Learn More About Your Finances with SkyCap University

SkyCap Financial University is a free educational program to help clients improve their financial situations by teaching the basics of managing money. This engaging and inspiring literary course is available to all SkyCap Financial clients. Once you have completed the course and have a perfect payment history, you will be eligible for a reduced interest rate.

Budgeting

Tips

A budget is a plan to better manage your money, helping you figure out how much to earn, spend and save.

According to the Financial Consumer Agency of Canada, creating a budget can help you balance your income with your regular expenses and guide your spending to help you reach your financial goals:

  • A budget is important if you have trouble paying your bills, don’t know where your money is going and have problems paying off debts. It can also help you make the most of the money you have, and plan for major purchases or life events, such as buying a car, going to school, having children or retirement.
  • A well thought-out budget can help you live within your means, reduce costs and find ways to pay off debts. The FCAC has created a budget worksheet that you can download and update as your financial situation changes.

Debt

Advice

Start with a list of everything you owe, including amounts, minimum monthly payments and interest rates.

The list might include:

  • mortgages
  • car loans
  • personal loans
  • credit card balances
  • lines of credit
  • student loans

Then you’ll need a plan. The types of debt and the amount of debt you owe will affect your strategy for paying them off:

  • Rank your debts from the highest interest rate to the lowest. Make the minimum payments on all your debts and make sure that you never miss a payment.
  • Use any extra money to pay down the debt with the highest interest rate.For example, payday loans often carry the highest interest rates of any debts.

Don’t get too stressed about debt, SkyCap Financial is here to help. We provide debt consolidation loans where you can roll all your loans into one. Apply today to see if SkyCap Financial can help you with a debt consolidation loan.

Credit

An Introduction

Credit allows you to purchase the things you need or want when you don’t have the money in the bank. You’re agreeing that you will pay the lender back according to the terms of the contract. You benefit because you’re able to use the cash to access the goods or services immediately.

There are two primary types of credit: revolving credit and installment credit. Each type has its own unique features.

With revolving credit, the lender gives you an upper limit, and you can spend as much or as little as you want as long as you stay within that limit. When it comes time to pay the monthly bill, you also have a bit of flexibility. You can pay the minimum amount due, the full balance, or anything in between. Credit cards are an example of revolving credit.

With an installment loan, the lender gives you all of the money you need up front, and they create a payment schedule to ensure that you pay all of the money back within a certain time frame. A SkyCap Loan is an examples of an installment loan.