Tag Archives: Sheila Walkington

UNSTUCK: How to Get Out of Your Money Rut and Start Living the Life You Want

A REAL NEW YEAUnstuck-with-BorderR’S GIFT

At this time of year, no matter how much we try not to….it’s hard not to get caught up in holiday madness.

December is a time where merchants and retailers are vying for your nickel. January is a time where you get that sinking feeling about where all your nickels went!

And that’s the kind of feeling that Karin Mizgala and Sheila Walkington want to help you address. They want to help you get a grip on managing those precious funds to help you start the New Year off in the black, not the red.

The founders of Money Coaches Canada and the Women’s Financial Learning Centre are proud to offer UNSTUCK – How to Get out of Your Money Rut and Start Living the Life you Want, a book written by Canadians, for Canadians that will show you how to live a sane financial life.

There is no better time than now to order a copy of this new book. It will arrive just in time for the New Year and help you begin the year with a fresh outlook on your financial life and stick to some of those resolutions!

Start the New Year off right with this proven step-by-step money management guide that will show you how to stop living paycheque to paycheque and give you the tools and insight to the emotional and psychological challenges of today’s money culture.

2013 can be the year that you, your family, friends, business colleagues, employees, students, entrepreneurs, and everyone you know can stop the financial insanity and make the year the most profitable one yet – both in your life and in your bank account!

Put your hard earned money to good use by ordering a copy of UNSTUCK – How to Get out of Your Money Rut and Start Living the Life you Want today!

Stop the insanity and check out UNSTUCK today on Amazon.com http://amzn.to/XLNhlf

What makes this book different? Here’s what:

“Kudos to Money Coaches Canada! This book reveals your practical yet caring expertise. You showed me that financial calm is possible for me and for so many other Canadians who have fallen between the financial planning cracks. Unstuck will change lives. It will change the lives of our kids.” Patti-Jo Wiese, Vancouver, B.C.

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Introducing Money Coaches Canada – a nation-wide team of money coaches

When we started helping our clients organize and manage their money, money coaching was virtually unknown in Canada.

We pioneered the concept here and now we are delighted to announce the launch of a country-wide network, Money Coaches Canada co-founded by Karin Mizgala and Sheila Walkington, to help more Canadians manage their financial affairs.

Money is a sensitive topic for many Canadians, often fraught with emotional issues that make it difficult for individuals to achieve sound financial management of their resources. Some of the common problems we see are maxed out credit cards and overdrafts, high debt loads and relationships strained by these financial pressures. Often this stress can be reduced by good money management and that’s where money coaches can help, showing clients how to create and stick with a system for managing their money, not dwelling on guilt and blame but helping people to meet workable goals. Coaches can meet with clients in person, or they can connect online via email or through teleconferences. You can choose your own coach or let us recommend one for you.

So meet our new Money Coaches Canada team.

Sheila Walkington 2010SHEILA WALKINGTON, BBA, CFP
Sheila is a money coach and the chief financial officer of Money Coaches Canada. She also co-founded the Women’s Financial Learning Centre. Based in Vancouver, Sheila’s coaching practice specializes in helping women and couples who are struggling with debt and cash flow issues. When Sheila was interviewed in 2004 by CBC, she was named as one of the first money coaches in Canada. She uses a common-sense approach with the belief that nothing is impossible in helping people reach their goals. More about Sheila

Karin Mizgala 2010KARIN MIZGALA, BA Psyc, MBA, CFP
Karin is the chief executive officer of Money Coaches Canada and a money coach, based on Salt Spring Island, one of British Columbia’s scenic Gulf Islands. Co-founder with Sheila of the Women’s Financial Learning Centre, in her coaching Karin specializes in working with women and couples in transition stages of their lives – retirement and divorce. After earning her MBA and building a career on Toronto’s Bay St., Karin found herself struggling with corporate cultures that valued efficiency and growth above all else. That realization led to a career change and to her work today in which she uses a holistic approach that blends financial planning and counseling skills to help people live more comfortable, balanced and meaningful lives. More about Karin

Karen CollacuttKAREN COLLACUTT, BRLS, CFP
Karen, a money coach who specializes in families and entrepreneurs struggling with debt and cash flow issues, is based in Barrie, Ontario. Karen spent 15 years in the business world and seven of those in a traditional financial planning practice. During this time she achieved Top Advisor in Canada, qualified for the Million Dollar Round Table and was a member of the Top 7 team for Freedom 55 Financial. But finding that clients needed the most help with day-to-day financial concerns led Karen to change her focus to answer those needs, turning to money coaching as the solution her clients were seeking.

Katherine DavidsonKATHERINE DAVIDSON
Katherine lives in Kingston, Ontario where she is a money coach, focusing on cash low, debt management and life transitions such as divorce and retirement. Katherine has worked in the financial field for 10 years, starting as an administrator and moving on to become a financial advisor. Her background as an educational therapist along with her financial planning experience are now combined in her role as a money coach, to help clients achieve their financial goals. Katherine is currently working toward her Certified Financial Planner (CFP) and Certified Divorce Financial Analyst designations.

Renee VerretRENÉE VERRET, BCom
A Toronto-based money coach specializing in retirement and women in transition, Renée grew up the daughter of a single working mom, learning early the importance of being in control of one’s financial life. She learned too that being in control brings with it pride and freedom and that is something she imparts to her clients in her money coaching. After 17 successful years in advertising, sales and management, Renée switched gears, heading back to school where she successfully completed her Certified Financial Planning (CFP) exam. Today Renée helps her clients achieve financial fitness; coaching them to take control of their money and helping them realize the freedom and well-being that comes with that.

Whether you are simply curious to learn more about money coaching or already eager to get started, contact us to set up a complimentary Initial Consultation. We’d love to hear from you!

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Changes to Canada’s Credit Card Regulations

The credit card bill that arrived in the mail the other day carried a sobering message.

The balance owing was $559, admittedly not a hefty sum at a time when Canadians collectively owe $1.2 trillion, an amount that has more than doubled over the past 10 years with credit cards and lines of credit accounting for much of that increase.

However, the Visa statement noted that by paying the minimum balance on the card  — $17 — it would take seven years and seven months to pay off the $559.

The bill got paid in full, thereby saving almost eight years of payments but like those warnings on a cigarette package, the notice was a stark illustration of the ills that await those with bad credit habits. The warning is one of the changes to Canada’s credit card regulations that are designed to protect Canadians from unforeseen costs and encourage them to reduce credit card debt. The announcement brings into effect regulations that were introduced almost a year ago.

It would seem we need all the help we can get. Canadians are carrying record debt loads and while we’ve been sheltered by record low interest rates, Canada’s prime lending rate is edging up.

At the same time we long for financial freedom. More than two-thirds of Canadians in a recent survey conducted for Manulife Bank of Canada said becoming debt-free was their top financial priority.

If becoming debt-free is a top free priority for you, it’s not too late to register for Sheila’s Debt-Free Challenge that starts October 5th.

And while you’re tackling debt, take time to catch up on these latest changes to Canada’s credit card regulations.

Here’s what the changes mean to you:

  • All new credit card purchases will have a 21-day interest-free grace period when you pay your outstanding bill in full, so pay up and you’ve just earned an interest-free loan 21-day loan from your credit card company.
  • Payments made by consumers must be allocated to pay off the balance with the highest interest rate first or distributed proportionally among each type of balance including cash advances and purchases. That means any payment that exceeds the minimum required should first go towards paying off the highest interest rate balance.
  • Monthly credit card statement must list the time it would take to fully repay the balance if the minimum payment was made every month. If you want to put a price on your impulse spending before it’s too late and the bill comes in, check out the Financial Consumer Agency of Canada’s credit card payment calculator tool. It will calculate how long it will take you to pay off balances with minimum payments only and the impact of increasing payments, even by a small amount over the minimum.
  • Credit card companies must disclose interest rate increases before they take effect, even if the information is in the credit contract. ~Karin Mizgala
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Money Coaching – “I know you’re on my side!”

A few years back, Sheila Walkington of Money Matters was dubbed by CBC as Canada’s first Money Coach, but quite honestly most of us in the financial planning biz thought she was crazy.  Who would pay someone to help them get out of debt and deal with difficulties in living within their means?  But we were so wrong – Sheila now has a thriving practice and can’t keep up with the demand.  She’s so busy in fact that she’s started an associate program and is looking for like-minded advisors across Canada who also want to help people take charge of their money – and their lives.

When asked about what a Money Coach actually does, Sheila Walkington laughs and says, “Basically, I help individuals and couples get a grip on their money.” She then goes on to explain that she grew increasingly uncomfortable with earning commissions while also dispensing financial advice.  “I saw a big gap in financial planning.  People were seldom getting the objective financial advice they truly needed. The focus was always on investing, but people often needed help getting out of debt, managing their cash flow, and focusing on what they really wanted out of life. That’s where I can help best.”

According to Sheila, being a Money Coach often entails dealing with some core financial issues. Most Canadians are certainly spending more than they are taking in. Credit cards and overdrafts are often maxed out. Debt loads are at an all time high. There are strains in relationships as new couples merge their financial affairs or start raising a family. Other common challenges include career transitions or job losses, buying a house, divorce or retirement. Very few Canadians have even a basic financial plan to help guide them through these hurdles.

There are also emotional issues around money matters including guilt, anxiety and even shame. But, as Sheila reassures us, this doesn’t have to be the case.  For one thing we’re definitely not alone in experiencing confusion and stress around money.  Its just one of the downsides of the voracious consumer culture we live in. And, judging by the volatile economic news from the world, even large corporations, financial institutions and entire governments are feeling the heat. In her experience, as both a Money Coach and financial educator, Sheila has found that most people just need some good independent advice and a simple working plan to regain control of their financial lives.

When people come to her for advice, Sheila charges them a fee to set up a system for managing their money. She then helps them stick with it.  “I first get them to take a close look at where they are at right now, Sheila emphasizes. “Then I get them to look at where they want to go. Once they get clear on their dreams and goals then they get very motivated and determined to reach them. It then becomes much easier to focus on getting rid of debt, setting up a workable savings plan, planning for a family, buying a new home and preparing for medical or other emergencies and retirement.” And, she adds, “When you know where you want to go, it becomes much easier to say no to those things that are keeping you from your dream.”

Sheila has helped a lot of people over the years and has earned the respect of her clients and her colleagues both past and present – myself included. I recently asked her about a highlight of her career as a Money Coach and Sheila replied with the story of a recent client who paid her the highest compliment by simply saying: “I know you’re on my side.” – Karin Mizgala

Originally posted to Financial Post Magazine Daily on May 18th, 2010

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