David Sklar & Associates Inc.

Consumer Proposal & Bankruptcy Trustees
Serving the Greater Toronto Area

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The goal of this blog - Living Debt Free in Toronto - is to share debt management, budgeting, expense cutting and all-round useful information with people who are learning to live on a budget. Designed for everyone in the Greater Toronto Area who wants to see more of their pay cheque at the end of the month - this blog is here to help you get started on your debt free life.

Much of the information contained here was learned by our Consumer Proposal & Bankruptcy clients, many of whom found themselves facing the need to live on a budget for the first time in their lives. As well, our staff contributes greatly with their excellent ideas and feedback. We look forward to hearing from you, our readers – your suggestions, hints and ideas will go a long way to sharing the message of ‘Living Debt Free in Toronto’.

At the base of living debt free is knowing exactly where you are financially, and in order to do that – you need to be on a budget that will work for you.

At the bottom of these posts are a series of five articles that discuss how to set up and succeed on a budget. Since having a budget is the key to living a debt free life – we started our blog with a great series on how to create and use a budget successfully. Take your time reading through and implementing each step – it is not a race, the longer you take at this early stage the easier it will be for you in the long run. Having said that, don’t be afraid to dive in – the most important thing is that you start the process and then begin to live on your budget. You will naturally be making adjustments as you go along so don’t wait for perfection – begin today.

Payday Loans Toronto – Dangerous Debts

The first in our series on dangerous debts – payday loans continue to be an plague on unwary debtors. Payday Loans Toronto – Dangerous Debts

Debt Consolidation Loans – Not Always the Answer

The darker side of debt consolidation loans is explored. Debt Consolidation Loans – Not Always the Answer

Credit Card Debt – Take Control Part 2

Save on your credit card debt interest charges, by understanding your credit card statement and taking the right actions.Credit Card Debt – Take Control Part 2

Toronto Debt - Pay Off Now

Recent news that the Bank of Canada will not be increasing interest rates (for now) can be good news for Toronto debtors who are carrying a heavy debt load.Toronto Debt - Pay Off Now

What Impact Does Debt Have in Your Life?

“Debt is the slavery of the free.” ~Publilius Syrus What Impact Does Debt Have in Your Life?

Student Loans – Payment Negotiations

Repaying Student Loans is a burden that can be overwhelming. Find out about some of the Federal and Ontario Provincial programs and options that are available. Student Loans – Payment Negotiations

Budget-Wise – Summer Fun for Kids

Keeping summer costs down and still giving your kids a fun summer. Budget-Wise – Summer Fun for Kids

Budget-Wise Indoor Entertaining

Frugal people are Fun people! Great Ideas for entertaining indoors on a budget in the Toronto Area. Budget-Wise Indoor Entertaining

Debt Management and ‘Stuff’

Identifying and focusing on what you truly want out of life – will help you to avoid cluttering up your life with unfulfilling ‘stuff’ and debt. Debt Management and ‘Stuff’

Avoiding Payday Loans

Avoiding Payday Loans should be one of your prime financial goals. Avoiding Payday Loans

Money Management – Encouraging Children to Save

Help your children learn how to manage and save money. Money Management – Encouraging Children to Save

Pay Off Credit Cards – Snowball Method

To keep motivation up while paying off credit card debt – the Snowball Method takes an interesting approach. Pay Off Credit Cards – Snowball Method

Budget-Wise – At the Movies

Family movie night does not have to be outrageously expensive. Here are some great ideas for enjoying family movie time on a budget. Budget-Wise – At the Movies

Successful Debt Management in Toronto - Learning From Your Mistakes

Join the hundreds of thousands of people living in Toronto who are successfully managing their debt. Learn from your debt mistakes to build a better tomorrow. Successful Debt Management in Toronto - Learning From Your Mistakes

Money Management – Bank Account Statements

Looking after your money – means checking your bank account statements. Hints and tips on how to decipher your bank account statements. Money Management – Bank Account Statements

Budget-Wise Family Fun in the GTA

Discover great and affordable family adventures in the Greater Toronto Area that even the most dollar-conscious can enjoy. Budget-Wise Family Fun in the GTA

Is Consumer Debt Making You Poor?

Discover the spiralling connection between high Consumer Debt and reduced disposable income – and what you can do to get out of its vicious grip in: Is Consumer Debt Making You Poor?

Stop Blaming the Joneses!

Suburban evil – or misunderstood couple? Get our take on this often-maligned couple in: Stop Blaming the Joneses!

20 Bad Credit Choices

Is it time to rethink your approach to credit? 20 Bad Credit Choices...

Cultivating an Attitude of Thrift

While we might not hear the term ‘thrift’ used very often today, it is a valuable tool in managing your money and making better use of all your resources: Cultivating an Attitude of Thrift...

Your Banking and Credit Related Finances - A Quiz

Making the most of your finances is not an easy task – but it is one of those ‘grown up’ things we all have to do. Our Banking and Credit Related Finances Quiz is a great way to get started on your way to financial security. Find out how you are doing...

Debt Bad!

Learning how to say no to debt is one of the most essential skills you will need in your battle against debt. Find out how the grammatically-challenged phrase ‘Debt Bad!’ can help you...

Co-signing Loans

Find out why co-signing loans is not a good idea and learn some coping skills for when you are asked to co-sign - Co-signing Loans...

Planning for Unexpected Money

What did you do with your HST Transition Benefit cheque? The answer to that question may help you to succeed in goal of financial security. Find out more about Planning for Unexpected Money...

Budget Basics – How to Set Up a Budget You Can Live With

One of the best tools that anyone can have in their goal to be debt free is a budget.

People involved in the Consumer Proposal and Bankruptcy processes are required to follow a budget. In the case of Bankruptcy, it involves a strict, formal budget that has to be submitted monthly to the Trustee’s office for review. For this series we will be working with a less formal budget, one that is customizable and doable for everyone!

These are valuable lessons that can be used by everyone who wants to manage their debt and build their family’s financial security...read more

Budget Basics - Clearly Identify Your Financial Goals - Step 2

Where Do We Go From Here

Once you have completed recording and totalling your monthly expenses and income in Step 1, you are ready to start identifying your financial goals. In order to be achieved, your financial goals need to be:

• Specific (Know exactly how much your financial goals are in terms of $)
• Achievable (Be realistic – and optimistic)
• Written Down (Make yourself accountable to yourself)
• Measurable (Set up a method to measure your success)
• Monitored (Check your progress monthly)

Financial goals are not the idle fantasy of sudden and extreme wealth, they are the reality that you can create for yourself if you use your money wisely...read more

Budget Basics – Follow Through or Rinse and Repeat – Step 4

Staying On Your Financial Road to Success

At this point you have completed steps one through three of this Budget Basics series. You have identified your current financial position and spending habits, you have identified the financial goals that you want to achieve, and you have created a budget that you feel will work for you. Wow – you are serious about being debt free and achieving your personal financial goals!

Cultivating the habit of successfully living on a budget requires focus on your financial goals, consistency in monitoring your spending, sitting down and reviewing your budget and goals every month, and accepting the fact that you can do this!...read more