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Money Saving Tips

Money Saving Tips

Cooking Christmas Dinner on a Budget

ways to save money on Christmas dinnerFor those of you who enjoy eating turkey dinner with family at Christmas, there a few things you can do to serve a great meal with all the trimmings, without breaking your budget.

For one thing, turkeys are relatively inexpensive compared to other meat you can buy, especially when it goes on sale during the holiday season.  Always be sure to buy your turkey on sale, and compare prices with other grocery stores as some have better deals than others.

Secondly, I find it’s cheaper to make your own cranberry sauce than to buy it canned, and it tastes ten times better.  The best time to stock up on cranberries is right after a holiday, so I recommend buying your cranberries right after Thanksgiving and then freezing them to use for Christmas.  You can often get a package for less than 60 cents.

If you’re inviting family and friends over for dinner, suggest that they bring a salad or dessert.  They will want to feel that they have contributed anyway, and it will save you time and money if everyone brings something.

Potatoes are fairly cheap and you can often find a twenty-pound bag for four dollars.  You can use dried out bread to make stuffing, or if you’re like me, you can buy Stove-Top stuffing when it goes on sale.  I’ve seen it as cheap as 88 cents a box.

You can make gravy from the good stuff at the bottom of your turkey roaster, so all you need is a bit of flour or cornstarch and water for thickening.  So you see, hosting a turkey dinner at Christmas does not have to cost you a lot of money – especially if some of your guests are helping out with salads and desserts.

If you do end up making a salad, make one from scratch instead of buying the more expensive pre-made ones.  Although the ready-made ones are convenient, you are paying dearly for them.  A suggestion is a simple ceasar salad.  All you need is some romaine lettuce, a few veggies, and most importantly, the croutons. 🙂

Making Christmas desserts can get expensive, depending on what you want to serve.  Shortbread cookies and sugar cookies are some of my favorites and they are not that expensive to make.  If you’re looking for inexpensive dessert ideas, search in Google and you will be sure to find something that interests you.

Happy cooking!

Money Saving Tips

Ways To Save Money This Christmas – Write a Christmas Letter

write a Christmas letter and save money this ChristmasChristmas will soon be upon us and I wanted to start writing some posts about the various ways we can save money during this holiday season.  It’s so easy to overspend this time of year, so for the next few posts, I will be writing about ways we can all save money this year.

Today’s suggestion is to write a Christmas letter in place of buying Christmas cards.  The best time to buy Christmas letter paper is right after Christmas as it usually sells for half price.  Although it may be too late for this year, be sure to pick up some extra paper on sale to use for next year.

Once you’ve picked out a pattern you like, all you need to do is decide what you want to highlight in your letter.  Be sure to include anything of interest such as a job change, a vacation you took, etc.  Also include some plans for 2010 that you are looking forward to.

When your scripting is complete, use a festive font and add a graphic or two.  Then print off as many letters as you need.  You may also want to include a photo of your family.  Leave a bit of space at the bottom for a short personal note that you can handwrite to each individual on your mailing list.

Your family and friends will love receiving a Christmas letter in place of a boring old Christmas card.  The letters are much more personal as they tell so much more of what has been happening in your life.  They are also a lot cheaper than sending traditional store-bought Christmas cards that often lack creativity and meaning.  If you want to be really cheap, you can scan your Christmas letter and then send it as an attachment in an email.  However, I personally prefer sending my Christmas letters through snail mail as it is always fun to receive something in the mail.  It’s much more personal.

Have fun making your Christmas letter.   More money-saving tips for the Christmas season will be posted shortly.

Money Saving Tips

What Is A Registered Disability Savings Plan?

take advantage of a Registered Disability Savings Plan (RDSP)A Registered Disability Savings Plan (RDSP) is a relatively new plan offered by the Canadian government that is intended to help parents and others to save money for people who are eligible for the Disability Tax Credit.  The plan is designed for long-term savings and it’s best to keep any contributions in the plan for at least 10 years.

Contributions are not tax deductible, however the major advantage to an RDSP is that the government will pay matching grants of up to 300% depending on the beneficiary’s family income and the amount contributed.  Over the beneficiary’s lifetime, they can receive up to $70,000 in grant money and they may also be eligible for Canada Disability Savings Bonds of up to $20,000.

The grants and bonds can be paid into the plan until December 31st of the year the beneficiary turns 49.  For specific details on when the government grants or bonds would need to be repaid, check out this link.

In order to qualify as a beneficiary of an RDSP, you must be eligible for the Disability Tax Credit, have a valid SIN, be a Canadian resident, and be under the age of 60.  Anyone can contribute to an RDSP as long as they have the permission of the plan holder.

There is no annual limit on amounts that can be contributed to an RDSP of a particular beneficiary. However, the overall lifetime limit for a particular beneficiary is $200,000. Contributions are permitted until the end of the year in which the beneficiary turns 59 years of age.

For more information on RDSPs, click on this link.   RDSPs are a great way to help people with disabilities to become financially secure.  Partnering with the government, you can ensure that you or your loved ones can achieve their financial goals.

Money Saving Tips

How To Save For A Home Down Payment Without Draining Your Retirement Savings

how to save for a home down payment without mortgaging your futureWith the prices of homes in this present market, it leaves us contemplating whether or not we can even afford the down payment. Add to it the cost of taxes and home insurance and it can become a very stressful situation. If you are looking to own a house in the future, saving your money today with strategic planning can prepare you for the down payment in the timeline you choose. Before resorting to withdrawing money from your retirement savings or 401K, consider other options first.

The amount of your down payment will affect your savings plan. Before the housing crisis of 2008, lenders were granting mortgages without down payments. Today, very few if any banks will take that risk, even if your credit is superior. Calculate 20% of the home sale price to be safe and prepared. Don’t forget to include closing costs and miscellaneous expenses. You may be able to put down less money; however, any number below 20% of the sale price and you will need to purchase PMI (private mortgage insurance). This insurance protects the lender should you default on the loan. It is wise from a financial standpoint to put down the 20% and pass up the PMI. PMI adds unnecessary costs to your mortgage.

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Money Saving Tips

What Are You Saving Money For?

what are you saving money for?It’s great to save money, but what are you saving it for?  Money is simply a means to an end.  It helps you to achieve your goals, whatever they may be.  But saving is almost impossible if you don’t have a goal for the money you are saving.

If you are currently having difficulty saving money, you need to ask yourself what your goals are.  Do you want to travel, start a hobby, or buy a motorcycle?  It’s important to define your goals.  Once you have determined what you are saving for, it will make it so much easier to save.

It’s really hard for a person to save money for the sake of saving.  What good is money if you don’t have a plan for it?  It’s like buying a vehicle and then letting it sit in your garage untouched.   The best way to ensure that you will be able to save is by determining what your goals are.  It’s important to consider your short, medium, and long- term goals and then begin to tuck away money towards each of those goals.

Focus on your goals instead of focusing on how hard it will be to save up to reach your goals.  By doing so, you will be motivated to live within your means and you will be less likely to overspend.  As the saying goes, “keep your eyes on the prize.”  Try it and see how it works for you.  Saving doesn’t have to be a hard and frustrating task.  It can be easy if you motivate yourself by setting targets that will enable you to achieve your goals and aspirations.