The more I think about it, I really think that being organized is the key to saving money. Not only does my sanity thrive when things are organized in my home, I find our bank account is happier too. đ
Here are 6 ways being organized can help you save money:
Know what you already own
Having a spot for everything will help ensure that you know what you have on hand at all times. No need to buy the beans that are on sale because you know that you already have plenty in the pantry! Being organized (or more organized because we can't be perfect!) stops you from spending money to replace items you canât find.
You'll avoid late fees
When you have an organized system in place for paying bills and returning borrowed items on time, you'll certainly avoid the ugly late fees. Avoid paying late fees by implementing a system that will work for you. I have to tell you a story about the one time I had a late fee on the Visa bill. My bill paying "system" is not how my husband would do it and he suggested I try it his way. His way was to pay off an amount as soon as there was a balance. My way is to pay it once a month on the due date, the balance of the statement in full. As soon as I receive the statement in the mail, I log into our online banking and schedule the payment to be made on the due date. Sure, it may be a larger amount doing it my way, but I'm never late in paying it! My husband has learned to just let me do my thing in that regard. đ
Have time to plan a menu
When you're organized, you'll have time to set aside to plan the menu for the week. I'm a firm believer that having a menu plan in place will save you unnecessary trips to the grocery store and your sanity. In our case, it saves us a ton because we're avoiding the drive thru and actually eating what we buy from the grocery store.
Have time to cut and use coupons
If you're a coupon user, being organized means you most likely have some time set aside for printing and organizing your coupons. Which also means you are probably organized to use the coupons at the store to pay rock bottom prices!
Know what projects you have on the go
Let's pretend that I don't know all about incomplete projects. (you know, those unfinished sewing and knitting projects that I found...) Every once in a while I get an urge to do something creative. But when I take the opportunity to have an organizing session, I usually discover a few unfinished projects.
Most recently, as I was going through my fabric stash, I found two unfinished projects. A purse, which only needs to have the handles sewn on, and material for a sweatshirt Iâve cut out for my husband. I now have two projects to finish to satisfy my creative urge without spending any more money!
Buy gifts well in advance
When you're on the ball with upcoming special occasions, you can buy ahead when you find a great deal online or in the store. Helping you to avoid paying full price for something near your deadline.
How does being organized save you money? In what ways would you like to be more organized so you can save more?
I recently got to thinking about some of the items I don’t mind paying more for if it means better quality. Outerwear and most footwear would be on my list. I would consider those investments that I can make use of for several seasons. But, even then, I try to get a deal! So….
I’m Wondering: What are some items you don’t mind paying more for? Would you ever pay full price?
The dollar store is a great place to get many practical, quirky and fun things. Household goods, decorations, gifts, you name it, you can probably find it at a dollar store!
Because there is so much to find at dollar stores, it only makes sense that you can find some pretty great stocking stuffers too! Best of all, most things cost only $1.00!
Hand Sanitizer
Travel Size Tissue
Chewing Gum
Mini Notebook
Holiday Pencils
Holiday Erasers
Travel Size Lotion
Coloring Books
Candy Bars
Lip balm
Socks
Hair accessories
Nail Polish
Nail Files
Miniature Toy Cars
Playing Cards
Mini Washi Tape Rolls
Crayons
Chalk
Bubbles
Stickers
Key Chains
Snack Size Chips, Crackers, Cookies
Assorted Kidâs Craft Supplies
Night Lights
What are some other dollar store stocking stuffer ideas? Share them in the comments!
Sometimes, you CAN take money out of your RRSP without penalty. But you have to pay your RRSP back â or pay the tax.
This post is a sponsored post written by Sun Life Financial. See my disclosure policy here.
Are you looking at a major expense you didnât see coming?
Short of available cash? Perhaps youâre thinking about tapping your registered
retirement savings plan (RRSP). Itâs your money, after all, so why not?
Here are three good reasons why not.
1. Youâll owe tax
The first is the tax bill. Since you used
pre-tax income when you put money in your RRSP, youâll have to pay tax when you
take it out. And while thereâs no tax on investment growth inside your RRSP,
youâre taxed when it comes out. RRSPs make sense because youâll typically cash
them in after you retire. Thatâs when your income and your tax bracket will
likely be lower. Youâll still pay tax, but youâll pay less. If you take the
money now, while youâre working, youâll face more in taxes.
2. Youâll miss out on investment growth
The second reason is lost investment
growth. Every dollar you take from your RRSP is a dollar less to build up
through compounding. So that little nibble from your plan today could mean a
big bite missing from your savings come retirement.
3. Youâll use up contribution room
And the third reason: When you take money
from your RRSP, putting it back generally uses up your contribution room.
Whatâs contribution room? Each year you can put as much as 18% of your
earned income from the previous year into
your RRSP, up to an annual
maximum. The difference between your limit and what you actually put in
your RRSP is the unused contribution room. You can carry that forward to use
another year. Unused contribution room plus your annual maximum becomes your total
contribution room. But whatever you put in your RRSP â replacing a temporary
withdrawal or making a brand-new contribution â can use up contribution room. Letâs
say you take $5,000 out of your RRSP this year and plan to pay your RRSP back
next year. That repayment will reduce your contribution room by $5,000.
There are two ways to avoid paying tax on RRSP withdrawals,
without using up contribution room:
Use your RRSP to help buy your first home, or
Use it to go back to school.
Whatâs the RRSP Home Buyersâ Plan (HBP)?
Are you a first-time homebuyer living in Canada? If so, you
can borrow up to $35,000 from your RRSP to put towards a down payment. If you
and your spouse are buying together, thatâs $70,000 you could use for your
home.
The HBP lets you take out the money tax-free. But thereâs a
catch: You have to pay it back in equal installments over 15 years. Any year
you donât pay the full installment, you have to pay income tax on the
outstanding balance. Youâll also lose the chance for that money to grow within
your RRSP.
Thinking of using the HBP? When youâre crunching the
numbers, be sure to include the RRSP repayments along with your mortgage
payments.
Whatâs the Lifelong Learning Plan (LLP)?
This is another way to take tax-free money from your RRSP:
Take out up to $10,000 a year, for a total of $20,000.
You can spread those withdrawals over a maximum of four years.
Use that money for full-time education or training for yourself, your spouse or partner.Â
As with the HBP, you need to repay your RRSP or pay income tax on your withdrawal.
With the LLP, you have 10 years to repay your RRSP in equal installments.
What about the tax-free savings account (TFSA)?
You might need money for anything at all â not only buying a
home or going to school. An option is your TFSA. You donât pay tax on TFSA
withdrawals for any purpose. Youâll still lose potential investment growth
while your money is out of the account. But your contribution limit will grow
back. Whatever you take out gets added to what you can put in the following
year. You can pay your TFSA back according to your own schedule.
I’ve got something fun planned for you all. I’d love for you to join me in the 10 Ways in 10 Days to Earn Money for the Holidays email series!
This time of year should be a time of celebration and happiness, not one that is dreaded! Trying to figure out how to come up with extra ways to earn money for this season can be difficult. Luckily, we can do it together!
Instead of blowing your budget or going into debt, 10 Ways in 10 Days will help you find new ways to stash away cash for your upcoming expenses.
You will receive 1 email per day for 10 days with a new idea each day, starting the day after you sign up.
If you know anyone else who could use help saving money for the holidays then share this page with them so they can join the challenge with you!
Happy October! Get ready for the quickest blog post ever that will save you a TON of money!
It's a new month and I'm trying something new for you guys. I thought it would be fun to create a calendar each month with a super easy money saving tip each day of the month.
So this month, you get the NEW Money Saving Calendar for October 2019!
