5 Easy Ways to Save Money

I recently wrote an article for Frugal Edmonton Mama, sharing 5 easy ways to save money. Here’s a short sample:

Use a change jar.
A friend of mine starts a brand new change jar at the beginning of each year, depositing change into it at the end of every day. She is not allowed to touch this money until the end of the year, and when she does, she often has a few hundred dollars that she can put into her savings account or towards something she needs to purchase (like last year when she needed a new barbecue).

Read the full article here.

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6 Ways To Improve Your Finances

With new year’s resolutions/goals well underway, I thought now would be the perfect time to share a few ways to improve your finances.

Are you looking to improve your finances this year? If so, try not to be overwhelmed. I know it can seem like a daunting task to pay off debt, save for the future and constantly monitor your money, but it’s really not as bad as it sounds – you may even find it to be a fun challenge (or am I the only one that feels that way?)!

1. Create a budget.
If you’re attempting to improve your finances, the number one thing I would recommend is creating a budget. Having a budget it place is one of the most beneficial things you can do to make your money work for you, instead of against you.

When you do create a budget, make sure you are being realistic with the categories you have laid out. Do you really need to keep your gym membership? Can you get rid of or lower your cable TV expenses?

You should always be spending less than you make. Check out my friend Gail Vaz-Oxlade’s pie chart for budgeting, which shows you how much you should be spending in each main category.

Sticking with a budget may seem difficult at first, but I promise that if you keep at it, you will start to see positive results.

2. Track your spending.
In order to create a budget, you need to know where your money is currently going. Do you know how much you spend on hydro every month? What about groceries and entertainment? If not, now is the time to start tracking what you spend. This information is essential if you want to budget successfully.

You must track every single penny you spend – including your daily $2 coffee and your random $5 dollar store purchases. Everything. Keep all of your receipts and enter them into your expense tracking spreadsheet once a week (or more often if you are able). Keep a small notebook on you, for those times when a receipt is not available.

It takes a few months to get used to tracking your spending, and I must admit, in the beginning it will probably be hard and feel like such a pain – but believe me, it’s necessary and it will be worth it. After awhile, tracking your money becomes second nature.

3. Pay off debt.
Debt of any kind is detrimental to your financial health, so try your hardest to get rid of debt once and for all. This should be your number one goal. You don’t want debt looming over your head as you go about your life – it will always be a negative source of energy that will constantly wear you down.

If possible, figure out a way to pay off your debt in 3 years or less. Any longer than that and it will seem never-ending and likely leave you feeling discouraged. If this means you need to take on extra hours at work, a second job or simply scaling way back on the categories in your budget, do it. It will be worth it in the end.

Think of how much better your life would be without a mountain of debt to worry about. That extra money can go towards saving for your future and enjoying your life right now.

4. Live within your means.
No matter how much money you make, you always want to live within your means. The amount of money you spend every month should be less than what you bring home. If it’s not, you are just digging yourself further and further into a debt hole that may eventually become too big to climb out of.

If you can get a grasp on living within your means, you will be able to use your savings to pay off debt and put money aside for an emergency fund, your child’s education, a down-payment on a home – anything you want! Wouldn’t that be nice? It is possible!

My philosophy has always been “sacrifice now so you can live better later.” Do you agree?

5. Save for your future.
Saving money is extremely important, yet many people simply put it last on their list. I couldn’t tell you the number of times I’ve heard people say that they only save “whatever is left over after all of the other bills are paid” (which is usually nothing at all) and that is a big no-no.

You should always pay yourself first. Think of your savings as a fixed expense that you can’t get rid of and make sure that is the very first “bill” that you pay every month.

When you start to see your savings as an important “bill” to pay, saving your hard earned cash will come much more naturally to you.

6. Don’t give up.
Finally, please don’t ever stop trying to improve your finances. I want to encourage you to always be learning, but don’t try to learn too much at once. Give yourself time to learn about one thing at a time and once you are comfortable with that, move on to the next. Don’t try to learn all there is to know about savings accounts, RRSPs, debt reduction, emergency funds and education plans all in one month. Pick what is the most important to learn first and go from there.

Remember that YOU are the only person that can take control of your finances. No one else is going to do it for you, so take the time to improve your finances and you will enjoy the benefits for years to come.

Everyone can do it – it’s not hard. It just takes time, dedication and perseverance. Believe, and you will achieve!

Please share your financial tips in the comments!

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How To Enjoy Winter Without Spending Money

Am I the only person who likes to hibernate in the winter?

I don’t know what it is, but cold weather and I just can’t seem to get along. Well, that was until recently… last month I decided that I wanted to make some fun winter memories with Elliott and realized that part of winter is enjoying the outdoors as well – cold and all.

So, I did a bit of research to figure out the best ways to have some free outdoor fun in the winter and you know what? I’m actually really excited about it. We’ve been having a lot of fun so far.

Following is a list of ways to enjoy winter without spending money.

Tobogganing
You had to know this would be number one, right? Tobogganing is obviously one of the first things people think of when it comes to outdoor winter activities and there’s a very good reason for that – tobogganing is fun!

Find a nice big hill near your home, grab a sled and go enjoy yourself! If you can, try to take a few photos as well. They will be nice to look back on when summer is here and you are melting in the heat.

Build A Snowman
This is a fun activity for every family member – not just kids. If you have enough snow on the ground, building a snowman can be a great way to spend your time. Not only is it a fantastic way to get some exercise, but you will feel really proud of yourself when you see the whole thing come together.

Don’t forget a nice warm scarf for your snowman!

Play With The Dog/Snowball Fight
We are always looking for ways to get our dog involved in our family activities. After all, he is a very big part of our family, so he needs to be treated that way.

Most dogs love to play in the snow, so why not bring your pooch outside with you and have a great big snowball fight (with you winning, of course – unless your dog is magic and can throw snowballs!)?

Go Ice Skating
Many people enjoy going to ice skating rinks this time of year and luckily, they are available almost everywhere. You are sure to find at least one in your community (and many are free)!

There are both indoor and outdoor rinks for you to choose from, but I highly checking out an outdoor rink. There’s just something magical about ice skating outside, surrounded by sparkling white snow.

Go Skiing
Okay, so this one isn’t exactly free, but I had to include it because winter and skiing just go hand in hand. I have seen a bunch of skiing discounts online recently, so look around for those before you plan your visit to the slopes.

Enjoy all of your falls too – they will happen and are all part of the fun.

Make Snow Ice Cream
This is something that we are trying for the first time and I cannot wait (we just need more snow)!

Find a clean patch of freshly fallen snow and follow this recipe to make some homemade SNOW ice cream. What an interesting idea! This is definitely something that kids could help with as well.

Snow Painting
Fill up a few squirt bottles with water and food colouring – then, take them outside and start “drawing” on the snow.

This is another new thing that we are trying this year. I have the squirt bottles ready to go – just waiting for a good snow fall. Don’t forget to take photos of your artwork, too!

If you’re used to being a couch potato in the winter like me, I encourage you to get up and get outside this year. Enjoy the cold, enjoy the snow and enjoy everything that winter has to offer! It’s much better than hanging around the house all day, don’t you think?

Please share your tips for enjoying winter without spending money in the comments.

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Money in Your Pocket eBook For Only $1 or 50% Off!

Purchase the Money in Your Pocket eBook for only $1 during our special Boxing Day sale. This offer is valid December 26, 2011 only.

From December 27-31, 2011 you can purchase the eBook for 50% off (only $2.49).

Enter promo code BOXINGWEEK at checkout to get your discount.

Purchase the Money in Your Pocket eBook now!

Note: Thank you SO MUCH for the support you have all given me in regards to this eBook. I am so fortunate to have readers as awesome as you!

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4 Ways To Save Money In The New Year

Christmas is just around the corner and many people around me have already started thinking about their New Years Resolutions. Although I do think it’s a good idea to have a plan for the new year, I think it’s best to refer to those resolutions as goals.

Most people don’t continue with their “resolutions” past the first month of the new year (some don’t make it past the first week!), but when you set goals for yourself, and break down those goals into bite-sized pieces so that your plans are much more attainable, I find that you have a greater deal of success.

Since I know that many people are always interested in saving more money and often have that as one of their resolutions/goals, I thought it might be a good idea to share some ideas on saving money in the new year.

Create A Budget
Creating a budget is helpful in many ways. The most important thing that you gain from having a budget is knowing that you have a plan for your money. If you don’t have a plan for the money that you bring in, it’s easy for it to slip through your fingers.

Budgets seem daunting and boring to many people, but I assure you that they are really not that bad. They will keep you from overspending, help you stay organized and clue you in on how much money you really have available to spend and save.

Pay With Cash
If you really want to stop yourself from spending too much money, start paying for your purchases in cash. Many people find it painful to watch money leave their pocket and are usually more careful with how they spend it. To them, a credit card is much easier to spend lots of money on, because you don’t actually see the money leaving your hands.

If you’re like me, and find that paying with cash actually leads you to spend MORE than paying with a credit card, set yourself up with a decent credit card company that will give you cash back for your purchases. I only suggest doing this if you are diligent with paying off your credit card bills in full every month.

Make Savings Automatic
A simple way to start saving money is to think of savings as a fixed expense. The best way to do this is to have your employer take off a certain percentage of your earnings and put it directly into your savings account, before that money makes it onto your cheque. This way you will never even see the money, so you won’t miss it.

If for some reason you can’t have your employer deduct savings for you, it’s easy to set up an automatic withdrawal system with your bank. Determine a set amount of money that you would like to save each month (the golden rule is 10% of your gross income) and have that automatically sent to your savings account on a monthly basis.

Start A Change Jar
Find the largest container you can and set a goal to fill it up completely by the end of the new year. Empty your pockets every night and add all of your loose change to the container.

Make it a rule that no one is allowed to take out any money until the end of the year. Then, when that time comes, figure out how much you’ve saved and add it all to your savings account.

If saving more money is something you would like to do in the new year, keep in mind that it’s not something that will happen overnight. You really have to keep at it and make saving money a goal for the rest of your life, not just for a certain amount of time.

Make it fun and include saving money in your every day life. You’ll be glad you did!

Do you plan to save more money in the new year? Let us know how in the comments.

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Frugal Tip: Exchange Christmas Gifts AFTER Christmas

Here is a frugal tip sent in by a reader:

Hi There,
Just wanted to share a frugal tip for Christmas shopping.

I have a friend who’s family actually gives gifts after Christmas day so that they can shop on boxing day and cash in on all of the deals – then they exchange gifts a few days later.

What a wonderful way to save money!

- Monica

Do you have a frugal tip to share? Send me a message!

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How Do You Feel About Used Gifts?

While browsing Andrea’s site not too long ago, I came across her post on used gifts and was wondering what YOU all thought about them.

Why is it that so many people think they have to give brand new items away at Christmas time (or for any holiday, really)? I actually love receiving used gifts and I have many friends and family members who feel the same… but we always receive new gifts during the holidays.

I don’t want to sound ungrateful. Of course I am appreciative of any gift I receive, but I love seeing people save money and one great way to do that is to give used gifts. I’m not talking about dirty or broken items, but things that someone could actually reuse and love as much as you once did.

Here are some used gift ideas that you might consider giving this year.

1. Clothing
Even though new clothing goes on sale all the time, it’s rare that you can pick up an article for a few dollars or less. Thrift stores, yard sales and online classifieds like Kijiji and Craigslist, are great places to find used clothing for a fraction of their original prices.

T-shirts, pants, sweaters, jackets… all of these are articles of clothing that everyone needs. They surely would make great gifts! You will be able to give more than usual, as well, because the cost of used clothing is much lower than anything new.

2. Baby Gear
Do you have an expectant mother and/or father on your gift list this year? Consider giving used baby items that you either pass down yourself or purchase from a thrift store.

Some great used baby gear ideas would be toys, swing, changing table, bouncy seat, high chair, etc. Babies don’t need much to be happy and well cared for.. but the items they do need can be rather expensive if you purchase them all brand new. Baby items are meant to be shared, so go ahead and gift some of your favourite used items this year.

3. Books
As long as there is no visible wear (or not very much, at least), books make great used gifts. Have you seen the price of books lately? I don’t know what’s going on, but prices seem to be going higher and higher all the time.

I can’t justify spending $20 on a book that someone is probably just going to read once. What’s wrong with buying a used copy instead – for only $5?

4. Furniture
If there’s someone on your gift list that has been talking about getting some new furniture, it might be a good idea to see if you can pick something up for them from the classifieds or a thrift store.

Some people are very picky about the type of furniture that they purchase, though, so I wouldn’t advise giving used furniture gifts to those folks. However, if you know that your friend or family member is open to different types of used pieces, it may be a good idea to see if this is something you are able to purchase for them.

Coffee & side tables, baskets & bins, lamps and coat racks are all great gift ideas… but do pay attention to what people are mentioning needing and try to only pick up those pieces to avoid adding more clutter to someone’s home.

5. Home Decor
Think candles, serving dishes, clocks, mirrors, and artwork when it comes to home decor gifts. These types of items can always be found at your local thrift store, so be sure to check out their selection every so often to find that perfect little something for a loved one.
Home decor gifts are one of my favourite things to receive (used or new!). I’m not even close to being a designer, but I do know that you have to love your home and the things inside it if you want to be happy living there. Since I spend a good 90% of my time in the house, I want to be surrounded by beautiful things.

Giving used gifts does not make you cheap and it does not mean that you are poor. You are choosing to give those types of gifts because you think they will be useful and loved by the recipient(s).

Of course, it’s a good idea to make sure that the people/person you plan to give used gifts to are okay with the idea. Some people are really put off by letting used items come into their home and it’s probably not very smart to gift those types of items if you’re unsure of the recipients’ feelings toward used goods.

Giving used gifts is not only a great way to save money, but it is a fantastic way to recycle! One (wo)man’s trash is another (wo)man’s treasure…. right?

Do you like to receive used gifts? Please let us know in the comments.

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Our Yearly Financial Goals: An Update

Canada Money

September was another slow month for us, money wise. Fortunetely, October is looking very good, so I’m sure this time next month I will be able to update with much more exciting news!

My main goal this month is to work on increasing my income. I have a bunch of ideas – let’s just hope at least one of them works out! (For those that have emailed me, asking what I was doing to increase my income, I make 99% of my money online. If you are interested in doing the same, visit my make money online article.)

Replenish The Emergency Fund
Done!

Re-start RESP Contributions
I can’t believe we haven’t done this one yet. I’ve been to the bank a handful of times, but I am usually only able to make it over there around 7:30pm (when Richard is home from work and I can use the van), and at that point, they are not taking anymore appointments.

This WILL get done in November! Even if it means we have to take some time out on a Saturday to go in.

Review Yearly Expenses Account Balance
Done! We were under budget by a few hundred dollars, and that amount went right into our house savings.

Increase My Income By 40%
Working on it…

Increase House Savings To 35%
We were able to add a bit of money to our house savings account this month, but not very much. Luckily, October is off to a fantastic start, so I know we will be able to put away a hefty chunk of change this month!

Set Aside About 25% Of RRSP Savings
I really don’t think this is going to happen. I’m not removing it from the list, because I’d still like to try, but things aren’t looking for good for this goal.

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Reader Story: Debt Free & Saving Money

Here’s an inspiring story, sent in by Laurie.

I paid off my credit card debt ($14,000.00) last year and am so happy! I had to go through debt consolidation for 4 years, but it was worth it to become debt free. I now have a small automobile loan to build my credit back up, but that is all.

Here are a few ways I save money:
- I don’t have any credit cards, I pay only with cash.
- I put $50.00 per month into my saving account (plus, I have a ‘spend and save’ account where $1.00 will go into my savings account every time I do a bank transaction – this helps me save up for our yearly camping trip and helped me to pay for my son’s new laptop as well).
- I also start buying Halloween and Christmas items before the holiday hits (I create Halloween displays every year). I always pick up things on sale when buying early.
- I work during our busy season (I work at Stormtech), which helps pay for Christmas and a bit of spending money after Chritsmas, as well.
- I shop on eBay for gifts and for my Halloween display items. You can also buy coupons from eBay and get a great selection (good for coupon trading or using yourself).
- On a regular basis I go through the weekly flyers, I price match, and I use coupons.

I live in Surrey, BC, which can be expensive to live – so I try to watch my money and use coupons just to get by.

Do you have an inspiring story to share? Please let me know!

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70 Frugal Living Tips To Save Money: Part 3

For the last two weeks we’ve talking about frugal living tips for your home, as well as ways to be more frugal with groceries and transportation costs.

This is the final week of Frugal Living Tips and I want to end off with ways to be more frugal with your finances, entertainment and all of those miscellaneous things in your life.

Entertainment:
46. Make your own coffee, instead of buying it from your local coffee shop.
47. Send invites to any events you host via email, to save money on postage costs.
48. If you go out to eat, drink water. Any other beverage will be overpriced.
49. Stay home. Find contentment in staying home instead of always going out to have fun.
50. Use the library. You can find books, magazines, movies, music and even fun activities at libraries. Take advantage of this FREE opportunity – just remember to return the items you borrow on time, to avoid paying late fees.
51. Learn to say no. You don’t have to attend every party, or go to every baby shower. It’s okay to say no sometimes.

Finances:
52. Keep snacks in your purse or vehicle to avoid stopping at a fast food restaurant or vending machine when you get hungry and are out and about.
53. Bring your lunch to work. Avoid buying lunch every day, as this can really kill your budget.
54. Live on cash, if possible. It’s much harder to spend money when you actually see it leaving your hands.
55. Quit smoking. This is an expensive habit that really needs to be kicked as soon as possible. Save your money and live a healthier lifestyle by throwing those cigarettes in the trash – for good.
56. Create a budget and stick to it. Spend less than you make.
57. Pay yourself first. Saving for your future should be one of your top priorities.
58. Shop on sale. Follow the Canada yearly sales cycles and only buy things when they go on sale.
59. Buy gifts year-round. Watch for sales and pick up birthday, Christmas and other gifts as you see item at great prices.
60. Learn to negotiate. You can negotiate the price of just about anything.
61. Pay your bills on time. Late fees are so unnecessary!
62. Switch to a no-fee bank. There are a few of these available. If you don’t use the bank very much, you probably don’t need all of the services you are paying for, so – make the switch!
63. Pay your bills online, to avoid postage costs. Most banks offer this option.
64. Create an emergency fund. It’s important to have a safety net in case an unexpected emergency arises.

Miscellaneous:
65. Take advantage of Reward Programs, such as Shoppers Optimum, Air Miles, HBC Rewards, etc.
66. Happily accept hand-me-downs. Nothing beats FREE!
67. Re-gift. There’s absolutely nothing wrong with re-gifting a gift that you received and never intend to use. Just make sure you don’t give it back to the person who got it for you in the first place!
68. Give homemade gifts for holidays and birthdays. Not only are the inexpensive, but gifts mean so much more to someone when you make them yourself.
69. Use Ebates when you are shopping online. You might as well earn some cash back from purchases you were already planning on making.
70. Use Swagbucks to earn cash, gift cards and prizes. If you spend time online, this simple program can be very lucrative.

Frugal living is not something that is difficult to do. It also does not mean that you are cheap or a tightwad (as many people like to call me!). Living a frugal simply means that you are being responsible with your finances and only spending money on the things that are important to you.

The more money you save by not spending on frivolous items, the more you can enjoy a life free of debt and full of opportunity.

Please share your frugal living tips in the comments.

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