Monday, January 17, 2011

A List Saving/Tips # 2

Wow words out, i might have to look for a bigger
place...nothing quite like saving money to peak people's interests. A) Personal Taxes; we all hate to pay but guess what, this is what keeps our country going with our public education, quality health care, drivable highways, etc. Think of it this way,  we all have a friend who never wants to pay their share when out somewhere as a group and that really sounds fair....not!! Also the government is smart as

it gives its citizens opportunities to take care of themselves and o
ne of those vehicles is through tax free retirement plans....everyone wins, you lower your tax bill and the Feds don't have to take care of you. So look into either a company or self directed plans and do it monthly and again automatic withdraw to keep it out of sight out of mind. Another new program in Canada is the TFSA ( Tax Free Savings Account) well worth looking into at your favorite financial institution.   B) Loans/Credit Cards; ok you has fun accumulating the debt but now its time to pay back!!  Not a lot of love in the air right now is there? Try asking your bank for a debt consolidation loan to pay off all the bills and into one manageable lower interest payment, then do yourself a favor and act out Edward Sissorhands on all but one of those plastic credit cards and keep the spare on hand for emergencies, and no not the all inclusive resort that just went on sale but for the "A" list items if in between pays. ( usually 20+ days to pay the CC off without interest)   C) Life Insurance;
its depending on your circumstances, generally if single and have no obligations coverage is not needed....that's right, save your money and invest your windfall. Also any loans/mortgages you have insurance can be bought through the lender and if supporting family members your estate will cover. Now if in the other category, check into group rates through work or shop around as remember it is a business. Maybe ask your bank about a collective rate on your loan/mortgage and add life insurance to get savings in a nice bundle. D)  Health Insurance; again check with work to see what is offered/covered ( dental, eyes, prescriptions etc) or organize your own group of workers/relatives to get a packaged rate if your business does not have any plan. Finally check in with your corporate wellness program to see what is offered, maybe a percentage towards a gym membership, equipment for home, etc. it might surprise you what is offered...also check with your accountant or go on-line to see if you can write-off your kids recreation programs at tax time. Speaking of which, we are starting to trim off some weight on our monthly budget......nice!!.

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