#1. Stick to a work-at-home daily schedule

Planning for success is your first step. This means setting a schedule.

As you likely already know, a daily work schedule gives you a framework for your day. It keeps you productive whether you’re at home or in an office. However, scheduling your workday at home depends on your job responsibilities as well as your home and parenting responsibilities.

Without kids at home

No kids at home? Your work-at-home work schedule could mimic your pre-pandemic work schedule pretty closely.

Set your start and end times and include time for short breaks and lunch. Yes, breaks are key.

According to recent research from the gig platform Airtasker, 37% of remote workers say that taking breaks is the top way to stay productive. And just under 33% say setting a schedule helps their productivity when working from home.

With kids at home

When you work from home with children underfoot, your schedule might look a little different.

If your children need supervision during the day, try alternating child-minding duties with your spouse. This could work if you must be available during traditional work hours.

If you’re solely responsible for your kids during the day, work while they sleep. And yes, this could mean getting up earlier than usual or staying up later.

For example, consider working between 5:00 am to 8:00 am while your kids are still sleeping. Spend time with the kids from 8:00 am until 2:00 pm. Then while they’re napping or watching television (TV Ontario has increased their daytime educational programs) work from 2:00 pm until 4:00 pm. Then schedule kid/housework time until 8:00 pm and work again for a couple of hours before heading to bed. That’s seven hours of work time in one day.

Now it might take a few days to work out the best schedule for you and your family, but once you do, you’ll find your productivity soaring.

#2. Set daily work goals and household goals

When you work from home, your unfinished tasks and projects are all around you. And when you’re faced with job-related tasks you don’t particularly enjoy, it’s very easy to let your home projects take priority over your paid work. Don’t let it. You’re still on the payroll, and still owe your employer a good day’s work.

Instead, set daily work-related goals. These might be:

• A set number of sales calls
• Specific time at a task
• A Number of words written
• Goal for number of reports complete
• emails sent

Daily goal setting helps you stay on task and stay motivated.

And you can always make a prioritized list of your house chores and tackle it in your 15-minute breaks, lunch hours, or as a family-time project.

#3. Use technology

Staying productive when you work from home means staying on track communicating with coworkers or colleagues. Don’t let your workflow get bogged down waiting for project updates or critical information from your team.  Luckily, today’s technology offers several different tools to keep virtual teams connected.

For example, attend regular virtual meetings with Zoom to see your coworkers, share screens and discuss your current work.

Organize group tasks on Trello boards, or try a project management program like Asana or Airtable. Review and edit documents with a program like Google Docs or Microsoft Business.

Take action using these tools and show your employer you’re comfortable navigating technology to get your work done remotely.

#4. Plan your online entertainment time

Social media, news sites, and online gaming sites can be tempting productivity-killers. And yes, you might find it tougher to avoid these fun timewasters when working at home.

After all, your boss or co-workers aren’t there to check on your activities. You are solely responsible for staying on task. And it’s so tempting to check out your social media accounts and news stories – especially in the fast-paced changing news environment of the past few weeks.

Take action with a self-imposed restriction on your “fun” online time during work hours. Install a social media limiting app or a program like FocusMe or Freedom to help you limit your fun-time during your at-home workday. And then reward yourself with some social media and online entertainment once your work is done.

#5. Schedule personal calls for personal time

Another challenge to staying productive and focused when you work from home are interruptions from family and friends. Try to stick to the same rules you followed at the office when it comes to taking personal calls during your set work hours. Silent the ringer on your personal phone and/or return messages during your breaks.

It might take some time for the message to sink in, but when you treat your work-at-home time as legitimate work time, so will your friends and family.

#6. Batch your work

When you’re trying to boost your productivity at home, stay away from multi-tasking. Instead, try batching your work.

Batching refers to grouping similar tasks together and then focusing on completing them all at once, instead of jumping from task to task.

Batching works particularly well for at-home workers with children because you can “chunk” your day and work on batches based on what your kids are doing. For example, tackle tasks that require focus and quiet while your kids sleep. Then work on a small batch of less-intensive work for a time when the kids are occupied with quiet reading, watching television, or playing in your backyard.

Consider your regular daily tasks. Could they be batched and completed one day a week? For example, sending “touch-base” emails to clients. Even if they need to get sent on different days, you could draft all of them at once and then schedule them for delivery.

And if you’re hoping to carry on your work at home experience in the future, working out a good weekly “batching” routine can help you stay productive long-term.

#7. Set up an ergonomic home workspace

Maximizing your productivity also means creating an ergonomic home office or workspace. Doing so could help you avoid physical discomfort and the awkward posture that could evolve into a long-term issue, such as Repetitive Strain Injury (RSI). This is especially important if you plan to spend long hours in front of a laptop.

Your chair, computer desk/table, lighting, footrest, and even your mouse selection can impact your physical comfort. Adjust each to best suit your physical needs and encourage productivity.

Instead of dreading the days or weeks you’ll spend working from home, use these tips to make a plan to stay productive.  And remember, this could be your best opportunity to shine as a self-motivated and organized member of your organization.

The post 7 quick tips for staying productive when working at home this summer appeared first on Fountainhead Bank London.

Use this time and these tips to optimize your finances when you’re at home.

#1: Organize your financial records

When was the last time you organized your savings and investment statements, reviewed your credit and debt documents, organized your tax information, or updated your budget?

Chances are it’s been a while. Yet it’s important to know exactly where you stand regarding how you are meeting your current financial goals whether they include growing your savings, paying down debt, or just staying within your monthly budget. So now is the perfect time to roll up your sleeves and get to work.

As the financial markets adjust to the new reality of the current pandemic restrictions, knowing exactly how much you have, how much you owe, how much money comes in and how much money goes out each month will leave you better equipped to make the right financial decisions for you and your family.

#2: Learn more about finances

According to the Financial Consumer Agency of Canada’s 2019 Financial Capability Survey, over the past five years, 44% of Canadians took part in some form of financial education to gain more financial knowledge. And choosing to learn more about personal finance while you’re confined to your home is a productive, practical alternative to binge-watching the news or Netflix.

While you’ll find thousands of free and paid online courses, posts, and other personal finance resources, choose your sources carefully.

Free online personal finance resources for Canadians

These free resources could help you improve your personal financial knowledge.

1. Financial Consumer Agency of Canada: The basics of Investing  A brief overview of investing basics for Canadians. Includes definitions of common investment terms and phrases, risk levels, taxation of investments,  as well as links to other useful Canadian government investment pages.
2. McGill University: McGill Personal Finance Essentials This free, 8-module online course offered in collaboration with The Globe & Mail has two sessions available for signup in 2020 – one beginning May 1 and one starting on August 1. Modules include Debt & Borrowing, Strategic Budget Building, The Art of Investing 1 & 2, and Behavioural Finance.
3. Practical Money Skills Canada: Financial Literacy for Everyone Encourage your whole family to join you and learn practical financial skills with the fun games and activities on this site. Include a variety of resources for children aged 5+ as well as adult-focused calculators, digital downloads and hands-on financial learning activities.
4. Financial Consumer Agency of Canada: Your Financial Toolkit – If you’re looking for more advanced knowledge, this comprehensive 12-module resource includes topics such as Retirement & Pensions, Financial Planning, and Insurance.

#3: Funnel your savings to an emergency fund

The 2019 Financial Capability Survey found that 64% of Canadians say they have enough money in their emergency fund to cover three months of living expenses. Yet the Financial Consumer Agency of Canada suggests an emergency fund to cover at least three to six months of your regular expenses.

If you already have an emergency savings fund, good work. Yet now could be a good opportunity to add to it. As more Ontario businesses either cut back hours, lay workers off temporarily or close their doors for good, emergency savings are more important than ever. And yes, there are indeed ways to still build your emergency fund even when you’re stuck at home.

First, list all the work-related expenses you no longer have. Some common examples might include

• Morning coffee and snack at the coffee shop
• Public transit fee
• Gas for your vehicle
• Parking fees
• Car washes
• Lunches

If you are a parent, you might include the additional costs of before and after-school care or daycare for preschoolers and toddlers.

Tally the total weekly savings and start funneling this amount to your emergency fund immediately to boost your emergency savings even more.

#4: Find ways to cut your costs further

Work-related expenses aren’t the only way to save money when you’re stuck at home. If you’re saving commuting time by working from home, working reduced hours, or not working at all, you finally have more of what many money-saving activities require: time.

Vegetable gardening, whether in pots on your windowsill, balcony containers, or in a bed in your backyard, could help lower your grocery bill. Try ordering seeds and potting soil online for home delivery.

If you can’t get your hands-on vegetable seeds, try growing new plants from the seeds or bulbs of your current fresh produce. Some examples include

• Seeds from tomatoes, squash, pumpkin, zucchinis and cucumbers
• Kidney, chili, or black beans from your dried beans
• Green onions, chives, and garlic sprouts from bulbs and cloves

You can also grow sprouts or microgreens easily with just seeds, water, a glass jar, and a damp paper towel.

Reduce your food costs further by reducing your food waste. Experiment with recipes and turn those leftovers into a new meal instead of emptying them into the garbage pail. Replace some of your regular weekly meat-based meals with beans, lentils or chickpeas for additional meal savings.

In addition to helping you save money, these money-saving activities to try at home have some pretty great side benefits. They can reduce stress, help you learn a new skill, and foster family time.

Other cost-saving activities to consider include

• Reach out to your financial institution to review your bank account charges and switch to an account with lower service charges if needed
• Contact your utility companies, phone and internet service providers to ask about bundling options to cut costs even more
• Lower your electricity consumption by foregoing running your dishwasher and dryer. Instead, hand-wash and hang-dry

#5: Start a moneymaking work-from-home business

In this time of economic uncertainty, instead of worrying about whether your job will be there once the crisis has passed, use this time to launch your own home-based business. Either build on skills and knowledge you’ve gained during your career, turn your hobby or crafting pastime into a money-making venture, or apply to teach a subject online.

Offering consulting services or freelance writing could help you boost your income now and set the foundation for a post-crisis career. Consider setting up an Etsy shop or selling your handcrafts or artisan products online. If you’re comfortable teaching, look into the requirements for teaching online courses either through a post-secondary institution, a site such as Udemy, or by creating your own course through a platform such as Teachable.

Not many people enjoy being confined to their homes for lengthy periods of time but viewed as an opportunity instead of a drag can help change your perspective. Consider this time at home an unexpected way to help you gain the strongest financial foothold you can. Through organizing your finances, saving money, cutting costs, learning new personal finance skills, and generating a new income stream, you’ll be better positioned to live well in the post-crisis world.

The post 5 Ways to Optimize Your Finances While Physical Distancing at Home appeared first on Fountainhead Bank London.

The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.

I’m going on a trip
Priority: secure your finances

In the current environment, even local travel has ground to a halt. And if you had a dream trip planned for the next few months, chances are that it’s been cancelled or postponed. Yet eventually this will pass, and you’ll have the opportunity to take that trip you wanted.

For now, set your trip money aside in a high-interest savings account. That way it still earns interest, it’s secure, yet it’s also readily available if needed.

It’s also important to accept that you and your spouse could face unexpected costs arising from the current situation. Money earmarked for travel might be needed for other expenses. For example, university-aged children might move home when their residences close. Or perhaps your adult children will return to the nest due to pandemic-related layoffs or cutbacks.

I’m planning my retirement
Priority: don’t panic

Many experts now agree that we are on the verge of a recession. This might not be the time to make a drastic investment or portfolio change in reaction to the negative headlines. However, it is a good time to review your current investments against your financial plans and goals, which might have changed slightly due to the pandemic.

Avoid selling investments now while the markets are down. Do your best to avoid checking your accounts daily as this could lead to panic selling. it might be wiser to arrange a phone or video meeting with your financial advisor to review your portfolio asset allocation.

All Canadians

Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.

If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.

The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?

What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.

The post What’s My Priority? Managing Money in a Dangerous Time When You’re Going on a Trip or Planning Your Retirement appeared first on Fountainhead Bank London.

The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.

I’m getting married
Priority: Build a strong financial foundation

If you had been planning to get married before the recent pandemic hit, chances are your wedding plans have already changed.
This could feel disheartening, but don’t let it stop you from moving forward financially. Focus on building your savings, cutting costs, and preparing for the future you and your fiancé envision.

Adapt your plans and try to reframe this situation as a financial opportunity. So, you won’t have a big wedding this summer. Yet by saving the money you would have otherwise spent; you could have a stronger financial base for your new life as a couple.

I’m starting a family
Priority: get used to a new budget

Even in the best financial times, kids cost money. Parental leaves for time with a new baby usually mean living on a lower family income. And when parents do go back to work, they take on daycare costs.

If your plans include starting a family, this could be a good time to get a taste of how your family would fare financially. You could try living on one spouse’s earnings and use the other spouse’s paycheques to pay down your debt. Or you could set aside money that would go towards daycare bills and use it to build your emergency savings.

All Canadians

Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.

If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.

The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?

What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.

The post What’s My Priority? Managing Money in a Dangerous Time When You’re Getting Married or Starting a Family appeared first on Fountainhead Bank London.

The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.

I’m buying a new car
Priority: Re-evaluate your need for a new vehicle

If you’ve been working for a while, you might have been looking forward to buying a new vehicle. Yet a big purchase like this might not be the right choice in times of economic instability.

Does buying this vehicle right now keep you on track to where you want to get financially? And given the current widespread stay-at-home restrictions, does it make sense for you to take on loan payments when you won’t drive anywhere anytime soon – especially if you could be laid off?

Instead, postpone your purchase. Or choose a cheaper vehicle to minimize or avoid a vehicle loan. And save your money until the crisis settles down.

I’m buying a house
Priority: Build emergency savings

If you’ve already legally committed to buying a home, consider postponing any planned renovations or upgrades. After all, you now have the responsibility of a new mortgage. And as most homeowners will tell you, houses often come with unexpected expenses. So, it might make more sense to focus on building your emergency savings.

If you haven’t yet signed on the dotted line, think about downsizing – before you purchase. Instead of buying the biggest home you can afford, buy the smallest comfortable home for you and your family. This way, you’ll have smaller mortgage payments to handle if you experience financial aftershocks after this crisis – such as losing a job or getting your hours cut back down the road.

All Canadians

Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.

If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.

The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?

What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.

The post What’s My Priority? Managing Money in a Dangerous Time When You’re Buying a New Car or Buying a House appeared first on Fountainhead Bank London.

The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.

I’m going to school
Priority: Cut your costs
Priority: Look for money-making opportunities

If you’re a post-secondary or graduate student, look for ways to cut your immediate costs and find income-boosting opportunities.

The National Student Loans Service Centre announced that federal and Ontario student loans have been suspended until at least September 30, 2020. Check the site regularly for updates.

If you’re worried about your other debts such as credit card or car loan payments, contact your lender to ask about deferral options. And work on cutting your other costs, such as moving home to save on rent.

At the same time, consider money-making money opportunities from home such as teaching online, freelance writing, or offering virtual assistant services.

I’m starting a new job
Priority: Keep your job

If you’re still employed, do your best to shine in your new role. Harness technology to boost your productivity, log your work and hours, and stay connected to your boss and colleagues.

If you lose your job or your hours get cut, apply for the emergency funding available through the Canadian Emergency Response Benefit, available as of April 6, 2020.

All Canadians

Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.

If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.

The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?

What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.

The post What’s My Priority? Managing Money in a Dangerous Time When You’re Going to School or Starting a Job appeared first on Fountainhead Bank London.

With summer in full swing, it’s a busy time for most families making travel plans. It doesn’t take long to realize how quickly travel costs add up! The good news is getting away over the summer doesn’t have to be overly pricey. If you’re willing to be flexible, thrifty, and patient in finding the best deals, there are tons of ways you can cut costs. Consider some of our suggestions for a budget-friendly vacation and you’ll be off in no time.

Look at Private Vacation Rentals
Rental companies such as Airbnb, HomeAway and VRBO, to name a few, allow people to rent their homes, condos, cottages, or vacation properties to the public giving you access to more affordable options than the traditional hotel or resort. Plus, there’s the added bonus that most will come with a full kitchen with fridge, stove, and microwave so you can cook your own meals instead of dining out every day. It’s nice to treat yourself while you’re on vacation but food can really eat into your travel budget, especially if you’re feeding an entire family for a full week or more.

Sign up for Travel Deals
Signing up for deals from companies such as Wagjag, Groupon or Travelzoo is a great way to stay informed on what deals are available to you. You might even come across destinations or attractions you hadn’t considered that are closer to home. Not only do these companies offer deals on flights and hotels, but you can also score discounts for restaurants, spas, and tickets for different excursions.

Book Hotels with Extras
If you’re going to be staying in a hotel, try to find one that includes extra features like breakfast and parking. You may even come across one that offers free meals to kids under a certain age which will definitely help keep your food cost down.

Travel on Weekdays
It’s not as big of a secret anymore, but travelling during the week, such as on a Tuesday or Wednesday, is usually cheaper than on a Friday or over a weekend. The added bonus here is you’ll also avoid battling some of the traffic and crowds that come with travelling on peak days.

Lookout for Price Drops
Check for price drop guarantees when booking and keep an eye on decreasing prices leading up to your trip so you can take advantage of any savings that are available. Some companies will let you sign up for price drop notifications while others will require you to make a request for a price difference. Taking the time to check back frequently to make sure your trip hasn’t decreased in price is worth the hassle!

Use Rewards and Membership Discounts
Many people tend forget they have access to points and travel benefits through their credit cards and loyalty programs. Programs such as Air Miles and Aeroplan offer different travel rewards and there are some gas station and grocery store cards that allow you to redeem points for gift cards which can be used for gas and food. Members of CAA have access to all sorts of savings from hotels and restaurants to attractions and travel. Consider cleaning out your wallet to find out what points you can start taking advantage of.

Drive your own Car
If your destination is within driving distance, consider foregoing the expensive flights and make it a road trip adventure! To get the most out of this, you should also make sure your vehicle is tuned up before you leave. If you choose to fly but have to rent a car for a portion of your trip, make sure to contact your insurance company to see if car rental insurance is already included in your coverage before purchasing insurance from the rental agency. Some credit card providers will also offer free car rental insurance as a card benefit so give them a call before you book.

Pack your Meals
Bring your meals and snacks from home to save on food, especially if you’ve opted for a road trip. Grab nonperishable items that don’t necessarily need to stay cool (or bring a cooler) and your refillable water bottle so you can avoid overspending when you don’t need to. Bringing extra snacks to keep with you once you’ve reached your destination is also a great idea so you don’t have to stop while you’re out sightseeing.

Camp!
If you’re heading to the great outdoors consider camping over staying in an RV or cabin. It’s considerably cheaper plus you will get an authentic experience! Camping is also a great way to save on hotel costs if you’re going on a longer road trip since there are highway camping spots all across Canada. Just be sure to check ahead as some only book on a first come, first serve basis.

Staycation
If at the very least, you can’t afford to take a traditional vacation, make the most of a staycation and find fun things to do in your area! If you need help with ideas for the perfect staycation, check out this list of 30 Staycation Ideas: https://www.mymoneycoach.ca/blog/30-staycation-ideas.html

Bon Voyage!

The post Vacationing on a Budget appeared first on Fountainhead Bank London.

You’re buying your first home – congratulations! There’s no doubt this is an exciting time in your life and it can also feel a little overwhelming. On top of all the time you’re spending house hunting and getting pre-approved for a mortgage, you’re faced with having to battle it out with other prospective buyers in hopes that you will be able to land your dream home. Then, add in all the anxiety about the uncertainty of home ownership and it can all seem very stressful. April is the busiest month for home buyers so we’re sharing a few ideas on how you can best prepare for this exciting milestone.

Get Pre-Approved for a Mortgage

We recommend to anyone who is house hunting to get approved in advance of starting their search. There are a few great reasons for this:

• it helps narrow your search to include only homes that you can realistically buy saving you and your realtor a ton of time
• it prevents you from finding a home you love just to be disappointed when you find out you can’t afford it
• it gives you the chance to be quick on the draw and make an offer with confidence
• it allows you to exclude financing as a condition giving you a competitive advantage
• it gives you the chance to get a head start on planning your finances including what your new budget is going to look like as a homeowner

Clarify your Wants vs. your Needs

Once you know your price range, sit down with you partner and decide what exactly you’re looking for in a home. Sure, it would be nice to have a pool and a brand new kitchen, but is that really a need and does it fit in your budget? Consider needs such as the number of bedrooms or bathrooms, whether you require a garage for storage, the type of neighbourhood you want and whether it’s close to schools, etc. Decide what you are willing to live without and anything beyond your needs list will be a bonus.

Consider all your Costs

There is so much more involved with owning a home than simply your mortgage. Here’s an overview of some of the costs you should expect throughout the buying process:

• Home Inspection – although not legally required, we highly recommend members get a home inspection to help identify any potential issues with any home. They usually run around $300 to $600.
• Appraisal – although not always needed, you might be required to pay for an independent appraisal of a home to get an appropriate estimate of its market value. An appraisal usually costs between $300 and $500.
• Legal – there will be a number of legal fees associated with the registration and processing of your house purchase, plus any adjustments for taxes or utilities that the previous owners have already paid. These costs typically range between $1,500 and $2,500.
• Home Insurance – you will be required to set-up house insurance. This cost will vary depending on the value of your home and the type of coverage you choose.
• Title Insurance – you can decide to purchase title insurance which is designed to help protect you against mortgage fraud and it will usually cost between $250 to $350.
• Condo Fees – if you’re in the market to purchase a condominium, typical monthly maintenance fees can range anywhere from $200 to $500.

Other Costs to Consider:

• Moving Costs – if you choose to hire a moving company, you can expect to spend anywhere from hundreds to thousands of dollars depending on the time involved and how much you have to move.
• Utility Costs – some companies will charge set-up fees for services such as hydro or cable which you can expect to hit your first monthly bills.
• Renovations – although this comes after you take possession, you’ll want to think about a budget if you’re buying a home knowing you want to renovate or are setting your sights on a true “fixer upper”. These costs can add up quickly! If you’re not able to spend the money on renovations right away, be prepared to be patient and renovate over time.
• Furniture – you may want or need to buy new furniture such as a couch, bed or kitchen table. These costs will vary based on your needs, but are important to consider.

Educate Yourself on the Home Buyer’s Plan (HBP)

First-time homebuyer’s can take advantage of the HBP offered through the Government of Canada. The plan allows you to use up to $25,000 from your RRSP as part of your down payment to buy or build a home. The best part is you can withdraw it tax-free! To avoid incurring any interest or penalties, you are given up to 15 years to repay the same amount back into your RRSP. Click here for more information about the HBP.

If you’re looking to get started on your journey to home ownership and want some advice, we’d love to help. Contact us to make an appointment with a Member Service Representative today.

The post Buying your First Home appeared first on Fountainhead Bank London.

It’s the start of another new year which is when most people take some time to reflect on how far they’ve come over the past 12 months. It’s also a great time to hit the refresh button and jump on the opportunity to set new goals for ourselves or improve upon past goals throughout the upcoming year.

Here are some of our favorite financial resolutions for inspiration:

1. Make a Budget

If you’ve been thinking of starting a budget, now is the time. Creating a realistic budget that you can stick to day-to-day is important and is 100% worth the effort it takes. Gather all your monthly expenses including costs for housing, transportation, debt repayment, savings, etc. and get a full picture of where your money goes each month, then adjust as needed. If you’re not sure where to start, check out this handy budget calculator.

2. Start a Retirement Plan

If you haven’t started saving for your retirement yet—do it now. For every year that goes by, retirement is that much closer and every little bit of savings will matter in the long run (no matter how small). The easiest way to start is to choose a percentage of your income that fits within your budget and have it automatically transferred to an RRSP or another savings product on your payday. If you’re unsure about what product is right for you, contact us.

3. Set a goal to sell $500 of Stuff

Look around your house and see what unused items you might have lying around. Buy-and-sells have become extremely popular over the last few years with people selling anything from electronics and décor, to furniture and clothing. As the saying goes, one person’s trash is another person’s treasure. Plus, on top of the extra cash you get to de-clutter your home of unwanted items taking up space.

4. Complete the 52-Week Savings Challenge

The 52-week savings challenge is a great way to test your savings skills by following a weekly savings plan. It involves stashing away $1 the first week of the year, followed by an extra dollar each week for the rest of the year. After 52 weeks, you’ll have saved $1,378 and you can choose to invest it in a registered plan (which will benefit you come tax time). You can also do the challenge backwards starting with $52 the first week and decreasing the amount by a dollar each week. Click here for a printable chart to keep you on track.

5. Take a break from Shopping

Challenge yourself to a month or two of no shopping. Obviously, this would exclude necessities such as groceries and transportation, etc. Then, at the end of your shopping hiatus, consider saving the extra money you would have normally spent or put it on outstanding debt. On top of the savings, you might find it’s easier than you think to do without a new outfit every week and can adopt this new-found habit year-round.

6. Consolidate your Debt

Debt…it’s an ugly word, but most people have it. If you’re having a hard time trying to pay off multiple balances of credit cards and loans, consider consolidating (if it makes sense). Debt consolidation is combining all of your debt into a single loan. Outstanding balances and credit cards are paid off and you only have to worry about one payment over a specific term. In some cases, you can also save on interest. Getting your debt under control is a great resolution that can only lead to a brighter financial future. More information about our debt consolidation loan can be found here.

The post Financial Resolutions for 2019 appeared first on Fountainhead Bank London.

Budgeting can be a tall task! Whether you’re starting out on your own or working towards bigger financial goals, creating and sticking to a budget is key. The question is, how do you know if your budget is working well for you? How much and where should you be spending your money? Where should you be cutting back? This is where a spending ratio can come in handy really help you put your spending habits into perspective.

Essentially, a spending ratio will show how much you are spending across different categories as a percentage of your total income. This information can then be used to help you build a budget that fits within your financial situation.

The 5 main categories include housing, living expenses, transportation, debt, and savings and they each carry their own ratio base line. Here’s a closer look:

Housing

This includes costs like mortgage and rent payments, taxes, and hydro. You should aim to keep this below 35%.

Living Expenses

This includes food, clothing, entertainment, and other miscellaneous costs. These should be less than 20%.

Transportation

This includes costs like your car loan, lease payments, bus pass, gas, and insurance. This should stay below 20%.

Debt

This includes all other debt like credit cards and student loans. This should be lower than 15%.

Savings

After all your bills are covered, ideally, you are able to allot 10% of your budget to savings.

To determine your own ratio simply add up your monthly expenses for each category and divide each category’s total by your monthly take-home income. If you find you’re way over in a category, look for areas where you can cut back. This can include eating out less, skipping the fancy cable package, getting a cheaper vehicle, or contacting your insurance company for a discount. If you take the time to review your expenses for each category, there are many ways that you can decrease your spending.

You may find this exact ratio does not work for you and you might want to allocate a little more or less to a certain category. That’s ok! There are different types of spending ratios available such as the 50/30/20 ratio which entails allotting 50% to necessities like housing, utilities, food, and transportation; 20% to repaying debt and savings; and 30% to entertainment and other personal expenses like your cell phone and gym membership. Whichever way you choose to work it out, you will probably want to make adjustments so it’s more tailored to your unique situation.

While this is only a guideline, it will give you a base line to start looking at your bigger picture now so you can create a realistic budget that is going to work for you over the long term.

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