Family

Money Saving Tips For Brand New Parents

If you’re like me and have never yet had any children, you will likely be as surprised as I was at finding out just how expensive it really is to have kids.  I found this really interesting article on globeinvestor.com that talks about the first year of parenthood.  If you are thinking of taking that big step and having a baby in the near future, I would highly recommend checking out the article.

The article includes links to some helpful websites that can provide tips for saving money on baby items.  Suggestions such as using hand-me-downs instead of buying everything brand new could help with the financial side of things.  It also includes information on the Canada Child Tax Benefit and the Universal Child Care Benefit that will be important to know.  It’s important to understand all of the government benefits and tax credits you are entitled to when you are a parent.  Every little bit helps.

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January 20, 2010
Budgeting

A Handy Budgeting Tool From Kiplinger.com

If one of your New Year’s Resolutions for 2010 is to create a budget and stick to it, I found a nifty tool that you might find helpful.  Kiplinger.com has a budgeting tool that will help you get started.  It lists several possible expenditures that your family may incur, and it has the function to do the math for you, so you will know in an instant how successful you were at sticking within your budget.

Don’t be discouraged if at first you find it difficult to determine how much should be allocated to each expense.  It will take time to figure out what is practical and reasonable.  It will also take some time to get used to having to stick within a set budget, but you can do it.  Believe me, it’s worth it if you don’t want to squander all of your money.

I especially like the fact that this tool also accounts for your savings budget, containing fields for an emergency fund, a vacation fund, etc.  The tool was created for Americans as one of the fields is labeled Retirement/401(k), nevertheless this tool can be used by anyone, and Canadians can put their RRSP savings into this field.

If you don’t already follow a budget, I want to encourage you to set one up for 2010.  This tool will help you to get started.  Click this link to check out the budgeting tool.

January 18, 2010
Money Saving Tips

Save Your Loose Change – It Really Does Add Up!

Believe it or not, your loose change adds up pretty quickly if you make a habit of emptying your wallet or purse once a week and putting it in a jar.  After a few months, if you count it, you will discover enough money to treat yourself to a dinner out with your family, or maybe it will help you pay for a minor car or home repair.  Whatever you use it for, you will be surprised at how much you will accumulate.  This is especially the case for Canadians where we have one dollar and two dollar coins.  It doesn’t take much change to add up to to $20 or $30.

By keeping it in a jar at home, you will be less likely to spend your loose change on frivolous things like useless items at dollar stores, junk food at vending machines, or whatever other temptations you have.  For me, my weakness is potato chips.  If I know that I have enough change in my purse to buy chips, I will often squander my money by paying an outrageous price for a small bag of chips.   By keeping my loose change at home, not only do I save money, I also eat a lot healthier.

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January 16, 2010
Money Saving Tips

How To Save Money On Your Mortgage

For most people, purchasing a home is one of the biggest investments they will ever make. Buying a house or apartment usually involves a lot of money, especially if it is mortgaged. The key to saving money on your mortgage lies in getting the best available one for yourself. Although that may sound like an obvious solution, essentially it is about utilizing available avenues that will help you save quite a lot of money, especially if you make your monthly payments on time. While everyone wants to pay off their mortgage as soon as possible, it requires considerable amount of planning to transform wishes into reality.

There are several methods to help you save money on your mortgage:

Seller financing: This allows you to pay the amount directly to the seller over a period of time, rather than borrowing money and paying all of it at once. It enables you to negotiate a better rate of interest, and avoid the numerous administrative fees charged by lending institutions. Moreover, it saves you from the frightful mortgage insurance. It also provides you with a secure source of income and returns, without having to pay capital gains tax. The seller holds the house as a collateral that can be taken back, if the buyer defaults.

Debt Consolidation: When you reimburse your mortgage, you often pay off a number of unsecured debts such as credit cards, charge cards, personal loans and the like. The rates of interest on home loans are relatively lower than those on unsecured debts. Therefore, debt consolidation would help you to bring down your monthly payments. In other words, you would be paying an interest rate that applies to home loans on all your unsecured debts.

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January 14, 2010
Debt

How to Avoid Car Financing Pitfalls

If you are considering the purchase of your first car or even your next vehicle if you?re not a first time car buyer, you may be concerned about the prospect of financing your vehicle. This concern is not totally unfounded. There are numerous pitfalls that can occur when financing a new vehicle, especially if you plan to use dealership financing. In order to avoid running into these problems, and possibly stalling your purchase read the tips below.

First, understand exactly how important your credit score is to your auto loan application. Even when working with a dealership loan department, be aware that your credit history will be run and your credit score will have a major impact on your ability to obtain an auto loan as well as the terms you are offered. Ideally, it is best to stay on top of things and get an idea of the condition of your credit history yourself before you even step foot into the dealership. Look to make sure there are no errors on there that could be dragging down your score. If your credit score is not in great condition and it is not due to errors, consider delaying the purchase of a vehicle until you can clean it up by paying down some other debts and improving your bill payment schedule; both of which will help to raise your credit score. Remember, a low credit score can prevent you from getting a better interest rate as well as the loan itself.

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January 12, 2010