Budgeting

I have been asked many times "how do you do it ~ 3 kids and all?  "  Well, I've decided to just give a peek into our life financially just to give you an idea.

1.  Learn to delay gratification.
2. Be content to not DO or LOOK or ACT like anyone else.
3. Trust in the Lord your God.

Now for some "practical tips" that we live by.

1. Reduce.
This goes for reducing vehicles, house size, amount of items/stuff in your life.  Reduce your  commitment to activities that cost you more than they give you.  (A family membership to an Arena or Swim place, etc may be a great investment for your health, but if you go to many different activities that keep you away from home during meals, or cause you stress, maybe it's not really needed)

2. Reuse.
Accept donations/ hand-me-downs where you can.  Amazing what you can reuse or "upcycle" into something you need. We basically only buy our undergarments new.  No sense buying anything else new if we can wait and perhaps use something else.  In BC we have a place at the local refuse dumps called "the Share Shed" where you can leave good-for-someone-else items or take those items.  Amazing when I have prayed, the item has shown up within a good time frame.

3. Library ~ use yours!
Get books on "thrift" or financial planning and read a bunch... stop when they all seem to be repeating things that you already do.  Then you know you've learned and put something into practice. I could give you a long list, but really, why bother?  Grow a garden, try not to buy pre-packaged goods, blah blah blah... You know it's cheaper to bring your own coffee/tea instead of buying it.  Get real with yourself.  Ex.  Add up the cost of 1 item and multiply it by how often you have it.  See if it's worth it.  Put that money somewhere else... like a vacation or a donation to a charity.  See if you miss it and how you feel.  Maybe it was worth it, maybe not.

4. Get creative~
We don't go out to eat, etc, unless I have made some extra money somehow. Yes, sometimes we go out once a year. I sell some baking, and I have been using a local facebook group called "Beg, Borrow or Barter" to sell off items.  (In Manitoba you may know of Ebrandon, etc).  This is going to be the best Christmas because I have sold items on this site and stashed away the money.  I am dividing it by 3 and have money for the girls presents this year!  It is amazing how freeing this is! Our girls get presents and I get to buy them~  ha ha ha.

5. Be content to stay home.
Stay home in the evening, make some popcorn or something and cuddle up with your family and a board game.  Snuggle with a good movie and your mate.  Go for a walk. Garden. Enjoy the sunset or the sunrise.
Be content to not have what others have.

6. Get serious.
Budgeting is done for 2 reasons ~ you want more out of your financial life or you have to because there is no other option.  If you see a storm coming, do something now about it.  Look up budgeting worksheets on the internet and WOW!  There's a lot.  Gail Valoxade (on my side bar) is practical.

We have been in interesting times due to some life choices, yes.  Every decision we have made we have peace from God in.  We have hope for the future and are investing in that.  That doesn't mean the now is always an easy walk ~ far far far from it.  The difference is the hope.  The hope of something better.  We are not walking around in circles, doing the same thing and expecting different results.  Love your spouse.  Love your children.

Live within your means, and if you are spending more than you are making, look at how you are living.  Ask God to show you His plan.  Be content.  Be happy.  Don't look at others, because their life is not your life.  What does the Lord require of you? Most of all, don't see "living within your means" as a death sentence to fun times.  Trust me, it's not.  Give where you can (time, money, prayer, etc) and thank God daily for what you have.  Shelter, food and clothing.  God is good!

A Grocery Shop

Well, we had a pizza girls party coming up and I needed to do some shopping for it.  I waited until a 10% off day at Safeway in our local town.
I had been paid $60 for doing some housecleaning, so off I went shopping.  I try to wait until I earn some money to do any shopping...I had also sold 2 pies, so these groceries were paid for!
This is what I got.

There was one more 24 pack of gingerale.  One sale item didn't show up, but I will swallow the $2 difference.  I had coupons, plus found sausage 50% off and 30% off.  This will be a special treat.  Butter was regular price at $4.39 and I had to buy a few sweets for daughter #1's grade 8 graduation party. 

 They were in the clearance pile.

All this ~ $84.40.

Now, my folks went to a larger center 2.5 hours away for a specialist appt and did some shopping.

See that 500 g Pepperoni stick for $6.29?  My parents got a 3 kg one for $8.99.  That is 6 times the size and only $3 more????  Can anyone feel my frustration?  They looked everywhere for fruit, but didn't find much...they were told everything is 3 weeks behind.  I love to shop local, but the prices sometimes make it impossible. All the money I spend is essentially borrowed money, so these things hurt.  

I have bought POP in a case 2 times in 4 years.  Each time for a special reason.

The laundry soap showed up so I bought $15 worth which will last me over a year....that felt great.

So there's some Canadian prices in BC.

Another Chapter Completed

Numerous things on the "to do" list when you move a few provinces.  One of the last things on our list was to close all bank accounts in Manitoba.  As of today, I have received the last cheque from the credit union...paying out our surplus shares.  Not much money wise, but a lot mind wise.  So nice to have some things tidied up.  I don't like loose ends.  If something ever happened to one of us, I wouldn't want extra work for the other to figure these things out.

Last thing: our will is still with a Manitoba lawyer although we have a copy here.  Then everything should be officially moved over to BC.  Wow that took awhile, but what are you to do when you don't know what you're doing.  Every so often I remind a few people where it is and what our wishes are.  There's also nothing wrong with changing a will every so often if need be.  Hum...maybe we should be updating ours a little again....Last time it only cost about $50 to amend something, although I know you can do will kits as well, and they seem to hold up in court pretty good.

Just seeing a few different situations happen lately where one spouse has died...always makes me think "I've got to have everything in order."  One had everything in joint names and "in order", even had a list of magazine subscriptions, etc and it took 2 weeks to finalize all the paperwork.  The other has been months, and it's still not finished up and causing grief for the loved ones.  So, I'm trying to tidy things up a bit again.  It is mostly my job to do the finances of paying bills, etc.  If I were to be hospitalized, etc for awhile, I'm happy I have a "cheat sheet" for my hubby so he knows how to pay the bills on line, etc.  It's good to run through those things every so often.
 Some don't see the issue, I just have seen it happen personally two times...once with my Dad, then with my sister.  It makes the ones left behind have to deal with a little more and have some unexpected things happen.  There's enough to think about when you're grieving besides searching for paperwork and trying to wade through everything.  Just my 2 cents worth, as this is my blog, I'm allowed to say what I feel...hee hee.

Switching Banking Institutions ~ Yikes!

So we have delayed since our move to BC with switching our banking institutions to a local bank.  Before we moved from Manitoba to BC we put all our banking into internet/online banking and linked all the accounts together for ease of transferring money.  All our government cheques were automatically deposited, etc.  I could deposit into a bank machine at any CIBC or PC financial places.  It worked wonderfully.  I could pay all our bills online, which was a life saver as with our mail delivery, I often only received our bills within days of them needing to be paid.
We loved ING DIRECT for their ease of operations and have savings accounts there for the girls.  I deposited money into their accounts and they ALL received a $25 bonus!  So if you are looking for a basic interest paying (although it is low, everything is low right now) the bonus really helps!  GO to www.ingdirect.ca and use our referral code (ORANGE KEY) # 32040301S1. Yes, you and I both get the $25 bonus!  They have been so great to work with online!
We told ourselves that once our Manitoba house sold, we would close off all Mb accounts and open up something local.  So, now is the time.

We went to the Royal Bank in town and we were given such friendly service and chose them for their ease of doing TFSA (Tax Free Saving Accounts) with shares/stocks, etc online.  NOW the only thing that has been somewhat annoying, is having everything ON HOLD when we deposit.  The holds are 5 days right now because we are a new client with no history.  Policy.  Not too bad, but annoying when we wanted to do something with the money.

So, one more stage of finalizing our move is being done...requested our CO-OP equity from MB and also to close our banking there.  Guess it is for sure now eh?  BC is our life!

ARGH! Can I just get a straight answer please? TFSA

Well, I've been doing some research on the Canadian Tax Free Saving Account.  I have been getting some mixed answers on a few things and thought I should be able to clarify this online.  Wrong.  Just more questions.  I went to the Cdn. Gov't website and found some good info, but it seems a little vague and I'm not one to appreciate some "surprises" if I did something they deemed wrong.

www.tfsa.gc.ca  I looked up the pamphlet and found examples such as this:

How the TFSA Works 

• Starting in 2009, If you are a Canadian resident aged 18 and older, you can save up to $5,000 every year in a TFSA.
• Your contributions to a TFSA are not deductible for income tax purposes but the investment income, including capital gains, earned in your TFSA is not taxed, even when withdrawn.
• Your unused TFSA contribution room is carried forward and accumulates for future years.
• You can withdraw funds available in your TFSA at any time for any purpose — and the full amount of withdrawals can be put back into your TFSA in future years. Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.
• Neither income earned in a TFSA nor withdrawals affect your eligibility for federal income-tested benefits and credits.
• You can provide funds to your spouse or common-law partner to invest in their TFSA.
• TFSA assets can generally be transferred to a spouse or common-law partner upon death.

Full Flexibility to Withdraw and Re-contribute

Gillian saves $3,000 a year for 10 years in a TFSA. She decides to start a small business and withdraws $40,000 of her TFSA savings, tax-free. A number of years later, Gillian decides to re-contribute the $40,000 to her TFSA. She may do so without reducing her other available contribution room.

By the Gillian example, obviously she contributed $30, 000 and pulled out $40, 000 and was allowed to put the $40, 000 back in, just not that same year.  She had made $10 000 in interest.  SOOO, thinking way out of the box here, If she put in $30, 000 and pulled out $100, 000 she'd be able to put back $100 000 in another year?

That's the real benefit I see of TFSA.  Hoping that is indeed true.  I just keep figuring there must be some great tax benefits to this that all the rich people must know about.   The rest of us think it is just a bank savings account.   Wonder how long it will stick around?

Any thoughts?  Am I way out to lunch?  By the by, I'm still searching! (and learning)

TFSA and Family Finances ~ More reading

Yes, I devour books like these...

 I have read this one last year and wanted to confirm a few things this year, so browsed it again.  I am amazed how few people know that a TFSA doesn't have to be just a savings bank account.  You can buy penny stocks/blue chips stocks, etc in this fund.  If you put in $5000 and the stock goes up (like a Bank of Montreal stock, etc) and you end up with $12000 in that TFSA account, it is all profit.  No need to report to the government.  IF you pulled out your $12000, you could put another $12000 back in the next calendar year.  NOT BAD!  A great way to make money for a down payment on a house or a vacation, etc.  A few chapters in this book are a real good easy to understand read.

They are American, there is some reference to Canada in it, I browsed it.  It is an easy read, they think along the same lines as us.  Think ahead, plan ahead, save what you've got.  No big surprises.  The biggest thing I got out of this was :  bring a crockpot along on trips that you need to stay in motels.  Plug it in the bathroom and come back to supper!  ha ha.  Loved it.  When they flew somewhere, they quickly went to a 2nd hand store and bought a slow cooker, make a trip to a grocery store and voila!  Food for the masses.  AND bring a cooler, motels have ice right or a little refrigerator...

They are very common sense.  They have 3 options for your personality type of actions you can take for each subject to help you reach your goal.

Yes, the one of the left is the same one as another post "How to Survive without a Salary" by Charles Long.  I guess I had reserved this version as well from the library.  A little easier to read on the eyes, same info basically.  How to get your life making you money, spending little to live and living the life you want.  EX.  Rent out houses for monthly income, be thrifty, grow your own, make investments that pay you dividends, work casual at something you love.

"What Every Canadian Should Know about Family Finance" by the Canadian Securities Institute, non profit.

Everything from a budget, mortgage, life insurance, RRSP, RESP, Wills, Power of Attorney, Investments, Minimizing Taxes, Education, Retirement.  Gives a listing of organizations to help you.  This was good to get you going and get some head knowledge and to confirm what you are doing is right or "wrong"...oh no.

A little time examining your finances can really pay off in the long run.

God has given us brains to live in this world.  We are meant to be an encouragement to others and a help.  If I am struggling to stay afloat, it is hard to bless others.  We have been very blessed in many ways and can't wait to be able to give back. We already know how to live on a shoestring, so we'll see what we can do when we actually start making some money again.  I'm waiting for the famine to be over ~ That excites me.

Typical January reading for me...

In my book corner this winter has been this book by Charles Long.

It is a good book.  Print is a little difficult to read, but a good read.  Unfortunately, I didn't learn a thing from this book.  We do every thing in this book.  Sigh... we are out-and-out conserver's.

I've been researching the Minimalist movement as well.  That I am not completely.  I store things for later use and have more than 3 pairs of shoes (although all 2nd hand, free).

There is always somewhere that anyone can cut back on spending.  I did love the example they gave of a newlywed college age couple.  They both worked regular jobs, saved and saved for 6 months, then spent 3 months travelling Europe.  That is great!  Famine then Feast!

More books! I'm on a reading mission lately!

I have been filling my head with knowledge in the financial world.  Some things have been purely secular based, others faith based ~ and guess what?  Sometimes they say the same thing!  The one thing they ALL say ~
PAY YOURSELF FIRST
Take 10-20% of your income and SAVE it!  Storehouse principle, etc.  Save it for retirement, save it for a raining day fund. 

The 2 latest books I am devouring...

Just noticed my bookmark in Thrifty is a coupon page!  haha

I have been trying to figure out TFSAccounts and then came upon this book in the local library.  It is a very good thing.  It is great for one income families, because everyone over 18 years can open one and contribute their $5000/year.  It is made with your "after tax" money, but any interest you can generate from a savings account, mutual funds, stocks, etc is completely UN TAXED when you pull it out.  The book is easy to read, and shows examples of different aged couples, contributing different amounts and when they reach the $1 million amount.  Very eye opening.  So, we will definately be using a TFSA for our savings as you can withdraw money for something you are saving for, and then put that same amount back too.  Great way to save for a vehicle, vacation, house or retirement.  In the long run, I personally wonder when the gov't may change some of the rules, as they will be losing some income from us!  ha ha

THRIFTY is a fun read.  Basic thus far, stories from some prominent people in our culture and their upbringing and how they are frugal or thrifty.  So far, it's about using 2nd hand (recycling), reducing waste, etc and still having little pleasures to enjoy.  Most say they don't skimp on the quality of their food, most eat organic as much as possible, but just buy what they eat, etc.  Using vegetables that are looking a little wrinkly as a good stock broth, etc.  Cooking only what you can eat, or immediately freezing an extra portion and MEAL PLANNING.  This is something I have been working on...looking in my freezer, cupboard and planning a weeks worth of meals.  For my small family, I don't necessarily feel I need to do more than that at a time.  Of course, I keep ideas in my head, but don't write down further than 1 week.  The girls have been helpful with this and are growing up their taste buds some and enjoying different foods now ~ what a blessing.

Click on any of my links to Amazon and the commission I will earn goes to Adopting Families.  Thank you.

On my bookshelf this month...

Remember I mentioned my sheer delight when I discovered a whole SHELF load of financial based books at our local library?  This is the 3rd book we are reading.  Now some people make New Years Resolutions come January 1st, but we often take a good hard look at our life direction and finances is a PART of that.

I would call this a main stream, not faith based book, but we believe God gives us wisdom and advice through many different sources.  Be in the world, but not OF the world right?

So, I've also been watching on line programs from a great TV program called It's A New Day...yes, the great funny people are related to us, and their program guests RELATE to everyone!

They had Franklin Santagate on the program for 4 days in January talking about God's will, VISION, plan and purpose for your life.  Franklin mentioned that God will speak to us in 10 ways...

5 ways from Heaven, 5 from earth

Heaven 1. audibly 2. angels 3. spirit to spirit 4. dreams 5. visions

Earth 1. His Word (Bible) 2. preaching 3. prophesy 4. people 5. circumstances

How very interesting that the book I am reading and some articles I came across all are pointing in the same direction!   They are all shouting out loud ~  What is your VISION?!  What is your family's vision?

 What is your purpose in this life?

The above book asked me to write down my TOP 5 "values" in life, not goals, values...such as Security, Freedom, Marriage, Family, Charity, etc.  Then I was asked to break each of my 5 values down into goals that I can obtain hopefully by the time I die...right?  He thinks that if your main values are family, marriage, freedom to travel and charity work, etc, then why on earth are you working 60 hours a week and not having time with any of your values?  He says people often change their life when they realize what their actions are really doing to themselves and that their values are not being fullfilled.  He sees this as the main cause of "mid life crises" because someone works so hard for a nice house, car, career position only to wake up one morning and realize their kids are all moved away and don't call.  That person may have always wanted to feed their marriage and family more than anything else in the world, but the world distracted and all their "things" don't make them happy.  This is all common sense isn't it? 

What did you dream about doing or being as a child?  What made your heart jump with delight or anticipation?  Do you still get that feeling now?  Or is life boring and you feel unfulfilled?

Well, on http://www.newday.org/ on the air programs, Franklin Santagate talks about how God wants to give us a hope and a future Jer. 29:11 and it IS GOOD!  I need a vision/dream for my life and my family.  Then I need to set goals to work toward that.  Same advice as the other book, but with the Godly base.

What is a vision?  Vision is always greater than ourselves.  It is always beneficial to others.  It cannot be accomplished on our own power.  For a vision, you will be willing to die for it.  You will feel that burning inside of you that YES, this is what you were meant to do/be!  If you meet someone with a vision, you will know it because you may not be able to shut them up about it!  ha ha. You may not even see the whole fulfullment of your vision, like Abraham's decendents as the stars in the sky...Abraham saw one son!

What is purpose?

1. Gifts/talents that God set in you from the beginning.  Some people can sing like a bird, some people can fix anything with little effort, some people can decorate a house beautifully, some people tell stories to capivate anyone...etc.

2. Passion ~  what you have always wanted to do.  Maybe paint, etc.  This passion may not actually turn into your "bread maker", but may always be used as a hobby or something to bless with on the side.

3. People ~ Serving/blessing others

4. Place ~ Where and to whom you want to release your passion and talents to will equal happiness daily.

Think about your life ~ what you have been involved in and how would rate your satisfaction at that time?  When have been the most happy?  Doesn't mean you weren't tired, etc, but were you satisfied?  Do you believe God has a plan for you? Ask God to show you and give you passion.  The passion or dream will often change your direction and God is faithful to keep guiding you and changing your direction as you are willing to be used.  You may start off in one direction and will take you and sway you as he sees your obedience.

I am rambling on because I do have a passion to find my passion!  ha ha!  I/we are asking God to show us and guide us into His plan as well...not expecting the road to be easy.  If you are curious, please look up the on line programs from Its A New Day and let God's word sink in and inspire you as well.  Satan seeks to distract us, God seeks to use us!

Be blessed, and be a blessing.  Have a great day!

Smart Canadians

Well, you can imagine my delight that a few weeks ago while waiting for my hubby to renew our car insurance....I found...yes, oh yes, I found....a whole shelf at the library of FINANCAL books!  So I decided to make my way through them this winter!  The first I picked for the "read out loud to your hubby as you drive to Calgary" book was

Smart Canadian's Guide to Building Wealth by Pat Foran from CTV's Consumer Alert

We have in the past read "The Wealthy Barber", "the Millionaire Next Door", "Rich Dad Poor Dad".  This book actually talks about those briefly and interviews the authors some 10-20 years later.  VERY nice, it summarizes everything.

I am loving the straight forward, easy approach to basic daily financial decisions everyone makes.  It is not a "you are so stupid" book or a get rich quick scheme. 

The first thing we are putting into practice is something to better our credit score...mind you, it is not in the toilet or anything, but we realized something through this book.  Having a credit card we NEVER use just makes the bank think "oh, they COULD use another $10,000" because that is the credit limit, so to them, we are already in DEBT that much.  I am cancelling a bunch of cards we never even use...that means phoning them and actually cancelling, not just getting rid of the cards.

It is very exciting.  He said our credit score should go up and that is good!  Yeah for us!

Sorry, this is me and this stuff really makes my world go around.  Also just found another website that looks good too.  Tells you how to make your own cleaners, budget worksheets, recipes, gifts etc.  Only found it tonight.

http://www.momsbudget.com/

Hummm, what is rumbling around in my head today?

It's been awhile.

I've been very happy in my skin. In my home. In my life as a daughter, mother, friend, wife, and non-bread winner of my family. I am the lady of the home.

THere is delight in the small things of my life. Such as singing "baby beluga" (raffi song) to my almost 4 year old and hearing her say at the same picture "mommy, that's you and that's me" about the baby/mommy belugas. The only time I may not take that as an insult :)

Comfortable can describe my life at the moment. Comfortable in the love of my husband and of and for my children. Comfortable weeding the garden and canning and making a home. Comfortable in my friendships. Kinda like snuggling up with that warm feather duvet on a chilly evening with a good book.

Speaking of good books, I have a gift certificate for Chapters On line and don't know what to buy. Gregg laughed when I said I got it from filling out a survey...my secret pleasure. Any suggestions?

The last good book we read was the "Wealthy Barber" and I think it has changed our outlook on money. I also finished reading "the stonehouse" at the same time. One later is a biblical way of looking at God blessing your 10% put away, the other is secular about interest blessing your 10% put away = same thoughts. So we are trying to put some of this into practice, but our bank account is not liking us at the moment. Soon it will be better because Gregg actually worked in the past 2 weeks. YES!

Sorry for the boring, comfortable posting. Time to go eat and enjoy my toasted tomato sandwich. If I'm fast enough, Mei won't ask me to "share"