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Posts tagged ‘how to save’

How to Dine Out Without Breaking the Bank

Tomorrow is Friday. But not just any old regular Friday.  Its a Valentines Day Friday! So before you take your special someone out for dinner, Yahoo Finance has a few great tips on how to save yourself a few bucks!

How to Dine Out Without Breaking the Bank

Eating in restaurants can be expensive. It’s estimated that each American spends on average $2,620 a year eating out. Roughly 93% of consumers enjoy eating out and the restaurant industry holds 47% of the share of food dollar expenditures. Instead of spending thousands of dollars eating out at restaurants each year, try these tips that will not only allow you to dine out at restaurants, but will save you money as well.

1. Time of Day If you are looking to try out the newest restaurant in town, try going for lunch instead of dinner. Dining in off-peak hours can save you money while still allowing you to try fabulous new dishes. There are even apps for your mobile device, such as “Savored,” that advertise the discounts restaurants are offering during off-peak hours. Another time to look at going to restaurants is during happy hour. Not only do some restaurants offer buy-one-get-one-free deals on beverages, they also typically have specials on appetizers. (more…)

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. (more…)

Financial Tips for Young Canadians

Arti Patel of the Huffington Post Canada writes an insightful article for young Canadians on financial literacy. Originally posted on

Financial Advice For Young Adults: Tips For 20-Somethings

When most people think of 20-somethings and disposable income, they picture a group of young adults disbursing money frivolously and leaving their futures behind. But in reality, most youth want to have a grip on their finances and start saving as soon as they can.

Financial priorities for Canadians between the ages of 18 to 34 don’t seem to look all that different from those older than them: 49 per cent want to own a home, 48 per cent want to reduce or eliminate debt through regular payments and 39 per cent of youth want to start an emergency savings fund, according to a recent RBC poll.

“People aspire to own a home and this is a time when people want to,” says Melissa Jarman, director of student banking at RBC.

Jarman says to start saving money, people need to start figuring out where they’re spending it. “People need to rethink their spending, regardless of age. When you think of somewhere that your money is going to, like buying lunch everyday, a lot of people spend a lot,” she says. To break it down in simple math, $10 a day on lunch is $50 a week and $2,600 a year, she notes.

But this doesn’t mean you can’t have any fun. If going on a vacation once a year or blowing a few bills on alcohol-filled nights is your idea of fun, budgeting and saving for the things you want to do won’t hurt your bank account.

Keep Some Wiggle Room

The key, Jarman says, is to live on less than you earn. Keep some wiggle room for youself so you don’t spend close to or above your limit. When you get your next paycheque, try to save more — at least three to ten per cent — and spend less.

Get Used To Saving

Save, even if it’s just a few dollars at a time. As you start your career, paying down student debt and planning major purchases like a car or first home can make it difficult to save. The trick is to incorporate savings into your budget before you get accustomed to spending it every month, Jarman says.

Emergency Funds Are For Emergencies

“As a general rule of thumb, an emergency fund should be about three times your monthly expenses if you are single, and six times your monthly expenses if you are married or have children,” Jarman says. Opening a high-interest savings account will help you earn money through interest.

“D” Is For Discipline — Not Debt

Organize your debt in order of interest rates and pay off the debt with the highest interest rates first. You may also want to consider consolidating all of your loans under one umbrella, with a lower interest rate if you can, Jarman says. Make your payments on time and, when you can, pay more than the minimum payment. Missing payments can hurt your credit score and should be avoided at all costs.

Rethink Spending

Let’s say that, on average, you spend $10 a day on lunch. That’s $50 a week and $2,600 a year. If you earn $30,000 a year, for example, you would save up to nine per cent of your salary by preparing lunch at home, Jarman says. Saving on these simple costs leaves you more money to save with a RRSP (Registered Retirement Savings Plan) or TFSA (Tax-Free Savings Account).

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