Spring into Savings - April Frugal Chatter

[jasperandchar]

well in that case why wait (lol), it's nice having mums around after the baby is born, they love giving babies there baths and you get to nap or take a few minutes for yourself plus by the time your baby comes the weather should be nice and your mom can take the baby for some fresh air in a stroller.

It's all desserts that are leftovers as they cook days in advance. However, the head chef (Mum) may be coming after baby, so I'm not too worried about food yet.

[blueeyetea]

I didn't see any answer for this, but if there is, I apolgize.

iPhones are about $650 when you buy them new. Anything less means and it means the phone comes with strings attached, as in, you'll have to sign a contract. The iPod touch will be cheaper to use in the long run.

I need advice,I've been wanting to get a ipod for
checkout51 as I think it will pay for itself but the ipods are $188.00 at WM and BUT HERE IS MY QUESTION,CAN I BUY IPHONE AND NOT ACTIVATE THE PHONE as they are only $99.00

[jasperandchar]

You have some amazing goals and priorities and like the rest of us things change over time (lol), don't knock them....baby steps.

Since you work for the gov't you may be aware that there is a work longer hours over the course of the year to get the summers off, inquire with your HR person, it's a fantastic way to get the Summers off.

Nobodies perfect and we've all made financial mistakes in 1 shape or form over the course of our lives - such is life BUT the important thing is to leaarn from your mistakes.

With respect to purchasing a home, Ottawa Carleton Mortgage has an amazing lady there who can work wonders regardless of your past credit. I'm trying to think of her name, I could look it up if you are interested sometime.

I think sticking to 1's budget is key to financial freedom (lol), it's fine to stir off course once in a while but not too often and don't cut everything out of your expenses or it makes it that much more enticing to break the budget. I would suggest a miscellaneous account if you don't already have one it could be for whatever you consider miscellaneous (a treat, a movie rental or movie night out with your little guy, etc....).

I'm personally so in sync with my budget and for us after 4 months of doing it is not so painful anymore, it's like eating, breathing, etc...just another way of life.

Thanks for sharing!

I make plans and goals, constantly changing and I'm not sure I've ever really completed any of the plans. My goals and priorities change constantly. Some of my goals are to buy a house, retire at 50, have another kid, work part time and take summers off with my current kid (he'll start school in 2014, I'm holding him out an extra year). But doing all of them, well I'm not sure I can do that at all. Right now, I want to be out of debt by the end of the year, except for my car loan which will take a lot longer. I had some big financial mistakes in the past and have really crappy credit, when I got my car I could only get a loan for a new car, certainly didn't have money to buy used, and needed one that was reliable. I'm hoping the car loan will help improve my credit though. And because I work for the feds I am expecting to get some extra money once our contract is negotiated, which I can put into my RRSP (thus tax free) and use in the home buyers plan. But at the rate things are going that won't be for another year or so.

Another baby, well being single that requires paying for the privilege and I'm getting to a point where my son is at a good age, so do I want to do it all again? But on the other hand I hate the thought of him being an only child, and I'm no getting any younger so it has to be sooner than later.

Any way. I'm hoping to stcik to my budget so that I can work less when my son starts school, take summers off with him, be there to get him on and off the bus. And still be able to retire at 50... Perhaps I need to win the lottery

[jasperandchar]

Great goals, seems like you definately have a plan

One year goals: be consumer debt free (car loan and lawyer) by next April (car in Feb). I will only have my student loan that is ongoing and I hope to have that gone by 2015 which is coincidentally the year I hope to graduate with my Bscn in nursing (RN). My undergraduate degree is costing approximately $3500 a year part time but if I plug away through summer that bumps it up to $5000 per year as a part time student. I was able to receive $1000 from a TD grant (that was taxed on my paycheque heavily but nevertheless still free $) and $700 from my employer and another $1188 from the RNAO. So basically it covered my tuition almost entirely which is fabulous.
Lots going on. In between, I want to start RRSPs again and as well an RDSP for my son.
Five years: Making extra payments on our mortgage if we haven't moved from this house to a slightly bigger (if that is what we decide). I'd also like to finish the basement and do some upgrades if we are staying.
Long term goal: Retire at 55!

[jasperandchar]

It's interesting and can be uplifting to look back at your 5 year plan......

We had a 5 year plan, but I think it's buried on the small desk. I usually review it once a year to see if anything has changed.

The biggest hurdle is now the bun in the oven! That was not on the radar five years ago. Well, it was, but since it was not a definite possibility, it wasn't on paper.

Now, to start spring cleaning on that desk and find that plan!

[jasperandchar]

thanks for the help,

they now launched check51 on Android, what is an android?

I didn't see any answer for this, but if there is, I apolgize.

iPhones are about $650 when you buy them new. Anything less means and it means the phone comes with strings attached, as in, you'll have to sign a contract. The iPod touch will be cheaper to use in the long run.

[gwennad]

You have some amazing goals and priorities and like the rest of us things change over time (lol), don't knock them....baby steps.

Since you work for the gov't you may be aware that there is a work longer hours over the course of the year to get the summers off, inquire with your HR person, it's a fantastic way to get the Summers off.

Nobodies perfect and we've all made financial mistakes in 1 shape or form over the course of our lives - such is life BUT the important thing is to leaarn from your mistakes.

With respect to purchasing a home, Ottawa Carleton Mortgage has an amazing lady there who can work wonders regardless of your past credit. I'm trying to think of her name, I could look it up if you are interested sometime.

I think sticking to 1's budget is key to financial freedom (lol), it's fine to stir off course once in a while but not too often and don't cut everything out of your expenses or it makes it that much more enticing to break the budget. I would suggest a miscellaneous account if you don't already have one it could be for whatever you consider miscellaneous (a treat, a movie rental or movie night out with your little guy, etc....).

I'm personally so in sync with my budget and for us after 4 months of doing it is not so painful anymore, it's like eating, breathing, etc...just another way of life.

Thanks for sharing!

I am not quite ready to look at buying but if you do have the name of the mortgage person I'd appreciate and will keep it handy. I am hoping to have the max HBP within two years, partly because I expect to get a big chunk of money when our contracts are negotiated. The longer it takes, the more I get, but of course it takes longer to get it


I know my boss is good about using unpaid time off over the summer, the unpaid time gets prorated over the year so you get a cheque every week, just smaller (leave with income averaging). I will be doing that for sure. I am loathe to work longer hours during the rest of the year only because I would like to be there more during the school week. I will be enquiring about work from home as well though, and hopefully it will be an option in another year or so. I believe this would only be for 5 years or so while my son is young, once he's 10 he will be old enough to go home on his own, I did growing up (though I am a girl, perhaps it's different for boys).

I am trying to prioritize saving vs the instant gratification I get from spending. What do I want more, to buy this whatever it is, or to be able to stay home more with my kid. I have already missed so much it feels, I don't want to miss everything. It is very hard to break so many years of a very ingrained habit though! But then I've managed to actually do dishes every night for the past 3 yaers or so (I used to let them pile up for days lol), and even to bring my lunch 9 days out of 10, and other small things, so I know I can make the changes.

Love love reading/hearing all the tips here for saving, and seeing other people's goals. It's very motivating to me. The meal plans, all of it, it's very helpful.

[gwennad]

thanks for the help,

they now launched check51 on Android, what is an android?

It's just another platform for smartphones. I have an HTC phone that runs Android. For smartphones there are basically 3 platforms, Apple, Android & blackberry. I think there is a Windows version as well but it's not as well known/popular.

[blueeyetea]

It's my personal assumption that five-year plans are only good for instances when you have a good control over the situation. For example, I hate being asked on job interviews "where do you see yourself 5 years from now?", because it's just a bunch of hooey that doesn't mean anything. For example, an employee has no say over getting promoted every two years, unless the boss decides they deserve a promotion that first prootion. I actually asked at a meeting once how many people in the room had put down their current job 5 years before - not one. They all seemed surprised by the question, but nobody had in their plans the job they were now doing.

Five year plans, imo, are general ideas that you might want to accomplish, but if someone is serious in accomplishing these goals, they become projects where the nitty-gritty is figured out and detailed steps are being followed. Most goals involving big purchases fall into this category. One goal of mine is on target, which is to have the mortgage paid off in 2014.

I guess the biggest hurdle in 5 year plans are other people if you have to depend on them.

Question of the Day!!!

Does anyone work with a 5 year plan? (goals, ambitious, projects, $ goals, etc)

And what year are you currently in and are you on track?

Or as 1 year ends do you just keep adding to your new/old 5 year plan (there's no right or wrong)

What is your biggest hurdle in your 5 year plan and would you like to post for advice here with us lovely gals!

[Angela273]

We pay our mortgage biweekly and have since day one. I am a teachers on maternity leave right now. My student loan is at a higher interest rate than our mortgage, so the extra money goes onto my student loan. When I was working full time last spring (while pregnant) I managed to do double and triple payments onto my student loan, which paid down the principle and helped save money on the interest.

I use coupons (lol) and have always shopped sales. We have a well stocked pantry and chest freezer. I garden in the summer time...love to go in the back yard and pick the vegetables for supper. Garage sales are great for saving money and earning some money from items we no longer need. When it is nicer outside I will be able to take LO for walks to the grocery stores and pick up the occasional things that we need. I will save money on my truck, plus we will both get some exercise and fresh air. I also use two apps on my phone - Checkout 51 and Freshpoints, which helps us save even more money.

edit: our LO is exclusively breastfed and I make all of his baby food.

[blueeyetea]

Wow, I admire you for wanting all those things. Having said that, you don't think that some of your goals clash with others?

Paying down debt, having another baby, taking summers off, buying a house and retiring by 50, all this on one income, is very ambitious in my mind. Working less will make debt reduction and/or saving a house downpayment take longer, in contrast to wanting to retire early.

Unless you're financially independent at 50, as a federal employee, know that you take a 5% hit on your pension for every year you're not 55. If by age 50, you have 25 years service, it means you'll get 25% of your salary ((25 years X 2%/year) minus (5 years @ 5%)).

I make plans and goals, constantly changing and I'm not sure I've ever really completed any of the plans. My goals and priorities change constantly. Some of my goals are to buy a house, retire at 50, have another kid, work part time and take summers off with my current kid (he'll start school in 2014, I'm holding him out an extra year).
Any way. I'm hoping to stcik to my budget so that I can work less when my son starts school, take summers off with him, be there to get him on and off the bus. And still be able to retire at 50... Perhaps I need to win the lottery

[gwennad]

Wow, I admire you for wanting all those things. Having said that, you don't think that some of your goals clash with others?

Paying down debt, having another baby, taking summers off, buying a house and retiring by 50, all this on one income, is very ambitious in my mind. Working less will make debt reduction and/or saving a house downpayment take longer, in contrast to wanting to retire early.

Unless you're financially independent at 50, as a federal employee, know that you take a 5% hit on your pension for every year you're not 55. If by age 50, you have 25 years service, it means you'll get 25% of your salary ((25 years X 2%/year) minus (5 years @ 5%)).

I do know it's ambitious. I don't have a tonne of debt at the moment, and it should be paid off by October or November, depending if we get our contracts done and if there is a raise in there. I'll be getting $13k or so in payout for a severence thing in our contracts, which is the downpayment on a house (plus what I already have in RRSP) but at this rate that won't happen until next year. We are, I think, one of the last government areas to have this put in. The part time and summers off is where I know I can afford one, but probably not both, by part time I do mean about 30 hrs instead of 37.5. Unless I have some savings by then to keep me going I don't know that I'll be able to do both. And if I do it pushes what I can save to almost nonesistant. So. The second baby keeps getting put off, and by the time I can afford it I will probably be too old, or my son will be too old, but I hate to put the nail in that one for some reason. I should have done something about it a year or so ago, but the longer I wait the less likely it will happen.

I do hope to have some savings by the time I'm 50, probably not enough to be financially independent but hopefully enough that in combination with what I'd be getting in terms of a pension, it would be enough. But then again, that is longer than 5 years away. And I would possibly need to work part time at something, but not here I am constantly amused by the fact that I have a degree in Biology and work for CRA. Yeah the two are not even close to being related. I would not say that I like my job, more that I like the money, benefits and pension that come with it, so I do it because it's a job. And I don't want to live like that forever. Someday I'd like to have a job I enjoy, even like. I just have no idea what that might be.

[blueeyetea]

I would love to know.......
what ONE THING do you do that saves you the most dollars and cents?
can be anything

What about what I don't do that saved me the most dolloars and cents? I stopped using shopping as a hobby. Not only did it reduce my spending, it freed up a lot of time to do other things that save money. Now I'm very specific that I shop to fill a need as opposed to an activity in itself.

Has anyone here read The Tightwad Gazette? The author expressed a similar sentiment. A big part of being frugal is not doing things.

[saundyl]

I bake all sorts of goodies, so I often bring desserts. When we host the potluck, we often make the main meat dish. This is a recipe I got from my aunt and am often requested to bring to local functions.

Cheese Cracker Spread

2 blocks cream cheese
1 cup mayo
1 ½ cup shredded cheddar cheese
1 can flakes of ham
4 chopped green onions
Parmesan cheese
French bread
crackers

1. In a medium sized bowl combine cream cheese, mayo, cheddar cheese, flakes of ham, and green onions with an electric mixer.
2. Cut top off French bread loaf and pull out the soft inside of the loaf. Cut up these pieces of bread and reserve for later use.
3. Fill hollowed out loaf of bread with cheese mixture and smooth out. Wrap loaf in tinfoil, leaving top exposed. Bake in 350F oven for 1 -1 1/2hrs. 5 minutes before the loaf is done cooking, sprinkle with parmesan cheese and put back in oven.
4. Serve with the pieces of bread and crackers. Don’t forget to eat the “bowl” as the dip is almost eaten.

That looks it would be super yummy

[blueeyetea]

thanks for the help,

they now launched check51 on Android, what is an android?

Android is a different operating system then Apple's iThingies. It just means you need to buy an Android powered phone or tablet As far as I know, there is no equivalent iPod Touch in Android, though. Again, don't be fooled by low prices on the smartphones. Always check to see how much the phone costs without a contract, as there will always be a big difference. That's how the phone companies reel people in, they offer a cheaper phone, but they'll more than make up for it over the three year contract. It's a real racket if you're not careful.