7 Signs you are living beyond your means…

Published On August 11, 2013 | By Joseph (Ken) | Debt
no debtNot an new article or new information but interesting the number of households who fail to recognize these signs.  Check out the list below, are you guilty of any one of these?7 Signs you are living beyond your means

1. ZERO SAVINGS ACCOUNT
2. HOUSING EXPENSE: 
Although the article states that: “Housing ratio refers to the percentage of your income spent on your rent or mortgage. In a perfect world, your housing ratio should be less than 28% of your income.”  As per TD Canada Trust (as with most big banks), “The GDS looks at your proposed new housing costs (mortgage payments, taxes, heating costs, and 50% of condominium fees, if applicable).  Generally speaking, this amount should be no more than 32% of your gross monthly income.” 

3. CAN’T PAY YOUR BILLS ON TIME
4. BAD CREDIT
5. TRYING TO KEEP UP WITH YOUR FRIENDS
6. CONSTANTLY BORROWING MONEY
7. DENIED NEW CREDIT

Like this Article? Share it!

About The Author

Joseph (Ken)
(Ken) is a Registered Public Accountant with over 25 years of public practice experience in the accounting profession. Ken specializes in accounting information systems, taxation and financial reporting.

One Response to 7 Signs you are living beyond your means…

  1. Pingback: Joseph Lea and Associates Inc. Canadians preparing for life without retirement