Highlights From Finance Minister Flaherty’s 2014 Federal Budget

 Hey everyone! Courtesy of the Canadian Press here are some highlights from Canada’s 2014 budget announcement by Jim Flaherty! I bolded some areas of interest at the civilian level!

Not listed: Commitment to 5mbps internet speeds across Canada. Good news for all you members of rural Canada and people with lower end internet packages!

Some highlights from Finance Minister Jim Flaherty’s 2014 federal budget

OTTAWA – Some highlights of the federal budget delivered Tuesday by Finance Minister Jim Flaherty:

— The budget is close to balance, with a $2.9-billion deficit and a $3-billion contingency fund.

— Flaherty forecasts revenues of $276.3 billion and expenditures of $279.2 billion.

— The government makes clear it will balance the budget next year by cutting program spending and reining in public service compensation costs.

— The budget proposes to make retired federal public servants pay half the costs of their health-care plan, up from a quarter now. This would raise annual payments for a retired individual to $550 from $261.

Three Personal Finance Tips For Soon To Be College Graduates

Scott Day of Michigan State University has 3 great finance tips for upcoming grads!

I just recently bumped into an old friend that I had not seen in a while. He has a “soon-to-be college graduate.”  We started talking about today’s tough job market, and he asked if I have any advice that I might be able to pass on in personal finances for this particular age demographic. I quickly put together a three-point elevator speech that could be explained by a concerned parent in a short period of time, and here are the highlights:

1. Next time your soon-to-be graduate is at a book store getting a cup of coffee, meeting with a group of friends or studying, ask them to pick up a book or two on personal finances that is directed at their age. If they can buy it, great, but even if they skim through it for a half hour at a time, over time, this will get the ball rolling that will help them set themselves up or success in what might be a very stressful time in their lives. Since they are already in learning mode this would be just a little “value added” to a well-rounded college education.

5 Money Questions You Should Ask Before Tying The Knot

About to tie the knot? Mary Schwager of GalTime.com wrote a great piece to help give you some advice on how to manage your money.

You know this one: Struggles, arguments and disagreements about finances are among the most common reasons couples break up. If you are a saver and your love is a not-so-better half when it comes to spending money, that can be a recipe for relationship disaster.

How do you know what you’re getting into before you say “I do”? Money expert and financial adviser Margie Baldock, author of The Mother Lode Manifesto, says when it comes to your financial health, selecting the right partner is the most important decision you can make. “The wrong partner, financially speaking, can mean a life of stress, struggle and strain. It is no wonder, then, that 80 percent of divorce is believed to be based upon money disputes.”

Baldock recommends you not walk down that aisle until you’ve asked, discussed and are satisfied with how your partner answers these very important five money questions:

5 Great Blogs That Will Help You Save Money

Our blog is great. We know that and you know that! But thanks to Canadian Living for finding 5 other awesome blogs that want to help you save money!

Pinching pennies is easy with great advice from these top Canadian money-saving blogs.

Bored with the celebrity blogs I normally read, one morning I had an idea that put dollar signs in my eyes. I would wean myself from these online temples of celebrity worship, and use the time to read money-saving blogs instead. One week later, I didn’t get rich, but I had a few hot leads on the best sales in my city, and some ideas under my hat that will help me cut expenses down the road. Cha-ching!

So what makes for a good money-saving blog? I asked the creator of one of my favourites, Bargainista, for her take on what makes her blog so popular. “My blog is about smart shopping and value,” says Toronto-based Eden Spodek. “Readers trust what my guest bloggers and I have to say,” she adds.

As someone who loves to read blogs, I’ll venture that regular, preferably daily posts and an entertaining or authoritative voice help make for a successful one, also. Without further delay, here are some great Canadian blogs to help you save money.

5 great money-saving blogs
Blog: Smartcanucks.ca
Save on: Electronics, clothes, DVDs, groceries and sales tax. Plus you’ll find links to coupons, freebies and online bargains.
Bookmark it: This comprehensive blog features flyers from across Canada highlighting the biggest steals, not to mention myriad posts on in-store and online sales. In between these posts you’ll find funny asides, like Dear manufacturers of the world – Quit using these stupid paper stickers! – a pointed jab at the impossible-to-get-off stickers plastered over new goods like appliances. Other money-minded bloggers love this site, “I read this one regularly to find good deals,” says Spodek, who links to it on her blog.

Should You Skip the RRSP Contribution and Pay Off Your Mortgage First?

There are more than a few ways to get yourself to retirement. RRSP’s are a great investment, but so is clearing your debt before you stop earning a regular income. So what should you focus on? Thankfully The Globe and Mail has a great article to help you decide.

The big push is on to convince Canadians to load their extra cash into registered retirement savings plan (RRSP) investments before the Mar. 3 deadline. But though it may seem as though contributing is the only option when it comes time to decide what to do with the money, it’s not.

Many financial planners, accountants and other experts suggest there’s an even better way to work toward a well-heeled retirement down the road: Pay off the mortgage first. And do it as fast as you comfortably can.

That’s exactly what Rock Lefebvre, vice-president of research and standards for the Certified General Accountants Association of Canada, in Ottawa, did when he was younger. Rather than invest in stocks, bonds or mutual funds, he developed a financial strategy that meant paying off his mortgage early. To this day he still advises that most people eliminate consumer debt and then go on to tackle mortgage debt before investing.

How to Live on a Fixed Income Budget

Here is a great article by Francine Richards of Demand Media with 7 helpful steps to living on a fixed income budget from TheNest.com.

Step 1

Sit down with your spouse, make a list of each of your expenses, and set them against your income. Work together to set a spending budget, and to see where you can cut your expenses. For example, examine whether you really need all the premium cable channels, and if you can take your lunch to work instead of going out. Rent movies instead of seeing them in the theater. Unplug appliances when not in use, such as your cell phone chargers and your microwave. You may be surprised at how much you can save by taking small steps to cut expenses.