Setting up an emergency fund

As we moved through life, many of us set up or thought about setting up an emergency fund to look after any serious financial setbacks that might occur. As Boomers, we went through a number of recessions, high interest and other obstacles, and as we retire we still have to be cautious of our spending and savings.

I think that most of us at one time or another has been hit with a serious money crisis and we find yourself scrambling around for emergency money. Here are some ideas on how to assess your situation and get back on your feet.

If you have a money problem or a financial setback you can be sure that there may also be a crippling emotional setback. Whenever a money emergency hits, it will be your ability to deal with the individual pitfalls that will be useful. We know that stress will tend to accumulate and make your life much more difficult to cope.  

Being Calm is the First Key to Managing a Money Emergency. You will not be so overwhelmed when you can calmly and rationally look at each individual problem as it arises. Staying calm must take center stage. You must NEVER allow yourself the luxury of panic. There is no one there for you to just take over. You are all you have.

The more you panic, the less effective you will be. You need to keep a very clear head to be able to sit down and come up with an appropriate plan. It is only when you are at your most calm that you will be prepared to get to where you need to be and then overcome.

At even the first hint of a money emergency, it’s important not to act right away. If you do you will inevitably make a mistake! First, before you can manage your finances again, you have to first manage your emotions. You absolutely must regain your balance before you can even begin to plan.

If your money emergency demands that you act quickly, think first about seeking the advice of a debt counsellor, money coach or financial planner. Whenever possible think about seeking out the aid of a financially perceptive friend or family member who can help you to come to a clearer perspective.

Remember the old adage that “two heads are always better than just one!” You won’t need to make a major cash investment if you’re strapped. Look for a planner who will give you a one-hour consultation for $150. Often times this will be all you will need to securely turn the corner.

Before an emergency hits here are some everyday ways to save and set up an emergency fund. Some ways will require some sacrifice, while others will require little before thinking. The point is to be forever mindful of saving those pennies and before you know it, you will have saved up a tidy sum.

·       Spend less money than you earn each week.

·       Seek out a higher paying job.

·       Keep your job skills sharp and up-to-date so that when a new opportunity comes up, you will be on your toes and first in line.

·       If you must use credit cards/cut up those you can do without.

·       If you must use credit cards, pay them all down in full each month.

·       If you have credit card debt at high rates, consolidate at once.

·       Lower your expenses, one by one.

·       Forego purchasing non-essential items.

·       Find cheaper insurance rates/then switch over.

·       Use coupons to shop with.  Don’t purchase without a discount coupon.

·       Wait for things to first go on sale before buying. Take advantage of catalogue saving certificates.

·       Don’t buy an item just because it is on sale.

·       Buy generic or non-name brand merchandise as much as possible.

·       Wait for prices to fall to a discounted rate before buying (applies especially to electronics items).

·       If you do eat out, buy gift certificates for half price meals.

·       Do more stay in activities at home.

·       Invest the money you save to earn even more.

·       Create a plan to save $200 each month (or as much as you can manage.)  Never miss the monthly savings payment to yourself and try to find ways to increase it.

·       Don’t spend money just because you have it.

·       Find an interesting hobby to occupy your time and stop you from spending money.

·       Find a hobby that you can turn into earnings.

·       Go on a sensible diet and lose weight. You will save money on food, look and feel better, and your long-term health care costs should fall dramatically.

·       Learn how to manage your finances by reading financial publications.

·       Increase the amount of money you earn through a second job, promotion, new job, investments, etc.

·       Paying down your debt is also a way to save money (it saves you from a debt payment and brings you closer to having money to invest).

·       Switch to lower your telephone bill.

·       Lower your cable bill by deleting pay channels or switch to a streaming service.

·       Be patient when bargain shopping.

·       Start saving money today! Don’t give up -- put just $10 aside, today!

Do you have issues?

Just a little "FYI," "Heads up," and "Check this out!"

It's no one's responsibility to tell you what your "issues" are, and contrary to popular thinking most will not. 

Which pretty much means there's only one person you can trust in such matters, and it ain't me, but I think you know who that person is, don't you?

International Day of the older person

Today is a special one for older people and senior citizens around the world. Officials and politicians will be making speeches that focus on our age group, which is a growing section of the population. The media may also take this as an opportunity to publish interviews with older persons who have had an impact on society. Schools, public institutions and office buildings may also use the day for announcing activities that promote older persons. Did you know about this day? No, here is some information and background.

On 14 December 1990, the United Nations General Assembly designated 1 October the International Day of Older Persons. This was preceded by initiatives such as the Vienna International Plan of Action on Ageing – which was adopted by the 1982 World Assembly on Ageing – and endorsed later that year by the UN General Assembly. In 1991, the General Assembly adopted the United Nations Principles for Older Persons.
Almost 700 million people are now over the age of 60. By 2050, 2 billion people, over 20 percent of the world’s population, will be 60 or older. The increase in the number of older people will be the greatest and the most rapid in the developing world, with Asia as the region with the largest number of older persons, and Africa facing the largest proportionate growth. 

The particular needs and challenges faced by many older people are clearly required. Just as important, however, is the essential contribution the majority of older men and women can continue to make to the functioning of society if adequate guarantees are in place. Human rights lie at the core of all efforts in this regard.

September song

September is a special month, it is a time for the ending of summer, and the promise of fall. It is also a time of renewal. As a teacher, I was very aware of the fact that many students saw the first weeks of September as an opportunity to make a new or fresh start. Mother Nature loves to play games with us in September, the rain and winds come hard, and then the sunny days and heat of summer rebound. 

September is one of my favourite months of the year.  Days grow short when you reach September, and for many of us who are older, September is a time to cast our minds back to our youth and to look ahead to the short time we have left. 

I love the September Song, composed by Kurt Weill with Lyrics by Maxwell Anderson, as it speaks to youth, discovery, and the need for someone to be with us in our "golden years."

When I was a young man courting the girls

I played me a waiting game

If a maid refused me with tossing curls

I'd let the old Earth make a couple of whirls

While I plied her with tears in lieu of pearls

And as time came around she came my way

As time came around, she came 

When you meet with the young girls early in the Spring

You court them in song and rhyme

They answer with words and a clover ring

But if you could examine the goods they bring

They have little to offer but the songs they sing

And the plentiful waste of time of day

A plentiful waste of time

Oh, it's a long, long while from May to December

But the days grow short when you reach September

When the autumn weather turns the leaves to flame

I haven't got time for the waiting game

Oh, the days dwindle down to a precious few

September, November

And these few precious days I'll spend with you

These precious days I'll spend with you