle, you can get help from a credit counselor or a debt relief company to help consolidate debt or work on debt settlement.
These are some ways to help you formulate a debt management plan that increases savings, reduces credit and creates a daily budget.
Emergencies: Dipping Into Savings Vs. Getting a Payday Loan
You will never know when you or someone you love will get into an
accident, be hospitalized, or encounter some other situation where
immediate cash is needed. These emergencies will eat into your savings
and could potentially put you in a financial bind.
Some people are stuck deciding between dipping into their savings or getting a loan to tide them over during an emergency.
What are the pros and cons of using your savings versus getting a loan for an emergency?
Dipping Into Your Savings
Using your savings to pay for emergencies helps you avoid getting into debt. All you need to worry about is paying for hospital bills or other relevant expenses. You don’t have to worry about applying for a loan, the prospect of getting rejected, and having to pay back the funds at some point in the future.
Once you use your savings for an emergency, it is going to take more time to recover it, as you have to pay for everything in one go. You will have fewer options if you use your savings, as you will be cash-strapped for a while. Also, you may end up living paycheque-to-paycheque as you rebuild your finances.
Getting a Payday Loan
Other than using your savings, you have the option to apply for and get a payday loan to pay for emergencies.
A payday loan gives you financial flexibility during times of financial distress. Use the money to tide you over during emergencies without dipping into your savings, if available.
The flexibility of having cash when you need it most enables you to save money while paying for emergency bills. Make sure you understand the repayment payment terms with your creditor before signing your loan agreement. Online payday loan services like GoDay allow you to borrow a flexible amount from as little as $100 to as much as $1500 for existing clients.
The downside to getting a loan to pay for emergencies is that you have to pay for interest rates on top of the bills you incurred. Given the urgency of the need and the quick cash out, it really is worth the interest.
These are some of the considerations you need to make when you choose to either use your savings or get a payday loan to pay for emergencies. Weigh the pros and cons of each one before making a decision. Assess your finances and determine if getting a payday loan is your best option or using your own money.
Some people are stuck deciding between dipping into their savings or getting a loan to tide them over during an emergency.
What are the pros and cons of using your savings versus getting a loan for an emergency?
Dipping Into Your Savings
Using your savings to pay for emergencies helps you avoid getting into debt. All you need to worry about is paying for hospital bills or other relevant expenses. You don’t have to worry about applying for a loan, the prospect of getting rejected, and having to pay back the funds at some point in the future.
Once you use your savings for an emergency, it is going to take more time to recover it, as you have to pay for everything in one go. You will have fewer options if you use your savings, as you will be cash-strapped for a while. Also, you may end up living paycheque-to-paycheque as you rebuild your finances.
Getting a Payday Loan
Other than using your savings, you have the option to apply for and get a payday loan to pay for emergencies.
A payday loan gives you financial flexibility during times of financial distress. Use the money to tide you over during emergencies without dipping into your savings, if available.
The flexibility of having cash when you need it most enables you to save money while paying for emergency bills. Make sure you understand the repayment payment terms with your creditor before signing your loan agreement. Online payday loan services like GoDay allow you to borrow a flexible amount from as little as $100 to as much as $1500 for existing clients.
The downside to getting a loan to pay for emergencies is that you have to pay for interest rates on top of the bills you incurred. Given the urgency of the need and the quick cash out, it really is worth the interest.
These are some of the considerations you need to make when you choose to either use your savings or get a payday loan to pay for emergencies. Weigh the pros and cons of each one before making a decision. Assess your finances and determine if getting a payday loan is your best option or using your own money.
Creating a Better Budget
Many people postpone budgeting or saving for retirement, as they
believe it is a long way from where they currently are - a problem for
the future. Having an emergency fund or savings for unexpected problems
such as sudden death in the family, job loss, injuries or diseases will
help in the end. The best time to start saving and budgeting is right
now and not tomorrow.
There are different ways to create a better financial plan and budget for your future.
Keep it Simple
The media keeps you thinking that you need this and that item to have a better life, but in fact buying material things excessively makes you want more.
Keep your expenses to the necessities to save more money. Reduce the amount of expensive clothes you buy, the gadgets you spend on, going out to eat, traveling or vices such as smoking or drinking.
Living a simple life frees you from getting too attached to things you do not need. The extra money you save allows you to invest in your financial security.
Excess in Moderation
It is ironic to say excess in moderation, but splurging occasionally on things you love such as clothes, gadgets, travel or food is fine, but keep it within your budget. Breaking your budget rules occasionally will keep you happy and focused on improving your financial future.
Make sure to keep your spending in check as you might get carried away with buying things you do not need.
Monitor Your Expenses
Keeping a record of your expenses daily and monthly allows you to identify which items you do not need to spend on, and which parts of your budget need improvement. You can easily add or take away money you allot to things that improve or detract from creating a budget.
Keep track of your expenditures with a ledger or an excel file, it is even better if you have both, so if you lose one you can still check the other.
Invest
Build a retirement fund and create a better budget by investing. Simply saving money will not get your savings anywhere. You only get a small interest rate when you keep your money in the bank. It is better to invest in stocks, mutual funds or other financial services to make your money work for you.
These are some of the ways you can apply to create a better budget and improve your financial situation. Get a financial planner to assist you and determine the best investments or strategies to improve your cash flow.
There are different ways to create a better financial plan and budget for your future.
Keep it Simple
The media keeps you thinking that you need this and that item to have a better life, but in fact buying material things excessively makes you want more.
Keep your expenses to the necessities to save more money. Reduce the amount of expensive clothes you buy, the gadgets you spend on, going out to eat, traveling or vices such as smoking or drinking.
Living a simple life frees you from getting too attached to things you do not need. The extra money you save allows you to invest in your financial security.
Excess in Moderation
It is ironic to say excess in moderation, but splurging occasionally on things you love such as clothes, gadgets, travel or food is fine, but keep it within your budget. Breaking your budget rules occasionally will keep you happy and focused on improving your financial future.
Make sure to keep your spending in check as you might get carried away with buying things you do not need.
Monitor Your Expenses
Keeping a record of your expenses daily and monthly allows you to identify which items you do not need to spend on, and which parts of your budget need improvement. You can easily add or take away money you allot to things that improve or detract from creating a budget.
Keep track of your expenditures with a ledger or an excel file, it is even better if you have both, so if you lose one you can still check the other.
Invest
Build a retirement fund and create a better budget by investing. Simply saving money will not get your savings anywhere. You only get a small interest rate when you keep your money in the bank. It is better to invest in stocks, mutual funds or other financial services to make your money work for you.
These are some of the ways you can apply to create a better budget and improve your financial situation. Get a financial planner to assist you and determine the best investments or strategies to improve your cash flow.
Strong Arm Tactics of Debt Collectors
There are many people who are waist-deep in debt and go through
emotionally depleting experience with debt collectors. There are some
companies who employ collection agencies that apply strong-arm tactics
to urge their clients to pay back their dues. According to the Canadian
Consumer Handbook, a collection agency is defined as a business that
obtains or arranges for payment of money owed to either a person or a
company. When you have past due liabilities, the lending business may
turn your account over to a collection agency.
We have heard horror stories from collection agencies and consumers. Know your rights specifically on the measures that debt collectors can and cannot do. This is very important so that you don’t experience a harrowing experience such as these scenarios:
According to the Consumer Protection Act of Ontario, these are the things that debt collectors should do:
Whenever you take out loans, make sure that you have planned out on how to pay back your dues. The best route to go is, of course, paying your debt on time so that you can protect your credit score, save yourself from the unnecessary stress of debt collection agencies and ensure that you can still borrow from banks and lending companies when you experience a financial bind.
At GoDay, we make sure that we acknowledge the rights of our clients. We believe that building a good relationship with our clientele is the best way to go. This is why we offer an array of financial resources to help our clients learn sound financial management. At GoDay, we often say: “If we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better.”
Disclaimer: At GoDay, we work with some of the industries best debt collection agencies to facilitate repayment should an account be past due or uncollectable by our internal collections team. The third party agencies we work with are based in Canada, hold a license to collect on past due accounts, and are audited frequently by GoDay. Should you wish to share your experience with GoDay Collections Staff or our Third Party Partners, please provide feedback here: https://goday.ca/Feedback.aspx. We always appreciate hearing from our customers!
We have heard horror stories from collection agencies and consumers. Know your rights specifically on the measures that debt collectors can and cannot do. This is very important so that you don’t experience a harrowing experience such as these scenarios:
- Being threatened and coerced into doing something
- Addressed using profane and offensive language
- Calling or visiting you at your place of employment
- Calling your employer, family and friends without your consent
- Contacting you between the hours of 9:00 pm to 7:00 am
- Giving false information to anyone about your debt
- Contacting you by phone call without sending first a written notice
- Making frequent phone calls that amount to harassment
- Collecting more than what you owe
- Charging you for the telephone calls
According to the Consumer Protection Act of Ontario, these are the things that debt collectors should do:
- Send you a written notice about your debt via regular mail (email is not considered regular mail in this perspective) that clearly states the following
- the name of the person or business where you borrowed the money (known as the creditor)
- the amount of money you owe
- the name of the collection agency and a statement from the creditor that they are pursuing your account on their behalf
- Wait for six (6) days before contacting you via phone or in person
- After the initial contact, debt collectors are only allowed to contact you three (3) times or less, in a 7-day period. According to the Act, “Contact” means the agents must actually speak with you, email you or leave you a voice mail. If you don’t answer the phone and the agents don’t leave a message, it doesn’t count as a contact. A letter sent by regular mail also does not count as a contact.
Whenever you take out loans, make sure that you have planned out on how to pay back your dues. The best route to go is, of course, paying your debt on time so that you can protect your credit score, save yourself from the unnecessary stress of debt collection agencies and ensure that you can still borrow from banks and lending companies when you experience a financial bind.
At GoDay, we make sure that we acknowledge the rights of our clients. We believe that building a good relationship with our clientele is the best way to go. This is why we offer an array of financial resources to help our clients learn sound financial management. At GoDay, we often say: “If we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better.”
Disclaimer: At GoDay, we work with some of the industries best debt collection agencies to facilitate repayment should an account be past due or uncollectable by our internal collections team. The third party agencies we work with are based in Canada, hold a license to collect on past due accounts, and are audited frequently by GoDay. Should you wish to share your experience with GoDay Collections Staff or our Third Party Partners, please provide feedback here: https://goday.ca/Feedback.aspx. We always appreciate hearing from our customers!
Tuesday, September 15, 2015
Money Movies You Need to See
Money is not, per se, bad. It is the love for money that makes people
do unthinkable things. Money has been featured in many movies because of its
significance in our lives. Here’s a rundown of some of the best money movies:
1. Wall Street
In this 1987 movie,
Michael Douglas plays the role of Gordon Gekko and Charlie Sheen who plays Bud
Fox. Gordon Gekko is a Wall Street shark who does not want anything else in the
world but to win and collect money. Bud Fox wants to be like him. The movie
talks about how greed operates most people but on a deeper level, it also makes
you stop and think if money will transcend all other aspects of your life and
your values. What we remember most is
this quote from Carl Fox, Bud’s father: “Stop going for the easy buck and start
producing something with your life. Create, instead of living off the buying
and selling of others.” Yes, while we all need money to assure our
existence, we have to carefully manage this area so that it does not take over
our whole life.
2. Wolf of Wall Street
This 2013 movie
circles on the life of a Queens boy Jordan Belfort, played by the dashing
Leonardo DiCaprio. Belfort started at an entry-level broker position and later
on, founded his own firm. He later applied a “pump and dump” strategy which
illegally earned him millions. More than that, he slid into a life of drugs and
debauchery that didn’t end well – the FBI got him and he served several years
in prison.
3. Richie Rich
This is proof that
money cannot make you happy – well, not entirely. Macaulay Culkin basks in his
fortune but doesn’t have any friends. This movie is a good material to teach
your youngsters that money isn’t everything.
4. Indecent Proposal
Played by Demi Moore
as Diana Murphy and Woody Harrelson as David Murphy, this movie is about a
couple who lost everything because of gambling. Diana was then approached by a
billionaire John Gage played by Robert Redford, who offered her a million
dollars to sleep with her for one night. This film touches a deep moral fiber
that shows what lengths people take when they are in a financial bind.
5. 21
Everyone wants
money! The poor want to be rich, the rich want to become richer, and brainiacs
want to have loads of cash. Played by Jim Sturgess as Ben Campbell, the main
character in the story needs cash to pay off his tuition fees and finds himself
with a team of math wizards who use their card-counting expertise to win big in
Vegas. This movie circled on integrity, friendship and how people deal with
their financial adversities.
In the movies we mentioned, it clearly shows how money is an important
part of our life. We need money to be able to live comfortably, send our
children to school, finance our daily living expenses, or travel. However, we
need to be conscious of the things that we need versus that things that we want
because this is always where the situation goes murky.
Many people fall into a credit trap primarily because they have spent
the money they think they have. Credit is credit, no matter how you look at it
and you always have to pay it back. That is why it is very important to learn
sound financial management to allow you to enjoy all these things while not
falling into a trap of doing things that will border on loss of ethics and
illegality.
At GoDay, we help you bridge the gap between pay cheques and get you
fast cash when you need it most. Come visit us online for more information, or
to check out our list of financial resources!
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