Pennysaverblog – Page 342 – Smart Finance and Money Saving Tips

How To Save Money This Christmas

Christmas 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?

Are 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?

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.

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

Investing

Read The Free Chapter From Multiple Streams of Income

I’ve just started reading Multiple Streams of Income by Robert G. Allen. So far I am really enjoying it. The first chapter is all about the importance of consistently saving. He talks about how one dollar can be used to start growing a money tree and the author includes many charts indicating potential growth over the long term.

His main point is that anyone can become a millionaire if they are disciplined enough to save and invest wisely. Like I emphasized in my last post about investing when you’re young, you don’t have to have a lot of money to start investing. The best time is to start now.

Instead of me writing a lot about this chapter, I would recommend that you check out this link: http://multiplestreamsofincome.com/ and read the chapter for free online. To get to the free chapter, click on Keyword Search on the left hand side of the site. From the drop down menu, select Free Chapter and click the Go button. I bet you will never think of investing the same way again! The author emphasizes in a very practical and profound way just how important it is to save for tomorrow today.

October 18, 2009

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