Bankruptcy Kitchener Blog by Scott Schaefer

According to Wikipedia, a staycation “is a neologism for a period of time in which an individual or family stays at home and relaxes at home or takes day trips from their home to area attractions. Staycations have achieved high popularity in the US during the financial crisis of 2007–2010 in which unemployment levels and gas prices were high.”

In the Kitchener-Waterloo Region, I have seen and heard this term being used more and more. Staycations are a great way to take in the vast amount of activities and attractions we have in Kitchener and Waterloo. I think there are many activities that we have never experienced because they are local and often overlooked. So from a budget and local impact point of view, a satycation is an excellent way to save money and still get out. But the reality of it is that many people cannot afford to travel away from home right now. With financial debt levels increasing, the amount people are spending just to make their monthly debt payments is growing into a large number. I understand how the past 2 years have affected many people and families in the area.

I have found that summer can be a time when families in the Waterloo Region look at their situation and ask themselves, is this where they wanted to be financially? If a staycation is in your summer plans due to your debt levels, then maybe this is the sign that it is time to consider a plan for your future financial situation. Maybe a consolidation with a bank will help, or maybe it is time for a debt management plan or a consumer proposal.

At this point, the best thing to do is:
a) Create a list of all your debts with total owing and monthly payments to each;
b) Work on a monthly cash-flow tracking what you have coming into the family unit as income and where you spend your funds. See this link for a budget worksheet;
c) Talk to someone to see if your cashflow is missing or omitting something that you missed and will affect your decision making;
d) After drawing up your cashflow, determine what your overage or shortage is.

If you would like to sit down and review your situation to determine how the various options work for you, please call my Kitchener office at 310-PLAN or send me an e-mail. There is no cost or obligation in meeting with us. We will gain an understanding of your situation and then provide you with details of how the options work and at what monthly amounts you would have to pay.

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