So I signed up for 2 Tax-Free Savings Accounts (TFSAs)!
They're a great option when you need some accessible income (but not that accessible.) Interest rates are taking a dive so it's a sad 1.75%, but never fear, I have faith that it will rebound in the future.
There's a $5000/year max on deposits, but as I mentioned to the Vancity Clerk, I don't make enough for that to be an issue.
As usual, I've been agonizing over my budget and an Easter weekend-long 'Til Debt Do Us Part Marathon I've been eeking out tips to help me out. It's difficult to do this because anyone with as much debt and as little income as I have would be told to declare bankruptcy, but because my debt is Student debt (and Good Debt to boot!) I have no choice but paying it off. I'm trying to do that ASAP, but I need to eat, sleep, and play sometimes too, so working out a budget is challenging. I continually feel strained to live within my budget, but I wanted to get out of debt in 5 years MAX. So, short of moving back to my Mom's basement in Ontario (and share with my college-grad brother?) I've got to spend less or make more money.
Spend Less:
I'm already pretty frugal as it is, but I feel that sharing with more than one person or living in the suburbs wouldn't be worth the sacrafice while I'm sacraficing everything else. My monthly budget is $630 including food, entertainment, clothing, gifts, sports, bank fees, cell phone, medical, personal care. Anything that's not rent, savings, or debt really. To ensure I'm on target I am going back to living on cash - attempting to track spending a bit better this time. I feel like I could cut back even further and cut out sports and never eat out, but since I'm already spending 31% of my income on debt repayment, bending over backwards to pay off Good Debt seems harsh.
Make More Money:
I'm looking for a part-time job!
- I got a job working the Provincial Election in May ($260 one time)
- I have an interview to be a ESL tour guide this Tuesday (not super psyched..)
- Applying for a job taking minutes at Board Meetings (~$240/m)
- Pimped myslef on online job search sites!
I figure I have many skills to offer (since I am pretty great) so hopefully something pays off. Even an extra $150 a month will help me pay off my debts a year earlier!
Do you have any ideas I can do for more money?
Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts
Monday, April 13, 2009
Saturday, April 4, 2009
Cents Sense #1 - Don't tempt yourself
DON'T GO SHOPPING IF YOU DON'T HAVE MONEY.
Seems simple. Some people are habitual shoppers and they will buy without thinking about it. I like to consider myself pretty awesome in the shopping department, I don't frequent the mall as a leisurely Saturday activity each week.
I've been writing this post in my head for a few days and I wanted to suggest something for those who love to browse. Find a safe store. You get the glossy ambiance, but you won't likely spend anything. (A real safe store is one you go into without your wallet!)
For me it's Chapters. I like books, I like the newness of everything, the little cutesy/practical/useless things on the first floor and the ability to read magazines sitting on the floor for an hour. Why I really love Chapters is that I am so enamoured with Vancouver's public library system, I won't ever feel the need to buy anything at Chapters. I borrow from the library semi-weekly. My new fav is the dvd section, you can go online and request movies and once they're available they'll send them to the branch near you, and you can pick them up. (I haven't forgotten you Charlie Wilson's War, I'll get you tomorrow..). So you can see, I can browse my butt off in Chapters consequence free - I've gone in there 100 times and not bought a thing. Safe store.
Maybe you go into a store where you can't afford anything, and just get a thrill of trying things on. Maybe that's too tempting and/or painful, so think of other options. If you're after clothes, check out a friends closet, you can borrow at no cost (hopefully, or get a new friend) or maybe you can swap clothes for something new (to you). Financial websites (geared to women) consistently bring up the "pot-luck/clothing-swap" as a great way to spend an evening. It's not my thing, but it may work for you and few like-sized friends.
Ok, so here's the reality check. I went to the mall today. I went to buy almonds in bulk. Of course that was the only thing Superstore was out off, so I quickly put back all impulse related purchases (I'm talking about you Easter candy) and only bought useful un-fun things (hello garbage bags and toilet cleaner!) that I know I'm out of. Knowing I'll have to go back to the mega grocery store soon to seek out the almonds and may be tempted again.
While I was at the mall I was also looking for some work shoes. I had mentioned that I needed new ones, but you may not know that I've been sporting some major holes in my current pair for quite some time. I have set aside $100 for this expenditure, thinking grown-up, non-Payless shoes would cost more than $20.
Long story short - all the old lady, good for your feet stores had ugly pairs and I found some for $35 at the Gap. I also found a beautiful black skirt which is super light for spring, summer, and even beyond, and some grey Bermuda shorts which are completely work appropriate. I bought all three, going $40 over my shoes budget. I stand by my justifications that both things allow me to wear black shoes all summer (I'm in a constant battle with sandal season) and I won't have to buy any new tops to be comfortable in hotter heat. I am hooked up shirt wise. I can get a lot of use out of both items. Oh well, splurge splurge. To my credit I left the mall as soon as possible to avoid any really stupid spending. I just add this debit onto the April money pile and work it so that I don't go over for the whole month. I think I'm doing great so far - lots of money left!
What's that.... It's only April 4th?... oh.. well good start anyway. Maybe I should take my own advice next time, huh?
Happy half birthday to me!
Seems simple. Some people are habitual shoppers and they will buy without thinking about it. I like to consider myself pretty awesome in the shopping department, I don't frequent the mall as a leisurely Saturday activity each week.
I've been writing this post in my head for a few days and I wanted to suggest something for those who love to browse. Find a safe store. You get the glossy ambiance, but you won't likely spend anything. (A real safe store is one you go into without your wallet!)
For me it's Chapters. I like books, I like the newness of everything, the little cutesy/practical/useless things on the first floor and the ability to read magazines sitting on the floor for an hour. Why I really love Chapters is that I am so enamoured with Vancouver's public library system, I won't ever feel the need to buy anything at Chapters. I borrow from the library semi-weekly. My new fav is the dvd section, you can go online and request movies and once they're available they'll send them to the branch near you, and you can pick them up. (I haven't forgotten you Charlie Wilson's War, I'll get you tomorrow..). So you can see, I can browse my butt off in Chapters consequence free - I've gone in there 100 times and not bought a thing. Safe store.
Maybe you go into a store where you can't afford anything, and just get a thrill of trying things on. Maybe that's too tempting and/or painful, so think of other options. If you're after clothes, check out a friends closet, you can borrow at no cost (hopefully, or get a new friend) or maybe you can swap clothes for something new (to you). Financial websites (geared to women) consistently bring up the "pot-luck/clothing-swap" as a great way to spend an evening. It's not my thing, but it may work for you and few like-sized friends.
Ok, so here's the reality check. I went to the mall today. I went to buy almonds in bulk. Of course that was the only thing Superstore was out off, so I quickly put back all impulse related purchases (I'm talking about you Easter candy) and only bought useful un-fun things (hello garbage bags and toilet cleaner!) that I know I'm out of. Knowing I'll have to go back to the mega grocery store soon to seek out the almonds and may be tempted again.
While I was at the mall I was also looking for some work shoes. I had mentioned that I needed new ones, but you may not know that I've been sporting some major holes in my current pair for quite some time. I have set aside $100 for this expenditure, thinking grown-up, non-Payless shoes would cost more than $20.
Long story short - all the old lady, good for your feet stores had ugly pairs and I found some for $35 at the Gap. I also found a beautiful black skirt which is super light for spring, summer, and even beyond, and some grey Bermuda shorts which are completely work appropriate. I bought all three, going $40 over my shoes budget. I stand by my justifications that both things allow me to wear black shoes all summer (I'm in a constant battle with sandal season) and I won't have to buy any new tops to be comfortable in hotter heat. I am hooked up shirt wise. I can get a lot of use out of both items. Oh well, splurge splurge. To my credit I left the mall as soon as possible to avoid any really stupid spending. I just add this debit onto the April money pile and work it so that I don't go over for the whole month. I think I'm doing great so far - lots of money left!
What's that.... It's only April 4th?... oh.. well good start anyway. Maybe I should take my own advice next time, huh?
Happy half birthday to me!
Tuesday, March 31, 2009
The Taxman Cometh
Well I made it to the end of March relatively well with limited overages. One thing I have to say is that when last Saturday rolled around I official began April budget-wise, and now, one weekend and 2 surprise house guests later I'm already down about $100 in borrowing from April's money. Bad Jen! Bad.
I will never, ever stay within budget if I begin the month in a handicap, so I'm using the lovely tax refund I will receive to beef up my emergency savings and a small amount of it will go to even out April's budget and perhaps buy me some badly needed work shoes, my $20 Payless flats have been rocking some massive holes for a few months now. I think it's time.
I sent my taxes in via Netfile last Friday so I should be getting my return soon. I'm getting about $2400 back this year which is awesome. I had planned to pay off most of my outstanding OSAP loan from University, but since my job future is questionable (whose isn't?), I thought that making some savings should be a priority. So I'm sending $1000 to my super serious savings account and $500 to my semi-serious account since it was recently depleted when I jumped on airfare for two upcoming trips (May and October, what can I say, I'm a planner).
The other $900 will go towards doing something I've meant to do for months. My bank account is a no fee account if I have a balance of over $1000 in my account. Because this has never been consistently the case, I also have overdraft protection. The regular account fee is about $4 and overdraft is $3. If I just keep $1000 in my account and get rid of my overdraft (having created my own cushion) I will save $7 a month or $84 a year, or $840 in 10 years. Small peanuts? I think not.
I would encourage people to see how much you can save with reading the fine print on your bank statements or your banking website. I've given up using my debit card for everyday purchases so I have the lowest cost account possible (which gives me 10 free transactions) and now it will be free. Some companies like PC Financial and different credit unions offer free accounts with no minimum. I'm in the interest of keeping a great relationship with TD Canada Trust for now since I've been there for 14 years, but look at your options.
As far as your tax return, don't delay! You pay something like a 5% penalty if you submit it after April 30st, so get on it.
I make doing my taxes a delight every year by taking extra money off each of my paycheques ($40/pp) so I don't have to pay anything at the end of the year, even if I do a bit of freelance work on the side. It guarantees that for now, while I'm mortgage and investment free, I'll get back at least $1000 a year. It's only so much higher this year because didn't work full time the whole year and I still have some school and tuition credits from last year since I was finishing up my degree. Yay money back! I'm pleased I'm spending it wisely too, it's not getting my OSAP paid off, but I sure have some good piece of mind.
I will never, ever stay within budget if I begin the month in a handicap, so I'm using the lovely tax refund I will receive to beef up my emergency savings and a small amount of it will go to even out April's budget and perhaps buy me some badly needed work shoes, my $20 Payless flats have been rocking some massive holes for a few months now. I think it's time.
I sent my taxes in via Netfile last Friday so I should be getting my return soon. I'm getting about $2400 back this year which is awesome. I had planned to pay off most of my outstanding OSAP loan from University, but since my job future is questionable (whose isn't?), I thought that making some savings should be a priority. So I'm sending $1000 to my super serious savings account and $500 to my semi-serious account since it was recently depleted when I jumped on airfare for two upcoming trips (May and October, what can I say, I'm a planner).
The other $900 will go towards doing something I've meant to do for months. My bank account is a no fee account if I have a balance of over $1000 in my account. Because this has never been consistently the case, I also have overdraft protection. The regular account fee is about $4 and overdraft is $3. If I just keep $1000 in my account and get rid of my overdraft (having created my own cushion) I will save $7 a month or $84 a year, or $840 in 10 years. Small peanuts? I think not.
I would encourage people to see how much you can save with reading the fine print on your bank statements or your banking website. I've given up using my debit card for everyday purchases so I have the lowest cost account possible (which gives me 10 free transactions) and now it will be free. Some companies like PC Financial and different credit unions offer free accounts with no minimum. I'm in the interest of keeping a great relationship with TD Canada Trust for now since I've been there for 14 years, but look at your options.
As far as your tax return, don't delay! You pay something like a 5% penalty if you submit it after April 30st, so get on it.
I make doing my taxes a delight every year by taking extra money off each of my paycheques ($40/pp) so I don't have to pay anything at the end of the year, even if I do a bit of freelance work on the side. It guarantees that for now, while I'm mortgage and investment free, I'll get back at least $1000 a year. It's only so much higher this year because didn't work full time the whole year and I still have some school and tuition credits from last year since I was finishing up my degree. Yay money back! I'm pleased I'm spending it wisely too, it's not getting my OSAP paid off, but I sure have some good piece of mind.
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