Confidently Single

I know a lot of women (and some men) are green when it comes to saving a dollar. Women more often than men, tend to get ripped off, scammed or overpay. Being thrifty may not be something to be proud of but why not?

I have been ripped off more than once in my life time, although I didn’t always know it at the time but once I found out, I can’t say I felt all that good about myself or the fact that my hard-earned cash made it’s way into someone else’s pocket. I can only blame myself for getting duped. I used to dread negotiating, talking deals and bargain hunting. Now, I cannot imagine paying full price- for anything. Even if I know I may not get a deal sometimes, I cannot help but ask anyways. After all, what have I got to lose? Sometimes, this actually worked in my favour. People can call me cheap if they like but when I see their jaw drop after hearing how much I paid for something they overpaid for, that is the sum of all the difference to me.

I know there are some women out there who can cut a deal better than any man but generally speaking, there are women out there who feel intimidated to negotiate. So how does a girl go from being an easy cash grab to consumer savvy? For me, it was a learning process that involved observing others and taking risks. Having male friends that provided some insight didn’t hurt either.

Money Saving Quick Tips:

-          Always do your homework. Check out the competition, compare pricing, shop around. Never settle on the first price you find.

-          Research the product details as much as possible (this is useful when it comes to negotiating)

-          Take advantage of websites that have private sales

-          Sign up for mailing lists when it comes to retailers (I get awesome coupons and incentives mailed to me all the time)

-          Stand your ground when negotiating a price. If you choke or back down easily in these situations, start small. Learn how to bargain at a local market or go shopping with someone who is really good at it. Pay attention to how the deal is made.

-          Always ask for incentives or if the product is going to be on sale in the near future

-          Attend trade shows

-          Don’t be afraid to say “no” but know when to walk away.

Becoming a smart shopper has changed my life. I have learned to spot a good deal, as well as when a deal is not worth my time or money. This also translates into the workplace. Negotiating is a valuable skill every woman should own. Negotiating will leave you with a feeling of satisfaction and a heavier wallet!

“A penny saved is a
dollar earned.”
B. Franklin

From May 25^th 2009 to June 25^th 2009, the annual celebration of bicycle culture features events for cyclists of every kind, from family-friendly group rides to fast-paced racing. Bike Month Guides are available in all of Toronto’s Bike shops, public libraries and community centers. With over 100 events across the City there’s probably something going on in your neighbourhood so pick up your free Bike Month Guide and check it out.

http://www.toronto.ca/cycling/bikemonth

Cycling is not only an enjoyable and environmentally friendly mode of transportation but it is also a great way to exercise your heart and muscles. Buying a bicycle can almost feel like buying a car. There is so much to choose from. How do you pick the best bike for you?

Road racers. Loaded tourers. Recumbents. Hardtails. Dualies. Hybrids. Cross bikes. Sport tourers. Commuters. Cruisers. Comfort bikes. Tandems. These are just the more common bicycle types available today. It is common for people to buy the wrong bike, such as getting a model built for off-road use, when the mountain bike ends being ridden primarily on pavement.

To prevent such mistakes, if you’re in the market for a new bike, especially if it’s the first new machine in a while, start the shopping process by answering the key questions that follow. When you’re sure about these things, you’ll stand the best chance of leaving the shop with a bicycle you’ll love and not get bored with too quickly.

To ensure that you find the best bike for your riding goals, go into the shopping process prepared to be flexible and willing to explore the many options. If you know what you want, that’s great! If you don’t, the more open-minded you are, the more likely you’ll get just what you need. Happy cycling!

Dressing well without spending a lot of money is not that difficult. It does take a bit more effort and planning but is well worth the investment, so to speak. While it’s currently glamorous to be a naïve shopaholic, racking up the credit cards only works in movies. In reality, there is no way of getting out of bills. With the following guidelines, you too can look like a million bucks without the price tag.

·         Do an inventory of your closet. Often, we forget about all the clothes we already have. Don’t wear all of it? Give it away. There are people out there in way worse financial predicaments. What you deem to be “out of style” is another person’s necessity.

·         Determining what you actually need can evade buying on impulse. Budget how much you are willing to spend on these items.

·         The most obvious solution is to buy things that are on sale. It is true; most things get marked down in price eventually. I find it irritating to see that pair of shoes I paid my hard earned cash on be marked down to half price a few weeks later. I would have saved half the money if I only waited.

·         Aim to go for quality. Quality is usually paired with a steeper price tag, so buy the best quality you can afford. Well made clothes wear longer. Think of clothes as an investment; seek to get the most bang for your buck.

·         Buy pieces that are classic in style and versatile. This will help you carry your wardrobe from season to season. Don’t follow all of the trends. Stick with bold pieces as prints tend to get outdated rather quickly. Bold pieces also compliment well with each other so you can mix and match them to get several looks.

·         Again with the trends, stick to buying clothes that fits you and fits you well. While “skinny” jeans for example, are stylish (now), they’re not flattering on everyone.  

·         Allow yourself to splurge on the occasional item. A great coat, handbag and shoes are the most noticeable pieces in an outfit and are worth paying more attention to when it comes to quality.

·         Check out stores that carry designer clothes at lower prices. If you are a real bargain hunter, visit thrifty stores where you will find that yesterday’s trends usually make a comeback.

Your best and most important piece in any outfit is confidence. While clothes “package” the image we want to portray, if someone has low self-esteem, even a pair of designer shoes won’t make much of an impact. Let your personality make more of a statement and let your clothes compliment who you are.

Let’s face it, times are hard. Today’s economic situation has touched us all in one way or another. People are losing their jobs, all around us and we go into work wondering if we will be next in line. At work, the atmosphere isn’t what it once was when things were better. These types of “downfalls” impact the morale, productivity and outlook for a lot of people. Smiling faces are a rare site as they have been replaced with looks of anxiety and fear. We start to feel helpless and feeling like everything is beyond our control and that is simply not true.

While we cannot control the decisions of our corporations and employers, we can control our attitude and understanding of how we can cope during the recession. Everyone’s personal situation differs from one to the next. Some people have mortgages, some people have debts, some people have a family to support and some people have all of these things on their plate to sustain and more.

It’s not easy but it’s not impossible. They say hind sight is twenty-twenty. Even though there were forecasts of a recession, when times are good, people will spend. If you managed to save money in the meantime, then you are in a better situation to get by through this temporary recession than others. While there are some financial obligations we absolutely cannot get out of, we can try to learn to live in simpler terms by adjusting our spending habits and lifestyles despite trying to sustain the status quo. If you cannot afford something, don’t buy it. Once we are accustomed to a certain way of living “downsizing” seems difficult and depressing.

Historically, this isn’t the first time the economy has flopped. People survived. The economy will pick up again but we need to have a plan B at all times. Some suggestions on how you can cope:

• Do not invest in anything you cannot follow through on in the long run. Whether it is the stock market, property, travel, education -set out a financial map of all the costs and how long it is going to take you to pay it off. See a financial advisor if need be.
• Learn to live modestly. It may be tempting to go shopping, dine out, going to the movie theatre, and spending on other forms of entertainment. Buy what you can afford and ask yourself if you really NEED it or if you can wait to buy it when you can afford it. Try to limit your spending on food. You can get a lot more out of cooking and preparing meals at home. Not only is this cost efficient, it’s healthier too. You can rent movies or curl up with a good novel. There are plenty of ways to enjoy your time without spending money.
• Learn to save. Always have money for a “rainy day”. It gives you peace of mind knowing that you have something to fall back to get you through in the event that you may lose your job or have any unexpected expenses, like car repairs for example.
• Try to stay positive. A negative attitude is like a virus; it’s contagious and affects everyone around you. Keep smiling. Your family, friends and co-workers all need support. It doesn’t help if you let yourself get trapped in a negative mindset.
• Keep your eyes and ears open. There is still plenty of opportunity all around you. Look at current job opportunities and research the job market. Enroll in courses to sharpen your skills and enhance your resume.

This is not a “me” situation but an “us” situation. We cannot compartmentalize it into individual problems as it has become so widespread it is everyone’s responsibility to strive to get through this as best as they can. The storm may be far from over but if we help each other through these times, we will come out stronger.

Hello readers!

Quick!  As part of the Oprah.com’s website promotion, you have until 11:59pm Central time on Thursday January 15th, to download Suze Orman’s newest book: 2009 Action Plan. Keeping Your Money Safe and Sound.

In these times of economic trouble, this book comes at a great time for all of us trying to save as much as we can.

About the book, from Amazon.com (source found here)

The credit crunch, the stock market freefall, the staggering toll of home foreclosures and job losses: The economic crisis that struck in 2008 has left no one untouched and everybody reeling. Seemingly overnight, the financial landscape has undergone seismic changes that suddenly have you asking all kinds of questions: Are your savings safe? Should you continue to invest in your retirement account? Should you keep your home if it’s worth less than what you owe or should you sell it? How do you pay your bills if you’ve just been laid off?

The nation’s go-to expert on financial matters, Suze Orman, believes that 2009 is a critical year for your money. There are safeguards to put in place, actions to take, costly mistakes to avoid, and even opportunities to be had, so that you are protected during the bad times and prepared to prosper when things take a turn for the better. No matter what situation you’re in, you will find a plan of action and the answers to your questions about: Credit, Retirement, Savings and Spending, Real Estate, Paying for College and Protecting Your Family

Please see Oprah’s website for details about the download (you don’t need to register):  http://www.oprah.com/article/oprahshow/20081119_tows_bookdownload

Happy reading!

Hello readers! I have great news to tell you about!

Starting in January 2009, Canadian citizens over the age of 18 are eligible to open a tax free savings account available at all the major banks and most financial institutions! There are four different kinds of tax free accounts: Bank Accounts, GICs, short term deposits and Mutual Funds. Each account earns interest that is completely tax free, which is different than your regular bank account which is taxable. For example: If you opened up a bank account with a 2.7% interest rate and deposited $5000, in one year you would have earned $135 making your total balance: $5135. The $135 dollars would need to be declared as part of your earnings, which you’ll be taxed upon.  In a tax-free savings account, that $135 is not counted as taxable income, so, the profit is 100% yours!

Here are 10 things you need to know about tax free savings accounts taken from the ING Direct Canada website. If you don’t already have a high-interest savings account (a bank account from ING Direct, Manulife or ICICI Bank for example) then I’d highly recommend you take some time to review their websites and start an account to earn you more money than your typical bank account. At the time of this writing, ING Direct Canada earns the highest interest rate available to Torontonians for a savings account.

1. The Tax-Free Savings Account lets you invest while not being taxed on interest or investment earnings.
2. You can contribute a maximum of $5000 a year. For example if you contribute $5,000 each year for 5 years you’d have more than $25,000 earning interest Tax-Free!
3. You can have more than one Tax-Free Savings Account and you can also have Tax-Free Savings Accounts with more than one financial institution. Like RSP’s you will need to keep track of how much you’ve contributed so you don’t exceed your limit (eg. $5,000 in 2009)
4. Unlike an RSP, you don’t have to pay any tax on money you take out of your Tax-Free Savings Account, and withdrawals from your Tax-Free Savings Account don’t affect your ability to qualify for Federal benefits like the Child Tax Benefit, Guaranteed Income Supplement, Old Age Security benefits, Age credit, or Goods and Services Tax credit – so you’re not penalized for saving.
5. You’ll be able to open savings accounts, GIC’s and mutual funds tax-free.
6. Unlike an RSP, money you put into your Tax-Free Savings Account will not be deducted from your income on your tax return.
7. Just like an RSP, when you file your tax return each year, the government will determine your remaining available Tax-Free Savings Account contribution limit for the coming year.
8. If you take money out of your Tax-Free Savings Account, you don’t lose the contribution room. You get it back in the following year. If you don’t make the maximum contribution you don’t lose the contribution room. The unused contribution room gets carried over to the following year. There is no limit to how much or how long contribution room can be carried forward.
9. You can open a Tax-Free Savings Account if you are 18 years of age and a Canadian resident.
10. The Tax-Free Savings Account comes to Canada January 1, 2009

For more details, I suggest you also check out the Canada Revenue Agency’s website