1210212.us16.myftpupload.com Managed WordPress Site

Tag: saving money

How to Save Money for School

You’ve most likely heard the costs for university and college. All the residence, tuition, extra fees; it’s crazy! Getting ready for college or university can be very stressful and frustrating; especially when it comes to money. Trying to save money for school may be difficult when you feel as if you’re not saving enough. Although there are numerous ways to pay for your education such as government funding, scholarships, bursaries, awards and maybe help from your parents, you should also start to save some of your own money for school. Here are some simple, mostly stress-free ways to save money for school:

Get a part time job

Although the most obvious and easiest way to save money, it is the best way to save. If you don’t have a part time job, start applying for one that interests you. Whether in retail, food, etc. I’m sure you’ll be able to find something. If you already have a job; great! If you have the time, ask for more hours. With every paycheck, putting much of your pay into a savings account and keep the rest for yourself.

Spend less money

I don’t know about you but I tend to spend quite a bit of money whether it’s going out to a restaurant, the movies, buying some new book or clothes. By spending a lot of money, it doesn’t allow you to save a lot. You can save money by spending less. Try eating in more and cooking meals, watching movies at home, renting books from the library or go thrift shopping. (At least it’s cheaper) I’m not saying don’t go out at all, but by finding alternative ways to save money can be equally fun!

Put spare money in a jar

This one is pretty self explanatory: whenever you have spare money in your wallet, car, between the couch cushions, put it in a jar. As well, there are multiple techniques such as putting $5 in a jar per day, couple times a week, etc. Pinterest has many ways of methods of saving by putting money in a jar.

Do free stuff

Another way to save money is to try doing more free things (or things that don’t cost as much). There are a variety of free things you can do in your city such as public skating, yoga and other fitness classes (although it may not be free, they tend to be less expensive than a gym membership), hiking, biking, going to the beach, etc. I’m sure you will be able to find some fun, free things to do that can help you save your money.

Create a budget

When it comes to spending money on yourself or others, it can be difficult to try to spend as little as possible. Christmas is the worst time to spend a lot of money, as there are so many deals. A way to make it through holidays, birthdays or any other celebration that requires spending money is to create a budget. Try sitting down and figuring out how much you’re willing to spend without going overboard and still having money to put away into savings.

Sell clothes

Although there are many organizations that you can donate clothes to such as value village or salvation army, try selling your clothes first. Depop is an app that allows users to buy and sell clothes. There are many other apps and websites like poshmark, copious, and many more! If nobody buys your clothes, you can always donate them.

Do more D.I.Y’s

Buying items for your house, room or just things in general can be costly. If you’re able to, try to be crafty by making more of these items. Pinterest is a great website to use to find easy D.I.Y’s (Do it yourself).

Hopefully it doesn’t seem too hard to save money now with some new methods and techniques to save. Luckily, there are ways you can save to maximize the amount you put away for school! Happy saving!

Reference:

http://mashable.com/2013/09/03/clothes-resale/

January 29, 2017
How to Save Money to Pay for College or University

When you start thinking about attending college or university, it can seem like an expensive task. Tuition, books, and residence fees add up to a pretty hefty price tag, but that doesn’t mean it’s impossible. There’s a lot you can do when you’re still in high school to save money toward paying for college or university.

Start Saving as Early as You Can
The sooner you start saving money for school, the better. The best way to do this is to open a separate savings account at your bank, where you can deposit money you want to save for school. This way, your money will also earn some interest for you.
You should also work out a budget of what it will cost to attend the college or university program of your choice. Schools and programs will vary in cost, but by looking at a wide variety of schools you will have an average price range to use as your savings goal.
Once you know your goal amount, make sure you put money into your savings account as often as you can. A little bit at a time is all you need, such as money from your allowance or birthday and holiday gifts. You’ll see – it will add up pretty quickly.

Earn Money Working Part-Time or During Summer
Many students have part time jobs in high school. If you’re already working, then you can easily save money by putting some money into your savings account immediately after each paycheque. By doing this first thing each payday, you can make sure you save before you spend it.
However, not every student has the opportunity to work during the school year, whether due to family obligations, sports and clubs, or parents who prefer you focus on academics. The thing to remember is that there are always breaks, such as spring break and summer vacation, which are an ideal time to pick up some work.

There are many flexible jobs for students, as well. These include retail, food service, babysitting, camp counsellor, yard work and snow removal, washing cars, and even dog walking, to name just a few options.

Start a Registered Education Savings Plan
Known as an RESP, these are specific bank investments designed to help families save money for a child’s education. These plans enable parents and other family members to contribute to pay for school, and the younger the child is when the RESP is opened, the better.
These investments offer benefits with taxes, as well as government matching of contributions up to a specific dollar amount each year. This makes an RESP a valuable way to save for school.

Apply for Scholarships and Grants
While not saving money per se, scholarships and grants are a great way to offset the costs associated with college and university. There are many scholarships for whatever program you want to study. The qualification requirements will vary, meaning you will always be able to find something to apply for. Some scholarships can even be applied for as early as your third year of high school.
Scholarships and grant opportunities can be found all over, from local businesses and organizations in your town or city, as well as province-wide and Canada-wide.

Student Loans
It’s not always possible to save the entire amount you will need to cover the cost of your education – and that’s okay. Student loans exist for exactly that reason: to ensure that students who want to attend college or university can do so.
Many banks offer student loans for educational purposes, and there are also government student loan programs, such as the Ontario Student Assistance Program (OSAP). These programs are valuable resources for students to help finance their education. The terms of the loan will vary depending on the source, but often include better interest rates and different repayment options than a standard loan.

January 29, 2017
Creating a Realistic Budget for YOU in Post-Secondary

By Gavin Mercier

So, you’ve graduated high school, or are going to. So you’ve moved to away to school, or maybe you’re staying home. So you’re living alone for the first time ever, or maybe you have a roommate. So you’ve saved up for this moment, or maybe you haven’t. So you’ve got a job, or maybe you don’t need one or don’t have time for one. So you’ve taken a student loan, or got a scholarship, or applied for bursaries, or maybe your parents are paying your tuition. Whatever your situation is, it’s important manage your money in post-secondary. However, whatever your situation is, it is unique. There isn’t an easy way to budget your money that works for everybody. But that doesn’t mean that there isn’t an easy way to budget for you.

Essential Expenses

The very first thing you should do is to take a look at your essential expenses – things that you can’t live without. If you’re paying for rent, that is going to be your most important expense – and your biggest. However, no matter what happens, you will be glad to have a roof over your head.

Next, food. According to Statscanada, the average Canadian spends around $250 per month on food and drink. That is a lot of money, but that doesn’t mean you have to spend that. Look at what you can afford, and more importantly, what you need. You might have to give up those fancy foods expensive snacks for a while, or at least until they go on sale. Only buy what you need, and try your best to eat it before it goes bad. That way, you don’t waste money buying food that is just going to spoil.

Income

Next, look at how much money you make or is being provided for you. Weigh that amount against your essential expenses. Ideally you should have more income than expenses. If this isn’t the case, consider cutting down on a few things or getting a job (if you don’t have one already.)

Lifestyle

So, you know how much money you have to spend each month, but what about money that you want to spend? Post-secondary isn’t a time to count nickels and stay inside all the time; it’s supposed to be one of the best times of your life! See what you have left over after paying your essentials, and use that money on your lifestyle – paying for your phone, hobbies, or going out. Don’t be afraid to spend a little money to have fun, just make sure you don’t overdo it. Keep track of how much money you have and try only taking what you need when you go out. That way, you can avoid spending more money than you mean to. Finally, try not to spend all of your leftover money. Try putting a little bit away each month in case of emergencies. This way, you have a safety net if you slip up, and extra money for your own financial goals in the future.

Budgeting money isn’t easy. It takes time and effort to create a good budget plan that works, and everyone is different. Make sure that your budget fits what you need, and not the other way around. Your budget shouldn’t determine the lifestyle you live, but you should be prepared to make some sacrifices in order to make a budget the fits with your lifestyle.

January 29, 2017
Your Financial Future

“Money is the root of all evil” is not the full story. In fact, the old proverb is oft repeated incomplete; it is actually “The love of money is the root of all evil.” Those three words are paramount. When considered reasonably and given weighted importance with what matters most in your life, finances are something you want to start thinking about right away.

Tax-Free Savings Accounts allow you to put money away and let it accumulate interest without having to worry about taxes. The government allows a limit each year for you to add to the account. If you are older than 18 and have not taken advantage of this yet, those amounts carry forward. You likely have a limit of tens of thousands of dollars. As you get older and advance in your career, you will likely switch over to Retired Registered Savings Plans, or RRSPS, for short.

TFSAs are more ideal at this stage because the funds can be accessed much easier. RRSPs are, as their name suggests, ideal for your retirement as you pay tax on the money when you withdraw it. Your income bracket in retirement will be much lower, meaning the same can be said of your taxes. One thing to remember is your RRSPs are not required to be withdrawn only upon reaching retirement. If you decide to take a year off work to study, travel, or write a book, you can withdraw the savings just like you would when retiring. However, savings are also not the fully story.
“It’s not what you earn; it’s what you spend.” My dad told me this over and over as I grew up, and still throws it into conversations the odd time to this day. The endless attention placed on saving is greatly valuable, but can also be misleading. When you neglect to nurture the other half of the finances equation, your savings prowess is at the mercy of your spending habits.

For one week, make a list of every single cent that you spend. You might be surprised how the little expenses can add up over time. In a world of tapping cards and paying with our phones, it is easy to lose track. As life builds in complexity, so do your finances. By the time you are juggling a multitude of monthly expenses, you will be glad you built good habits back when you could count monthly costs in your head.

Figure out the life you would like to live. This should be the ideal balance between having things that will bring you happiness worth the effort and discarding efforts not worth the result. How big of a place do you need? Will you take vacations? Eat out a lot? Is a car of great benefit in the area you live, or is the public transit system adequately robust to get you around? Be honest with yourself, and remember that your answers can and likely will change over time.

Source:
Fontinelle, Amy. 8 Financial Tips for Young Adults. http://www.investopedia.com/articles/younginvestors/08/eight-tips.asp

April 20, 2016
How to Save Your Money

For many people, shopping is a lot of fun. Getting something like a new bicycle, a musical instrument, or a jacket can be exciting if they can afford to buy it. If they are not very interested in objects like bicycles or clothes, they might need money for a new experience, such as going on a special trip or a concert. Unless they are very wealthy, most people will likely need to save up the money to pay for their new purchase or activity, but this can sometimes be difficult. Finding an interesting way to save money can help make the process easier.

Have you ever gone out with friends for an afternoon and then realized after you got home that you had no idea how much money you spent? One of the first steps in saving money is to keep track of the money that you spend and how much you have left over. Recording your purchases in a small notebook or computer can help you find out how much you spend every day so that you know where to cut back.

The first step is to identify your necessary or unnecessary purchases. If your parents want you to buy your own toothbrushes and toothpaste, for example, you will still need to do that to keep yourself healthy. However, you can save some money by buying these items at dollar stores or other discount places. Low-cost clothes and other items are available at thrift stores, and you can often save a lot of money by getting what you need there instead of at regular stores. For people who know how to sew, it can even be an interesting challenge to buy thrift shop clothes and then to alter them.

Food is another place where people spend a lot of money. If you buy a lot of snacks like cookies or muffins, you might want to consider baking some of them at home. Even if you have to buy the flour and other ingredients, your snacks will likely be cheaper than the ones that you can buy in a store. Making lunches at home to take to school can also save a lot of money.

You should also be aware of how you pay for what you buy. Some people use credit or debit cards for almost everything, but paying with cash can have many benefits. That way, you can see at a glance how much you’ve spent. You can also find fun ways of saving money, such as saving your change in jars so that you can watch them fill up.
Activities with friends can be expensive, but you can try to find things to do that are low-cost or free. For example, you could go to a park to play soccer or to look for animals instead of shopping. However you manage to do it, saving money can be worth it in the end.

Bibliography:

Barreca, Kerri. 5 Money Saving Tips for the Bargain Hunter.” https://creditcanada.com/blog/7-money-saving-tips-financial-planning-bargain-hunter?gclid=CMHa7cDNrsgCFZEBaQodEXgAiw.

Graham, Nicole. “15 Fun Ways To Save Money (Instead Of Using Piggy Banks).” http://www.lifehack.org/articles/money/15-fun-ways-save-money-instead-using-piggy-banks.html.

The Mint.org. “5 Simple Saving Tricks.” http://www.themint.org/kids/saving-tricks.html.

WikiHow.com. “How to Save Money as a Kid.” http://www.wikihow.com/Save-Money-as-a-Kid

October 29, 2015
Money and You; What is Your Future Worth?

When I got my first job at the fast food restaurant, McDonalds, I was 14 years old. I was paid a “student wage” of $6.45 per hour. That may seem like nothing today, but when I was 14, it was everything. Labour laws and rules have changed for youth over the years, and now minimum wage is the law for all persons working in an establishment like McDonalds. Regardless of how ridiculous and unfair getting paid $6.45 per hour is, it was really important for me to earn that money. When I was on the school bus one day, I happened to have my bank statement in my hands; it read $1000.00. My friend looked up at me like I was the richest person in the world. I managed to keep earning money without spending it. I don’t know how or why, but I did. I think it was because at 14, I didn’t really understand how money could work for me. After I got off the bus that day, I went home and thought about all the things I could buy- big mistake! A few years later, when I was broke before going into university, I thought back to that day on the bus; if I kept saving the money I was making (even if it was $6.45 per hour), I would now be in a good place financially.

You and your future are worth more than anything you could ever buy. It’s great to go to the movies, buy clothes and eat out. However, if you don’t start saving as soon as you get your first job, you might have regrets like I did. Relying on your parents for dough to get you through college and university is not the greatest feeling.

Here is some advice and some tips to get you in the mindset of saving for your future:

Open a Checking AND Savings account. You may already have a checking’s account at your local bank. Some youth are getting bank accounts as early as 5 years old (set up by parents, of course). Alongside your checking’s account, you should think about investing in a Savings account, too. So, when you get your paychecks from your job, you can budget yourself between play money and money for your Savings account. Make sure that you aren’t paying a high fee each month for your Savings account- some banks will charge this.

Just because you take money out, doesn’t mean you have to spend it. If you take money out for play, it doesn’t mean that you have to use it. If you have something planned, you are obviously going to use it. However, if you are just taking it out as an allowance, you don’t have to spend it. Play a game with yourself; see how long you can keep your money in your pocket. Practice restraint. If you don’t spend your money for a week or two, put it back into your savings account and be proud of your accomplishment; some adults have a hard time doing this!

Don’t tell anyone what you’re worth (or how much money you have in your account). Your earnings are your business alone. You don’t need to flash around how much money you have, or tell people how much money you don’t have. It creates an atmosphere of strange odds. If you have a bank full of savings and your friend doesn’t, your friend might feel unaccomplished and maybe, jealous. Instead, encourage your peers to join the working world and give them information on how they can get a job, too.

Always search for alternative methods of earning money. If you have a job already, that is great. However, don’t stop there. To cushion yourself for the future, you should always keep in search of scholarships and bursaries. Between school and work, there may be an essay contest you could enter that could earn you some extra cash to put away. Or maybe there is a sports scholarship you could receive if you play on your school’s football team. There are always alternative ways of earning cash, other than your part-time job.

There is a certain Buddhistic calm that comes from having….money in the bank. ~ Tom Robbins [1]

Saving comes too late when you get to the bottom. ~ Seneca[2]

[1] http://www.alwaysfrugal.com/saving-money.html

[2] http://www.alwaysfrugal.com/saving-money.html

June 26, 2015