A lot of us have access to high speed Internet at home these days. Unfortunately the price seems to keep going up and it is important to make sure that you are not paying for more service than you are using.
Most Internet providers offer several different packages catering to various types of users. For instance, people who constantly download large files will require a more expensive service than someone who uses the Internet primarily to check email, use Facebook, etc.
When you shop around for big -ticket items like laptops and appliances, you would likely be prone to shop around, right? Well, it’s a wise idea to do the same when your car is in need of a major repair. Why? Because you might be able to save a lot of money on your repairs by getting a second opinion. Not to mention the fact that you might also find out that some of the repairs that the first shop recommended may not be required.
We recently had to do some major repairs on our car. The first shop my husband took our car to estimated the cost to be about $100 more than the second shop. We generally just go to the shop nearest to us since it is so close and convenient, however, my husband thought it would be a good idea to try another shop since the repairs were so costly. I’m glad he did. For the extra bit of time it took him to get the second opinion, we saved some hard-earned cash that could be used towards other savings goals.
While visiting a friend recently, she gave me a great idea for a way that helps her to keep herself organized as well as to save money on her grocery bill every week. Her trick is to use a MenuTemplate that she prints off each week before buying groceries. She writes down what she plans to make, looks into her cupboards and fridge to see what she already has, and then fills in the section for what she still needs to buy.
Having a car is already expensive enough due to maintenance costs and insurance, not to mention fuel. The following tips will help you to save some money when it comes to your car.
1. Shop around for auto insurance if you live in a place that has more than one option. Make sure you are getting the full protection you need from a reputable insurance company, and don’t be afraid to shop around every year to make sure you are getting the biggest bang for your buck.
2. Wash your car at home rather than paying the big bucks at a gas station car wash.
3. Do not buy a higher octane level gasoline than is required by your vehicle as you will be wasting your money.
As I have written before, it is important for all of us to have some funds set aside in case of emergency. If your vehicle breaks down or you find yourself out of work for a while, you do not want to have to use your retirement savings. There are key reasons why you should not even consider your RRSP as your emergency funds.
First, you get penalized for withdrawing. You pay withholding tax to the government when you first make your withdrawal.
Second, you have to pay more tax at the end of the year on the amount you withdraw, depending upon your income tax bracket.
Third, there are other negative impacts as well, including the fact that you lose that RRSP contribution room permanently. So as you can see withdrawing from your RRSP is expensive.
To prevent ever having to make an RRSP withdrawal before retirement, consider putting some money aside every payday and using either a Tax Free Savings Account or even just a regular savings account that still pays you some interest. This way you have the flexibility to make RRSP contributions with excess savings before the deadline without putting you in the position of touching your RRSP prematurely. (Build your emergency funds until you have three to six months of living expenses and then any money above that can be used for your RRSP in the event that nothing comes up throughout the year.)
Before putting money into your RRSP, make a mental note that this money no longer exists to you until you retire. It is not back up savings. Don’t even include your RRSP balance when you calculate how much money you have. It’s best if you forget about it, because there is no point in contributing to your RRSP if you intend to use it as emergency funds. It just doesn’t make financial sense.