Saving
How to Host a Clothing Swap
Filed under: Bargains & Freebies, Economizer, Saving, Shopping
You might have been invited to one recently or seen clothing swap events on social media websites. They're definitely a growing trend among fashionistas on a budget, but what are they and how do they work?Put simply, it's an event where participants exchange clothing they don't wear anymore (because of fit or style) for items they will actually wear.
Swaps are a great way to get rid of clothing that's just taking up valuable wardrobe space, it gives you an opportunity to get new-to-you-clothing without spending any money and it's a fun way to be green.
You can organize a public swap or start small and host a smaller swap with your friends.
How the Budget Affects You
Filed under: Budgeting & Planning, Debt, Economizer, Family Finances, Insurance, Investing, Retirement and RRSPs, Saving, Shopping, Travel
Another year another federal budget. This is Canadian political theatre so, of course, we mostly just tune it out. At best, Canadians tend to shrug when the federal budget is announced. At worst they ignore it all together. This year though there are a few things in the budget you should take note of because they're going to impact you.
Old Age Security
This year's budget might determine when you retire. The Old Age Security (OAS) program currently pays benefits of $540 a month to qualifying Canadians age 65 and older. Beginning in 2023 though, only Canadians over the age of 67 will be able to start collecting their cheques. This means everybody who is currently under the age of 54. Many Canadians rely on a combination of company pension payments, RRSP savings, Canadian Pension Plan payments and OAS payments to get by in retirement so delaying when you can access one of these can have a pretty big impact. Everybody keeps telling me that 40 is the new 30 so I guess 67 is the new 65.
Old Age Security
This year's budget might determine when you retire. The Old Age Security (OAS) program currently pays benefits of $540 a month to qualifying Canadians age 65 and older. Beginning in 2023 though, only Canadians over the age of 67 will be able to start collecting their cheques. This means everybody who is currently under the age of 54. Many Canadians rely on a combination of company pension payments, RRSP savings, Canadian Pension Plan payments and OAS payments to get by in retirement so delaying when you can access one of these can have a pretty big impact. Everybody keeps telling me that 40 is the new 30 so I guess 67 is the new 65.
It's Consumers 1, Retailers 0, When It Comes to Comparison Shopping with Smartphones
Filed under: Buyer Beware, Economizer, Saving, Technology
This is called bargain hunting at its finest: price-conscious consumers enter a store, look at the wares it offers, take out their smartphone and proceed to check out prices for the same goods elsewhere, looking for better deals. And if they find better deals, they proceed to buy them online, without even leaving the store where they had been checking them out in the first place.Retailers are shocked: how could they throw such shameless people (in their view) out without hurting their own reputation? And how could they check on what better prices the would-be shoppers see online so they could adjust?
Retailers fear that the only footfall they may see in future will be from people checking out products in person before buying online from rivals.
Emergency Fund: How to Save for a Rainy Day
Filed under: Saving
You've heard it before and we're saying it again, an emergency fund is important. It's what you turn to when there's an unexpected financial crisis such as medical bills or sudden unemployment.
Despite being told about Canadians' debt crisis and saving more, 38 per cent of Canadians don't have an emergency fund according to the 2012 TD Canada Trust Report on Savings.
It's not that Canadians are refusing to save an emergency fund. It's that when asked why they didn't have one, 56 per cent of them said they had no money, 46 per cent were paying off debt, 14 per cent were paying off their mortgage and seven per cent were saving for retirement or their children's education.
Good Nutrition on a Budget
Filed under: Budgeting & Planning, Family Finances, Food & Drink, Health, Saving, Shopping, Holidays
Just like everything else, the cost of food is rising, making it more difficult for most of us to eat well on a budget.Pricing of food has risen by 4.4 per cent, according to a recent report from Statistics Canada. Food staples such as milk, eggs, fresh vegetables, coffee and bread are not immune from the price hikes, meaning the bottom line on everyone's grocery bill will be effected.
Registered dietitian Cassandra Reid at Cleveland Clinic Canada offers some advice on affording good nutrition throughout the year.
Hypermiling: Save On Gas ($30/tank!)
Filed under: Economizer, Family Finances, Saving, Going Green
It was hard to do, but in the same week I started researching this hypermiling thing, gas prices spiked to almost $1.30 a litre. It was also the week I got my first real speeding ticket. I took all of it as a sign from the Fates that I should probably slow down a little.I'm not a speed demon by any stretch, but I do tend to go most places while travelling about 10km over the limit. I am sensitive about using my brakes unnecessarily (to save gas yes, but more to save my brakes), and I've always known that better driving can = better fuel economy. Still, this particular experiment astonished me. In one round trip, by following a few really simple rules, I managed to save almost $30 in gas.
Hypermiling: Save On Gas, Drive Like a Granny
Filed under: Economizer, Family Finances, Saving, Going Green
"Hyper-what?"It was a Tuesday morning and I'd just read that gas prices were going up again this spring. My stomach was curled up in a tight little ball, and I'd just written to a friend that I wasn't sure what we were going to do about the fairly regular road trips we take across the province and back, each month.
I had to Google hypermiling to find out what she was talking about. It turns out there are whole clubs full of people across the continent who play games with themselves, their vehicles, and sometimes each other, in order to wring the very best fuel economy they can out of their cars.
Now, I've always known that smarter driving can mean better bang for your buck in the fuel economy department, but I had absolutely NO idea just how much could be saved by following a few simple rules. I was skeptical, but I tried them, and I was floored: On my very first tank of gas trying this, I think I saved almost $30.
The Cult of Hypermiling
Filed under: Economizer, Saving
With gas prices staying high, and summer travel season about to hit, it might be time to familiarize yourself with hypermiling. The idea of learning to drive differently in order to save money on gas, began the last time gas prices skyrocketed and now has its share of devotees. Have a look at their gospel of gas savings: nine rules of driving that should save you money. And, for the other side of things, have a look at the top gas saving myths, since not all hypermiling techniques make sense to everyone.
Last Minute Budget Destinations
Filed under: Bargains & Freebies, Daily Deal, Economizer, Family Finances, Health, Saving, Travel, Weird & Wonderful
You told yourself you couldn't afford it and that you could forgo a vacation this year.But as grey day turns into greyer days you find yourself needing some sun and relaxation or at the very least a change of scenery but you've got nothing planned.
The same thing happened to me a year ago and I've learned my lesson. Though we greatly enjoyed getting away to a warmer climate, my family endured many extra costs resulting from our last minute decision.
As Travelocity Canada's in-house travel expert Brian Simpson said on Walletpop recently, if you book last minute you may not end up with an "ideal" vacation. But if you're cautious and do a bit of research (which we didn't) you can end up saving and still having a stress-free time. Here are some last minute budget destinations that won't have you regretting your impulsiveness.
To view the gallery, click here or on the picture below:
Invest in Yourself: Study Short-term and Enjoy the Pay Off Long-term
Filed under: Employment & Careers, Entrepreneurship, Family Finances, House & Home, Investing, Saving, Back to School, Your Home, New Year New Start
How long has it been since you've invested in yourself? It's easy to get caught up in investing for retirement but one of the best investments is in continuing education because you control the return. The harder you work the more the investment will pay off (and out). Here are some classes to consider that don't cost much but could be a huge benefit to your financial situation.Financial Management
What better way to improve your fiscal fitness than understanding the ins and outs of money management. Many colleges have basic accounting courses you can take at night. You could also look into Credit Canada's Financial Coaching Series, which involves six sessions of basic financial coaching (each session costs $120 or you can attend all six for $600). This would be more personal than a basic college course since you're assigned a finance coach who will analyze your own situation and help you explore your own goals and beliefs about debt, credit and your financial future.
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