Community News
Putting a Windfall to Good Use

A financial windfall like a tax return is always exciting to receive, since usually, more money means more possibilities, and ideally, less stress. But how should you really put that extra cash to good use? Though saving or investing all of the money might seem like the most responsible thing to do – because what is more prudent than saving? – first consider how much interest you are paying each month on any debts you may be carrying. That interest will quickly cancel out any of the financial benefit you may reap from putting your new wad of cash into a savings account or investment.

So, what should you do instead?

You could look at your windfall as a great opportunity to pay down your high-interest debt. Credit card debt, or payday loans, are generally the best target for some of these financial resources, especially since those interest rates are generally over 6-8% and usually even higher than that. Even just paying off the cards with the smallest balance first can feel like progress and keep you motivated. Once you’ve paid off a card with a small balance, cut it up, cancel the account and that’s one less problem to deal with.  Starting small also means that once your small debts are taken care of, you’ve already freed up some funds for tackling your larger credit card debts next.

Though it may be tempting to use your entire windfall to pay down as much debt as you can, you might also consider keeping some of those funds in reserve for emergencies like an unforeseen but essential purchase (especially if you own a home, a vehicle, or both!) Though it may seem easy to throw future emergency purchases on a credit card (since you just paid it down with part of the windfall, right?) future-you will be glad you have that emergency fund, especially since it means avoiding even more credit-card interest.

Say you’ve used the windfall to pay down some of your debt while keeping some of the funds in reserve.  That’s great! Now that you can breathe a bit easier, why not make a plan to stay that way?  Luckily, there are a number of steps you can take to manage future debt by adjusting your habits going forward, such as:

Setting reachable goals for your monthly payments. The more you can pay off monthly, the better, but paying even $5 more than the minimum amount is a great start.

Being mindful of putting future purchases on your cards. Pay with cash or debit as much as possible, and think of a purchase made without the looming risk of credit card interest as a way to also buy yourself peace of mind.

Looking at your budget to see where you might be able to trim expenses. Track your spending to see where you can distinguish between needs and wants, or figure out more cost-effective alternatives for every day necessities (like your lunch or morning brew – a bag of healthy snacks from your fridge and a thermos of coffee brought from home will go a long way, savings-wise!)

If this all seems overwhelming, or if you aren’t sure how best to go about paying down debt and figuring out a budget that works for you, you can always seek professional advice. Call the experts at LCTaylor to learn about all your all your options. We can help you put that financial windfall to good use, so you can really enjoy the long-term benefits of that extra cash.

LCTaylor Licensed Insolvency Trustees
www.lctaylor.com

Book Club: The Whole30

The 30-Day Guide to Total Health and Food Freedom. Melissa and Dallas Hartwig’s critically-acclaimed Whole30 program has helped thousands of people transform how they think about their food, bodies, and lives. Their approach leads to effortless weight loss and better health—along with stunning improvements in sleep quality, energy levels, mood, and self-esteem. The Whole30 offers a step-by-step plan to break unhealthy habits, reduce cravings, improve digestion, and strengthen your immune system.

www.whole30.com

Clean Eating: Naked Energy Bites

These chocolatey treats contain no refined sugars, and are loaded with protein and fibre for a quick snack that really packs a punch!

INGREDIENTS:

2/3 cup date puree
1/3 cup water
1 3/4 cup Rolled Naked Oats
1/3 cup peanut butter
3 tbsp coconut oil
1/2 cup shredded coconut
1/2 cup almonds
1/4 cup hemp hearts
2 tbsp chia seeds
3 tbsp cocoa
3 tbsp each oats, coconut, and hemp hearts

DIRECTIONS:

Combine in mixing bowl.
Roll dough into balls, and roll in extra coconut, hemp and/or oats to cover the outside and make them look oh-so-pretty.
Keep in fridge for 20 minutes to harden…or just eat them on the spot.

www.adagioacres.com

Book Club: Furiously Happy   

A Funny Book About Horrible Things

Jenny Lawson, #1 New York Times Bestselling Author, explores her lifelong battle with mental illness. A hysterical, ridiculous book about crippling depression and anxiety? That sounds like a terrible idea. But terrible ideas are what Jenny does best. Furiously happy is a book about embracing everything that makes us who we are – the beautiful and the flawed – and then using it to find joy in fantastic and outrageous ways. Maybe crazy isn’t so bad after all!

Jenny Lawson, www.thebloggess.com

Clean Eating: Cauliflower Pizza Crust

Cauliflower is a great low-carb substitute for crusts, breads, and more! Here’s the cauliflower pizza crust recipe everyone is buzzing about!

Ingredients:

1 head cauliflower

½ cup shredded mozzarella

1/4 cup grated parmesan

½ tsp dried oregano

½ tsp kosher salt

¼ tsp garlic powder

2 eggs lightly beaten

Directions: Preheat oven to 400 degrees Fahrenheit. Line a baking sheet with parchment paper. Break cauliflower into florets and pulse in food processor until fine. Steam cauliflower and drain well. In a bowl, combine with all ingredients. Transfer to baking sheet and bake for 20 minutes. Add your favorite pizza toppings and bake for an additional 10 minutes. Enjoy!

Family Endorsement 

Care At Home Pharmacy is the epitome of what is needed today to help seniors remain in the comfort of their home and have quality care come to them. My parents have greatly benefited from “visiting pharmacist” Yolanda Yeung’s involvement. She initially developed a medical profile for each of them and made recommendations to their doctor regarding medication changes. She pays weekly visits to my parents’ home to monitor their progress and well-being and readily provides their prescriptions and any other pharmaceutical needs as recommended by their doctor. I am my parents’ primary caregiver but do not live in the city so Yolanda and I communicate by email. She also regularly communicates and collaborates with the doctor and nursing service involved with my parents’ care. It just doesn’t get any better than that in my view!

Daughter – Lorna, www.careathomepharmacy.ca

Your Child’s Eyes 

Did you know that 1 in 4 school-age children have a vision problem? If these problems are left untreated, they can affect learning ability, personality, and adjustment in school. Vision difficulties can manifest socially, in school and in play. Your child’s vision is essential to his success in school. When his vision suffers, chances are his schoolwork does, too. School-age children also spend a lot of time in recreational activities that require good vision. After-school team sports or playing in the backyard aren’t as fun if you can’t see well. It is recommended that children have their first exam by the age of three and yearly exams once they are in school, which Manitoba health will cover until the age of 19.  Schedule an appointment with an optometrist or ophthalmologist today!

Dr Ashley Britton, www.lreyecare.ca

Are your Supplements Working?  

There has been a dramatic increase in the use of nutritional supplements over the last several years, and for good reason! Vitamins and supplements offer great benefits – but be careful! Some commercial products actually really lack in potency. There is a common belief that all supplements are created equal. This has led some to seek the best value, not the best quality. A consumer should know that the grade, form, purity, bioavailability and third party verification all contribute to the effectiveness of the product they’re ingesting. Nutritional supplements are typically available in four different categories: pharmaceutical grade, medical grade, cosmetic or nutritional grade, and feed or agricultural grade. Pharmaceutical grade is the highest quality grade of vitamins, meaning the purity, dissolution and absorption meet the highest regulatory standard. Pharmaceutical grade vitamins and supplements may be available without a prescription, but they are typically only sold by licensed health care practitioners.

Arthur Traitelovich, www.goherbalife.com/ath24

Put Yourself First 

Do you feel like you can say no to a request without guilt? Do you overcommit yourself, and push yourself to the point of exhaustion, only to resent the person/organization who asked for help? The only one who can improve self-care is your SELF. The easiest way to execute self-care is to learn to say no and have healthy boundaries. We are told by society that the ‘good people’ are those that give of themselves selflessly and tirelessly. These are the martyrs that are put on a pedestal. But martyrs they are, because they give so much for everyone else that they have no energy, health, or time left for themselves. With boundaries, you can still be a good person, help others, and yet know when to say no, without guilt.

Maureen Becker – the Channelling Chick, www.sourcewithin.com

Credit Card Debt Help

Credit cards are a helpful tool when used carefully. However, if your credit cards are maxed out and payments are straining your budget, it may be time to seek credit card debt help.

Here are four things you can do today to get your credit under control:

Make a Plan

A debt reduction plan is the perfect starting point. Start by determining how much you owe and how much your payments add up to each month. Examine your budget and adjust your spending to make cash available for debt elimination. Take extra time to analyze your spending habits. Trips to the ATM, overspending on groceries or other necessities, and too many shopping trips can sabotage the healthiest budget. Once you know where your money is going and when it’s coming in, set realistic credit card payoff goals. Add “debt reduction” to your new budget and redirect spending so that you can reach your goals. You can also use online debt reduction calculators to set deadlines and make a timetable.

Nix New Debt

While you work to pay off credit card debt, it’s best to stop using your cards. It can be hard to stash credit cards that have been your go-to source of extra cash, but putting them away speeds up the payoff process.

Here are some creative ways to keep your cards out of service:

  • Fill a small bowl with water, drop your cards in, and freeze them.
  • Delete credit card numbers from online shopping sites.
  • Remove your cards from your purse or wallet.
  • Cover the magnetic strip with duct tape.

If these tricks won’t keep you from using your cards, think about cutting them up. You can always ask for new ones when your credit cards are paid off.

Avoid the Minimum Payment Trap

There’s a reason many credit card companies put a low payment warning on your statement each month. The high interest rates associated with most cards, multiplied by the time it takes to pay off your balance, equals a huge interest charge. For example, if you have a credit card with a balance of $3,000 and a 21% interest rate, by making the minimum payment of $60 each month it will take you a little over 10 years to pay off your balance. During this time, you’ll end up paying approximately $7,200.00 in interest charges.

If you’re curious about how much your cards are costing you, search for payoff calculators on the internet. Adding just $5 to your minimum payment can save you money and time.

Get Professional Help if Needed

Juggling credit card payments, missing payments, and using one credit card to pay another are signs that you need credit card debt help. Don’t wait to seek professional advice—by acting quickly you can avoid damage to your credit rating and start working on a plan to get your debt under control.

A bankruptcy trustee can be a good advisor if your debts have become unmanageable. Trustees can help you determine which solution is the best fit for your situation. They can also refer you to other financial advisors who can help.

Kim Powell, Client Services Manager, LCTaylor Trustees in Bankruptcy
www.lctaylor.com

Why a Diabetes Educator? 

Diabetes is a complex disease that affects many organs in the body. More than 50% of people who are newly diagnosed have signs of irreversible long-term complications: vision loss, kidney damage, nerve pain, erectile dysfunction, loss of sensation in hands and feet and gastrointestinal complaints. A Diabetes Educator has special training to assist those who are diagnosed with pre-diabetes, the newly diagnosed, and people with longstanding diabetes to self-manage. A Diabetes Educator is equipped with skills and knowledge to identify barriers to optimal blood sugar control that are different for each person and tailor a plan to suit each person’s needs in one-on-one and step-by-step fashion. After a few sessions you will be confident to self-manage and achieve your blood sugar targets. People say they feel better and have more energy even with marginal improvement of blood sugar control. Delay the progression of diabetes complications, not diabetes education!

Mathilda Prinsloo, B Pharm CGP CDE, www.seniorcarepractice.com