Sandy McBride, BA, CFP, brought down the house again, as she reprised her successful Workshop: Personal "Budget Blues" on September 29, 2008. Sandy assisted participants in creating a personalized plan for wealth management and her down to earth approach was appreciated by the group. As one person relayed, "I feel confident that I can make the changes neccessary to better my life."
The Community Resource Centre will be hosting more finance workshops thoughout the Fall - watch this space for info.
The Centre also offers one to one confidential financial advice sessions by qualified financial advisors: Debbie Mealia and Sandy McBride. Please call 604 885 4088 to book your FREE 45 minute session.
If anyone is interested in participating in a small support group to discuss money saving tips and challenges to saving money please contact us at 604 885 4088 or email: admin@communityresourcecentre.info
The Centre also have free information booklets on a variety of topics including: retirement, debt, money savings tips and RRSPs.
=============================== Top Money Saving Tips
Saving Money on Costly Fuel: These 15 tips will help you cut fuel consumption:
Car maintenance 1. Keep the tires inflated properly. This one is simple and a potential lifesaver. Underinflated tires waste fuel and wear out the tire tread. Also, check tires regularly for alignment and balance.
2. A well-tuned engine burns less gas. Get regular tuneups and follow through with routine maintenance. The right parts and fresh oil keep your engine happy and less thirsty for gas.
3. Get the junk out of the trunk. A weighed-down car uses more fuel. For every extra 250 pounds your engine hauls, the car loses about one mile per gallon in fuel economy. Carry only the basic emergency equipment and items you really need.
Gas shopping 4. Buy the lowest grade (octane) of gasoline that is appropriate for your car. Check your owner's manual for this information. As long as your engine doesn't knock or ping, the fuel you're using is fine. You can save hundreds of dollars a year.
5. Pay cash at stations that charge extra for credit cards.
6. Don't top off the gas tank. Too much gas will just slosh or seep out. Why waste those extra pennies?
Driving 7. Drive intelligently; don't make fast starts or sudden stops. You're just overexerting your engine and burning extra fuel. Gradual acceleration also helps automatic transmissions run better. Engine-revving wastes fuel, too.
“The faster you drive, the more gas you use.” 8. Lighten up on the accelerator. The faster you drive, the more gas you use. Speed limits have gone up around most of the nation, but you don't have to see your fuel consumption go up drastically as well. For example, driving at 55 mph rather than 65 mph can improve your fuel economy by two miles per gallon.
9. Avoid long warm-ups. Even on cold winter mornings, your car doesn't need more than a minute to get ready to go. Anything more and you're just burning up that expensive fuel.
10. Combine errands into one trip and plan your stops for the most efficient route. You'll save yourself time and money.
11. Do not rest your left foot on the brake. The slightest pressure could cause a drag that will demand additional gas use -- and wear out the brakes sooner.
Other good habits 12. Tighten up that gas cap. Make sure it's on securely. Buy a new one if your current cap doesn't fit snugly. Gas easily evaporates from the tank if it has an escape.
13. Buy a fuel-efficient car. When pricing cars, factor in long-term fuel costs. Keep in mind that sunroofs add to wind resistance, lowering the mileage per gallon.
14. Be smart with the air conditioning. On the highway, closed windows decrease air resistance, so run the air conditioner. But in stop-and-go traffic, shutting off the air conditioning and opening the windows can lighten your fuel use. Air conditioning can lower your fuel economy by 10 percent to 20 percent.
15. Remove snow tires in good weather. Deep tread and big tires use more fuel.
Top Saving Tips for Grocery Shopping for Families Make Your Own
Sometimes, the best way is the “old” way. In the case of saving on eating expenses, nothing could be truer. In today’s world, most everyone relies more and more on foods prepared by someone else. We eat out often, doing take-out has become common, and processed foods, both cooked and uncooked, have become an everyday staple. The convenience can be great, but the cost can become a burden. Consider making most of your own meals and save a bundle.
1. Eating out can be fun and even affordable, if done in moderation and with a bit of common sense (look under the “Eating Out” heading in the “Health & Leisure” section). However, when eating out (including take-out) becomes a habit, it becomes just an expensive way of life. Just try to “break the habit” and cook something at home, save and enjoy. You can even make home-made pizza instead of becoming a regular at the pizza joint. You will find that saving this way is healthier, tastier and even more fun.
2. Even when not “going out to eat” many people still go out to eat. At least that is the result on their wallet or purse. That Starbucks coffee and morning pastry, that fast food or restaurant lunch, a little snack or drink from the vending machine, snacks and drinks for the kids when running about town, and maybe even that school lunch, all add up to significant expenditures. Think about it. Ten dollars a day of these types of expenditures for a family is over $3,600 per year (and many families spend a lot more). And that is after tax dollars. It’s closer to $5,000 a year before taxes. How many of us would like to have a $5,000 raise, or even a $2,500 raise? Knock out most of these types of expenditures by making your own coffee, snacks and lunches, and bringing your own drinks, and that is what you will get, a big raise. Maybe paying down that credit card debt, or buying that big screen high definition TV, might just get a bit easier.
3. Buy less of those processed foods that are pre-cooked or packaged for convenience, rather than thrift. This has become a favorite at grocery stores and convenience stores. Those pre-packaged salads and oven-roasted chickens are nice, but they do come at a cost. And all those frozen pre-cooked foods that you just pop in the microwave are not really cheap, when you start adding them up. Same goes for foods that are packaged in small portions or individual serving packages for convenience. Does your child really need a single serving “lunchable” bought at the grocery store, or would a nice sandwich and piece of fruit be better and less expensive? Wouldn’t it be cheaper to put a few cookies in a plastic bag (or in some foil) for a snack, rather than buying small individual bags? You might think you are saving money by reducing waste and preparation costs, but your per meal cost is considerably more expensive with prepared foods and convenience packaging. So, try to buy ingredients instead of meals or conveniently packaged small portions and save. And try to avoid the “junk” foods altogether. Homemade snacks are usually healthier and cheaper.
4. Many processed items, like salad dressings, cocktail sauces, jellies, etc. can easily be made from scratch and be better tasting and less expensive. Ingredients can be bought in bulk and mixed when a new batch is required.
5. Instead of buying those ready-made baby foods, consider making your own. Talk to your pediatrician and look on the Internet for the know-how, but it’s quite easy. You pretty much just need to puree foods for the baby, and be aware of what foods your baby should be eating. And you will be avoiding a lot of salt, sugar and preservatives. And talking about “making your own”, how about breast feeding your baby. It costs less and most experts say it’s better for the baby.
6. Talking about overuse of processed foods, try to break the habit of buying bottled water. In most households, the water from your tap is fine to drink. If you have an ice maker, you are already drinking tap water in the form of melting ice in your drinks. And tap water sure is a lot less expensive than bottled water. If you like those small plastic bottles for ease of use, try refilling them from your tap, rather than buying them pre-filled at the grocery store. If you do have concerns about water quality, buy an in-line water filter. But, in any case, make sure you do not freeze bottles of water, as there is some concerns that the plastic bottles when frozen can release some chemicals into the water. Try not buying bottled water, it is an easy way to save.
======================= ASK AN EXPERT Negotiating a better mortgage rate
Q: How can I negotiate a better mortgage rate? A: When you discuss your mortgage, it may feel like the lender holds all the power. It shouldn’t. Lenders want your long-term business, and in a competitive loan market, borrowers can often negotiate a better rate than the one they’re first offered.
Good negotiators use their strengths as leverage. If you have excellent credit, be sure to use that high score to your advantage. Lenders save their lowest possible rates for customers with the best credit scores, so be sure to check your credit score before you sit down to talk numbers and insist that you be recognized for your solid credit history.
If your credit history isn’t so great, but you have a good reason, you may be able to find a sympathetic ear. For example, if you’ve just been through a divorce and your partner used your joint credit cards recklessly, your poor credit score doesn’t necessarily reflect your true risk as a borrower. It’s worth asking if your lender will consider these mitigating circumstances when setting your rate.
Finally, don’t be afraid to simply ask for a better deal! Interest rates and closing fees are almost never carved in stone, and mortgage officers generally have leeway to adjust them. If you have shopped for a mortgage through LendingTree, you may well have several lenders competing to have you as a customer. If Lender A boasts the lowest rate but has some higher upfront fees than Lender B, point this out. You may be able to convince Lender A to match or beat the lower fees of its competitor. ======================
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