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.

October 28, 2009
Money Saving Tips

How To Save Money This Christmas

how to save money this ChristmasChristmas can be a particularly expensive time for all of us. The cost of presents, food and booze all add up – and before you know it, your wallet/purse is empty.

So how could you save money this Christmas? Here are just a few of the simple (yet effective) ideas you could put in place to save yourself money over the festive period this year.

1.        Make your own gifts and decorations

You can, if you feel handy, make your own gifts and decorations. When I say make your own gifts, I don’t mean stick a few pieces of paper together to make a nice poster, I mean make your own jam, for example.

There are so many recipes available for you to try out online. Why not try to make your own Christmas pudding? Or what about your own wine? These will make great gifts for people who are looking to save money too – you never know, you may inspire them to make their own!

As for your own decorations – this is where you can get the paper out! Get creative and take yourself back to your school days. Make a big paper chain and stick it on the wall (or from one corner of the room to the other). Why not make your own tree decorations? You could get your kids to help you – they could make their own decorations and place them round the house.

2.        Make your own Christmas cards

This is a thoughtful idea that many people will appreciate more than you think. If you just went out and bought 50 Christmas cards, filled them out and posted them, then that’s nice – but you didn’t really put much thought into it, did you?

However, if you were to take the time to make your own cards (either by hand or on the computer), then people will appreciate it and you will save yourself money!

3.        Set yourself a budget

If you really want to save money this Christmas, then set yourself a budget. For example, you could set yourself a budget of £100 to buy everyone’s presents. This may sound impossible but it really isn’t.

There are all sorts of sales on at this time of year – you just need to sit down and search online. Failing that, trawl the high street stores for cheap items.

I found various cheap toys online, and I’m sure you can  too. Try sites like eBay and Amazon, they are packed with cheap deals.

 

October 26, 2009
General

What is the Lifelong Learning Plan?

Lifelong Learning PlanAre you considering going back to school full time but you’re not sure how you will pay for it?  If you have savings in your RRSP, you can take advantage of the Lifelong Learning Plan.

The Lifelong Learning Plan (LLP) is a government program that allows an individual to withdraw money from their Registered Retirement Savings Plan (RRSP) to pay for post secondary education and no tax will be withheld.  The funds withdrawn can be used for the individual plan owner or for their spouse or common-law partner.

In order to qualify, you must be enrolled as a full-time student in an educational program at a designated institution.

Here are some fast facts about LLP:

  • You can withdraw up to $20,000.
  • The maximum withdrawal per year is $10,000.
  • There is no lifetime maximum.  Once the previous plan has been paid back, you can withdraw more funds from your RRSP under the LLP.
  • You cannot withdraw money that has been contributed within the last 89 days.
  • You can use the funds to cover living expenses in addition to school expenses while attending school.
  • You need to begin repaying the funds back into your RRSP in the fifth year from when the plan started or when you are no longer entitled to the education amount on your tax return for 2 consecutive years, whichever comes first.
  • When repayment begins, you need to pay at least 10% of the amount withdrawn back into your RRSP.  You will not be getting another tax refund on the repayment as you already received the tax deduction the first time you made your RRSP contribution.
  • You have up to 10 years to repay the withdrawals.

For more information, check out this link.

October 24, 2009
Family

Should I Have A Prenuptial Agreement Before We Get Married?

prenuptial agreement?Well, that’s a good question! Only you can decide whether or not this will work for your particular circumstances.

Robert is engaged to Janet. They’re planning on getting married in a few months. Janet has several pieces of property, numerous investment accounts and is worth millions of dollars. She’s been dating Robert for almost five years prior to his proposal of marriage. She’s decided that she wants a prenuptial agreement prior to marrying Robert, but, is unsure how to tell him. Janet doesn’t want to hurt Robert’s feelings, but she knows that she should protect herself prior to marriage.

Continue Reading

October 22, 2009
General

More Famous Money Quotes

I enjoy reading famous quotes, and as I was flipping through Robert G. Allen’s book titled Multiple Streams of Income, some of the quotes caught my attention.  While some are thought-provoking or inspirational, others are just plain entertaining.  Hope you enjoy them as much as I did.

The only place where success comes before work is in the dictionary.  Vidal Sassoon

The trouble with the rat race is that even if you win, you’re still a rat. Lily Tomlin

Things turn out best for the people who make the best of the way things turn out. Ty Boyd

If money talks, I need a hearing aid. Joe L. Whitley

You miss 100% of the shots you never take. Wayne Gretzky

Behold the turtle.  He makes progress only when he sticks his neck out. James Bryant Conant

Many an optimist has become rich by buying out a pessimist.

I know that they say money can’t buy happiness but I’d like to find out for myself.

Buy right and hold tight. John C. Bogle

I’d like to be so rich that when I write a check the bank bounces.

If you think nobody cares about you try missing a couple of mortgage payments.

Opportunities are usually disguised as hard work, so most people don’t recognize them. Ann Landers

There is no security on this earth.  There is only opportunity. Douglas MacArthur

Lottery: A tax on people who are bad at math

I started out with nothing and still have most of it left.

A study of economics usually reveals that the best time to buy anything is last year. Marty Allen

Most people’s goals are too low and too slow. Mark Victor Hansen

If you want tot get to the top, you must first get off your bottom. Khow Wong

Money may not buy happiness, but it surely helps one look for it in more interesting places.

Obstacles are those frightful things you see when you take your eyes off the goal. Hannah More

I’ve never been poor, only broke.  Being poor is a frame of mind.  Being broke is a temporary condition. Mike Todd

Most folk’s financial problems are really quite simple – they simply don’t have enough money.

Money talks – mine only stutters.

Failure is often the line of least persistence. Zig Ziglar

The hardest thing in the world to understand is the income tax. Albert Einstein

October 20, 2009