Canadian Personal Finance Blog

Last Day of Giveaway

Tonight at Midnight (or somewhere there about) a lucky name will be picked in the First Big Cajun Quicktax Software Giveaway , and we have been deluged with 10’s of entries, so your chances of wining are quite good! Remember you never miss the shot you never take!

Fatwa Against Credit Cards

In Ottawa last week Imam Khaled Abdul-Hamid Syed (local Muslim Community Leader) has declared a fatwa against Credit Cards, and I say to that, Good on you!.

“I conclude that it contains usury … which is forbidden in Islam, so it should not be used…”

I wonder if he reads this blog? The Imam is dead on (in my opinion) in his view that Credit Cards are the modern equivalent of usury and I applaud him speaking out about this topic.

The Imam has said that this Fatwa is not binding, and some folks are concerned about whether this means you should never use a credit card, even if you pay them off monthly (or only use them in emergencies)? I think any statement by any Community Leader that causes folks to talk seriously about this subject is a very good thing. Discussion causes folks to think about how they are doing things, and may cause some to change bad habits.

Will I soon be changing to Islam as my religious following? No, as most of my readers know, I am a devout Anglican, but I wouldn’t mind hearing what the Archbishop of Canterbury or the Anglican Church of Canada has to say about this interesting subject, as well.

Usury = Credit Cards?

As for the Credit Card companies and the banks, I wonder if they are worried about this or not? I doubt they care, but if a ground swell of folks stop using their cards, what might happen? Maybe the “Tea Party” should be looking into this (in the United States)?

Yes folks, here I got again, extolling the virtues of Lent and how you can use it to your advantage for your Personal Finances.

Easter is the time for new beginnings or restarting something you need to start doing again, and most people view Lent as a time to “find something to give up”, but that is dull and shows little flare, so another way is to look for something to Enrich your life for the 40 days of Lent (leading up to Good Friday and Easter).

Think about your spiritual journey, yes please do, however, also take advantage of this journey to work on your home finances as well!

Your Financial Lenten Journey

What areas of your personal finances could use either Enrichment or Better still a sacrifice that might help your financial well being? There are some very simple ones that I think about every year (and have done a few of them):

• The Latte withdrawal penance. Cut out buying coffee for the 40 days of Lent and put that money aside, to either save, give to charity or pay down your debt. Keep track of this and see how much money you might be saving here, it’s worthwhile finding out where this discretionary money is going.
• Read 4 Personal Finance books over the 40 days to enrich your understanding of your personal finances or your investing adventures. Building up your expertise over Lent is a good thing.
• Brown bag it for 40 days, give up buying lunch at work, and bring your lunch instead. Another way to find out where your discretionary spending is going.
• Take the bus to work for Lent, leave the car at home, buy a bus pass and take the Bus to work. Yes gas is cheaper right now, but not driving might have other benefits for you (less stress, more exercise, etc.,).
• Read financial blogs every day: another way to build up your understanding of finance is reading and learning.
• Open a TFSA and put found money there: OK, not really a Lent thing per say, but still somewhere to put your new found moneys.
• Live on cash for 40 days and get rid of your credit cards. Freeze them in your freezer, lock them in your safety deposit box, or cut them up, but live on CASH only (no debit either) and see if you can do it, does it change your spending habits? This one is one heck of a heavy one, and anyone who does try it keep me posted and I will encourage you as best I can!

Think about these or suggest others, I am open to suggestions myself. Shrove Tuesday is coming and then Ash Wednesday means Lent begins and your journey begins that day.

I’m giving you a weeks head start to start thinking about this stuff folks!

Yes it’s that magical time of the year again when we all go into our wallets and splurge like the world might end tomorrow, with little thought of what else we might do with the money.

This documentary portrays the front-line street workers who serve the needy under the umbrella of the Salvation Army. One of the world’s largest social agencies, the Army is a religious institution that serves the practical needs of people first, believing that religion is of no use to anyone who is hungry, homeless and hopeless.

Join filmmaker Rosemary House as she peers into the hearts and minds of people on both sides of the street – those who help, and those who need help. Shot in the streets of Toronto at Christmastime, the film chronicles the small hopes and tiny victories of life lived below the poverty line and the daily rewards for those who work to serve others.

Next time your wander past a Salvation Army Christmas Kettle think about this video:

This is kind of a Sunday Thoughts, Humor and Best Of post all in one, I had forgotten about this one, hope you enjoy the humor (and remember the importance of home security systems too).

So this one has little to do with finances, and isn’t really a religious thought, and I am stealing it directly from Joel Osteen, but I laughed out loud when I heard it and sometimes that is a good thing.

Jesus Is Watching!

A burglar broke into a house and as he was picking up the HD Plasma TV in the living room he heard a voice say, “Jesus, is watching YOU!”.

The burglar turned on his flashlight and he looked around to see where this voice came from, and he saw off in the distance a parrot, who squawked, and repeated, “Jesus is watching YOU!”.

The burglar walked over and said quietly to the parrot, “Are you talking to me?”

The parrot said, “Yes, I am, and Jesus is watching YOU!”

The burglars said, “Well what’s your name?”

The parrot said, “I am MOSES!”

The burglar chuckled and asked, “What kind of a person calls a parrot Moses?”

The parrot replied, “The same kind of people who call a 150 lb. Rottweiler JESUS!”

OK, a corny joke, but I had to share it. Remember also that every day Jesus is Watching You!

So after wandering through Loblaws and Independant stores near my home, this time of year really is schizophrenic since it is Halowe’en season however, Christmas is here now as well (in fact Christmas almost intervened into Thanksgiving, in fact the Canadian Tire was putting their Christmas section in the Friday before Thanksgiving).

What gives? Can we not just enjoy Candy and Spooks for a while and then get to Christmas on All Saints Day (November 1st), better still after Remembrance Day (November 11th)? I am sure my Dentist would be much happier if we ate more candy (OK, that is a cheap shot, but there is a group of people who must have a spike in business after folks eat those Orange Halowe’en kisses and they rip out their fillings).

What is our absolute need to get to Christmas so darn soon? It is not like the 50’s and 60’s where if you wanted to send packages overseas you had to have them in the mail for September, now with overnight delivery to most of the world, that excuse is gone too.

Why now? Better still, why so darn much? Why has a relatively important religious period (remember Easter is actually more important (sorry folks, those are the rules)), turned into an excuse to vomit money worse than someone who has eaten a 1 month bad turkey?

Christmas Plans?

One thing you should have put together by now is your Christmas plan. Remember your plan needs to include the whole season, not just the day, because money gets blown on presents, but also on food, booze, and travel (and sometimes that is more than the presents).

Are you going to travel? Do you have a budget set up? Are you driving, what is your guess on how much gas is going to cost? My guess would be at least $1.00 a litre folks, keep that in mind.

The easiest way to hemorrhage money is to simply start Christmas shopping without a plan, so get that plan together and start planning for this happy season (ho ho ho and all that crap).

Yes, I am being grinchy, hopefully my heart will go three sizes one day!