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Website#1 : 10 money saving tips for canadian

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Website#1 : 10 money saving tips for canadian

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This website lists 10 tips for Canadian to help them save more money. By resetting their financial goals regularly and change their lifestyle will help them achieve that goal faster. Small saving every day will lead to a big amount of saving after certain period of time.

I found this website is useful specially it lists the points that are related to Canadian daily life and the tips that enable them to save money. Its fact that most of Canadian people spend lots of money to buy a cup of coffee from Tim Horton every day.

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Resetting your financial goals on a regular basis is a strategic and creative way to save money fast without having to change your lifestyle drastically. Not to mention, small changes each day will end up saving you a lot of money in the long run.
It doesn't matter where you are on your financial journey. Whether you're a student or you're on a tight budget because of a small salary, there's never a bad time to focus on saving money.

Here's our list of the top 10 ways Canadians can save money each month - fast!

1. Skip the Tim Hortons drive-thru

2. Negotiate your credit card rates

3. Get a winter tune-up

4. Save your loonies and toonies for "splurge" days

5. Shovel instead of snow blowing

6. Find a carpool buddy

7. Set-up "monthly repayment" options

8. Shop seasonally

9. Adjust the thermostat regularly

10. Use free resources as entertainment

Skip the Tim Hortons drive-thru

Nothing says Canada like a classic double-double from everyone's favourite coffee house. But statistically speaking, if you're opting for the drive-thru five days a week, you're spending at least $500 on coffees each year! Brewing your own joe in the morning could easily drop this sum to $100. Invest in a travel mug, brew coffee at home and sip it on your way to work.

Negotiate your credit card rates

Is your interest rate 18% or higher? If yes, many credit card companies will be willing to drop this rate for you especially if you're willing to take your money elsewhere. Most Canadian credit card companies will also be willing to negotiate no annual fee - another awesome way to save a few pennies each year! Look for cards that offer lower rates for the first six months.

Get a winter tune-up

It may seem counterintuitive to suggest spending money to save money, but ensuring your vehicle is running at peak efficiency during the coldest months of the year will save you gas money. To get the best fuel mileage, ask your mechanic to check your wheel alignment, change your oil and look at your battery at least once a winter.

Save your loonies and toonies for "splurge" days

It's easy to throw your coins in a tip jar, but in the long run, they add up! Take the "coin jar" approach to saving. Each time you have spare change, throw it in a glass jar. Once the jar's full, roll it up and convert it into paper bills. According to The Globe and Mail , you can save up to $1,000 in less than a year with this approach.

Shovel instead of snow blowing

This is a tough one, considering nobody wants to spend additional time in below freezing temperatures if they don't have to. But picking up the shovel can save you hundreds of dollars on gas each winter. If you do decide to invest in a snowblower, see if you can snow blow neighbours' driveways for a small charge to offset the cost.

Find a carpool buddy

According to Statistics Canada, the average driver commutes 25 kilometres to work each day, adding up to an average of $1,800 on gas annually. Carpooling can split this cost in half!

Set-up "monthly repayment" options

We always suggesting setting up automatic repayment options when it's available to you. Whether it be on credit cards, phone bills or subscription services - it will ensure you're paying bills on time and increase your credit score. Not to mention, it takes another worry off your plate.

Shop seasonally

You don't have to be a farmer to recognize what type of foods are in season where you live. Berries in the summer, apples in the fall and canned legumes in the winter are usually cheaper during their growing seasons. Plus, it feels festive to shop with the weather!
In the winter, shop for deals on canned goods. In the summer, visit farmers markets and find discount produce that can be made into salsas, jams and other preserves.

Adjust the thermostat regularly

Do you set your thermostat to a specific temperature and leave it there all season long? If so, Energy Star says you could be wasting upwards of $200 annually. Instead, change your thermostat setting anytime you leave your home for eight hours or more. There's no need to heat or cool your home when you're not in it, right?

Use free resources as entertainment

Having fun doesn't necessarily mean spending money. There are many free resources available to Canadians that will make you feel fancy while not breaking the budget doing so. Here's a few of our favourites:

Take out a few good reads at the library

Join a running club

Visit a museum on one of its free admission evenings

Is your vehicle costing you more money than it should? Related blog posts: Get in touch with the team at Birchwood Credit Solutions today to find out more about our fast and easy car loan application process. Our goal is to get you approved for car financing in Manitoba and into your dream car as quickly as possible. Car shopping doesn't have to be an uncomfortable experience.

March 25, 2019

March 22, 2019

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10 Fast & Creative Money Saving Tips for Canadians

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Resetting your financial goals on a regular basis is a strategic and creative way to save money fast without having to change your lifestyle drastically. Not to mention, small changes each day will end up saving you a lot of money in the long run. It doesn't matter where you are on your financial journey.

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This website explains a rule called 50/20/30 budget rule. This rule is very useful and lets people control their expenses. It simply states that the person should spend only 50% or less from his net salary on his needs monthly, the other half will be divided as 20% as saving and debit repayment and 30% to be spend on everything else he may want.

I had chosen this website because it could give me a unique information about rule 50/20/30, I think little of people are aware of this rule, me as well I didn’t know about it and found it so useful to share.

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The 50/30/20 Budget Rule Explained With Examples

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Learn about Elizabeth Warren’s 50/20/30 budget rule; a simple and effective plan for personal money management and wealth creation.

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This website list in details the types of savings plans that offer extra benefits , usually called as a registered savings plans because they need to be registered with the Canada Revenue Agency in order to get the tax benefits.

No better than Canada Revenue website to get information about Savings, it is a trusted, unique and correct source for information.

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Some types of savings plans offer extra benefits: they avoid or defer some of the taxes you pay. They are generally called registered savings plans because they must be registered with the Canada Revenue Agency in order to qualify for tax benefits.

There are four main types of savings plans with tax benefits:

Tax-Free Savings Accounts (TFSAs) let you put money in a registered plan, and any income the plan earns is tax-free.

You can put up to $6,000 a year in a TFSA without paying tax on the earnings. If you did not contribute the maximum in previous years, you may be able to contribute more.

You can take money out of a TFSA and put it back again the next year, but some limitations do apply.

A TFSA does not affect money you receive from other government sources such as GST Credit or Old Age Security.

A TFSA can include most common types of investments; however, there are some restrictions. Returns may be guaranteed or they may not.

For details, go to the Canada Revenue Agency's information on The Tax-Free Savings Account.

Registered Retirement Savings Plans (RRSPs) let you put money into a registered plan and avoid paying taxes on the money you deposit, as well as any earnings it produces until you take it out of the plan.

When you put money into an RRSP, you can deduct that amount from your taxable income, so you don't have to pay income taxes on it until you take it out of the registered plan. You may pay lower taxes on the money in the plan when you take it out in the future, as most people enter a lower tax bracket after retirement.

An RRSP can include most common types of investment. Some plans are guaranteed by the government, like bank deposits. The returns may also be guaranteed by the financial institution. However, some types of investments can lose money, so you must find out how each investment works. For more information, see the Investing module.

The maximum amount you can put into an RRSP is 18 percent of your employment income, up to a limit. For example, the maximum limit for 2019 was $26,500. Your individual limit is listed on the Notice of Assessment that the Canada Revenue Agency sends you when you file your annual tax return. If you did not contribute the maximum in previous years, you may be able to contribute more.

RRSPs are designed to help you save money for your retirement. You can withdraw money temporarily for certain purposes, such as home buying and education. However, if you take your money out of the plan for any other reason before you retire, part of it will be withheld for taxes.

Money you receive from an RRSP may reduce the money you can receive from government income support programs. Discuss your retirement income plans with a financial adviser before you contribute to RRSPs.

For details, go to the Canada Revenue Agency's information on RRSPs and related plans.

During the first sixty days of the year, you can put money in your RRSP to get a tax deduction for the previous year. But don't wait until February. Make regular monthly contributions and your savings will start to grow sooner.

Registered Education Savings Plans (RESPs) let you put money into a registered plan to save for a child's education.

When a student continues school after high school, he or she can withdraw the money including any earnings.

Money in an RESP is eligible for grants from the Government of Canada and the province of Quebec.

There's no yearly limit to the amount you can put into an RESP, but you can't contribute more than $50,000 in a lifetime for a single person.

You may be able to take out the money you paid into an RESP tax-free, but you will have to move it into an RRSP or pay taxes on any income the RESP earns (and return any government grants).

Often a student will pay little or no income tax on the income that the plan earns.

For details, go to Employment and Social Development Canada's information on Registered Education Savings Plans.

Quebec also has a student savings plan. For information, go to:

Registered Disability Savings Plans (RDSPs) let you put money into a registered plan to support a person with a disability.

When someone with a disability needs money, he or she can withdraw the savings and any earnings they have produced.

Money in an RDSP is eligible for grants from the Government of Canada.

There's no yearly limit to the amount you can put into an RDSP, but you can't contribute more than $200,000 in a lifetime for a single person.

You can take out the money you paid into an RDSP tax-free, but you will have to pay taxes on any income the RDSP earns (and return any government grants).

Often a person with a disability will pay little or no income tax on the income that the plan earns.

For details, go to Employment and Social Development Canada's information on the Registered Disability Savings Plan.

Many conditions apply to registered savings plans. Be sure you understand them so you can decide if they are the best way for you to meet your savings goals. Find out what fees and conditions apply. Some key questions are:

Are there rules about how much I can save each year?

What are the conditions and the risks? For example, what happens if a child for whom I start an RESP does not go to post-secondary school?

When do I contribute?

Who will invest my money?

How fast will my money grow?

How much will this plan cost?

What happens if my plans change? For example, what happens if I need to take money out of the plan?

Will income from the plan affect my other sources of future income?

For more consumer tips, read Before you sign any contract: 10 things you need to know by the Financial Consumer Agency of Canada.

See the video, Saving with registered plans, for an introduction to savings.

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Some types of savings plans offer extra benefits: they avoid or defer some of the taxes you pay. They are generally called registered savings plans because they must be registered with the Canada Revenue Agency in order to qualify for tax benefits.

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Website#4: 25 Budget Grocery Shopping Tips to Save Money

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Website#4: 25 Budget Grocery Shopping Tips to Save Money

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This website specified how to put a budget for our grocery shopping in order not to spend too much money on food.it stated 25 tips which include the types of food we better purchase and eat.

Since the most portion of our expenses is going to buy a food , then we need to know those tips to know what types of food we should purchase and save.So i had chosen this website because it gives me unique information about this matter.

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Have you noticed how much of your overall budget you ? Grocery shopping is a spend on groceries significant expense for most families and households, but there are ways to make it more affordable.

Here are 25 tips to save money on groceries when you're shopping with a budget:

How to Make Wise Grocery Shopping Choices

1. Shop on a full stomach. You'll buy less snacks and/or things you don't usually buy - and only buy groceries, not gifts and all the extra stuff, at the grocery store!

2. Go armed with a list and stick to it, especially if your kids are "helping".

3. Plan your meals for the week before you shop and then buy what's on the menu. Start with planning for 3 or 4 days if all week seems too much.

4. Shop only once a week. You'll tend to spend more if you stop at the store every day or several times a week.

5. Shop when you have energy and aren't worn out from a busy day. It's easier to focus and make wise choices when you've got energy and aren't preoccupied.

6. Return your bottles and cans for the deposit that you paid. If you've got kids, get them to help with this job and let them keep the cash they earn.

7. Shop in familiar stores when you're tired, stressed or in a hurry. You'll find what you need and be able to get out with what you need quickly.

Plan Ahead to Save Money on Food and Grocery Shopping

1. Plan meals so that you have leftovers for lunch the next day, or freeze leftovers for a quick meal another day.

2. Package your own treats, juices and snacks. Buy the large package or snacks and a box of baggies and make your own individually wrapped packages to grab on the run.

3. Buy less canned and packaged convenience foods and shred your own lettuce and cheese (cheeses often freeze well too!).

4. Clean out your fridge and cupboards once a month. Use up what you bought before buying more.

5. Organize your food storage cupboards and drawers. If you don't know what you have or can't find what you bought, you'll end up buying more of the same unnecessarily.

6. If you stock up, watch expiry dates and package the food to preserve it as long as needed.

7. If you buy large packages or meat, pre-cook or marinate it and then freeze it to speed up meal times. If you know that you've got food ready at home, it's less tempting to eat out.

8. Spend some time once a week washing and/or cutting up fruit and vegetables. This will speed up dinner and lunch preparations and provide healthy snacks that are ready to go.

Shop with a Budget and Save Money at the Grocery Store

1. Don't buy snacks on the run. They are often less healthy and more expensive.

2. Get creative and try new foods. You may find less expensive food that you enjoy just as much!

3. Shop with a calculator and add things up as you put them in your cart. If you're shopping with kids, give them the job to tally what's in the cart. It will help you stick to your spending plan.

4. Learn how to cook or bake. Hit up a family member for help or take a class.

5. Buy non-food grocery items like detergent or garbage bags at a discount store.

6. Only buy what you need and can afford; 3-for-1 is only a good deal if you can use three.

7. Price check and shop around for discounts on items you buy regularly. Use store and manufacturer coupons when you can. Consider using one of these grocery apps on either a smartphone or tablet.

8. Remember that smaller sizes can sometimes be a good deal. Do the math, either on your phone or with your calculator.

9. Don't automatically overlook no-name or store brands. Many are made by the brand name companies, just with a different label.

10. Even if it's "on sale," it's only a good buy if you will use it!

If You Only Try One Tip to Save Money on Grocery Shopping

If you only want to try one tip, make it a really good one. In fact, the one tip that will likely save you the most money when you're grocery shopping on a budget is to plan your meals and snacks ahead of time. By planning ahead, you can make your shopping list based on what you already have, what you still need to buy and what's on sale.

Making an easy, nutritious, budget-conscious menu plan doesn't have to be hard. Start with two or three dinners, plan for leftovers so that you've got work lunches, add in some snacks and keep quick and easy breakfast foods on hand. Just like with anything new, give it a try before you decide that you don't like it. Saving time and money might just agree with you and your budget!

What tips did we miss? Share your tip by adding a comment below!
Related articles: 12 Ways to Save Big on Groceries Save on Household Expenses - It's Never Too Early for Some Spring Cleaning!

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25 Budget Grocery Shopping Tips to Save Money | My Money Coach

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Have you noticed how much of your overall budget you ? Grocery shopping is a spend on groceries significant expense for most families and households, but there are ways to make it more affordable. Here are 25 tips to save money on groceries when you're shopping with a budget: Shop on a full stomach.

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Video#1: How I Saved 100% of My Job Income

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Video#1: How I Saved 100% of My Job Income

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This video state a personal experience for a man who could save 100% of his job income in 2016. he had explained How that had happened and gave us many useful advices to save money.

I had chosen this video, because its content is real story and the person could give us very useful information.

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How I Saved 100% of My Job Income | BeatTheBush

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This video talked about the financial terms: Cash flow, Expenses, Assets, & Liability. Also talked about people financially classification.

I found it unique because this video could give me information about how people can move from being Broke into Middle class then toward to be rich people.

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Video#3: The Absolute Best Ways To Save Money

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Video#3: The Absolute Best Ways To Save Money

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This video spoke about the ways to save money, start saving every penny, we should put a percentage for saving. and once the salary is ready then pay your self first , then plan for your expenses.

This video is useful, the person who made this video was clearly stating the ways to save more money and provide me with new information.

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Video#4: 11 Creative Ways To Save Even More Money | The Financial Diet

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Video#4: 11 Creative Ways To Save Even More Money | The Financial Diet

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This video stated new creative ways to save money like Plan your financial goal regularly, then go to change your savings account name to that goal, so this will keep you to be motivated to save more to achieve that goal.

i like this video , it gave us new modern ways to save money like electronic ways from credit cards points or purchasing online points.

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11 Creative Ways To Save Even More Money | The Financial Diet

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This image has an idea that the money is like plants could grow step by step by savings.
This image unique , clear and stated a useful idea.

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This image stated an idea of saving every penny daily which will lead to a 100 or more in a year.

I chose this image because it is very unique, and could show the efforts need to save mony and be rich

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What did you learn about your topic that surprised you the most?
I learned about the registered saving plans and each type of them. i am interesting most with the Tax Free savings plan.

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Provide a real-life example of how this topic is relevant or interesting
for you?
Its very interesting topic for me. Since i am a newcomer and i need to save money toward my goal which is purchase a house.
So i had opened a tax free savings account and iam following the budgeting rule 50/20/30 and saving 20% of our income monthly.

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If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
The most important point for savings is to plan twoards your goal and then work to acheive it