good financial habits Archives

NOTE: The following giveaway is open to Canadians only.

Happy New Year, friends! It’s that honeymoon period – we’re still basking in the afterglow of the holidays… but haven’t yet received our December credit card statement.

Oh yeah, all that holiday spending. Shudder.

Now, if you read my previous post Holiday Shopping? Here’s How NOT to Blow Your Budget! and took my advice, congratulations! You’re in the clear. However, we’re all human and mistakes do happen – even when that mistake is a pair of Louboutin peep toe pumps. (Which happened to a friend, obviously.)
amex-mc-image-2-2 I have good news. It’s the beginning of a new year, which means another chance to wipe the slate clean and start fresh. Today, I’m sharing three of my best tips for staying on budget – and guess what? You *don’t* have to cut up your credit cards to do it!

1. Shop online for groceries. No, really. With so many companies offering grocery pickup service, it’s time to try it out. Here’s why.

First, you’re less likely to impulse shop and stick to your grocery list, especially if you utilize the website’s “search” function vs. the “browse” function. Not being swayed by fad products or add-ons (which are bad for your wallet and your waistline) is a great way to stick to your weekly grocery budget.

Second, when you shop for groceries online, the total amount is tallied in real time vs. at the end of the checkout process, so you’ll always keep on top of how much you’re spending. And when you use a prepaid card, like a prepaid Mastercard, American Express or Visa, you’ll add another level of budget-staying prowess – you can conveniently use prepaid cards online while accessing a set amount of funds. …

No, it’s not a lottery ticket. But trust me, the odds are much more in your favour.

(First, a little background information.)

When Ryder was first born, prominently featured in the “new baby” booklet were ads for Registered Education Savings Plans (RESPs). At the time, I promised myself that I would look into it – after all, having been through university myself, I was acutely aware of the costs of education. Still, the days were long and the nights were even longer, and just like that I forgot all about RESPs.

And really, if I had an extra $100 kicking around? I was spending it on formula and diapers.

Two years later, when Ryder was two years old and his little brother made an appearance into this world, my own brother inquired: “So, have you set anything up for the boys yet? For school or whatever?” I admitted that I hadn’t. And I couldn’t be bothered! I had two babies to take care of and a couple of bucks into a bank account to be used eighteen years down the road seemed the least of my concerns.

Then, Ryder began showing signs of social anxiety disorder, and it was strongly suggested I place him in a Montessori-type setting. Pretty quickly, I had to re-shuffle my lifestyle and finances. I mean, who assumes that they’re going to pay for kindergarten?? It’s just A-B-C’s and 1-2-3’s!

Two years later, I had invested almost $15,000 into Ryder’s kindergarten education.

It was the reality check I needed. Because one day, God-willing, both boys will require funds for their post-secondary education, and I never want to be caught off guard again. And at the same time, I want my sons to understand the value of money, the importance of saving for their education, and have an active role in investing in their future.
resp_education_savings_tip The holidays are a great time to begin the conversation, especially since many parents and grandparents find themselves thinking about what to give a child as a present. According to a recent TD survey, more and more parents, grandparents, aunts, uncles and godparents are choosing to give the children in their lives some form of financial gift, including cash or an RESP contribution. Some see this not only as a monetary gift, but also as a way to start teaching children about responsible money management. …

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