May 2016 Frugal Chatter - ALL WELCOME

[SassyAshley]

So sorry to hear of your loss Angela

[SassyAshley]

My emergency fund is extremely large and I also one to tuck money in various places. I have TFSA, RRSP through work, plus my "emergency fund" is in an high interest saving account as I cannot access it from my debit card but can transfer easily online.

I also have savings I just keep on hand hoping to never have to use my emergency fund.

For me it is whatever I can put aside, I have real issues spending money even on needs. I live in fear something will happen if I spend the money. I think it goes back to my teen years when my car broke down and I literally stood in my driveway on our cordless phone crying to my dad that my would not start and I literally just spent my last dollar and I had no idea what to do. Ever since I have always keep money tucked away. As I get older I feel I need more and more tucked away as you just never know,

[Granger]

granger =it looked like a beautifull lovely shower
-see as smart canuckers sometimes we do splurge and then other times we don't

Thank you. The way I see it. Our savings allow us to splurge from time to time.

@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.

Ours is in an open account mutual fund. We try to keep it no less than $2000 and then let it grow. We will spend it when the need arises...like the van purchase last year. I would be more likely to put a $2000 bill on the LOC and pay it off though. We use that for emergencies as well and then pay off immediately. Debt keeps me motivated because it causes stress. I find it hard to save...too many things to save for. I like no debt outside mortgage (which we have right now) and have realized that my retirement goal will be to be debt free including mortgage.

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.

Our open account mutual fund described above was what our financial advisor advised us a few years back. The money can always be moved to a more permanent place like TFSA or RRSP, but the access to it is much easier (we are taxed on capital gains). She said we are in a phase of life where income dwindles and expenses are high, options to access money are good. We put $100 in a month.

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?

So sorry.

[coupon girl]

-we have always had a savings account of 2,000 or more-you never know what may go wrong with a car or items in a house house -infact hubby is always telling me to transfer more to our savings -one month transferred 900.00 -not bad to one income earner-see its also easier to save a bit more when kids are no longer at home
-see this year we saved a good chunk for our driveway and sidewalk work -we can always use our line of credit then pay right off soon after -our income may change come june -less so saving is a way of life for us (out of 4 brothers and 1 sister -I think hubby is the most sound financially and myself too out of 3 brothers and myself -I am also
-I remember getting a quarter (and it went pretty far)from my dad for the corner store years ago and I spent .10 and saved .15 -of course my younger brother didn't save anything at all-I remember my dad taking me to the bank at age 11 to open a bank account when I babysat at age 12 -a lot of it I saved
-oh and we never have credit card debt paid off every month -I guess theres no set rule for each family,whatever works

-off to babysit ashlyn -long day my daughter-in-law doesn't get home til 6.10

[sweet sparrow]

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.

@lizzie bargain: Quite right! Frankly, "one size fits all" never worked for me, clothing or otherwise. It is interesting to know that there are a variety of ways that families and individuals make it work for them, emergency fund or not. I'm only wondering now with a growing family if I should be planning more or moving things around in the budget to account for more breathing room.

@Granger: I thought that the university/college/trade school were the years of money going out and savings going down. Or maybe it's just a constant slow drain until children turn 23. Hopefully, it's not beyond that.

@Angela273: I hope you have sunshine on your horizons soon. Bad things don't always happen in threes, so let's hope this is one of those times. Again, I'm very sorry for your loss.

[Frugalbigmama]

Woohoo! It's almost the long weekend I remembered to put a load in the washer last night before bed and hung it out to dry this morning. Will do the same tonight. So excited to have 4.5 days off in a row. Hope to get lots done around the house and have fun too.

[sweet sparrow]

There always seems to be something just looming on the horizon. Our roof seems to be showing signs of wear. None of the shingles have been peeling or lifting, but the edges seem to be getting very rounded and there are suspicious pieces of shingles that I find on the ground around the house. I'm not sure if these belong to the neighbours or if they are from our roof. I asked for a quote from a roofing company and they told us $14,000 for our small home. For that price, I'd look at a metal roof! Our friends had theirs done for $5,000 and their home is much larger than ours.

Our bathroom will need to be done as well. Whoever painted it last used a bedroom grade paint and not one suited for bathrooms. It's chipped and peeling and not water resistant. Moldy spots have begun growing. While I've kept them at bay by wiping them down, I'm sure it will have to be redone soon. Does anyone know if you can strip the paint from the walls before applying new paint? They even painted the ceiling with it.

[jasperandchar]

@sweet sparrow I've never heard of stripping paint from walls. I don't think the paint is the issue to be honest do you have a fan in the washroom/bathroom if not that would be my starting point, could save you a lot of $ by installing one and just repainting.

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As for Emergency fund we don't currently have 1 we use the LOC if we have a real expensive crisis

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I'm hoping to have our new room completely settled this weekend as we are staying home, dh is in excruciating pain from all the walking & standing from going to Comicon with ds2 . I really hoping the curtains and ceiling fans w/ medalions get installed and we can revisit the rest come fall (window trim) oh and yes a door would be nice sooner rather than later when dh can do it without the pain and agony.

Supper tonight is pork chops which was supposed to be yesterdays supper however I decided on bacon as I just was pooped the guys didn't complain as bacon is a treat in our house. Speaking of bacon really hoping to pm some this weekend as I just traded for some coupons AND hoping to score those new peelies as well

Laundry was hung outside, however, it started to rain so popped in the dryer to remove the dampness.

So excited I won the Survivor pool last night ran by @Anna Michele

[Frugalbigmama]

Went to return something to RCSS for DS. Took a look around and the lean beef was on for $2.49 LB. I bought 2 big packs the other day and received 200 pts per $1. So grabbed 3 more and a pack of fresh buns (hot dog and hamburger). Total cost was $40.41. Redeemed $40 in PC pts so paid .41 cents. We are set for summer! So tonight we will be making burger patties for the freezer etc.

[jasperandchar]

@SassyAshley hoping you enjoyed your time alone while traveling for work

[Natalka]

Angela, so sorry for your recent losses.

Just wanted to pop in with a HI! My computer has been really awful lately - yep, it's time for a new one, but we tried to suck the last bit out of this one, but it's just getting way too irritating!

Hope everyone has a nice evening! It's been a hot day, and unfortunately the evenings in this house are really hot too.

[Granger]

Spent a lot of the afternoon in the garden. I have posted perennials for sale. We will see if there is any interest. People may need to visit the garden centres to see those prices first and then come back to my post.

EDIT: just got my first hit on my post. Hopefully 2 rose of sharons sold.

[sweet sparrow]

@sweet sparrow I've never heard of stripping paint from walls. I don't think the paint is the issue to be honest do you have a fan in the washroom/bathroom if not that would be my starting point, could save you a lot of $ by installing one and just repainting

We have a bathroom fan, but it's either not doing it's job or DH takes extra hot showers. There's a large window in the bathroom, so I just try to open it up afterwards. It's always seemed to be a problem with the builder-installed fans, or maybe it's the builder. My sister has the exact same problem at her house. The fan doesn't seem strong enough.

I think the paint is odd, because it was a freshly painted bathroom when we moved in. As time went on, it seemed to shrink away from the walls, making a crackling effect and it's quite lumpy. It's even started peeling away where it was applied over plaster used to seal holes and cracks. It also doesn't have a sheen and shows handprints easily, which makes me suspect it's not quite bathroom paint. No other room in the house does this, but it is the only usable bathroom with a shower.

Spent a lot of the afternoon in the garden. I have posted perennials for sale. We will see if there is any interest. People may need to visit the garden centres to see those prices first and then come back to my post.

EDIT: just got my first hit on my post. Hopefully 2 rose of sharons sold.

@Granger: If I lived closer, I'd take LO to shop in your garden. She loves the garden nursuries!

[Granger]

So I sold everything. If everyone comes. $44 into summer savings/braces funds!



I have more to do and am now definitely motivated to do it! I know that two perennials at a garden centre would cost that much so feel great about the exchanges.

[Frugalbigmama]

We have a bathroom fan, but it's either not doing it's job or DH takes extra hot showers. There's a large window in the bathroom, so I just try to open it up afterwards. It's always seemed to be a problem with the builder-installed fans, or maybe it's the builder. My sister has the exact same problem at her house. The fan doesn't seem strong enough.

I think the paint is odd, because it was a freshly painted bathroom when we moved in. As time went on, it seemed to shrink away from the walls, making a crackling effect and it's quite lumpy. It's even started peeling away where it was applied over plaster used to seal holes and cracks. It also doesn't have a sheen and shows handprints easily, which makes me suspect it's not quite bathroom paint. No other room in the house does this, but it is the only usable bathroom with a shower.


@Granger: If I lived closer, I'd take LO to shop in your garden. She loves the garden nursuries!

Have you cleaned the fan lately? I take the vacuum hose and give it a good clean. Which thanks for the reminder- I need to add this to my list this weekend!