11:30am | Dale recaps the Mega Quarry Bus Tour
12:15pm | Laurie Campbell , CEO Credit Canada Debt Solutions.
TOPIC – Dale will bring back Audio from the event yesterday, and follow up on the STOP the Mega Quarry Bus Tour.
INFO – “The NDP MP for Beaches-East York, Matthew Kellway, is organizing a bus tour of the proposed mega quarry site and adjacent fields, forest and river valleys for his constituents
The city folks are to board a school bus on Wednesday, July 25th and travel up there to see for themselves what this mega quarry fight is all about. They’ll see the fields at risk, visit a farm, tour the river valleys below the site and a hidden lake. It’s an old-fashioned Field Trip.”
GUEST – Laurie Campbell , CEO Credit Canada Debt Solutions.
TOPIC – Fundamentals of savings.
INFO – Financial goals should be separated into three categories:
- Short term goals – those financial goals that can be met within 6 months to a year. They could include saving for a vacation, paying of debt, saving to purchase a car etc.
- Medium term goals – those financial goals that can be met within 5 years. They could include saving to purchase a house, or a car etc.
- Long term goals- goals to be met in 10 years or longer. Generally these goals involve retirement or paying off a mortgage or some long term plan.
Throughout the saving process people really do need to set a budget or spending plan and determine how much they can allocate to go into savings. Many people often say they can’t afford to save money when in fact their budget does show areas they can cut back such as lunches, coffees out, etc . By tracking expenses individuals can determine on their own where they can cut back to save. Essentially it is about determining what they can live with and what they can live without. It does become a bit of a needs vs wants scenario but people need to determine what they are willing to do in order to save money and it may mean a bit of sacrifice but in the end they will have achieved goals they can feel good about.
There are different strategies people can use to save money which we can discuss…some of them are very basic but individuals who do not know where to start can try them. They are:
- Envelope Method
- Calendar Method
- Receipt Method
- Desktop Software method
- Journaling method
Ideally people should have at least short and long term goals. It is important to have some short term goals in order to feel there is some gratification in saving (it can be frustrating if only saving for long periods of time without reaping the reward of having to put money away).
Throughout the process individuals should have an emergency fund of 3 to 6 months of their income in savings. This is for unplanned expenses, emergencies that can crop up and job loss. Generally it takes approximately 6 months to find a job equivalent to the one that you have lost and having that cushion in place is imperative. Unfortunately many individuals do not have emergency funds and they rely on credit in an immediate emergency situation. They in turn end up in debt and are not able to meet financial goals.