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David Carson is a professional
accountant with experience in financial services, estate and trust,
tax, and financial planning.
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 Saving Money on Auto MaintenanceI freely admit that I am not a handyman or jack-of-all-trades, but to save money I used to do some of my own auto maintenance. I stopped after I left university, initially because I was pursuing an accounting designation and then family obligations kept me away from this interesting way of saving money. This weekend, I changed my own oil for the first time in over 10 years. Planning Your SavingsThis Week I have posted some articles on creating a financial plan, net worth planning, and budgeting and cash flow. Carrying on with this theme, my next topic of discussion is the subject of planning your savings. Budgeting Vs Cash Flow PlanningThe dreaded “B” word drums up a lot of emotions in people. Often budgets are associated with cost cutting or even financial failure or bankruptcy. However budgets are by businesses and other successful people to establish a spending plan and to map out their financial future. Budgets are a useful starting point in establishing your financial plan but they are narrowly focused and typically only look at your expenses. How to Create a Personal Financial PlanWe all have desires and goals we wish to achieve in life. Saving for retirement, your children’s education or buying a home is attainable by most of us. However, at the end of the month you may wonder where your money went and how you will ever reach your goals. Regardless of your stage in life, income, or wealth, a financial plan helps you clarify and prioritize your goals and set objectives for reaching your goals. Simple Strategies to Pay Off Your MortgageOne of your largest investments is the home you live in. The advantage of home ownership is in the equity you build into your home. The impact is twofold: First you are reducing the amount you owe the bank and thereby increasing the amount of value you can eventually extract. Second, the value of your home increases over time providing more value that can be extracted. Up to Your Eyeballs in DebtYou go out to your mail box to see if there is a birthday card from your aunt Sue but low and behold the only thing in the box is your monthly credit card statement. The envelope is really fat this time and you cringe as you reach inside your mailbox to retrieve the monster. You go back into the house and place it on your desk without opening the envelope. Perhaps you put some other papers on top of the envelope so that it just doesn’t look that important. Should I Invest or Pay Off Personal Debt?One question that I am often asked is whether it makes more sense to invest or pay off loans and other debt. The general answer to this question is to pay off your debts first because you will pay more in interest on your debts than you will earn on investments. A variation on this is to pay of non-deductible interest first. However, these “general answers” do not necessarily hold true in all cases.
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