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Thread: May 2016 Frugal Chatter - ALL WELCOME

  1. #346
    Contradiction in progress sweet sparrow's Avatar
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    @momof5boys : My salute to the mom who must have seen it all. Nursed five times, changed five times the diapers, toilet trained five times, not to mention the teenage years, or paying for the teenage years. I'm glad you're taking a day off for yourself. You have way too many people to look after!

    QOTD: Do you have an emergency fund? Is it a time based fund (ie. will cover three/six/nine months of expenses) or amount based ($1,000/$5,000/$10,000)? Has it changed depending on your family's size or needs?

    I'm thinking ours will have to change if we go from a family of three to four.

  2. #347
    Mastermind cath007's Avatar
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    my auntie gave me some bedsheets that will match to my room decor Those was my dear grandmother ones.
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    The goal is to live day by day not to much thinking hahaha !!!!
    I love to save money!!! Frugal life hahaah !!!

  3. #348
    Canadian Guru jasperandchar's Avatar
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    Quote Originally Posted by momof5boys View Post
    Rain - so happy....has been very dry here. I'm finally taking a day off to see a friend. My life can be consumed with looking after my elderly parents and I am slowly learning to set boundaries for myself.

    Have a good day all.
    Glad to hear you are putting yourself today and boundaries are necessary good for you
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    2019 is the year that we continue to save before we buy!!!

  4. #349
    Bean bun going offline Ciel's Avatar
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    @jasperandchar -new room rep! You got through project reno! Think a fire and S'mores would be a great idea for tonight! Yes, the winter cold seems to come just before suppertime despite the sunshine in the sky. I did a second can walk last night and forgot that it's soccer and baseball season-all the folks watching practices or games must have done wonders for the concession stand sales.
    @Granger - Chandelier Place has been The Grand Olympia for about two years now. GO used to be the blue building across from Centre Mall, but now Narula's Indian buffet is operating at the Barton St. E. location. I've yet to visit either venue but Narula's sounds like a place to ensure a decent lunch stop this summer.
    @Sweets parrow -I noticed that Save.ca has a mobile app as well. Might be worth exploring.
    As to the emergency or savings funds, I don't have one. Plan to start one in July using coupon savings amount and taking it from the Ontario Trillium Benefit, which has to be allocated to cover at least three expected expenses. My HST sum (have to see if it's going up) will be left to cover almost a year's worth of bank fees. Your question covers many factors, as they should be factored into your family situation and fixed expenses plus variable ones. Plus any tax fund if EI payments leave you a CRA bill.
    @cath007 -that's wonderful that you received some bedding from your grandmother through your aunt! You'll have happy dreams and memories of her! Good job on the Rice Crispie squares deal!
    @Frugalbigmama - love reading about your jar savings titles! Future inspiration for me when more money runs through my hands...
    2021-Bring on the sunshine, sweets & online shopping.

  5. #350
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    Quote Originally Posted by momof5boys View Post
    Rain - so happy....has been very dry here. I'm finally taking a day off to see a friend. My life can be consumed with looking after my elderly parents and I am slowly learning to set boundaries for myself.

    Have a good day all.
    It's hard to take time for ourselves! I am starting to do so now too. My friend and I were texting this morning and then she said what are you doing for lunch? So of course I said whatever she wanted to do! So she picked me up at work and off we went Awesome lunch chatting I need to do that more often!
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  6. #351
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    Quote Originally Posted by
    [B
    QOTD: Do you have an emergency fund? Is it a time based fund (ie. will cover three/six/nine months of expenses) or amount based ($1,000/$5,000/$10,000)? Has it changed depending on your family's size or needs? [/B]

    I'm thinking ours will have to change if we go from a family of three to four.
    My TFSA is my emergency fund if needed. (it is a large chunk of change that is there if needed but it's sole purpose is for retirement) We all have different ideas of "emergency fund" For me it would be job loss and paying basic bills to keep the house going and food. I keep approx. $2000 in a savings account for "just incase" It is used to pay for appliance repairs/replacement, furnace issues and other smaller emergencies. If used then I top it back up to $2000 and then savings go into RRSP/TFSA/Investments etc depending on my financial plan at the time.

  7. #352
    Contradiction in progress sweet sparrow's Avatar
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    I'm really torn. I have a little in savings, but we've come through the first half of the year where annual car insurance, property tax (half), and some expensive car repairs were taken out of the savings. Now, facing a growing family, our income will certainly decrease next year if I take mat leave. Then, there are the increased costs of a family, saving for another RESP, possible home repairs, etc. I'd like to put what we have in the RRSP or the TFSA, but I'm not sure how easy it is to take out. I've put them through my work plan because of lower fees.

    I don't know if I should keep sitting on the money or just throw it against the contribution limits. Decisions, decisions... We do have to keep a relatively large minimum in our chequing accounts to avoid fees. Is there somewhere coins can be exchanged for bills if not at your brick and mortar bank? I know there are a few coin counters that will do it for a fee.
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  8. #353
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    Quote Originally Posted by sweet sparrow View Post
    I'm really torn. I have a little in savings, but we've come through the first half of the year where annual car insurance, property tax (half), and some expensive car repairs were taken out of the savings. Now, facing a growing family, our income will certainly decrease next year if I take mat leave. Then, there are the increased costs of a family, saving for another RESP, possible home repairs, etc. I'd like to put what we have in the RRSP or the TFSA, but I'm not sure how easy it is to take out. I've put them through my work plan because of lower fees.

    I don't know if I should keep sitting on the money or just throw it against the contribution limits. Decisions, decisions... We do have to keep a relatively large minimum in our chequing accounts to avoid fees. Is there somewhere coins can be exchanged for bills if not at your brick and mortar bank? I know there are a few coin counters that will do it for a fee.
    I know exactly how you feel. I am all over the place too on what is the "right" thing to do. I was gung ho thinking TFSA/Investments is where I should put my savings in each month. Now I have decided that maxing my RRSP is the way to go so that is what I am doing until December and then I will re-evaluate.

    As for yearly expenses- I pay my premiums for the year as well and they all come due June and July. But they are set up in my budget and I put the money aside each month for this. ( as if I am paying them monthly )Maybe you could consider doing this
    too? I have been doing it so long and some of my costs have gone down since I shopped around for car and house insurance last year but I kept the monthly amount the same so I have to decide what I will do with the extra. (Keep a years worth for each bill in the account and think the extra will go to RRSP- But have to decide ugh decisions!)
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  9. #354
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    Quote Originally Posted by sweet sparrow View Post
    I'm really torn. I have a little in savings, but we've come through the first half of the year where annual car insurance, property tax (half), and some expensive car repairs were taken out of the savings. Now, facing a growing family, our income will certainly decrease next year if I take mat leave. Then, there are the increased costs of a family, saving for another RESP, possible home repairs, etc. I'd like to put what we have in the RRSP or the TFSA, but I'm not sure how easy it is to take out. I've put them through my work plan because of lower fees.

    I don't know if I should keep sitting on the money or just throw it against the contribution limits. Decisions, decisions... We do have to keep a relatively large minimum in our chequing accounts to avoid fees. Is there somewhere coins can be exchanged for bills if not at your brick and mortar bank? I know there are a few coin counters that will do it for a fee.
    Do you have an account at TD? (I have a youth account there for my son and some RRSPs) and they have a coin counter that you can use for free as a customer. You have to cash in the voucher the same day though.
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  10. #355
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    I think there is no "one size fits all" emergency fund plan even though we are told by the experts to keep X number of months in cash. When I was working full time I did not have a savings account period. This was before TFSA's came out and any extra money I had went to maxing out my RRSP's and making extra payments on my mortgage(plus starting an RESP). If I had a small unexpected expense I charged it and by the time the bill came I could pay it. For a large expense I would have drawn from my RRSP if necessary. A couple of times I did planned withdrawals from my RRSP to help fund my mat leave and adoption leave-especially since my first leave, EI was only 15 weeks back then and I decided to take a year off instead-my baby was born late Dec so in effect by contributing the max to the RRSP in the prior year I was able to take it back out the following year when my income was very low and my tax rate was lower. This may not work so well unless your baby is born near the end of or beginning of the tax year -especially now that the EI payments go for so many weeks- but for most parents their income will be lower in the year the child is born, so worth looking at whether it will change your tax bracket. Based on this, one could consider cashing in some RRSP's while off on leave or unemployed if it seemed tax-wise. I have never cashed in TFSA's-all I know is that you can recontribute it in the next calendar year. Now that we are almost fully retired we do have a savings account to cover unforseen expenses-like our water heater that started leaking yesterday-grrr. Good luck with whatever you decide SS.
    Last edited by lizzie bargain; Wed, May 18th, 2016 at 06:13 PM.

  11. #356
    Contradiction in progress sweet sparrow's Avatar
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    Quote Originally Posted by Frugalbigmama View Post
    Do you have an account at TD? (I have a youth account there for my son and some RRSPs) and they have a coin counter that you can use for free as a customer. You have to cash in the voucher the same day though.
    Sort of but not really. I use their online investing side, but no chequing/savings/investments with the actual bank. I just use their offices so they can mail my documents by inter-department mail and save me a stamp. I've also moved all my online investments out but DH and LO have their online investments with them. I wish all these online banks had a coin counter.
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  12. #357
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    Quote Originally Posted by sweet sparrow View Post
    Sort of but not really. I use their online investing side, but no chequing/savings/investments with the actual bank. I just use their offices so they can mail my documents by inter-department mail and save me a stamp. I've also moved all my online investments out but DH and LO have their online investments with them. I wish all these online banks had a coin counter.
    I'm thinking I better get an account there for my youngest (oldest will be an adult soon- but I guess he can get my cash for me when I use the coin machine)
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  13. #358
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    Quote Originally Posted by lizzie bargain View Post
    I think there is no "one size fits all" emergency fund plan even though we are told to keep X number of months in cash. When I was working full time I did not have a savings account period. This was before TFSA's came out and any extra money I had went to maxing out my RRSP's and making extra payments on my mortgage(plus starting an RESP). If I had a small unexpected expense I charged it and by the time the bill came I could pay it. For a large expense I would have drawn from my RRSP if necessary. A couple of times I did planned withdrawals from my RRSP to help fund my mat leave and adoption leave-especially since my first leave, EI was only 15 weeks back then and I decided to take a year off instead-my baby was born late Dec so in effect by contributing the max to the RRSP in the prior year I was able to take it back out the following year when my income was very low. I have not cashed in TFSA's-all I know is that you can recontribute in the next calendar year. Good luck with whatever you decide SS.
    Exactly. Everyone's expenses, saving and spending habits are different! I usually run my ideas by my sibling since she is smart with money and she gives me her honest opinion.

  14. #359
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    I just found out that my Great Uncle died yesterday. Today is my grandma's birthday and this was her older brother. Grandma is in long term care, so they plan on waiting until tomorrow before they tell her. We are waiting to hear when the wake will take place. We will be in the area this weekend, so we will likely attend if it takes place while we are up visiting. Two deaths in the last week...where is the third?

    Edit: one of my dad's cousins died last Friday. I didn't know her and dad hadn't seen her in a long time. Maybe I can count her as 3?
    Last edited by Angela273; Wed, May 18th, 2016 at 06:59 PM.
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  15. #360
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    So sorry Angela that you have had 2 deaths in one week-we all certainly hope there will not be a third!!!

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