Marching Forward with Frugality & with Savings 2015 frugal chatter

[Angela273]

| thoughts so too but it's $60.00 for ages 6 through 17 and not $160 but $160.00 up to age six. The increase officially started but won't be receiving the extra $60.00 until July....hope I'm not confusing you

So...?
0-6yrs = $160/month
6-17yrs = $60/month

[monkeydoodle]

I am joining this conversation a little late! I have been reading about spending fasts and spending diets and I am inspired to start paying off my student loan after I graduate next month. My plan is to only spend on "needs" and cap my spending on "wants" at $100.00/month. My reasons for this are 1)to pay off my loan asap, and 2)to pay for a trip as a grad present to myself.

So today was my first day on this spending diet and I spent a grand total of ZERO DOLLARS. Here's hoping tomorrow goes the same.

[jasperandchar]

So...?
0-6yrs = $160/month
6-17yrs = $60/month

yes mam,

[lilo0003]

J&C: I read another thread on here about this & I believe we are losing the year child tax credit that we would get on our income taxes and instead we get this. I am going to see if I can hunt it down. In any event if we get it (doubtful since I only get to pay more taxes and never get anything back) I am putting it into their savings so we have a cushion when they start University. We are just three yrs away from University for the older son.

[jasperandchar]

I am joining this conversation a little late! I have been reading about spending fasts and spending diets and I am inspired to start paying off my student loan after I graduate next month. My plan is to only spend on "needs" and cap my spending on "wants" at $100.00/month. My reasons for this are 1)to pay off my loan asap, and 2)to pay for a trip as a grad present to myself.

So today was my first day on this spending diet and I spent a grand total of ZERO DOLLARS. Here's hoping tomorrow goes the same.

Welcome to the thread and congrats on your graduation. You will do wonderfully

[jasperandchar]

J&C: I read another thread on here about this & I believe we are losing the year child tax credit that we would get on our income taxes and instead we get this. I am going to see if I can hunt it down. In any event if we get it (doubtful since I only get to pay more taxes and never get anything back) I am putting it into their savings so we have a cushion when they start University. We are just three yrs away from University for the older son.

Yes you are absolutely correct @lilo0003 , it's called steal from Peter to pay Paul,

I hope I haven't gotten everyone in a confused and worrisome state

[jasperandchar]

J&C: I read another thread on here about this & I believe we are losing the year child tax credit that we would get on our income taxes and instead we get this. I am going to see if I can hunt it down. In any event if we get it (doubtful since I only get to pay more taxes and never get anything back) I am putting it into their savings so we have a cushion when they start University. We are just three yrs away from University for the older son.

Yes you are absolutely correct @lilo0003 , it's called steal from Peter to pay Paul,

I hope I haven't gotten everyone in a confused and worrisome state

[lilo0003]

found it
http://forum.smartcanucks.ca/397414-...reases-canada/

[lizzie bargain]

BG-if you put in RESP you get 20% govt grant which is nice. Just went out for lunch-too hot for the beach-will go later-swimming with the dolphins tomorrow.

[saundyl]

Good Morning all & Aloha to @lizzie bargain

Well I've spent the morning doing some budgeting or should I say forecasting/day dreaming . I will chat with dh later once he gets up, he went to bed too late and went back to bed after Jaden left on the school bus, I'm so grateful hubby does the 5am wake up with Jaden.....geez I would be a real mess as mornings are not my thing.

So what I am going to run by dh is that new UCCB the one that starts in January but we don't get the funds until July I believe in a cheque form and then monthly direct payments of $120 per child, please correct if I'm wrong on this folks.....
1. I would like to take the lump sum payment and deposit back into 1 of the many accounts that we depleted to pay off our LOC back in September 2014 and then play catchup 1 account at a time until we are back to where we should be.
2. Also in April if any funds are left after all the musts are taken care of, I would like start putting $ back into our celebration account (birthdays & Christmas).

Roast pork, mashed potatoes, sweet peas and gravy for dinner tonight

Sounds like a good plan

The $$ I've made selling items i put straight in to my Christmas/52 week savings plan

My computer money i haven't decided where to put it.

Question of the Day???

What will you do with the increased UCCB $160.00 for children aged 6 and under and $60.00 for childen aged 6 through 17.

So just wondering those that qualify what if any are your plans??

***reworded the question and made corrections

Bf doesn't qualify i think if he did its 60 per month.

[avoncallingu]

Hi folks! I am almost in Kitchener on the train. Going to be away for most of the week with friends. A friend has been renting a chalet in Collingwood and this is the last week they have it. So, 5 of us are going up for 3 days but because of train connections I won't be home til Friday. DH said he'll be fine with the dogs. I hope they are good for him.
Andit, you mentioned that thinking about a new doggie.
I follow a group in Chatham called CK Animal Rescue. They foster rescue dogs until they find owners. They always have a variety of dogs who need homes. I know several people who have adopted dogs from them and one of the directors goes to my church. I do would adopt another but I only have two arms (to hold leashes) and DH feels it wouldn't be fair to our older dog who gets jealous.

I have to say goodbye.

All your talking about planting is giving me itchy fingers!

I am almost caught up reading everyone's posts but my Kindle won't let me "like" you.

Keep up your frugal ways!

[Granger]

@jas parandchar - Re: SDM thread personalized offer thread. Am I understanding this correctly? Ppl are using $20 WUB $75 and spending $95 and then paying with redemption. So a $60 redemption would actually be $80 and OOP is $15 plus taxes. I have asked a few questions in that thread lately and I don't want to ask another. But here I can be my annoying self. lol.

QOD - currently, our "baby bonus" is going toward our child care...DH being at home with the girls during the day. Initially we were putting it into RESP, but now that we are down to one income, we need that money to afford life and what we think is the best child care (mom and dad!) The increase and changes will be retro paid from January (my understanding). If we still have deficit in the budget, it will go toward that (I am hoping we beat that this month!!!) Next we will tackle the LOC (I am hoping taxes and DH's small part-time job will help with that). Finally, RESP! This is what I am hoping for of course.

I started my course tonight and there is only one other participant. It is online so reading one participant's work should decrease the expected workload compared to if there were 10 as we have to comment on each other's work. This has been a huge relief for me as I was a little nervous.

[Insane]

| thoughts so too but it's $60.00 for ages 6 through 17 and not $160 but $160.00 up to age six. The increase officially started but won't be receiving the extra $60.00 until July....hope I'm not confusing you

The increase will offset the reduction in my CTB. I calculated I'll get a lump sum of $1440 in July! My UCCB goes down in the fall though.

[bobbiegirl2010]

So...?
0-6yrs = $160/month
6-17yrs = $60/month

It should read:

0-6 yrs = $160
7-17 yrs = $60

The higher UCCB amount is until the month of the child's 7th birthday. That is when I stopped receiving it for my oldest DD.

The UCCB amount is higher for younger children because that is when childcare costs are highest. Once a child is attending school their childcare needs would be less.

[bobbiegirl2010]

J&C: I read another thread on here about this & I believe we are losing the year child tax credit that we would get on our income taxes and instead we get this. I am going to see if I can hunt it down. In any event if we get it (doubtful since I only get to pay more taxes and never get anything back) I am putting it into their savings so we have a cushion when they start University. We are just three yrs away from University for the older son.

I orginally posted this in the other thread regarding the UCCB increase:

I did some research and calculations and this is what I came up with:

The Federal Non-Refundable Child Tax Credit (which is being eliminated) gave you tax relief for $2234 per child when you file your income tax. With a federal tax rate of 15% this equals to a non refundable tax credit of $335.10 per year per child. Since this was a non-refundable tax credit it only reduces the amount of income tax you pay. For higher income families this could haven given more than a 15% tax break if the Child Tax Credit dropped you into a lower tax bracket.

On the other hand the $60 universal child care benefit would give families $720 per year per child which is more than double what the CTC gave families back. However the UCCB is a taxable benefit so you may have to pay income tax on this amount when you file income tax. How much or if any income tax you have to pay on this would vary depending on what province you live in and your income bracket (might even push your income into a higher tax bracket...)

Basically higher income families won't benefit from the UCCB too much once you factor in the Child Tax Credit being eliminated and then having to pay tax on the UCCB amount.

The Child Fitness Credit also increased this year, so for those of you with older children, using the $60 UCCB amount towards sports would be a good idea