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If you’re trying to pay off debt or save up for an emergency fund, it’s important that you divert as much of your income towards that goal as possible. The more money you can send to your debt, the faster you’ll become debt free. To do this, you should take a careful look at your budget and cut anything that doesn’t need to be there. You can ditch your cable package in favour of Netflix, you can disconnect your home phone and use your cell phone instead, and you can insource as many services as possible.
Insourcing is the act of doing services yourself that you might normally pay others to do for you. Insourcing is a great way to cut even more from your budget, and the practice of insourcing usually helps you learn a new skill along the way. Here are five services you can easily insource instead of paying someone else a premium to do.
Car Detailing and Oil Changes
Changing your car oil used to be a task that many car owners performed themselves. I still have childhood memories of my Dad changing the oil on our cars. Somehow this task has become a standard to outsource, but doing it yourself will save you hundreds of dollars over the life of your car.
In the same vein is car detailing. Cleaning your car is not a fun process and takes at least a few hours, but it will save you at least several hundred dollars per year. Sure, it’s tedious and difficult, but the savings are worth it if you are trying to get out of debt.
Long haired dogs typically need to be thoroughly groomed several times per year and doing it yourself is possible. There is some skill involved in being a good dog groomer, but fortunately, there are many tutorials and YouTube videos online that explain the technique and best practices when grooming your dog. Pay special attention to the tutorials on trimming a dog’s nails, because if done incorrectly, could result in a yelping canine and a permanent scar for the owner!
If you’re a man and on a budget, cutting your hair with an electric shaver is a very easy process that shouldn’t require much time or effort. For women, the process is a little more nerve wracking and takes more skill, so again I suggest you take to YouTube to figure out the best way to go about it. If you want to save money on your hair style but you don’t want to take the risk of doing a bad job yourself, you have a few options. You can opt instead to stop colouring your hair, choose a hair style that looks good grown out to minimize visits to the stylist, and find a stylist that cuts hair in her home to save on salon fees.
If you have a job, an RRSP, and a few tax deductions, there is no reason you can’t do your taxes yourself. Nifty programs life TurboTax has made it easier than ever to file your taxes yourself, and you’ll save at least $50 by going the DIY route. Just make sure to have all of your receipts, T4’s and contribution records on hand before you sit down to file, and remember that you can pause the process at any time to hunt down information that may be missing. Once you do it a few times, you’ll be a pro, and you’ll fly through the process.
Investing is an important part of any healthy financial future because it ensures you’ll have a cash cushion to rely on during retirement. While most Canadians go to their local bank when they want to start investing, Canadian banks charge some of the highest Management Expense Ratios (MERs) in the world, which is a percentage fee for managing your money. Over time those fees can add up to hundreds of thousands of dollars of cash that you’re losing due to high fees.
But if you aren’t a savvy investor, I’m not suggesting you jump into the investing world and start picking stocks yourself – that’s a recipe for disaster. Instead, there is a middle ground. You can choose a passively invested; self-managed fund at an organization like Tangerine or WealthSimple which will allow you to invest your money with no hassle and much lower fees.
We know the fine print can be painful, but we believe it's important you have all the facts!
easyfinancial offers a variety of financial services including personal loans, and mortgages. easyfinancial is a division of goeasy Ltd., the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. goeasy Ltd. is listed on the TSE under the symbol 'GSY'.
* easyfinancial offers secured personal loans in all provinces, excluding British Columbia, Nunavut, Northwest Territories, and Yukon.
*Contest open to all residents of Canada (excluding residents of Quebec) who have reached the legal age of majority in their province/territory of residence, and who obtain a funded loan between Mar. 21 – 24, 2018. Visit goeasy.com/win for full offer rules and regulations. Some restrictions may apply. Ask for details.
CREDIT SCORE IMPACT
While having a loan and honouring its obligations can help build credit, too many loans may be seen by potential creditors as an increased risk, and failure to meet repayment obligations will result in a negative report to the credit bureaus, which would reduce your credit score. Please borrow responsibly.
Loans from easyfinancial do not automatically renew. Customers have the option to request an increase to their loan after paying down a percentage of their current loan amount and maintaining good payment history. Such a request would be subject to the company's standard underwriting rules.
easyfinancial offers personal loans from $500 to $25,000 with terms from 9 to 120 months. The APR is between 19.99%-46.96%. Secured personal loans may be subject to provincial fees upon funding. NSF (non-sufficient funds) payments will be assessed a $50 fee in addition to fees charged by the customer's financial institution.
easyfinancial contacts customers in arrears as soon as possible through various means including, but not limited to telephone, email, postal mail and SMS. easyfinancial may work with third parties to assist in collections activities.
LOAN PROTECTION PLAN
†Loan Protection Plan is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under Group Master Policy Numbers EF012017, EFL012017, EF082017 and EFL082017.
** Receive approval in as little as 48 hours with complete documentation.
‡ Conditions apply. Ask branch for details. Optional service.
ABIC and ABLAC carry on business in Canada under the trade name of Assurant®.
®Assurant is a registered trademark of Assurant, Inc.
The complete terms, eligibility, benefits, limitations and exclusions are contained in the Certificate of Insurance.
Purposes for Which goeasy Handles Personal Information
goeasy collects and uses personal information for purposes limited to those which are related to its businesses, which include providing financial services and leasing household furnishings, appliances, and home electronic products to its customers under lease agreements. We collect personal information primarily from you, for instance through applications and supporting documentation you provide. We may also collect personal information about you through your ongoing interactions with us, from references, employers and other financial institutions you have identified in your application as well as credit bureaus and other third party sources. For example, we may collect personal information from credit bureaus for the purpose of locating you to collect outstanding debts. In connection with loan agreements, we may also collect personal information from credit bureaus in order to verify your current and ongoing creditworthiness and other information you may provide to us.
We may collect and use personal information for purposes such as, but not limited to, the following:
Personal Information goeasy Collects
goeasy limits the amount and type of personal information collected to that which is necessary for our identified purposes, and we collect personal information by fair and lawful means.
Personal information that we collect includes:
Transfers and Disclosures of Personal Information
goeasy may disclose personal information in a number of circumstances, including:
In addition to the above, personal information may be shared between our affiliates or subsidiaries (including those located in the United States) for internal audit, management, billing or administrative purposes including defending and bringing legal actions.
In the course of fulfilling the purposes described above, goeasy may transfer your personal information to service providers, including affiliates or other third party organizations or individuals retained by goeasy to perform functions on its behalf, such as marketing, data processing, customer service, office, security, collections, insurance, financial and taxation services. When personal information is transferred to service providers, we use contractual or other means to ensure that a comparable level of protection is provided. Some of our service providers may be located outside Canada, including in the United States, and will be subject to applicable legal requirements in the country in which they are located, including lawful requirements to disclose personal information to government authorities in certain circumstances.
goeasy may also use and disclose personal information in connection with the proposed or actual financing, securitization, insuring, sale, assignment or other disposal of all or part of our business or assets (including your loan or lease and any agreement to which it relates), for the purposes of evaluating and/or performing the proposed transaction. Assignees or successors of our business or assets may use and disclose your personal information for similar purposes as those described in this Policy.
goeasy may disclose your personal information as necessary to meet legal, regulatory, insurance, audit, and security requirements, and as otherwise with your consent or as permitted or required by law.
goeasy uses reasonable safeguards and other security standards to protect all personal information in its custody and control against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held. Safeguards will vary depending on the sensitivity, format, location, and storage of the personal information. Only authorized employees, agents, partners and third parties who require access to personal information to fulfill their job requirements will have access to personal information.
Access and Accuracy
goeasy may establish and maintain a file containing an individual's personal information for the purposes described above, which will be accessible at our offices. Individuals have the right to request access to or correction of their personal information that is held by goeasy. Requests must be made in writing, addressed to goeasy's Privacy Officer as per the contact information set out at the end of this Policy. We will respond to written requests within a reasonable time. Copies of records containing personal information may be subject to a fee. If this is the case, goeasy will inform the individual of the amount of the fee in advance. We will use our best efforts to ensure that personal information is as accurate, complete and up-to-date as necessary for the identified purposes. If an individual successfully demonstrates the inaccuracy or incompleteness of personal information, we will amend the information as required. If we refuse access to personal information or disagree with an assertion that information held by us is incorrect, we will provide a written explanation for such refusal and a description of our complaints procedure should an individual decide to challenge such written explanation. An individual's right to access or correct personal information is subject to applicable legal restrictions. To prevent fraudulent access to the personal information stored by goeasy, we may take reasonable steps to verify an individual's identity before granting access or making corrections.
goeasy's Websites and E-Mail Communication
goeasy does not guarantee the confidentiality of any communications made by you via e-mail or otherwise through our websites. If you wish to provide information of a confidential or sensitive nature to easyhome, please contact us directly by telephone at 1-866-823-3279 or easyfinancial at 1-888-502-3279 to arrange for delivery/transmission of such information by secure means.
In compliance with Google's advertising policies, we use Google Adwords Search Engine Marketing (Pay Per Click) and Display Advertising (Remarketing and Google Display Network). We use Google AdWords Remarketing in compliance with the Google AdWords Interest-Based Advertising Policy, which means that you may see our advertisements on Google and other third party websites on the internet after visiting our website.
We use Google Analytics for Display Advertising, including Remarketing, Google Analytics Demographics and Interest Reporting, Google Display Network Impression Reporting and the DoubleClick Campaign Manager integration. You have the option to opt out of Google Analytics for Display Advertising and customize Google Display Network ads. For all the currently available opt-outs, please visit https://tools.google.com/dlpage/gaoptout
We use the data collected through Google Analytics Demographics and Interest Reporting to better understand our website visitors in terms of demographics and interests, to improve our website content in order to cater to our audience, and to customize advertisements based on our audience's interests and demographics.
In certain circumstances, as permitted or required by law, we may collect, use or disclose personal information without the knowledge or consent of the individual. These circumstances include but are not limited to: personal information that is publicly available as defined by regulation; where collection is clearly in the interests of the individual and consent cannot be obtained in a timely way; where disclosure is made for the purposes of collecting a debt owed to us; or to comply with a subpoena, warrant or court order.
Inquiries or Further Information
Privacy Officer, goeasy Ltd.,
33 City Centre Drive, Suite 510
Mississauga, Ontario, L5B 2N5, Canada
If you are not satisfied with our response to a privacy-related matter, you may contact the Office of the Privacy Commissioner of Canada at 1-800-282-1376 or at http://www.privcom.gc.ca. or in Quebec, Alberta or British Columbia, your provincial privacy regulator, as applicable.