Every Day Ways to Save Money for an Emergency

When you think about it, there are a good many ways to save those precious pennies. Some ways will require some sacrifice, while others will require little before thought.

The point is to be forever mindful of saving those extra pennies and before you know it, you will have saved up a tidy sum.

·       Spend less money than you earn each week.

·       Seek out a higher paying job.

·       Keep your job skills sharp and up-to-date so that when a new opportunity comes up, you will be on your toes and first in line.

·       Adjust your lifestyle to always spend a bit less.

·       Create a firm financial budget to encourage saving.

·       If you must use credit cards/cut up those you can do without.

·       If you must use credit cards, pay them all down in full each month.

·       If you have credit card debt at high rates, consolidate at once.

·       Figure out a way to lower your student loan payments.

·       Just say NO to spending money whenever possible.

·       Lower your expenses, one by one.

·       Stop purchasing items that you can do without.

·       Forego purchasing non-essential items.

·       Refinance your mortgage or debt at a much lower rate.

·       Refinance your car loan at a much lower interest rate.

·       Find cheaper insurance rates/then switch over.

·       Use coupons to shop with.  Don’t purchase without a discount coupon.

·       Wait for things to first go on sale before buying. Take advantage of catalog saving certificates.

·       Don’t buy an item just because it is on sale.

·       Buy generic or non-name brand merchandise as much as possible.

·       Wait for prices to fall to a discounted rate before buying (applies especially to electronics items).

·       Reward yourself for saving money.  Enjoy as your debt shrinks and your investments grow.

·       Drive used cars or leases rather than brand new cars.

·       Reduce your auto insurance.

·       Don’t eat out as much as you’d like to.

·       If you do eat out, buy gift certificates for half price meals.

·       Buy only discount magazines.

·       Do more stay in activities at home.

·       Invest the money you save to earn even more.

·       Create a plan to save $200 each month (as much as you can manage.)  Never miss the monthly savings payment to yourself and try to find ways to increase it.

·       Don’t spend money just because you have it.

·       Look into getting a better quality education.

·       Stay very busy – you will have less time to spend money.

·       Find an interesting hobby to occupy your time and stop you from spending money.

·       Find a hobby that you can turn into earnings.

·       Stop smoking and bank the savings.

·       Go on a sensible diet and lose weight. You will save money on food, look and feel better, and your long-term healthcare costs should fall dramatically.

·       Look carefully at how you spend and save your money.

·       Learn how to manage your finances by reading financial publications.

·       Increase the amount of money you earn through a second job, promotion, new job, investments, etc.

·       Don’t try to compete with your friends and neighbors. Be satisfied with what you have.

·       Don’t compare yourself to your friends and neighbors. Be happy being you.

·       Sell your car and take the bus to work if you can.

·       Contribute the maximum each year to your 401K or to an IRA.

·       Buy Dental Insurance before you need it.

·       Buy Health Insurance before you need it.

·       Paying down your debt is also a way to save money (it saves you from a debt payment and brings you closer to having money to invest).

·       Switch to lower your telephone bill.

·       Lower your cable bill by deleting pay channels or switch to satellite.

·       Earn extra money by completing short surveys online.

·       Practice restraint at all times.

·       Be patient when bargain shopping.

·       Start saving money today!

·       Don’t give up -- put just $5.00 aside, today!

Hunger Count 2015

The Hunger Count for 2015 for Canada has just been released, and the numbers are saddening. Instead of less people using Food Banks, there are more people using Food Banks. The number of people accessing Canadian food banks increased for the third consecutive year in 2016, and is now 28% higher than before the 2008-2009 recession. 

• 863,492 people received food from a food bank in March 2016
• 307,535 children are helped each month  while children aged 6-11 make up about 6% of the total Canadian population,  they make up over 12% of people accessing food banks
• 155,756 Canadians in rural communities rely on a food bank every month 

For more information and ideas on how to solve this problem, go to Find out more from HungerCount 2016

While we wrestle with this problem, our neighbours, friends and others, still may need our support; so take some time and donate, or volunteer at your local Food Bank. If you can a donation of money is more useful than a donation of Food. Both gifts are appreciated, but money can go further in helping. 

We are moving into the spirit of giving, so make your gift to the Food Bank one of your (new) family traditions.

Best ways to save for retirement

Are you looking for information on the best ways to save for retirement?  If you are, you have come to the right place. 

Establish a Money saving Goal

If you want to save money for retirement, it is first important to determine how much money you need to save.  This is the most important step to take when looking to save for retirement.  While you can always save money for retirement without having a goal in mind, will you have enough?  You will never know unless you take the time to do the research first.

When determining how much you need to comfortably retire, examine your wants and needs.  Account for living expenses, such as housing, utilities, food, transportation, healthcare and other related expenses.  Next, what are your retirement goals?  What type of home would you like to live in?  Where would you like to live?  What activities do you want to enjoy?  Calculate the average cost of these.  That total figure is your retirement savings goal.  As an important reminder, do not stop saving even if you reach that goal early on.

Create a Budget for Yourself

Creating a budget is another easy way to save money for retirement.  Why?  Because it can help you determine where you can save money.  Many Americans waste money and a considerable amount of it.  To prevent yourself from doing so, create a budget.  This budget should include expenses that you must pay; ones that you cannot live without.  For example, your rent or mortgage payment and all utility bills, transportation costs, and food should be included in your budget.

Once your needed expenses are totaled, subtract that amount from your monthly income.  The difference is money that you can and should put into a retirement savings account.

Eliminate Unnecessary Purchases

In keeping with creating a budget, be sure to eliminate unnecessary purchases.  If you work outside of the home, do you bring your lunch to work or make your coffee at home?  If not, you should start doing so.  If you are 35 years old, you may be surprised with how much money you can save over the next ten or twenty years by taking this simple approach.  

In addition to completely eliminating unnecessary purchases, consider reducing those that you do not want to give up.  For example, do you like to eat out?  Instead of eating out once a week, aim for once a month.  Also, examine the packages for your phone, cable, and the Internet.  Can you reduce their costs without having to give them up completely?  If so, do so.

Contribute to Your 401(k)

Do you have a 401(k) plan through your employer?  If so, do you currently contribute to it?  If not, now is the time to start, even if you are only twenty years old.  Those between the ages of twenty and forty are encouraged to contribute around 5% to 10% of their income.  Those forty to sixty years old are encouraged to contribute as much as possible.

What is nice about 401(k) plans is that most employers maximize your contributions.  For instance, if you were to meet your company’s minimum personal contribution for the year, they may match that money for you!  Yes, you do still have to deposit your own money, but the money that your employer contributes can be considered free money.

Seek Professional Help

While you can find a number of helpful retirement planning resources online, this information can sometimes be difficult to read.  Sometimes, it seems as if financial experts are talking in a different language.  

If you are not familiar with 401(k) plans, Individual Retirement Accounts (IRAs), social security benefits, and pension plans, you should schedule a meeting with a professional financial advisor.  Not only can they help you understand these great retirement programs and accounts, they can also help you develop a sold retirement savings plan.  This can help to ensure that you successfully meet your goal.

Why Saving For Retirement Is Important

Whether you are 20, 30, 40, 50, or 60 years of age, are you planning for retirement?  If not, you should be.  Unfortunately, many individuals do not understand the importance of planning for retirement.  If you are one of those individuals, please continue reading on for information that will likely change your outlook on planning and preparing for your retirement.

The greatest reason why you should save for retirement is because it is your life.  The amount of money that you save for retirement will have a profound impact on how your life is lived.  Do you have any dreams or goals?  Typically, retirement is the best time to meet your goals and transform your dreams into reality, but you can only do so if you are financially prepared.  If you are not, you may be worried about where you will live or where your next meal will come from, as opposed to wondering when the best time to take a vacation is.  

Another important reason why you should start saving for retirement and early is for your children.  Even if you are twenty years old and single, remember that there may come a point in your life when you have a family.  Those who do not properly plan and save for retirement put a huge burden on their families.  As a parent, it is your job to protect your children, not cause them to face their own financial difficulties because they must pay for your retirement expenses.

Saving for retirement can also help to ensure that you are well cared for.  This is important in terms of health.  There comes a point in everyone’s life when his or her health starts to worsen with age.  While you may be able to live on your own and care for yourself when you first enter into retirement, there may come a point in time when you can no longer do so.  If and when that time comes, are you financially prepared?  Can you afford the cost of long-term care?  The cost of long-term can be expensive and it should be included in the cost of your retirement; therefore, you should start saving now.

Another one of the many reasons why you will want to start saving for your retirement is because you won’t want to keep on working.  Those who are unprepared for retirement often keep on working or later return to the workforce.  Is this really something that you want to do?  Also, remember your age and your health.  It is highly unlikely that you will be ale to work until you die.  That is why you should start saving for retirement, as you cannot generate income for yourself forever.

Finally, social security benefits are nice, but they will not cover all of your retirement living expenses.  Many financial advisors state you will need around 70% of your current income to live comfortably in retirement.  Unfortunately, most individuals only receive about 40% of that from social security benefits.  Depending on how much you contributed through the payment of taxes, that amount may be lower.  Since you cannot rely on social security benefits to survive, you need to start saving for retirement.

Your life in retirement is in your own hands, so start saving today.