The banking world is full of helpers and specialists. Member Services Representatives. Financial Services Specialists. Wealth Advisors. The list goes on. Who are these people and what do they do? Well, that depends where you go!

If your mortgage is coming due this year, you may be wondering how much of an impact the higher interest rates will have on your finances. 
 
While it’s true that your new mortgage rate may be higher than what you were paying before, it’s important to remember that there are ways to manage the higher payments and still maintain your overall financial goals. 
 
In this blog, let’s explore some steps you can take to overcome the potential of higher mortgage payments and make sure that you can still afford your mortgage and maintain your lifestyle as best as possible.

Remember back in the day? “But wait… there’s more! With only 10 easy payments of $19.99, you receive not one, but TWO snuggies!”

The idea of making small and easy payments after receiving an item was almost thought of as a bit of a joke or meme.

However, I recall a couple of years ago purchasing an iPhone on the Apple website. On the checkout page, I was surprised to see the option of paying it off in 4 equal monthly payments. No fees or interest, they said. Lately, I’ve started seeing this option on more and more websites: Wayfair, Amazon, Best Buy.

When it comes to personal finances, Canadians have a lot of choices. It can be overwhelming. While there are plenty of options to choose from, have you considered a credit union?

At PenFinancial, we know that retirement is both a goal and a destination. I meet many people that have planned for how to get to retirement, but have no idea what to do with their finances or their time when they get there. They struggle to answer when I ask what their plans are for retirement. Some say they’ll enjoy staying home every day. It may sound great for a while. Lounging in your robe and not having to deal with coworkers is great. But what happens when you start to go stir crazy? What happens when you want more from your retirement? Staying home every day isn’t as great when you don’t have enough money to do anything…or any idea of what you want to do.

Welcome to your 30s! You’ll be spending less money on fun and more money on necessities. You’ll be spending less time with friends and more time at work. Your 30s are a time defined by one thing: change.

Millennials. Gen-X & Y’ers. Baby boomers. Canada is a mosaic filled with diverse cultures and multiple generations of wisdom. I was reminded of this recently when a member met with me to plan for her joint finances with her common-law husband. Did you automatically picture a young person sitting across from me? Bright-eyed and rosy cheeked and damned if she was going to make the same mistakes as her mother? You’d be wrong. Debbie was a 56-year-old divorced woman who had “shacked up” with her new partner, Ron, a year earlier. It seems that millennials aren’t the only ones skipping the walk down the aisle these days.

I believe in social responsibility and values. As a credit union employee, I get to put those values into action every day. I help members achieve their financial dreams.  I educate and empower my community. I get to skip through rows of pine trees and chop down the best Charlie Brown tree to decorate my office. Ok, that may not be a credit-union sanctioned activity, but it is fun!

It happens to the best of us: poor credit. It isn’t hard to develop. One unpaid $100 mobile phone bill and 4 years later, and your credit history is poor enough to make a banker shut their laptop so fast it blows your hair back. No loans for you. No mortgage.  No line of credit. No further questions.

Budgeting tips from your mother

This weekend was the big day: Mother’s Day. The day all moms look forward to as their annual chance to live like queens…or the day they don’t have to do quite as many household chores. Let’s be realistic, that’s probably what happened.