Category Archives: Blogosphere

Aug 14: Best of savewithspp.com summer blogs

SHUTTERSTOCK

This second installment of the best of savewithspp.com focuses on some of my favourite summer blogs.

By late August, the “getting out of school for the summer” euphoria has worn off and both kids and their parents are looking for inexpensive things to do.  Summer activities for kids on a budget has lots of great ideas from a community parks tour to an all day pajama party to backyard camping.

Staying on budget can be a challenge at any time of year. But when souvenirs and snacks beckon on vacation or the hotel you booked ends up being much more than you expected, your bottom line may suffer an unexpected hit.

A 2016 study from BMO  reports that as temperatures soar so does our spending, and while many don’t feel guilty about enjoying the season, half (52%) admit that their summer habits have negative long-term effects on their savings.

Back to school shopping: A teachable moment was posted in 2013. It highlights that getting ready for the new school term is an ideal time for you to help your child learn the difference between “needs” and “wants.” It is also an opportunity to teach them basic financial literacy skills like budgeting and managing their money.

In September of the same year we featured Your kid’s allowance: Financial Literacy 101.  According to The Financial Consumer Agency of Canada, exactly what you need to teach kids about money depends on the ages of the children. We include their suggestions on what financial lessons are appropriate for different age groups.

And finally, How Not To Move Back In With Your Parents reviews Rob Carrick’s book written in 2014. But the message still holds true. I said it then and I’ll say it again now. Every new parent should get a copy when they leave the hospital with their precious bundle of joy and beginning at a young age children should be taught the basic principles of financial literacy outlined in the book.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

July 31: Best of savewithspp.com interviews

Over the last 6+ years I have had the privilege of blogging for the Saskatchewan Pension Plan twice a week. That means there are over 500 articles archived on this site that you can access on topics that range from retirement savings to income taxes to how to save money.

Whether you have recently started following savewithspp.com or you have been with us from the beginning, you may not be aware of the wealth of information  in our archives. Therefore, beginning with this week, on an occasional basis I will offer links to some of my favourite “blasts from the past.”

Today’s selection includes a series of savewithspp.com podcast interviews.

I interviewed SPP General Manager Katherine Strutt in both January 2012 and February 2015. “The SPP gives members access to top money managers they may not be able to access on their own. SPP also gives members a strong investment product at a very low price,” Strutt said in the most recent interview. “The costs of running our plan are around one percent or less, and this compares to fees in a retail mutual fund that can be anywhere between two and three percent.”

In a July 5, 2012 podcast Derek Foster, author of several books including The Idiot Millionaire and The Wealthy Boomer explained how he retired at the young age of 34 and supports his wife and five children on $40,000/year. He also talks about the advantages of saving for retirement with SPP as opposed to an RRSP.

The Wealthy Barber David Chilton spoke to us in October 2012 long before he joined and then left the popular CBC series Dragons’ Den. He offered strategies for cutting down on discretionary savings to free up more money for savings. Using cash instead of mindlessly swiping a debit or credit card is one of his favourites.

The 2014 series of podcast interviews featured financial bloggers including Retired Syd who left work behind at age 44. Her original budget for retirement turned out to be overly generous, partly because she was kind of careful the first few years since she was so nervous watching the stock market go down. But as of the date of the interview, she and her husband were still spending less than their original retirement budget.

And finally, after I read most of the books in the Joanne Kilbourne mystery series, in March 2015 I interviewed the author and Saskatchewan success story Gail Bowen.  Also a retired professor and playwright, Bowen’s writing career did not begin until age 45. She is still writing in her 70s – truly a role model for all of us who are pursuing encore careers.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Jul 24: Best from the blogosphere

By Sheryl Smolkin

When you are finally ready to come inside to beat the heat on a hot, steamy July day, here are some personal finance videos and podcasts for your viewing and listening pleasure.

CBC’s Asha Tomlinson interviews consumer advocate Ellen Roseman who answers questions about what Air Canada’s break up with Aeroplan could mean for you.

On the Money Mastermind Show, Linda P. Jones (Be Wealthy & Smart) interviews Hilary Hendershott from Profit Boss Radio. Although  Hendershott was working as a certified financial planner, she was unable to pay her own bills during the 2008 financial crisis. She worked her way out of this crisis and now offers her solutions to others.

Trips to the grocery story keep going up with the price of food. The CBC’s Marivel Taruc looks at how you can save some money on your grocery bill with the help of your smartphone.

In a Save your #@%* money video for the Financial Post, Melissa Leong hits the streets to find out the stupidest ways people lose money.

And finally, perennial favourite Jessica Moorhouse shares some of the ways she and her husband manage money together without getting into heated arguments.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

July 17: Best from the blogosphere

Many prolific personal finance bloggers don’t hesitate to share a surprising amount of information about their family finances and the milestones on their journey to financial freedom.

In his Net Worth Update: 2017 Mid-Year Review, Boomer & Echo’s Robb Engen reports that he is well on his way to meet his, “big hairy audacious goal of Freedom 45.” To do so, his savings rate will need to remain high and he’ll have to avoid the evil temptation of lifestyle inflation. Currently his net worth is $574,296.

Tim Stobbs is an engineer in his thirties with two kids living in Regina, Saskatchewan who decided working until 65 sounds like a bad idea. At first he thought Freedom 45 might work, but he is now aiming to retire on his 40th birthday. Since he is mortgage free, and his May 2017 Net Worth is $972,000, early retirement could be right around the corner.

Krystal Yee has been sharing her financial goals and challenges for 10 years on Give me back my five bucks. Her recent blogs The real cost of moving in Vancouver, How I’m saving for travel this year and May 2017 Goals: Recap will give you some perspective on how this busy professional freelance writer is managing her finances and what she hope is her final household move until retirement!

Are you expecting an addition to the family? Personal finance and travel writer Barry Choi (Money We Have) and his wife have been Getting the baby room ready and buying all the necessary bits and pieces from furniture to car seats to strollers. He figures they have spent about $1040 so far. And these expenses are in addition to the costs of IVF which he estimated at $25,000. Although he says, “I’m on the hook for 20 years and I could do a running tally but the costs may terrify me,” he is thrilled at the prospect.

Bridget Eastgaard (Money After Graduation) is also contributing to the personal finance blogger baby boom. She notes that many millennials want to become parents, but their finances are holding them back. The combined burden of student loan debt and sky-high housing prices make having a family seem like an unaffordable dream, but it doesn’t have to be.

How to save for Baby? “You have an Emergency Fund, you have a Retirement Fund, and now you need a Baby Fund — a dedicated savings account to afford all pregnancy, birth, and child-related expenses.” Eastgaard advises. “Ideally, you would start this before you even begin trying to become pregnant, but even if you find yourself with an unplanned baby like yours truly, a Baby Fund is a crucial first step to ensuring your family starts off on the right financial foot.”


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

June 26: Best from the blogosphere

A million dollars doesn’t go as far as it used to but it’s still a nice chunk of change. I’m always fascinated by media articles and blogs that feature wunderkind who achieve seemingly unreachable financial goals by a very young age. So I pulled a few pieces to share with you in the hope that something may resonate and help you to exit the rat race sooner rather than later.

In The 10 Most Common Millionaire Habits, Jessica Kane writing for the Financial independence Hub says most of the people who have achieved the status of millionaires engage in daily rituals that help them meet their goals. Some of her suggestions are: be an early bird; read about current events; learn something new every day, and sleep less than 8 hours each night.

Grant Sabatier, the founder of The Millennial Millionaire went from $2.26 to $1 million in 5 years, reaching financial independence at age 30. He also shares A Few Not-So-Easy Steps.  Several of my favourites are:

  • Get paid what you are worth. Negotiate a raise or look for a higher paid career track.
  •  Save at least 20% of your after tax pay cheque before spending anything.
  • Find a side hustle and invest the profit.

Kyle from Young and Thrifty offers 6 Non-Traditional Steps to Becoming a Canadian Millionaire In Today’s Market that will certainly raise some eyebrows. He says there are many paths to prosperity and only some of them lead through university. One alternative is to take shop or industrial arts so you can start your education in the trades while you are still in high school. Then you can start making money right away when you graduate. Also, don’t be afraid to move where the jobs are.

Millennial Revolution is a FIRE (Financial Independence Retire Early) site started by two computer engineers/children’s authors, FIRECracker & Wanderer, who retired at 31 to travel the world with a seven figure portfolio.

They primarily attribute their ability to save and invest scads of money to renting instead of buying in the pricey Toronto housing market. But they have also published a detailed and highly entertaining series on their blog about “how they got there.”

How We Got Here, Part 1: God, We Were Spendy Back Then
How We Got Here, Part 2: PANIC
How We Got Here, Part 3: After the Crash
How We Got Here, Part 4: The Bearded One
How We Got Here, Epilogue: The Real Cost of Traveling the World

And finally, Alexis Assadi is an entrepreneur and he believes that getting rich in Canada is easier than you think. In fact he has written about it extensively in his book Rich At 26 . He says rather than having to work for money, financial independence occurs when the revenue from your business and investment holdings surpasses your cost of living. He recommends that readers:

  • Invest in income producing assets.
  • Take advantage of TFSAs.
  • Contribute to RRSPs,
  • Start a business.
  • Learn about and use tax incentives.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

June 19: Best from the blogosphere

Whether you are traveling by car, bus, train or plane to your vacation destination this summer, confirming that you have appropriate travel insurance coverage should be an item on your “to do” list. Several years ago we had to return home after one week of a two week river cruise due to a family tragedy and fortunately the trip interruption coverage under our travel insurance policy reimbursed over $10,000.

You may think that if you are travelling within Canada you are adequately covered by your Saskatchewan or other provincial medical coverage. However, Skipping travel insurance when travelling within Canada could cost you by Angela Mulholland for CTV News highlights that medicare does not cover services like an air ambulance to get you home if you are severely injured outside of your home province. If this service is necessary it could cost you thousands of dollars.

In Travel Insurance – The 6 Most Important Things to Know, life insurance advisor Jane Stygall notes that people in certain age groups may be required to answer medical questions when purchasing medical insurance. She says even when you think something is unimportant, declare everything! An inaccurate statement, even if it does not have anything to do with your medical emergency will cause your entire policy to be void.  And your medical emergency for any reason will not be covered.

If you are planning extended travel to exotic places, not just any travel insurance will do. Cost Of Travelling the World For 1 Year, Part 4: Travel Insurance by FireCracker on Millennial Revolution gives readers the benefit of her research when she and her husband Wanderer were looking for travel insurance that would support their nomadic lifestyle. One reason they selected World Nomads is that their policy covers 150+ activities like scuba diving, mountain climbing, bungee jumping, skiing, surfing, and many more.

In an extensive interview previously published on savewithspp.com, Martin Firestone, President of Travel Secure discussed What Snowbirds Need to Know About Travel Insurance. “The biggest problem with credit card coverage is there is no underwriting at time of application, because there is no application. You have a credit card. It has a travel insurance element, but it’s very difficult to understand what the fine print means,” Firestone says. “In that scenario you have a claim, and then you apply for payment. That’s when the true underwriting happens, and when you may find out that in fact you do not actually have coverage.”

And finally, if you use a wheelchair, require an oxygen tank to breathe or have other health limitations or requirements, check out Insurance Canada’s Tips For Travel With Special Needs. If you don’t have existing travel insurance through a group plan, or if your existing travel insurance doesn’t provide sufficient coverage, you may require individual travel insurance.

For example, Ingle International of Toronto markets insurance for conditions such as cystic fibrosis, diabetes, or physical disability, including plans that require medical underwriting. Medically underwritten plans may be more expensive, but help reduce the risk of a claim being denied.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

June 12: Best from the blogosphere

In the mid-1990s when I obtained my Master of Laws (LLM) from University of Leicester via a distance degree I traveled back and forth to Europe for five extended study weekends. That’s when I first got an Aeroplan number and a CIBC Aeroplan Visa and began aggressively collecting points.

As a result we were able to get almost free flights to many wonderful places including South America, Italy and the U.K. But recently convenient flights have cost more points and additional fees have increased so it has become more and more difficult to use up Aeroplan points in a cost-effective way.

Therefore, several years ago I traded in my Aeroplan VISA for a Capital One MasterCard that offers two points for every dollar spent and travel rewards of $1 for each 100 points accumulated.  I haven’t looked back since then.

But many of you who have stuck with Aeroplan through thick and thin will be affected by the announcement that beginning June 30, 2020. Aeroplan will no longer be the loyalty program for Air Canada.  Instead Air Canada has decided to launch its own loyalty program upon the expiry of its commercial agreement with Aimia, the operator of Aeroplan.

Many details of how the program will be phased out remain unclear, but the collection of media articles and blogs below may answer some of your questions.

A two-part series on Rewards Canada explores what we know now and questions that remain outstanding.

  1.  Air Canada to launch own loyalty program in 2020! Aeroplan should continue to be a partner includes excerpts from the Aeroplan news release and questions whether the new Aeroplan will have access to Star Alliance members’ award inventory or if it will become exclusive to Air Canada’s new program.
  2. Further thoughts, insight and tips on the split between Air Canada and Aeroplan suggests that perhaps Air Canada will pad their loyal flyers account with some miles to begin with, or they may put in place some sort of transfer option. However it seems from the news provided by both Aeroplan and Air Canada there will be no way to transfer between the two programs, at least for the time being.

The Globe and Mail’s Rob Carrick explores rewarding replacements for those of you who are bailing on Air Canada. He says, “Figure out which program works best for you and start watching for special introductory offers to lure new clients. Competition between programs will heat up as we move closer to Air Canada’s departure from Aeroplan.”

Stephen Weyman on HowToSaveMoney.ca says Aeroplan has committed to keeping your miles safe and will allow you to continue redeeming them for flights on Air Canada even after the 2020 deadline. But what could change is the cost in miles for doing so. He says, “I expect the cost will increase substantially, so if you want to fly Air Canada or Star Alliance, you should try and redeem most of your miles before 2020.” Weyman also explores which Aeroplan credit card is really the best.

And finally, read about how a family of four collected one million travel reward points in 12 months and is travelling the world on business class . Global News multimedia journalist Emanuela Campanella writes about Pedro Pla, 35, from Puerto Rico and Grace Cheng, 36, from Singapore who began their odyssey with their two toddlers in January 2017.

“We made it our family goal at the start of 2016 to collect a million air miles through travel hacking. In order to reach this goal, we had to research and plan meticulously so that we were able to maximize the earning of credit card points or miles per dollar of spending,” Pia says. “The bulk of our one million miles was earned from the ground, which means that we earned them as credit card rewards points or miles when we use our credit cards to pay for purchases.”


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

June 5: Best from the blogosphere

This week it’s back to basics with some of our favourite bloggers.

On HowToSaveMoney.ca Heather Clarke shares Budget Home Decorating Ideas. She says you can often make a “knock off” of a pricey designer item and a little bit of spray paint goes a long way. She also reminds us that there are some hidden gems at the dollar store.

Rona Birenbaum, a financial planner at Caring for Clients offers 5 reasons why you should negotiate your severance package. She notes that there may well be more money and protection available to you, but only if you ask. Also, she says the cost of legal advice is tax deductible.

In Jim Yih’s retirement seminars, even participants close to age 65 are often concerned that they have not saved enough for retirement. His Advice for Baby Boomers who are not ready for retirement is to get a plan, revise their retirement date and think about a phased retirement. He also tells readers to focus on their cash flow and consider finding another job if they do not love what they currently do.

Boomer & Echo’s Marie Engen suggests Frugal Summer Fun For Canada’s 150th Birthday. For example, Parks Canada is offering free admission to all national parks, historic sites and marine conservation areas for the entire year. If you haven’t got your Discovery pass yet, you can order one online, or you can pick one up on arrival at any Parks Canada location.

And finally, Tom Drake answers the question What Is the CPP Death Benefit and Who Should Apply? Typically the death benefit is paid to the estate of the deceased, but where he/she does not have an estate, it can go to one of the following three entities:

  1. Whoever paid for the deceased’s funeral expenses. The death benefit is mainly designed to offset funeral expenses, so it makes sense that it will be paid out to the person or institution who covers these costs.
  2. Surviving partner: The spouse or common-law partner left behind by the deceased can also apply for, and receive, the CPP death benefit.
  3. Next of kin: Finally, if the other two circumstances aren’t met, the deceased’s next of kin can apply for the death benefit.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

May 29: Best from the blogosphere

I got married in November, but the fact is that the spring and summer are the prime season for weddings. Whether you are planning a wedding or have been invited to attend one this year, it probably didn’t take you long to realize that weddings are not cheap.

Of course, the all time classic budget wedding story that went viral is Kerry K. Taylor’s How to get married for $239.00. This is based on the cost of a marriage license and services of a marriage commissioner in B.C. several years ago. While she threw in a few extras, getting married on the family farm and ruthlessly paring down the guest list kept the wedding costs to hundreds rather than thousands of dollars.

In a 2014 CBC article, Nisha Patel offered additional tricks to trim wedding costs. She suggests ditching pricey paper invitations in favour of a digital solution. She also recommends that you “Say yes to a cheaper dress,” and “Say no to expensive extras from photo booths to late night snack bars when you have already provided dinner.”

While still lavish by most standards, the wedding profiled by Wedding Chicks on How Much Does a DIY Wedding Cost has lots of great ideas like making almost everything yourself, scouting out pre-owned items, spray painting decor to match with the theme and baking the sweets for the dessert table. Bouquets included blush pink garden roses, snow-white dahlias, and a mixture of wildflowers from a nearby fresh cut flower farm.

Participating in a wedding party or even just attending as a guest can also be an expensive proposition, particularly if you have to buy an outfit and travel to the event as well as paying for a hotel and costly engagement, shower and wedding gifts.

Pattie Lovett Reid gives six financial tips for wedding guests. In general, she says the closer the relationship, the more you should spend. “The old rules say to estimate how much the couple spent on hosting you, i.e. the price of your plate. But the new rules say to spend whatever you think is appropriate depending on your relationship with the couple,” says Constance Hoffman, the owner of etiquette and professional skills firm Social and Business Graces.

In 5 rules of gift giving on The Knot, group gifts are encouraged based on a survey of married couples who said their favorite gifts were big-ticket items purchased by a group of their friends that they would most likely never be able to afford on their own.

How You Can Reduce The Financial Stress Of Attending A Wedding? Book travel early. Consider unique gifts like pre-arranging an experience the couple can enjoy on their honeymoon like a local excursion or a surprise picnic on the beach. Wear what’s already in your closet. And if the wedding weekend includes several events, try wearing the same outfit but dressing it up with a pashmina or different jewelry.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

May 22: Best from the blogosphere

By Sheryl Smolkin

It’s that time of the month again. We present a series of personal finance videos for your viewing pleasure.

First of all, don’t miss Kerry K. Taylor aka Squawkfox’s two part TEDx Talk. “What do you collect?” can be viewed above. You can also watch “Is it worth it?” here where she discusses whether you should pay $700 for a Canada Goose coat.

In an interview with Breakfast Television, personal finance expert Lesley-Anne Scorgie puts together a procrastinator’s financial checklist for those who have a hard time getting around to dealing with their money situation.

Rubina Ahmed-Haq discusses survey results that reveal why women should be saving a bigger chunk of their pay cheque in their retirement fund.

Ed Rempel presents “The 6 steps to become financially independent.” This 50 minutes of financial education is based on his experience working with nearly 1,000 families to create detailed, personal plans for their journey to financial independence.

Money After Graduation’s Bridget Casey says the stock market doesn’t have to be scary. She suggests three different types of accounts to help you get started in the stock market, no matter the level of your skill, knowledge, or savings.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.