Life Tips Daily

If saving money for Christmas is something that you find yourself starting at the last minute, here are some tips to make the money you have go further, or tips to save up a little bit more before you get around to shopping.

Cut out the treats
If you’ve been indulging a little too regularly in that after lunch coffee from that expensive coffee shop, cut the habit in half or a quarter. Take the money you would have spent and put it in your Christmas money jar. The best part is you’ll appreciate the treat of coffee far more since you’re not getting it every day. You might not save up a bundle but I guarantee you’ll have just the right amount for stocking stuffers, or one medium sized gift.

Work more
Nobody likes to do this but if you work somewhere where you can take on a few extra hours, start now rather than a month before Christmas. If you work just five extra hours a week at a retail job for 4-6 weeks (and you live in North America), you should be able to earn $100-$200, if not more. If you work in an industry that allows you to receive tips, the holiday season might make people more generous than usual.

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Years of part time work in the clothing retail sector have made it difficult for me to pay full price for clothing (the 50% discount helps with this affliction) but when I have to buy something from another store, you can bet I hunt for bargains too! In retail clothing, everything eventually goes on sale: the question is will your size still be available at this time. In the meantime, the following tips will save you money when buying your clothing:

Visit your favourite stores regularly
You don’t want to become known as the creepy customer who haunts the store, but visiting every two to three weeks is appropriate. Two reasons to do this are you never know when a last minute sale will come along and you may see something you’ve had your eye on for a while on sale, unexpectedly. Also, if you visit the store regularly and build a rapport with the sales associates, and let him or her know that you’re waiting for an item to go on sale, the associate may be able to give you some inside information on what sales are coming up!

Ask about a preferred customer program
Sales associates are encouraged to talk up such programs with you, but sometimes they forget. For a small fee or for free, you provide your contact information to the store and receive coupons in the mail or by e-mail, and receive phone calls alerting you of last minute sales or sales of short duration (weekend only).

Buy at the end of the season
This is a tip that more people need to consider: at the end of the season, clothing is sometimes up to 60% off the regular price, and if you’re lucky you can even get more of a deal. Try to stick to basic colours and cuts of clothing when stocking up: that lime green tank top may not be in style by next summer, but you’ll be sure to find classic items that can be worn year after year. Buy earlier, and stock up for next year, where you won’t mind buy a few more trendy pieces at regular price.

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We all have things we buy that don’t go on sale regularly enough to warrant waiting before buying: your favourite cologne, a good piece of jewelry, face cream that you can’t pick up at the local drugstore, a book on the bestseller list. Interestingly, these tend to be the more expensive things. However, there are some things that you should never buy at full price. Why? Because on any given week at least one store will have it (them) on sale! And when you find something on sale, you stock up and make sure that you never run out! Without further ado, here are some basic items that fall into this category:

• toilet paper
• kleenex
• non-speciality shampoo and conditioner
• toothpaste
• deodorant

Is there anything you refuse to pay full price for?

sales, don’t pay full price, bulk

There are things that you can afford to wait before buying, wait until it goes on sale, or buy the least expensive version of without much if any recourse: casual or ‘play’ clothing for children, junk food like cola (pop), candies and cookies, or even the compressed air for your computer. But every now and then, you come across something that is worth paying full price for, or, when given a choice, it’s worth buying the more expensive and/or reputable brand.

A good example is shoes.

As a longtime wearer of shoes that aren’t too expensive, this is a difficult point to argue, especially in the summer time. In the summer, ladies esepcially get to show off pedicures in sandals and as a result must buy as many sandals as humanly possible (this is a cardinal rule among some it seems)–dressy sandals, casual sandals, sports sandals, walking sandals–you get the point. If you are going to have 15 pairs of summer shoes, then, it hardly makes financial sense to buy shoes that cost you several hundreds of dollars per pair. Instead, you will go for value, perhaps taking advantage of a particular store’s BOGO offer.

However, your feet are not just a body part that should be dressed up, they carry the weight of your entire body and work with your other body parts to keep you upright. As a result, your feet not only require the benefits of a foot soak or pedicure every now and then, but also the investment in one or two good pairs of shoes. Take the time to go to a shoe store and get your feet measured (bet you haven’t done that since you were a child!) and invest in shoes that best fit your foot’s arch. If you have any foot problems that make finding or fitting shoes difficult, you may want to go see a podiatrist, who is qualified to diagnose and treat foot problems.

If, like me, you’ve been blessed with feet that aren’t too picky, and will only whine if you insist on wearing high heels for a long period of time, you may think it’s a waste of money to invest so much in shoes when your feet are generally fine. However, the concept of investing today for the future is not limited to money only. By putting foot health on your list of priorities, you’re ensuring that you’ll be striding right, right into your later years.

If you have to close your eyes when you hand over your payment, so be it.

feet, foot, foot health, podiatrist, healthy feet

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I am reading two books right now and I would really love to be able to take some time off from my job and simply read–and absorb the truths that these books have to offer.

As I mentioned on Getting Crafty, I am reading Make Your Creative Dreams Real. Yesterday I started reading Rich by Thirty because quite frankly, who wouldn’t like to be more financially stable? Who wouldn’t like to retire while they still have the energy to enjoy retired life? And who wouldn’t like to be able to spoil their parents or other family members (hopefully this is also a rhetorical question!)?

At first glance, the two books don’t seem very related: you may think I’m reading one book for one website, and one book for the other. However, if you think on it for a moment, you’ll see that if you are able to discover your creative dream, if you can find that one (two, three, eleven) thing(s) that drive(s) you and that you would like to explore, money may be necessary in order to realize the dream(s).

Learning how to manage money so you have enough to support your dreams is definitely a good thing. It is with this goal in mind that I have been reading both books quite avidly.

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So if money saving is your game, you may want to start with this entry, or perhaps this one.

Here are a few more money saving tips.

Go for the less expensive alternative
While some people can tell the difference between a brand name product and a non-brand name when it comes to food and drinks, it may be more difficult to tell the difference between two dishwashing liquids, laundry detergents, or 100% cotton black socks. Decide what you must have in the more expensive form and any other things that you aren’t so picky about, switch to the less expensive version. Most stores now proudly display their store brand alternatives alongside the well-known brand name in the hopes you’ll give the cheaper alternative a try. Why not try it: if you can tell the difference, switch back but if it’s all the same to you, or if you like the store brand better, bonus!

Keep in mind how quickly little purchases add up
In the last entry, I mentioned how it pays to think twice about making large purchases but what about those regular purchases that you make without thinking about it (them)? Gourmet coffee, the afternoon donut, candies to keep the sweet tooth alive and well, these are all things that become more habit than satisfying a biological need (I will argue feebly that subduing my sweet tooth is now a biological need). Keep a running tally on how much you spend in one week on these little things: one dollar here, two dollars there, and you may find you’re losing upwards of $20 a week!

Never buy anything marked at full price
This tip is related to thinking twice before buying something: tell yourself that you can’t even consider buying something until it is discounted by a certain amount: perhaps 25% will be your magic number. Feel free to keep a careful eye on the item, checking regularly as the price drops (and we know prices drop, it’s only a matter of time). And as often happens, the waiting process will force you to evaluate how badly you want the item and you might find the item slips off your “to buy” list.

Let me know what you think of these tips, and if you have any foolproof money saving tips.

money, spending less, saving, money saving, saving money wealth

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So you want to save money, do you? Yesterday I explained why more money earned=more money saved is not always true. Today I share some easy money saving tips, some you may already be doing.

Automate it!
Your banking, that is. If you haven’t embraced the world of online banking, make a trip to your bank and set up the following:

• a savings account
• a chequing account

Most people have their employer pay them directly into their chequing account. If that is the case, arrange to have some of each paycheque transferred out of your chequing account into your savings account (how much you decide to transfer out will depend on the bills you have to pay) on a regular basis. You won’t even miss it. Those wanting to go a step further might consider preventing access to their savings account through the debit (ATM/interac) card. This will help curb most impulse buys as you will have to either go online and transfer the money electronically or visit the bank and arrange the transfer of funds before you can spend it. After a while you may even forget that the money in your savings account is accessible, and start living within the boundaries of your chequing account.

Give yourself an allowance
Related to the first point, this involves sitting down and creating a list of necessary weekly/monthly expenditures, including room for ‘treats’ and creating a realistic budget from this information. You can then make sure that only money for your budgetted expenditures is available for your spending pleasure. I know this is a great idea in theory but my penchant for impulsive purchases has led to my not implementing this one yet.

Think twice before making any big purchases
While small impulsive purchases do add up over time, if you are prone to making large impulse buys, you may want to set up a system whereby purchases over a certain amount need 24 hours thought or the creation of a ‘pros’ and ‘cons’ list. The hope is that thinking twice (or thrice) will reduce the number of purchases you make, and the regret that follows when you see your dwinding bank accounts.

I’ve got a few more tips in me but I’ll share those another day. What are your (no brainer) money saving tips?

money, saving, money saving, saving money wealth

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When it comes to being wealthy, it’s not how much money you make that determines your wealth but how much you save. This simple concept knocked me on my butt when I first heard it because like many people out there, I work multiple jobs in the hopes of getting ahead financially. “If I work two jobs, I’ll make more money than if I work one job and will therefore end up having more money to save” is my rationale.

But not so fast: working more means that I am out of the house for a longer part of each day, which results in me eating more meals on the road. Working part time in a mall for my second job also means that the temptation to shop in a variety of stores is greater (and often indulged). A busier schedule may result in the dependence on time saving tips, tips that may require a greater expenditure of money (for gas, bus fare, a uniform (if applicable) or other job-related equipment not provided by the employer).

So if working more does not equal more money saved in the bank, what does? Come back tomorrow and find out.

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Many magazines (especially those geared towards women) encourage women everywhere to indulge themselves and splurge, on services such as manicures, pedicures, spa treatments, including facials, body wraps and massages, on a dinner (or night) out with girlfriends or a spouse, on a fabulous pair of shoes.

It’s hard to deny that pampering or treating yourself does wonders for you: you’re recognizing that you’re worthy and deserving of something nice, something pretty, something extra, something that you don’t need. It’s that latter point that makes indulgences so great: you don’t need to need it. You want it and that is enough.

I’ve noticed that younger people today tend to live a life focused on indulging oneself, and if you look at the generation ahead of you and behind you, you will likely find that you are more self-indulgent than the generation before, you, and less self-indulgent than the generation behind you. My own family is a perfect example of this.

My parents
After moving from Nigeria to the USA, popping out two delightful daughters of which I am one, my parents moved back to Nigeria and from there immigrated to Canada 20 years ago (and popped out two less delightful sons). Fairly typical immigrants, my parents are hardworking individuals and the word “want” does not register in their vocabulary very often, when considering reasons to make a purchase. You purchase things first and foremost because you need them: warm clothing in the winter, gas for your car, food for your belly. Vacations are a lovely idea but forget cruises or weeks spent lying on beaches: vacations can and should have some educational component, and are often to locations close to home, and do not usually happen every year, like clockwork.

The only acceptable types of debt are a mortgage and car payments, and my parents have perfected the art of stretching a dollar as far as possible (they could write the money saving tips section of this site). My mom packs her lunch and goes months without buying her lunch; my dad has similar habits. They are a frugal pair, and they’ve converted my sister to the dark side.

Me
I guess growing up with parents like mine, I could either replicate them or settle into some happy middle ground (it really wasn’t an option to be completely frivolous with money because as the next generation, I’m just old enough that I remember the tough times when money wasn’t plentiful and toys had to be chosen on the basis of educational value and durability rather than how cool it was). Far from making me bitter or resentful towards my parents, it made me appreciate their hard work and sacrifice for their kids, and even today, although I still wish I had gotten that Keypers Toy, I think the Whiz kid impacted my educational choices and future decisions far more than the other toy would have.

So, like my parents, I abhor debt, I live within my means but I am by no means a hoarder of money: I buy lunches out nearly every day, I (used to) buy new clothing every two weeks (just one piece or two, justified by my fabulous clothing discount, courtesy of my part time job), if I want something and it’s less than a certain amount, I’ll buy it with minimal thought. I buy things simply because they are on sale. But this is alright because I’m not in debt (or so my rationale goes). Any potential expenditures over a certain amount involve (too) much hand wringing and deliberation on my part, and I find it difficult to spend large sums of money so I don’t unless it’s absolutely necessary (a computer and digital camera qualify as necessities in my life, hopefully a car and house will in the coming years too).

My brothers
These men are truly the next generation: all that is required before making a purchase is the desire. “If you want it, get it” is their mantra and they live by this. One has a credit card and enjoys spending his money on $30 wallets, $60 ties, $70 dress shirts, a $300 ipod. He is a full time student with a part time job and carrying a credit card balance does not faze him one bit. His older brother is similar: an empty bank account doesn’t bother him, and money is meant to be spent. In its entirety. Despite living at home and having access to the kitchen, both prefer to order dinners out several nights a week, in addition to eating most every other meal out. Neither of my brothers would recognize a savings account if it slapped them on the face for being so frivolous.

To them, life is meant to be enjoyed and cannot be enjoyed unless it’s a life of indulgence. No wish or whim should go untried (or “unbuyed”).

*
There is a happy medium, as we strive to live lives that are enjoyable and satisfying. A life without the occasional “just because” purchase just won’t do, so I encourage you to be like me, except without the “buying things simply because they’re on sale” part, only because it’ll leave you more money to spend on your next satisfying splurge!

indulge, splurge, indulgences, spoil yourself, money, saving, spending

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In Canada, the deadline to file taxes is the end of April, and I understand that some Americans have been given a four day extension (due to the storm that resulted in power outages in some areas), leaving one more day to get their taxes in.

Every year I tell myself that I’ll file my taxes faster than the year before and every year I don’t. Usually this isn’t a big deal, since I have always received a refund. Less than two months ago, I filed my taxes for 2005 and discovered that I owed the government money (a ghastly amount, with four numbers before the decimal point!): not only did I have to pay what I owed, but there had been an accrual of interest! I vowed not to let this happen again, to file 2006’s taxes well before the end of the month, yet here I am again, tax forms scattered about my house and I’m only starting to contact the one past employer for a missing T4 (W2 for you Americans).

In a surprising result, I found out I had miscalculated and received over half of the amount I had paid for 2005’s taxes back! While this was a lovely result, clearly, I am not the person to give you tips on filing taxes accurately or on time.

I did, however come across the following resources that you may find useful:

Canadians
The Canada Revenue Agency’s website is a good first stop in the search for information. You can find the required forms in electronic form and print them off, and this site has answered most of my questions so far.

Canadian Living has a list of 20 tax tips for Canadians (Tip 9: Claim all of your child care).

H&R Block’s site not only encourages you to leave the filing of taxes in their capable hands, but it also provides tips for filing as a student and as a couple that is getting married or in a common law relationship. The site also has a countdown, including minutes and seconds, until your taxes are due!

Americans
The Internal Revenue Service website provides all the information that you need to file your taxes, and it’s neatly broken down by who the taxes are being filed for, right at the top.

Tax Girl is a great resource and the Tax Girl herself writes in a very easy to understand manner. You can even send in questions to her personally (although you may be too late to get your questions answered for this tax period!).

And not to be outdone, H&R Block’s American site has an easy to find tax tips section that I’m sure you’ll find useful!

Have you come across any other tax tips or resources?

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