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CTV News
28-05-2025
- Business
- CTV News
How to keep your finances on track according to Canadian expert
We're kicking off Financial Fitness Week by looking at how you can evaluate your own financial fitness! This week marks Financial Fitness Week and CTV Morning Live looks into how to evaluate your financial situation to grow your net worth. The net worth is defined as the health check for your finances, according to personal finance expert and author Jessica Moorhouse. This includes your assets and liabilities. Moorhouse says that you want to see your net worth grow every month. This can be done through saving, investing and paying your debts, she adds. Emergency funds The most important thing when it comes to finances is making sure you have an emergency fund, Moorhouse said. 'When you think everything is going well, that's when something happens unexpectedly,' she said. 'Your car breaks down, your pet gets sick, you lose your job or your hours are cut. Something is always going to happen.' The rule of thumb, according to Moorhouse, is to have enough money to cover expenses for three to six months. She notes that most people do not have an emergency fund, citing having other priorities and not being able to save. Therefore, her first suggestion when meeting with new clients is to prioritize having that emergency fund. How to manage debt When it comes to debt, Moorhouse says it's usually an emotional topic that comes with shame, embarrassment and anxiety. There is always a way out, she notes. She suggests looking at the interest rates and trying to find the best repayment strategy. 'There are two important ones (strategies), the debt avalanche and the debt snowball. You either want to start paying off aggressively the one with the highest interest rate first, or do you want to tackle the smallest balance,' Moorhouse said. While the debt avalanche focuses on minimizing interest costs by paying off the debt with the highest interest rate first, the debt snowball focuses on paying off the smallest debts before moving on to the bigger ones, she explains. Cash flow vs spending Looking at the cash flow, which is the cash that comes in and the money that goes out, is very important to manage your finances, Moorhouse says. Though people look at how much they make per month, they don't necessarily look at their spending, she says, while suggesting tracking all expenses. 'It is important because we know that we (might have) spent a little too much on eating out. 'Or what was this expense? I thought I cancelled that subscription. Well, I didn't.' So, now I know cause that's my spending,' she added. The personal financial expert suggests aligning your spending with your goals and values. For example, if you want to go on a trip, she suggests cutting off on spending on take out coffees or eating at restaurants. More information is available in Moorhouse's book titled Everything but Money.
Yahoo
25-05-2025
- Business
- Yahoo
A Redditor Is Concerned About Their Brother Financing An RV Because Rent Is Too High: 'My Gut Tells Me This Is A Poverty Trap'
Sometimes, you have to downsize to cut costs. It's pretty common for retirees to reduce their costs to give their nest eggs more mileage. However, cutting costs can also make people comfortable with staying low instead of pushing toward challenges. That's why a Redditor is concerned that her brother wants to finance an RV because rent is too high. The brother is married with kids, and this decision can reduce costs while giving him ownership of an asset. However, the Redditor isn't sure if it's a good idea. "My gut tells me this is a poverty trap," the Redditor explained. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Other Redditors jumped into the comments to share their thoughts about financing an RV. RV living has been growing since the pandemic due to its affordability and flexibility. The Personal Finance Reddit community suggested getting an RV that's a few years old to save on costs. New RVs are more expensive, and they have higher insurance and maintenance costs as well. However, the brother will have to buy an RV that is less than 10 years old. Most long-term RV parks will not let you park your RV there if it is more than 10 years old. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Living in an RV may be a poverty trap if the brother doesn't have the goal of owning a house in the future. Having a bigger goal can inspire you to work harder and put yourself in a better community. While each RV community is different, he may get comfortable with owning an RV and scrape by with that setup. We don't know about the brother's level of ambition or the people he surrounds himself with. However, if he isn't surrounded by ambitious people, he is unlikely to become more ambitious than he currently is. This mentality can also help the brother when the RV inevitably needs repairs or breaks down. RVs don't last forever, and RV parks can boost their rents at any time. Most RVs can last for 100,000 to 300,000 miles, with a range of 10 to 30 RV living has risks, it can be a great idea if you approach it with the right mentality. One Redditor explained in the comments that they know doctors and nurses who have lived in RVs for two to five years to save money. Then, they were able to become debt-free and buy their dream home. The doctors and nurses in this example could have bought a smaller home instead of living in an RV. However, they now have much larger homes in more desirable locations. Doctors and nurses aren't the only ones to capitalize on the RV living costs. The original poster mentioned that the brother has that type of plan. RV living as a short-term solution can bolster your finances and set you up for a better lifestyle in the future. Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Redditor Is Concerned About Their Brother Financing An RV Because Rent Is Too High: 'My Gut Tells Me This Is A Poverty Trap' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
24-05-2025
- Business
- Yahoo
A 36-Year-Old Guy Wonders If He Should Take A Pay Cut To Move Back Home: 'I'm A Single Dude, No Debt, No Kids'
It's not a bad thing to live with your parents. Multi-generational households have become more common as young professionals and their parents seek to save money and fortify their finances. Caregiving has also fueled this trend. However, one 36-year-old is conflicted. He makes $100,000 at his current job but will only earn $75,000 if he moves back with his parents. On one hand, he's making less money. However, he will also save money since he no longer has to pay rent. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – "I'm a single dude, no debt, no kids," the 36-year-old shared with the Personal Finance Reddit community when sharing his thoughts. Here's how the Reddit community responded. The Redditor hinted that moving with his parents would boost his mental health. That was all some people in the comments needed to hear. "Don't worry about the money. Do what's gonna get you feeling well," one commenter stated. While it's nice to have a good salary, health comes first. Furthermore, this isn't a sharp cut, since the Redditor is only going down from $100,000 to $75,000. The 36-year-old could pick up a side hustle and learn new skills if he wants to close the gap. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The 36-year-old also has a tremendous opportunity to save money while living with their parents. We don't get a breakdown of the Redditor's expenses, but taking away rent can lead to significant savings. There's more to this decision than money, but if finances were the sole factor, the Redditor should see how their expenses will change if they move back with their parents. Rent is the most obvious cost, but will the Redditor save $25,000 per year by moving back home? If the 36-year-old rents in an expensive city, it's very likely that he will save money, even with the reduced salary. However, there are other variables to consider. Food and other essentials may be more expensive where the Redditor currently rents. The 36-year-old may also adjust their spending habits upon moving home, which can also boost his net unclear if the 36-year-old wants to start a family. Even if he doesn't want to raise a family, it's good to be in the mindset of wanting to pursue that route in the future. That way, the Redditor will be more prudent with his finances, knowing that he might have to support children. Living with your parents can help you save up for a down payment, especially if you stay with them for years. Housing is the biggest expense for most people, so making a big down payment can make your future years much easier. The 36-year-old is lucky to be in a position where his family will welcome him home with open arms. Not everyone has that setup, but the people who have this opportunity should capitalize on it for as long as possible. Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A 36-Year-Old Guy Wonders If He Should Take A Pay Cut To Move Back Home: 'I'm A Single Dude, No Debt, No Kids' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
24-05-2025
- Business
- Yahoo
A 36-Year-Old Guy Wonders If He Should Take A Pay Cut To Move Back Home: 'I'm A Single Dude, No Debt, No Kids'
It's not a bad thing to live with your parents. Multi-generational households have become more common as young professionals and their parents seek to save money and fortify their finances. Caregiving has also fueled this trend. However, one 36-year-old is conflicted. He makes $100,000 at his current job but will only earn $75,000 if he moves back with his parents. On one hand, he's making less money. However, he will also save money since he no longer has to pay rent. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – "I'm a single dude, no debt, no kids," the 36-year-old shared with the Personal Finance Reddit community when sharing his thoughts. Here's how the Reddit community responded. The Redditor hinted that moving with his parents would boost his mental health. That was all some people in the comments needed to hear. "Don't worry about the money. Do what's gonna get you feeling well," one commenter stated. While it's nice to have a good salary, health comes first. Furthermore, this isn't a sharp cut, since the Redditor is only going down from $100,000 to $75,000. The 36-year-old could pick up a side hustle and learn new skills if he wants to close the gap. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The 36-year-old also has a tremendous opportunity to save money while living with their parents. We don't get a breakdown of the Redditor's expenses, but taking away rent can lead to significant savings. There's more to this decision than money, but if finances were the sole factor, the Redditor should see how their expenses will change if they move back with their parents. Rent is the most obvious cost, but will the Redditor save $25,000 per year by moving back home? If the 36-year-old rents in an expensive city, it's very likely that he will save money, even with the reduced salary. However, there are other variables to consider. Food and other essentials may be more expensive where the Redditor currently rents. The 36-year-old may also adjust their spending habits upon moving home, which can also boost his net unclear if the 36-year-old wants to start a family. Even if he doesn't want to raise a family, it's good to be in the mindset of wanting to pursue that route in the future. That way, the Redditor will be more prudent with his finances, knowing that he might have to support children. Living with your parents can help you save up for a down payment, especially if you stay with them for years. Housing is the biggest expense for most people, so making a big down payment can make your future years much easier. The 36-year-old is lucky to be in a position where his family will welcome him home with open arms. Not everyone has that setup, but the people who have this opportunity should capitalize on it for as long as possible. Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A 36-Year-Old Guy Wonders If He Should Take A Pay Cut To Move Back Home: 'I'm A Single Dude, No Debt, No Kids' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
IOL News
26-04-2025
- Automotive
- IOL News
Insurance claims surge as South Africa's crumbling roads turn driving into a professional sport
South Africa's roads are riddled with potholes, leading to a significant rise in insurance claims. Experts discuss the financial implications for motorists and the challenges of navigating damaged roads. Given the prevalence of potholes, sometimes craters, that dog South Africa's roads, perhaps Waze should stop warning drivers about them and let those behind the wheel know that the next stretch of road doesn't require a 4x4 to navigate. The sheer extent of the problem is shown by how many potholes are being filled. The latest information, from 2022, shows that the government's Operation Vala Zonke has filled almost 200,000 potholes: almost two-thirds of these are in Johannesburg. As Tando Ngibe, senior manager at Budget Insurance, said: 'Dodging potholes has increasingly become a professional sport, but doing so can, and sometimes does, result in car accidents. Even if hitting a pothole doesn't cause an accident, the damage incurred is significant.' Ernest North, co-founder of Naked Insurance, explained that the combination of ongoing heavy rains and storms has caused more extensive road damage than usual. 'Wet weather also makes it harder for drivers to spot potholes, especially when they're filled with water, increasing the risk of hitting one unexpectedly.' While the 2022 cost to fix a pothole was between R700 and R1 500 per square metre, depending on the size of the hole, car owners and insurance companies also face a financial burden. Santam's 2022/23 Insurance barometer – the latest available – found that two thirds of the 167 brokers it surveyed reported an increase in client claims, which was mostly attributed to loadshedding, failing infrastructure (potholes/poor road maintenance) and an increase in crime, with the addition of extreme weather on the commercial side. Ngibe told Personal Finance that a single patch of poor road can lead to punctures, tyre bulges, misalignment and imbalance, uneven tyre wear, cracked rims, damage to the undercarriage, compromised tyre walls, and blowouts. Although the Johannesburg Roads Agency (JRA) told Personal Finance that it had actually seen claims drop between the 2023/24 and 2024/25 financial years by 22%, insurance companies have somewhat different views. North says that claims have increased. 'We can confirm that we've seen a noticeable increase in pothole-related claims, particularly in Johannesburg'. Budget Insurance has also seen an increase. 'Over the past 12 months, we've noticed an increase in pothole-related claims, specifically in Gauteng, and given this trend, we urge motorists to make sure they are insured for such damage, as the occurrence is common and can be expensive if not covered,' said Ngibe. Dotsure Insurance, however, said not all motorists are submitting claims, possibly due to the associated hassle, concerns about premium impacts, or not being aware that they have recourse or know how to claim. 'For those who regularly drive on damaged roads, tyre and wheel insurance can be a useful add-on. Whether it's worthwhile depends on your driving habits, location, and what's already covered under your main policy,' said North. North explained that it's important to note that most comprehensive car insurance policies don't cover tyre damage on their own if caused by potholes or other road hazards. 'You're typically only covered if the damage is part of a larger incident – for example, if your rims, axle, or suspension are also damaged at the same time.' It is worth looking at whether claiming will be in your best interests. North said if the damage is minor and repair costs are only slightly higher than your excess, it might make more financial sense to pay for the repairs yourself and avoid potential premium increases in the future. 'If you're not claiming through your insurer, you can submit a claim directly to your municipality if the pothole was on a national road. This can be a good option when the damage is less than your insurance excess,' said North. The JRA said that people who have suffered a financial loss as a result of a pothole can submit a claim. In its response to questions submitted by Personal Finance, it explained that it has a claim form (JRA Claim Form) available on its website. However, JRA notes that not all the roads within the city are covered by the City, as some roads are covered by other entities, SANRAL or the Gauteng Provincial Department of Roads and Transport. 'Once the claim is registered, the claim is ordinarily referred to Regional Operations (RO) for an investigation. RO would investigate the matter, compile a report, and submit it to JRA's legal department. The report will assist in confirming jurisdiction, and only at this stage that issues of jurisdiction be confirmed,' it said. After the claim is verified as genuine, it is escalated for processing, which is done within four weeks, provided all the required information and documents are submitted. 'If a claim is found to be fraudulent, such a claim will be rejected. JRA discourages motorists from submitting fraudulent claims as this is a criminal offence and if caught, could lead to jail time,' said the roads agency. North's guide for information needed to submit claims to municipalities: The exact location of the incident Photos of the pothole and the damage to your car Contact details for any witnesses A photo of the police incident report A copy of your driver's licence, vehicle registration documents, and ID Three repair quotes A letter from your insurer confirming you are not lodging a claim with them as well Each municipality has its process. PERSONAL FINANCE
