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What Other People Spend: A Look Into William & Kate’s Budget

In Grandma's Jars, Grandma's Jars Member Stories by Phil McGilvrayLeave a Comment

Just about every client will ask me at some point – what do other people spend on (fill in the blank)? We are all curious about what other people spend on things. We like to be able to benchmark ourselves. Over the next few months I thought I would share with you some real life budgets, along with my thoughts as a financial coach.

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Top 10 Tips For Paying Off Debt: Smallest Debt First

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  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. Today we are continuing on with our ten part series – our ten tutorial series – Top Ten Tips to Paying Off Debt. Today, we are really getting stuck in the nitty-gritty. This is the sixth session – the sixth tutorial and we are looking at the actual strategy in developing our debt repayment plan. I have called this particular tutorial the smallest debt first. But what I am going to give you is a real overview of the whole debt repayment process. What I have got is an example from a client I was working with just last night so hopefully that will make it a lot easier for you to understand.    Understanding Your Debts What we’re going to do as a first point of call is throw it all out there. How much debt do you have? what are your debts? So we have listed them all down here. Now, with this process it’s really important that we know everything, that we’ve got all the debts. Sometimes we are a bit fearful of what we are going to see. We sort of …

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How to Create a Debt Elimination Road Map

In Debt, Paying Off Debt by Phil McGilvrayLeave a Comment

Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. We’re up to tutorial nine in our ten part tutorial series – our Top Ten Tips for Paying Off Debt. Now I am really excited about bringing you today’s tutorial because it’s putting the nuts and bolts together to build a road map to debt elimination and I love doing these because it gives people a vision of what’s possible, what they can achieve.

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Learn If It’s More Important To Save Money Or Pay Off Debt

In General Budgeting, Paying Off Debt by Phil McGilvrayLeave a Comment

I recently had the privilege to run a couple of webinars on ‘the principles of money management’ for a group of young parents. At the end of each of these sessions we had a wonderful period of question and answers that went for longer than the formal presentation itself did. There were a couple of recurring themes in the questions being asked so I thought it would be worthwhile sharing the answers I gave to these questions via a series of blogs.

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Top 10 Tips For Paying Off Debt: The Rainy Day Fund

In Top 10 Tips For Getting Out Of Debt Series by Phil McGilvrayLeave a Comment

  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars. Thanks so much for joining us. Today we are looking at tutorial four of our ten part series, our Top Ten Tips for Paying off Debt. In tutorial four today, we are looking at the importance of having a cash reserve in place before we start paying off our debt. Identifying True Savings In yesterday’s session, we looked at the importance of having a budget. And with that budget, the power behind that is that it helps us identify true savings. So once we have been through all of our expenses, we can then sit down and identify how much have we really got spare at the end of the month once all our expenses are covered. Now, the temptation is that once we identify that spare money, that true savings, is to start throwing it at our debt, at our credit card, and so on. And yes we do want to get rid of it – but the problem is, too often we will see people who go through that. They will throw their money, all their extra money, at paying off their debt only to find that …

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Top 10 Tips For Paying Off Debt: Establish a Realistic Budget

In Top 10 Tips For Getting Out Of Debt Series by Phil McGilvrayLeave a Comment

  Video Transcription Hi guys, Phil McGilvray here from Grandma’s Jars. Thank you for joining us. Today we are looking at tutorial 3 in our ten part series, our top ten tips for paying off debt. Tutorial 3 we are focusing on the importance of having a budget, a realistic budget. Budgeting is what we are about here at GMSJ and I am excited to be bringing this tutorial to you. I’m not going to go through the budgeting in great detail – that’s for another day, another series. Certainly we have a lot of information on our website, so if you need any help with it, please don’t hesitate to get in touch with us. What a Budget Will Do For You Today what I want to talk to you about is the importance of a budget to the debt reduction process. What I’m going to start with is three really key reasons of what a good budget will do for you as you strive to pay of debt. #1: What You Need Set Aside for Future Bills and Expenses The first one here is that budgeting will tell you what your expenses are, what expenses you have coming up. …

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Instead of New Year’s Resolutions, Focus on Habits and Behaviours

In General Budgeting, Manage Money by Phil McGilvrayLeave a Comment

For the past month I have been saying to the kids each morning, “I wonder what we were doing this time last year?” For the McGilvray family, this time last year marked the last day of a magical white Christmas holiday in the UK and Europe.  The holiday had been years in the planning and a well-earned reward for finally having our home loan paid off!

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A Budget: The Foundation for Dreams Becoming a Reality

In Budgeting Tips, Grandma's Jars by Phil McGilvrayLeave a Comment

Just after we were married, my wife Lianne and I were fortunate enough to spend some time with a financial advice group. They helped us shape our thinking regarding our finances and our future. Like all young couples, we wanted to be able to travel, buy a home, have a family, for Lianne to be a stay at home Mum, send the kids to good schools and to be debt free as early in life as possible. We knew that being debt free would afford us so many more options in life but to achieve it we would have to be purposeful in the way we managed our finances.

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You Want To Be Debt Free? Here’s What To Do About It

In Budgeting Tips, General Budgeting by Phil McGilvrayLeave a Comment

At Grandma’s Jars we are passionate about helping people take control of their personal finances and get out of debt. We have seen first hand the impact that debt has on people lives when it gets out of hand. Debt causes financial stress and is a burden that robs us off tomorrow’s cash flow making it harder to save and get ahead financially.