RBC Statement Challenge

I heard about this RBC Statement Challenge awhile back.  You take your statement from another bank to an RBC adviser, have them tell you how your can save your money, and get a $50 Visa Gift card.  I didn't pay too much attention buecase I assume this is a campagin to get new clients and I'm already a client via the iPad give away.

I was in RBC to do an RRSP investment today and my advisor said it applies to existing clients as well.  So I have an appoitment to see her again tomorrow.  If you are interested, hurry!  Offer ends February 2, 2015.

Read More

Maternity Leave Benefits

With the baby coming, it’s no surprise it’s a topic of conversation for a lot of our friends.  It surprised me how many people have misconceptions about what kind of EI benefits they will be receiving.  Most people think it 55% of your income.  However, did not realize that there is a maximum.

So no.  If you make $100,000 a year, it does not mean you get $55,000 during maternity.  It’s quite a bit less and you need to plan for that.

The amount is reviewed and changed each year.  But as of right now, the latest information I see on the Service Canada website is that the maximum weekly benefit $514.  This means if you yearly income is $48,600 or below you receive 55% of your average insurable weekly earnings.  But if your income is greater than that there is no more from EI benefits.  You may receive a top up from your company, which you will need to look into eligibility and rules with your HR.

My company provides a top up to 70% of my income for the first 20 weeks.  It’s part of my benefits plan which I am responsible for paying the premiums for.  Also, if I don’t work a full 6 months after maternity, I have to return the top up.  I expect to be coming back, however, to be safe Beau and I are planning on saving the Top Up portion, invest it in something safe.  After 6 months of being back at the job, we will put it towards to investment for baby. 

Read More

Worth it or not

The girl whom I work the data entry job with found out that I am a professional and questioned if it was worth it for me to do this data entry job.  People tend to value their time by how much they make at work.  For example, if you make $60/hr.  Then every minute should be valued at  $1 a minute.

It makes sense to a certain point but not always.  I'm salaried.  If I work an additional hour it's is for free.  So I cannot value my free time that way.

When we decided whether or not to paint the house ourselves.  We decided yes.  The rationale is that we would have used our weekend sleeping in, eating out, shopping and generally not doing much..  Better off saving ourselves a couple thousand dollars.

When I decided whether or not to get a part-time job it was a tough one.  I like part time jobs because it's low stress and I usually choose something that's completely different from what I do everyday.  However, I decided against it because of the regular time committment.  It was better for me to take a class that has to do with my career development or joing a sports league.  I will probably revisit this decision once in awhile depending on changes in my life.

When this data entry gig came to me.  It was again different.  Because it was super flexible and only a short term commitment.  I can work whatever hours I want for a month.  It is a lot less than my hourly rate but I could not make this extra money at my regular salaried job.   It is a little something I can put in my treat yourself fund for some guilt free spending.

Read More

Recent Posts on Money

Always Look for Discounts

Daily deals at livingsocial

Thrift Store find

Read More

Didn't know that

I was checking my credit card transactions online and saw that I had a $100 charge from that gas station. I have bought gas that day but only about $20 worth. So I called up the credit card company.

The customer service guy explained to me that self serve gas stations pre-authroize for an amount like $100, then the actual transaction is authorized later. He said right now the transaction is under temporarily authorized section which is $100, but the actual amount should show up under authorized.

Still, I'll check this again later just to be sure.

Read More

Double Interest at ING

I know it’s barely winter. However, in my job we usually look about 2 or 3 months ahead. This means already we are into Christmas and New Year’s. I guess we are not the only ones. At ING direct they are already trying to get savers on the their TFSA contributions for the coming year. The offer? Start a ‘2010 TFSA kick start account’ and they will offset the taxes you will pay on the interest between now and January by doubling your interest. Come January this account will automatically be converted into a TFSA account.

Given that interest rate is 1.05% what’s the big deal? But for people like me I started saving for my $5000 in January of this year. So do I want this $5000 to sit in my regular savings to earn 1.05% or in this account to get 2.1%? All else being the same, I’d rather get the extra interest.

Come January, if I really want a different type of investment I can always transfer. Although, I’m pretty sure I’m keeping it in a high interest account. I believe in keeping interest yielding investments in tax free or registered accounts, and other more tax efficient investments in regular accounts. Also, I use my TFSA as an emergency fund. It earn interest tax free, I can get to it easily when I need to and top it up again when I can.

If you are new to ING please consider using my referral code (14795960S1), also on side bar. If you open an account with $100 deposit, both of us get $25.

Read More

New Master Card

I’m getting a new credit card – the Smart Cash MBNA Mastercard. I’m a big fan of setting things up so that saving money is automatic. This card does that for me. Every time I spend money I get 1% cash back. If the money was spent on groceries or gas you get 3%. There is no annual fee, and right now for the first 6 month, groceries and gas spending get 5% cash back.

I’ve read the forums and people say it very hard to get the card, and it has high interest rate, which is why I was a little slow to apply. However, the online application was pretty quick and my card arrived within 30 days. I try to not carry any balance so the interest rate is not really a big deal.

Here is the website link for those who are interested in more details.

Also, BIL sent me this forum thread where someone listed all the eligible grocery stores.

Read More

Pay attention to your money

Awhile back, we were all given a refresher on how to check bills for counterfeits at the cafe. This weekend I actually did encounter 2 fake $5 bills. Unfortunately, we didn't spot them until we were doing cash.

Once before this, I was given a fake $10 as change, which I didn't notice until it got rejected at another shop. $10 gone bye bye. This is why I wanted to bring this up now.

It really isn't that hard or time consuming to check your bills when you get them. So why not protect yourself from getting them. You can read up what to look for on rea Canadian bills here. Or I posted an excerpt here.

1. Holographic stripe: located to the left of portrait on the front of the bill. If you tilt the note back and forth you will see 2 maple leafs that will change colour as you move the bill. Also, there will be small numerals in the background that match the amount of the currency. For example, on the $20 bill you will see small twenties.
2. Watermark portrait: in the white space just to right of portrait on the front of each new bill you will see a watermark version of portrait and the number that corresponds to the currency amount when you hold the note up to light. This security feature can be seen from both sides of the note.
3. Featured number: the front and back of each bill have some irregular marks that merge perfectly to form the number of the currency when you hold the bill up to the light. For example, on the $10 bill the broken lines turn into a perfect ten. Counterfeit bills will not have a perfect match.
4. Dashed lines: on the left side of the back of the note the dashed metallic lines will shift from gold to green as you tilt the bill. Inside in tiny type you will see the letters CAN followed by the denomination of the bill. Hold the note up to the light and the dashed lines will merge to form a continuous dark line.

For older bills:

The original $5 and $10 notes in the Canadian Journey series had a cluster of three iridescent maple leafs in the same area where the watermark is located on newer notes. The leaves change from a faint image to a shiny gold colour when you tilt the note back and forth. These notes also had a hidden number to the left of the portrait on the bill. When you hold the note at eye level and tilt it slightly a number 5 or 10 will appear on the bill.

Read More

Ordering lunches

Last week this company we work with took our team out for Christmas lunch at a posh restaurant in town. I ordered a very delicious rack of lamb, and no alcohol. The no alcohol is a personal choice since during these holiday lunches, our bosses are ok with a couple of drinks.

When our food came, most noticeable was the lobster and steak order. Gathering from comments from one of our bosses, I detected a little disapproval. I guess there is fine line between taking advantage of 'sponsored' lunches and going overboard. What do you think?

My rule is to order something special (something I wouldn't get myself or couldn't make myself) but nothing that will make me stand out (like lobster, or things market priced etc)

Edit: I think steak by itself is totally fine or maybe even lobster on its own. But ordering steak AND lobster (one of the most expensive things on the menu) was what drew people's attention.

Read More

How am I doing?

I've been catching up on my blog readings. This link at My Open Wallet popped out at me: 6 financial milestones before 30.

30 seem to be a big deal for many people. It is for me too. It seems to be the natural deadline for 20-somethings. I remember something about wanting to visit all the continents before I turn 30 (Antarctica is still to go). So I was filled with anticipation and curiosity in those few seconds it took me to click on the link and load the page.

How am I doing so far?

Not bad actually.

Milestone #1 Scale back the credit cards. Done.
Milestone #2 Own a home – or have a plan. Done. Have a plan.
Milestone#3 Have skills. Working on it.
Milestone#4 Give money away. Done.
Milestone#5 Know thyself. Getting there.
Milestone#5 Know smart people. Working on it.

3 out of 6. Not too shabby. However, this list is not simply a to do list that I can tick off a task and never think about it again. It requires vigilance. Credit cards can increase if I don’t pay attention to my spending. Similarly, home buying plans and charitable donations can go off track if I don’t assess it once in awhile.

Read More

Planning for the weekend

This weekend is going to be expensive. Since we will be going out for dinner, drinks, and whatever else that comes to our heads Saturday night to celebrate my friend’s b-day. I’m going to do what I usually do in situations where I may not be watching how much I spend or even remember. I’m going to take out $100 cash and put it in my going out purse. Hide $10 in a side pocket for cab fare. Also bring credit/debit card for back up. But the idea is to not spend more than I have in cash.

Read More

Tax Free Savings account special

I’m sure all you savvy PF blogger/readers out there know all about the Tax free savings account that is coming 2009. I’ve been saving up for it. Come Jan 1, I will be opening that account right away. Or will I?

I just saw this promotion on ING. You can open your account now, and they will double the interest you earn to even out the taxes you will have to pay between now and Dec 31. That’s pretty sweet. Then come Jan 1, 2009 they will automatically transfer your account into a tax free savings account.

Especially since the banks just announced a rate cut today. Soon that interest rate on our savings account will come down even further. We need to maximize what we get out of our savings.

If you are opening an ING account for the first time, consider using my orange key: 14795960S1 and both of us get $13 each.

Read More

Channeling money II

Remember this post? Where I thought I was channeling change? Today I went for my second interview for the big company. As I was walking back to my car, I glanced onto the street. I thought, what a beat up piece of paper that is. It’s all green and sad looking. Wait, that’s a folded $20 bill.

OK. I’m going to buy a lotto ticket this afternoon and channel for the jackpot. Jackpot. Jackpot. Jackpot.

Read More

No Amount big or small

I have this thing. When money is rightfully due to me, I will try to get it regardless of the amount. Well most of the time.

You know when people say it’s only a few bucks, it’s not worth the effort? Well, I try not to do that. The thinking is I worked hard for that money! When you think about the taxes I paid, and the effort I go through to save, it is ‘worth’ even more to me.

Last week I was expecting to get my left over vacation to be paid out from previous job. The week came and gone and no money was deposited in my account. Really, I don’t have much left, probably about $200. But it’s my money.

I made a few calls and a few e-mails this morning. There is an annoyed HR lady somewhere in the city today. Still, somewhere a cheque is being cut for $200 and finding its way to me.

Read More

My Mum

Last weekend, when I drove to Sis’s for a visit, mum came with. In between shopping, gardening, and cooking, mum asked us something. She needed help. She invested money, which she and dad had allotted for something else, without dad knowing. Now dad wants to use that money for the originally allotted purpose, but market is down and so is her investment.

How much? About $20K! Seriously, if it was a few thousand, Sis and I could help her. But the shear amount raised alarm bells. And it’s ding, ding, ding from there. It’s all invested in one place. She can’t even remember the name. She can’t really tell us what it’s all about. She did no research. Her friend recommended it because it was going up and up.

From talking to her, it was pretty clear her financial knowledge did not go beyond saving money. For example, I was telling her she should have picked her investment type (cash, bonds, Real Estate, equities etc.) according to how long she can do without that money. If this money is not needed right now, she could just wait for the market to recover (provided she chose the right investment). As I was saying this she kept saying :” How was I suppose to know! Everyone said it was good. It did great the first few months!” I don’t think she heard any of the investment basics we tried to explain to her.

Sis’s mother-in-law is similar. Her investments are pretty scattered, buying whatever people say is good. She’s retired now and has a decent pension. However, I was shocked to hear that she was selling her investments to cover extra expenses. Instead she should have restructured her investment to generate a steady income when she retired.

These are two very intelligent women! Mostly I think it has to do with their generation and upbringing, which did not promote the same financial independence and awareness as our generation. All they knew was to have a good job, a good husband, a home that’s paid off, and lots of savings. Being suddenly exposed to the investment world is daunting.

We told mum she has to get all the information she can on this investment she made. Then she and dad need to make a decision on whether to sell at a loss or hang on. Also, in future not to invest in anything she doesn’t know especially large amounts of money.

Read More

My dad

I was driving with my Dad yesterday. Usually this is when we have conversations because with our schedules we rarely see each other.

Dad and I have had some disagreements over me not taking the Austin opportunity. He thinks it’s better to have any job than to no job. Well, you know what I think. Some jobs drain you so much that you really don’t have the energy/motivation to do anything else until you are free.

Today he told me he still believes I should hang on here as long as I can and use the time to plan my next step. He and Mum will support me in whatever I want to do. They are doing better financially than when I was in university. If I decide to go back to school they can help me out. Or if I find a job I like, and decide to settle down they can help me with a condo.

I was really touched. I guess he wanted to let me know that even though he can’t see eye to eye with me on my current decision, he will support me for what I decide to do next.

I told him I’m glad for the support but financially I want to try and make it on my own. I feel it’s dangerous to plan parental financial assistance as part of a budget. I am capable of supporting myself and adding parental assistance would just mean I’m living beyond my means. Already they helped me save a lot of money by letting me move home when I started traveling for work. I make sure I don’t touch the rent money I saved except for a down payment one day. However, that’s all the parental assistance I can justify taking.

Read More

Any Volunteers?

Yesterday, while I was at another airport waiting for another connection, the customer service rep came on the PA and asked for a volunteer to catch a later flight. The volunteer will get first class on a later flight (4 hours wait), a meal, and a $200 voucher.

A few years ago, I would be running to that service counter, as would a lot of other people. Now, they made the announcement 3 or 4 times and no one budged. Here are my two reasons for not volunteering.

First. I’m tired. To get cheap tickets I had to make connections. I have been up since 5am, and I just can’t imagine waiting another 4 hours and getting home at midnight.

Second, the only time I had any experience with travel voucher it turned out to be a total waste of time. It was when Sis and I were coming back from an overseas trip. Her flight home was 2 hours earlier than mine. This volunteer opportunity came up for her flight, so she volunteered thinking she’d keep me company and get a flight voucher.

What we didn’t know is that they make it almost impossible to use. She’s tried. They tell her she should book online and pay for her flight, then call a 1-800 number and use her voucher to get her money back. She tried to do that and was told she was misinformed.

Also, do you know they expire in a year? That’s what ended up happening with her voucher. They just gave her the run around until the thing expired.

Read More

Just before the hike

Next week I’m taking vaca to see the bf. We’ve been planning this trip for awhile now, but only last week did we get our schedules worked out and vacations approved. As soon as I knew I booked my tickets. I got in just before all these fuel surcharge and whatever other reasons the airlines gave for price hikes.

It works out great. I got the cheapest flights I could. It means flying on Saturday instead of Friday. Now I can work my regular barista shift Saturday morning. It’s all going to offset the cost of the trip. I fly back Tuesday night. Again, it’s a lot cheaper than flying Sunday night or Monday.

With flights being what they are I got to do every little thing to offset the cost. This July, I'm planning to meet up with my friends across the country and do a road trip. It just got a lot more expensive with the high gas prices and airplane tickets surcharges.

Oh and I'm complaining that a week is such a short time to see the bf. It’s all we can manage though. I just heard that I might have to go to Mexico for a week, the first week of June. The bf was saying something about being sent to Mexico a few weeks ago. Maybe we’ll get lucky??

Read More

Dropped rates again

As expected when Canada bank dropped rates, rates for ING is down from 3.5% to 3%. Pc financial hasn't dropped yet. Probably soon though.

ah well.

Read More

Idiot Moment

I had a total moment this morning and went off to work with out my laptop charger. With only 20% battery left, I had to drive home (40minutes) to pick it up. Not wanting to be stuck in traffic again I decided to work from home (or the coffee shop across the street).

But the point is I could've just done this without the trip to work and saved the time and gas. I'm a bad environment person and a bad PF person today.

Read More