Building an emergency fund is essential for financial security. Start by setting a goal for your emergency fund, such as three to six months' worth of living expenses. Cut unnecessary expenses and redirect the savings into your emergency fund. Consider automating contributions to your emergency fund to make saving easier and more consistent. Read more tips on creating an emergency fund here .

After someone passes away, their debts are handled by the estate’s executor. The executor must inform creditors, settle outstanding debts from estate assets, and distribute any remaining assets to the beneficiaries. Jointly held debts may fall solely on the surviving debtor. While executors may sell assets to settle debts, certain assets like life insurance policies and RRSPs with named beneficiaries are exempt. Planning ahead and seeking...

Managing debt on a fluctuating income can be challenging. Start by creating a realistic budget based on your average earnings, prioritizing essential expenses like rent, utilities, and groceries. Consider setting aside a portion of each paycheck for savings to cover unexpected expenses and help smooth out income fluctuations.

The first step in combating debt is to analyze where you are spending your money. If you see a clear way to stop incurring more debt and are able to act quickly to reduce spending, you may be able to regain control on your own. If your financial troubles persist, an MNP Licensed Insolvency Trustee can discuss different options with you, such as Consumer Proposals or Bankruptcy, or put you in contact with a credit counselling organization during...

A Consumer Proposal is for individuals who can make a settlement offer to unsecured creditors. This can be done by way of payments to creditors (either monthly or as a lump sum) when there is a need to change the current arrangement of payments. A Consumer Proposal can change the payment terms (up to a maximum term of 5 years) and the overall amount required to be repaid. A Bankruptcy is a formal process to relieve an individual of their debts to...

Individual debt happens when only one person takes on the debt, like getting a loan or a credit card in their name only. It's their responsibility to pay it back. This can include debts they had before getting married or during the marriage. Joint debt occurs when both partners agree to share the debt, such as co-signing on a mortgage or joint credit card. With joint debt, both partners are equally responsible for paying it off, regardless of any...