As a parent, you play a crucial role in imparting financial literacy to your children, setting them up for a lifetime of financial success. Start by discussing basic financial concepts with them, such as the importance of saving, responsible spending, and earning money. Encourage them to understand where money comes from by involving them in household chores and paying them an allowance based on completion. Introduce budgeting skills early on by...

Start by opening a Registered Education Savings Plan (RESP) as soon as possible. RESPs allow you to save money for your child's education while benefiting from government grants and tax advantages. Consider contributing to a Tax-Free Savings Account (TFSA) as another option for saving for your child's education. TFSA contributions grow tax-free and provide flexibility in how you use the funds. Additionally, communicate early and often with your...

If you can’t keep up with child support or alimony payments, consider reducing your other unsecured debt. A consumer proposal is a debt repayment plan allowing you to repay a portion of what you owe. Bankruptcy will eliminate your unsecured debts in full, typically for less than a Consumer Proposal and make it easier to pay child support and alimony as planned. Learn more here .

Signs of bad financial health can include, but are not limited to: Struggling to pay bills on time Constantly relying on credit cards to cover expenses Having high levels of debt compared to income Not having any savings or emergency funds Receiving collection calls or notices Constantly feeling stressed or anxious about money Check out our MNP Debt Scale to take the assessment and understand more about...

Signs of good financial health can include, but are not limited to: Having a budget and sticking to it Regularly saving money Keeping debt levels manageable Having an emergency fund for unexpected expenses Having a plan for achieving financial goals like buying a home or saving for retirement is also important.

If your debt is becoming unmanageable, seeking help as soon as possible is essential. You can start by contacting a professional like us at MNP Debt for a free, confidential consultation. We can assess your situation and discuss potential debt relief options, such as debt consolidation, Consumer proposals, or Bankruptcy if necessary. To get started, you can use the MNP Debt Calculator to understand your financial situation better and explore potential...