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Money Saving Tips

Save Money This Christmas on Stocking Stuffers

If you and your family enjoy the tradition of giving each other a stuffed stocking on Christmas Day, here are some neat and affordable stocking stuffer ideas that will satisfy everyone and won’t break your holiday budget:

*A pair of socks. Socks are useful, practical, and inexpensive.

*Candy! Get creative. Go to your nearest dollar store and pick up random Christmas treats. Throw in some gum and Lifesavers, oh, and maybe some Smarties! 🙂

*Small notepads or journals. Everyone needs a place to jot down important notes.

*A small calendar.

*A Christmas ornament or decoration. It’s always fun to be able to use it next Christmas.

*Practical things like small tools, shaving creams, tiny shampoos and lotions, etc. They come in handy, especially for frequent travelers.

*Gloves, toques, mitts, and scarves are great for stockings.

*Gift cards and lottery tickets are also fun!

*Playing cards, small puzzles or puzzle books, and other little games that you can find in the dollar store.

*Combs, hairbrushes, hair accessories, and lip gloss are practical and fun.

*Silly gadgets such as back scratchers and whoopee cushions can be purchased inexpensively at dollar stores and can make for a really entertaining Christmas!

There are a million and one things you can stuff in a stocking and none of the items have to be expensive. When it comes to stocking stuffers, the dollar store is your friend! Have fun stuffing stockings this Christmas!

December 7, 2009

Money Saving Tips

Cooking Christmas Dinner on a Budget

For 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!

December 5, 2009

Money Saving Tips

Ways To Save Money This Christmas – Write a Christmas Letter

Christmas 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.

December 3, 2009

Money Saving Tips

What Is A Registered Disability Savings Plan?

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 31^st 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.

November 17, 2009

Money Saving Tips

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

With 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.

November 3, 2009

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