{"id":103813,"date":"2016-02-09T13:33:37","date_gmt":"2016-02-09T18:33:37","guid":{"rendered":"http:\/\/bbaf.ulaval.ca\/en\/?page_id=103813"},"modified":"2023-07-07T12:00:00","modified_gmt":"2023-07-07T16:00:00","slug":"personal_finance","status":"publish","type":"page","link":"https:\/\/www.bbaf.ulaval.ca\/en\/personal_finance\/","title":{"rendered":"Personal Finance"},"content":{"rendered":"<hr \/>\n<p><a href=\"#faistonbudget\">Faistonbudget.ca<\/a><\/p>\n<p><a href=\"#credit\">Resorting to credit<\/a><\/p>\n<p><a href=\"#debt\">Getting out of debt<\/a><\/p>\n<p><a href=\"#\">Personal Finance Course<\/a><\/p>\n<hr \/>\n<h2><a id=\"faistonbudget\"><\/a>Faistonbudget.ca<\/h2>\n<p>Making a budget may sometimes seem tedious, but the benefits can be big. It helps you achieve specific financial goals, focus on your priorities, reduce stress, prepare for unforeseen events, and avoid the consequences of excessive debt.<\/p>\n<h3>An effective and useful tool!<\/h3>\n<p><a href=\"http:\/\/Faistonbudget.ca\" target=\"_blank\" rel=\"noopener noreferrer\">Faistonbudget.ca<\/a> provides tools to help you increase or update your knowledge of personal finances and an <a href=\"http:\/\/faistonbudget.ca\/calculateur-budgetaire\/objectif\/\" target=\"_blank\" rel=\"noopener noreferrer\">interactive calculator<\/a> so you can create a personalized budget to guide you when making financial decisions.<\/p>\n<p><a href=\"http:\/\/Faistonbudget.ca\" target=\"_blank\" rel=\"attachment wp-att-104435 noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104435 size-full alignnone\" src=\"https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/03\/faistonbudget.jpg\" alt=\"faistonbudget\" width=\"692\" height=\"360\" srcset=\"https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/03\/faistonbudget.jpg 692w, https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/03\/faistonbudget-250x130.jpg 250w, https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/03\/faistonbudget-600x312.jpg 600w, https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/03\/faistonbudget-120x62.jpg 120w\" sizes=\"auto, (max-width: 692px) 100vw, 692px\" \/><\/a><\/p>\n<h2><a id=\"credit\"><\/a>Resorting to credit<\/h2>\n<p>Using credit is part of managing your personal finances. Here are some examples of types of credit:<\/p>\n<div class=\"boite-grise\">\n<table style=\"height: 114px;\" width=\"654\">\n<tbody>\n<tr>\n<td style=\"text-align: left; vertical-align: top;\">\n<ul>\n<li>Government student loan<\/li>\n<li>Credit cards<\/li>\n<li>Line of credit<\/li>\n<li>Personal loan<\/li>\n<\/ul>\n<\/td>\n<td style=\"text-align: left; vertical-align: top;\">\n<ul>\n<li>Computer loan<\/li>\n<li>Borrowing from parents\/friends<\/li>\n<li>Creditor leniency (late rent payments)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>Pitfalls to avoid<\/h3>\n<ul>\n<li>Giving in to tempting products offered by lenders<\/li>\n<li>Impulse buying<\/li>\n<li>Using credit with very high interest rates<\/li>\n<li>Making late credit card payments<\/li>\n<li>Having multiple credit cards<\/li>\n<li>Failing to monitor credit card limits, which institutions can increase with or without notice<\/li>\n<\/ul>\n<h3>Useful advice<\/h3>\n<ul>\n<li>Use only one credit card that has a very reasonable limit<\/li>\n<li>Check your receipts against your bank account and credit card statements<\/li>\n<li>Pay your credit card balance in full each month to avoid paying interest<\/li>\n<li>Shop around when it comes to lenders\u2019 interest rates for all types of credit<\/li>\n<li>Avoid using credit for living expenses like food<\/li>\n<\/ul>\n<h3>Benefits of Loans and Bursaries compared to a line of credit<\/h3>\n<h4>Comparative Table<\/h4>\n<table style=\"height: 319px;\" width=\"754\">\n<tbody>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><\/td>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\">\n<h4>Line of credit<\/h4>\n<\/td>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\">\n<h4>Loans and Bursaries<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><strong>Interest rates<\/strong><\/td>\n<td style=\"text-align: left; vertical-align: top;\">\n<ul>\n<li>Determined by the institution, sometimes variable<\/li>\n<li>Very often, the interest rate increases after graduation<\/li>\n<\/ul>\n<\/td>\n<td style=\"text-align: left; vertical-align: top;\">Determined by the government, usually lower than rates offered by financial institutions<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><strong>Interest during studies<\/strong><\/td>\n<td style=\"text-align: left; vertical-align: top;\">Must be paid during school or added to the debt<\/td>\n<td style=\"text-align: left; vertical-align: top;\">The Minist\u00e8re pays the interest during Full-time studies<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><strong>Acquisition<\/strong><\/td>\n<td style=\"text-align: left; vertical-align: top;\">Credit check required<\/td>\n<td style=\"text-align: left; vertical-align: top;\">No credit check<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><strong>Other features<\/strong><\/td>\n<td style=\"text-align: left; vertical-align: top;\">\n<ul>\n<li>Life insurance may be required during studies<\/li>\n<li>Possible over-indebtedness<\/li>\n<\/ul>\n<\/td>\n<td style=\"text-align: left; vertical-align: top;\">Amount determined by the Minist\u00e8re to fulfil students\u2019 everyday needs<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #c4c4c4; text-align: left; vertical-align: top;\"><strong>Other benefits<\/strong><\/td>\n<td style=\"text-align: left; vertical-align: top;\">Total amount must be repaid after the end of studies<\/td>\n<td style=\"text-align: left; vertical-align: top;\">\n<ul>\n<li>Possibility of earning scholarships that do not need to be repaid after graduation<\/li>\n<li>Possibility of receiving a 15% loan remission<\/li>\n<li>Tax credit on the interest paid on the student loan<\/li>\n<li>Possibility to apply to the <a href=\"http:\/\/www.mesrs.gouv.qc.ca\/en\/aide-financiere-aux-etudes\/other-programs\/deferred-payment-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Deferred Payment Plan<\/a> which allows you to repay your student loan, according to your budget and despite your financial difficulties<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><a id=\"debt\"><\/a>Getting out of debt<\/h2>\n<h3>The debt situation<\/h3>\n<p>A problematic debt situation is when you are unable to pay basic expenses such as<\/p>\n<ul>\n<li>The minimum amount on your credit cards<\/li>\n<li>Your telephones bills<\/li>\n<li>Your rent<\/li>\n<li>Your tuition fee<\/li>\n<\/ul>\n<h3>Practical advice<\/h3>\n<p>When you use credit to cover your living expenses and don\u2019t know how you will pay off your debts, there are ways of resolving the situation. Here are some tips:<\/p>\n<ul>\n<li>Examine your spending habits and ask yourself: do I really need it?<\/li>\n<li><a href=\"#credit\">Destroy your credit cards or just keep one if you think you need it<\/a><\/li>\n<li>Keep a small amount of cash on you<\/li>\n<li>Assess your ability to work<\/li>\n<li><a href=\"#faistonbudget\">Review and analyze your personal expenses in depth<\/a><\/li>\n<li>Prioritize debt repayment<\/li>\n<li>Make arrangement with your creditors<\/li>\n<li>Consider consolidating your debts with your financial institution<\/li>\n<li>Deposit your income in a savings account and transfer the amount you need for your regular expenses twice a month<\/li>\n<li><a href=\"#\">Meet with a counsellor<\/a><\/li>\n<\/ul>\n<h3>Debt-tracking Table<\/h3>\n<p>To get a good idea of your financial situation, it may be useful to make a list of all your debts, whether owed to a financial institution or to an individual. To better plan the repayment of your debts, you can use tools such as a debt <a href=\"http:\/\/www.tesaffaires.com\/index.php\/en\/calculators\/credit-card\" target=\"_blank\" rel=\"noopener noreferrer\">repayment calculator<\/a>.<\/p>\n<p><em>Example of a debt-tracking table<\/em><\/p>\n<table style=\"height: 148px;\" width=\"713\">\n<tbody>\n<tr>\n<td>Debt<\/td>\n<td>Amount due<\/td>\n<td>Interest rate<\/td>\n<td>Minimum monthly payment<\/td>\n<td>Due date<\/td>\n<td>Interest start date<\/td>\n<td>Repayment start date<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.bbaf.ulaval.ca\/wp-content\/uploads\/2016\/07\/debt-tracking-table.xlsx\">Download the table<\/a>\u00a0(Excel)<\/p>\n<span class=\"bouton_bleu\"><a href=\"https:\/\/www.bbaf.ulaval.ca\/en\/budget\/sample-student-annual-budget\/\">Sample Student Annual Budget<\/a><\/span>\u00a0\u00a0\u00a0\u00a0 <span class=\"bouton_bleu\"><a href=\"https:\/\/www.bbaf.ulaval.ca\/en\/budget\/budget-consultation\/\">Budget Consultation<\/a><\/span>\n","protected":false},"excerpt":{"rendered":"<p>Faistonbudget.ca Resorting to credit Getting out of debt Personal Finance Course Faistonbudget.ca Making a budget may sometimes seem tedious, but the benefits can be big. It helps you achieve specific financial goals, focus on your priorities, reduce stress, prepare for unforeseen events, and avoid the consequences of excessive debt. An effective and useful tool! Faistonbudget.ca [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":40,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-103813","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Personal Finance | Bureau des bourses et de l&#039;aide financi\u00e8re (BBAF)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbaf.ulaval.ca\/en\/personal_finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Finance | Bureau des bourses et de l&#039;aide financi\u00e8re (BBAF)\" \/>\n<meta property=\"og:description\" content=\"Faistonbudget.ca Resorting to credit Getting out of debt Personal Finance Course Faistonbudget.ca Making a budget may sometimes seem tedious, but the benefits can be big. 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