Are you looking for affordable housing? Are you a low income senior or working family? Please contact the EPB for further resources, information about new housing developments and BC Housing’s rental assistance programs.

Are you a landlord willing to provide below market rent? We have several members of the Jamat in need. Please contact the EPB and express your interest around providing this invaluable assistance.

Please contact at EPB at bc.housing@iicanada.net

How to pay yourself first

A recent study from the Canadian Payroll Association shows that almost half of Canadians live paycheque to paycheque.  When you are stretched that thin, chances are it is impossible to accumulate savings. So, when you are faced with substantial expenses of any kind (emergency or otherwise) you’ve got to turn to debt, which sets the stage for the debt cycle to continue to churn and churn.

Want to stop that cycle in its tracks? Change the way in which you live paycheque to paycheque by paying yourself first.

“When trying to make ends meet, savings inevitably falls to the end of the priority list. It’s not that people don’t want to save, it’s that they don’t feel that they can afford it,” says Jeff Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

“In reality, savings isn’t as much about finding extra money, but is about being strategic with the money you’ve got.  It’s about creating a habit that is seamless and incredibly helpful in setting yourself up for financial success.”

Here are some tips on how to pay yourself first.

Do you read your paystub?

The cornerstone of good financial management is financial literacy, which will help you understand your options to stretch your income further.

People don’t always take the time to really understand their paystubs. Make a habit of getting familiar with each and every line item. What is your gross vs. your net (take home) pay? How much is being deducted?  What is it going towards? You are likely paying a variety of things, like income tax and Employment Insurance benefits. You may also notice employer specific items you are paying for- like benefits, vacation pay, charitable donations or even company-sponsored savings.  There may be areas to scale back your deductions, increasing your take home pay, but you won’t know unless you examine it thoroughly.

Here is a good resource from the Government of Canada on how to read payslips.

Direct deposit

If this is an option with your employer, elect to have direct deposit into your bank account. That means that you can count on money arriving at the same time in your bank account, which can help support your savings efforts.

Automatic savings

Your employer may offer automatic savings plans, where a specified amount of savings is taken right off your paycheque. Hands down, automatic savings deductions are the best way to accumulate savings because it’s done right at the source.

If your employer doesn’t offer this service, you can DIY your savings, using the same principle. Set up an automatic savings program with your financial institution. They’ll deduct what amount you choose and put in a savings account (or wherever you choose) each pay cycle.

Every little bit counts

People tend to discount the importance of savings sometimes when they feel that they’re not accumulating enough to make a difference.

Rest assured, every little bit counts. It’s about setting up the habit of savings. You’d be surprised that once you’ve decided to pay yourself first, how quickly the savings grow.

For more information on this and other financial literacy and credit issues, visit the online Financial Education Centre at Jamati Budget Lounge and http://iicanada.org/epb/finance. If you are experiencing financial stress due to debt issues and would like to find solutions, you may call 1-844-329-3834 toll-free and speak with a trained credit counselor from Consolidated Credit.

Economicplanningboardbc@gmail.com

When you think about it, debt is a lot like gambling. When you roll, the dice, sometimes you walk away with money in your pocket and other times you take a financial blow. The same can be said about debt.

There is an element of risk present when you spend more than you make. What many debtholders don’t take into account is “what if”. What if one of the myriad economic forces that is beyond your control changes? Are you willing to roll the debt dice? Maybe 2017 is the year to break your debt habit.

• According to Statistics Canada the average debt-to-income ratio in Canada is at 167 per cent. That means for every dollar you make, you owe $1.67. It doesn’t take long to sink swimming in that kind of debt.
• Canadians spend nearly 15 percent of their after tax income servicing their debt.
• “High Risk” households (households where the debt-to-income ratio exceeds 350 percent) have almost doubled since 2008 (prior to the global financial crisis) from 4 percent to 8 percent, according to the Bank of Canada.

“Canadians continue to put themselves at risk by ramping up their debt. Low interest rates mean more people can buy more “stuff”. Even if people are loading up on so-called “good debt” (i.e. housing and home improvements) it’s not good debt if you can’t comfortably afford it.” says Jeff Schwartz, executive director at the Consolidated Credit Counseling Services of Canada.

“This vulnerability is compounded by the fact that the average consumer doesn’t have control of the variables that are currently allowing them to afford to take on these debts. If you are already stretched too thin, it doesn’t take a strong economic headwind to topple that house of cards.”

The good news for debtholders is that they can decide to take control of their debt. Is 2017 the year to break your debt habit and pay down to live happily ever after, rather than buy now, pay later? Still not convinced? What if you experienced any of these in 2017:

Life happensSure, you’re the employee of the month, but does that mean your job is safe for the whole year? One of the sad realities of our economic times is that people frequently experience job loss, whether from downsizing or other circumstances.

The other unfortunate issue that could seriously hinder or remove your income is illness. How long would you be able to pay your current debts without your income?  Do you have any savings or a “Rainy Day” account to carry you until things improve?

Are you ready to take control of your debts? Is 2017 the year to get your plan in place and move ahead?

For more information on this and other financial literacy and credit issues, visit the online Financial Education Centre at jamati budget lounge and http://iicanada.org/epb/finance or if you are experiencing financial stress due to debt issues and would like to find solutions, you may call this toll-free No at 1-844-329-3834 and speak with a trained credit counsellor from Consolidated Credit.

Economicplanningboardbc@gmail.com