Canadian Personal Finance Blog

First, let me wish all my dedicated readers (all 3 of you) a belated Merry Christmas and a wish for a Happy and Financially Fun New Year. Me and the family are traveling, celebrating and I think I need a 2 week hiatus, so I am taking advantage of that, and will be back in the new year (most likely after January 3rd or so).

I thank you for your continued support reading my rants and commentary. I hope you are enjoying this time for family.

Happy New Year Folks!! Here is hoping that 2006 is a little better than 2005 (for me, less family illness would be great)

–C8j

If you are planning on being the victim of fraud, evidently this is what the following CBC news story tells us.

Very interesting point of view, if you assume you are going to get screwed, you would be better to let the Banks money get stolen, and not your own, because the bank is more likely to work hard to get their own money back and not yours. That is a very cynical point of view (which I guess is why I like it).

In my area of Ottawa there have been a few stores that have been caught defrauding customers who use direct withdrawal or debit cards, so Debit Card fraud is out there and prominent, given how many folks use this convenience. So what can you do about it?

1. Use your credit card? Well, only if you promise to keep close tabs on your spending, and make sure you get something free for using the card (PC Points, Air Miles, etc.,). You can dig a big hole here without thinking.
2. Use cash. OK, you have opened yourself up to someone stealing your purse or wallet, but cash is still universal. What is funny is the restrictions on money these days in Canada. Evidently the $50 and $100 bill are no longer legal tender because most stores won’t take them (so keep that in mind).
3. Don’t spend money, just hoard it (yes, that is an attempt at humor).
4. If you use a Debit Card, have only 1 account turned “on” on it and never put a large amount of money in that account, and make sure the overdraft on the account is turned off or very low. This way they can’t steal too much.

Just some ideas, but watch out for those “extra” swipes some stores will take of your card.

–C8j

That’s sort of a paraphrase from the latest George Carlin book, but it is certainly what our society and certainly the retail stores we frequent want us to think. If you don’t spend all your money at Christmas, you are a cheapskate or a communist. The South Park episode where Mr. Hanky teaches the true meaning of Christmas (buy presents), really does sum up what the owners of Wal-Mart hope will happen.

Bankrupting yourself for Christmas, or on the Boxing Day sales does not help you. If you worked out and got in shape all summer and then for December ate as much crap, and put on 25 pounds, would you be ahead? Nope, and the same is true for your Fiscal Planning (unless you planned to splurge a huge amount of cash that you saved, then I guess it’s ok (no, it’s not, I am being facetious)). Keep living to your plan, it may not be fun, but in the spring when you have money, you’ll be happier for it.

Oh, and if you feel you have to blow large amounts of ca$h, please drop some in the Salvation Army kettle (evidently they are only half way to their goal in Ontario, and there is only 3 days left in their canvassing). Give to a homeless shelter, give to your Church, or keep the money and give it later. Give of yourself, don’t dig a financial hole that will make you Grinchy in the new year!

–C8j