By Sheryl Smolkin

Several years ago Globe & Mail columnist Tim Cestnick listed what he considers to be the top five opportunities for anyone looking to get their financial house in order:

• Create a pension
• Own a home
• Pay down debt
• Start a business
• Stay married

So I decided to ask 10 money writers to share their top personal finance New Year’s resolution with me, in the hope that it will encourage readers to establish and meet their own lofty goals in 2017.

Here, in alphabetical order, is what they told me:

1. Jordann Brown: My Alternate Life
   I’m still in the process of ironing out my New Year’s resolutions but here is one I’m definitely going to stick to. I plan to save $10,000 towards replacing my vehicle. It’s always been a dream of mine to buy a car with cash and as my car ages it has become apparent that I need to start focusing on this goal. I never want to have a car payment again, and that means I need to start saving today!
2. Sean Cooper: Sean Cooper Writer
   I  paid off my mortgage in just three years by age 30. My top personal finance New Year’s resolution is to ensure that my upcoming book, Burn Your Mortgage, reaches best-seller status. A lot of millennials feel like home ownership is out of reach. After reading my book, I want to them to believe buying a home is still achievable.
3. Jonathan Chevreau Financial Independence Hub
   My top New Year’s Resolution, financially speaking, is to make a 2017 contribution to our family’s Tax-free Savings Accounts (TFSAs). This can be done January 1st, even if you have little cash.  Assuming you do have some non-registered investments that are roughly close to their book value, these can be transferred “in kind”, effectively transforming taxable investments into tax-free investments.
4. Tom Drake Canadian Finance Blog
   My New Year’s resolution for 2017 is to increase my income through my home business. But this can be done rather easily by anyone through side-gigs and part-time jobs. While saving money by cutting expenses can be helpful, you’ll hit limits on how much you can cut. However, if you aim to find new sources of income in 2017, the possible earnings are limitless!
5. Jessica Moorhouse Jessica Moorhouse.com
   My personal finance New Year’s resolution is to track my spending, collecting every receipt and noting every transaction down, for at least 3 months. Doing this really helps me stay on track financially, but for me it’s definitely something that’s easier said than done!
6. Sandi Martin Spring Personal Finance
   I don’t expect much to change in our financial lives over the next year. I hope to avoid the temptation to build a new system because the boring old things we’re already doing aren’t dramatic enough. I’m prone to thinking that “doing something” is the same as “achieving something”, and I’m going to keep fighting that tendency as 2017 rolls by.
7. Ellen Roseman Toronto Star Consumer Columnist
   My personal finance resolution for 2017 is to organize my paperwork, shred what I don’t need and file the rest. I also want to list the financial service suppliers I deal with, so that someone else can step into my shoes if I’m not around. It’s something I want to do every year, but now I finally have the time and motivation to tackle it.
8. Mark Seed My Own Advisor
   I actually have three New Year’s resolutions to share:
   • Eat healthier.  We know our health is our most important asset.
   • Continue to save at least 20% of our net income. We know a high savings rate is our key to financial health.
   • After paying ourselves first, simply enjoy the money that is leftover. Life is for the living.
9. Stephen Weyman HowToSaveMoney.ca
   For 2017 I’m looking to really “settle down” and put down roots in a community. I believe this will have all kinds of family, health, and financial benefits. The time savings alone from being able to better develop daily routines will allow me to free up time to focus more on saving money, growing my business, and better preparing for a sound financial future.
10. Allen Whitton Canadian Personal Finance Blog
    I resolve to keep a much closer tab on my investments and my expenses, while planning to retire in four years. I have a pension, I have RRSPs, but I still have too large a debt load. Not sure this is possible, but I will try!”

By Sheryl Smolkin

I have just returned from a three week odyssey to Australia and New Zealand, so there is a significant backlog of stories from both old favourites and newer bloggers to share with you.

Sean Cooper is anxiously awaiting the release of his first book Burn Your Mortgage. He made headlines around the world when he paid off his mortgage at 30 on a house he bought just three years before. In a recent blog he says that in spite of inflated home prices particularly in Toronto and Vancouver, the home ownership dream is still alive and well. However it is taking twice as long to save for a house because we are buying bigger houses.

Toronto Star Consumer Columnist Ellen Roseman has had lots to smile about since her media articles, petition and blog were a catalyst for the Ontario Protecting Rewards Points Act effective December 5, 2016 which provides that loyalty rewards points can’t expire. Roseman found out about the changes when she was being interviewed on CBC Marketplace. However, to date similar legislation has not been tabled in Saskatchewan.

If you are planning a winter vacation this year, chances are one or more people will approach you about buying a timeshare week or two in paradise before you fly home. Tom Drake believes the purchase of a timeshare is usually a poor choice, since they can be hard to unload, and they depreciate in value so quickly. However if you can get a timeshare on the cheap on ebay or some other online site, it may be a better deal. But you might be required to pay the current year’s maintenance fee at purchase time, or you could possibly be on the hook for closing costs and transfer fees. Be sure to read the documentation carefully to ensure that you understand the terms and requirements.

In Episode 77 of her podcast series, Jessica Moorhouse interviews Steve Cousins from Arkansas who retired as a millionaire by working a regular 9 to 5 job for the same company for 40 years. She learned that he made sure to get a university degree in a field that has a high demand for skilled workers. Cousins also says you need to understand when it makes sense to stick with the same company or if you should move on. And finally, you need to live frugally, invest wisely and have a plan how to continue earning money during retirement. For example, he has become a serial entrepreneur with four different jobs now that he is retired.

And finally, Steve Weyman on HowToSaveMoney.ca describes how he ALWAYS does extreme price comparison to make she he gets the lowest price. Take a look at his 10-step process.

• Choose your product
• Start with a light google search
• Track the lowest prices
• Check ALL  flyers using Flipp.com
• Use price comparison sites to compare prices fast
• Do a manual search of well-known stores
• Find the lowest past selling price
• Price match to save more money
• Tack on a coupon if you can

I guess I’m not up to Weyman’s standard because I don’t have the time or energy for extreme price comparison. But you’ve got to admire his persistence!

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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.

By Sheryl Smolkin

Lots of interesting reading this week from bloggers both old and new.

On Millenial Revolution, FIRECracker writes about How to Succeed at Anything. She says success is not linear so you have to keep on trying and eventually things will click.

For example, in 2013 she and her husband had two failed children’s novels and 75 rejection letters. But since then, they have had three books published by Scholastic. Their blog has also been internationally syndicated by CNBC and in less than six months it has grown to 650,000 page views.

If you can never figure out where all your money went (a key requirement for budgeting), take a look at Jordann Brown’s blog 50 Ways to Track Your Spending. From personal experience she recommends Mint.com, and best of all, it is free.

As a new homeowner, Jessica Moorhouse says the one thing she wishes she had researched more thoroughly is mortgages. Read 10 Questions You Need to Answer Before Getting a Mortgage to benefit from her experience.

Jonathan Chevreau advocates for “Freedom, Not Stuff.” In Survey finds financial security beats milestones like buying a home and a car on the Financial Independence Hub, he is happy to report on a survey released by Credit Canada Debt Solutions and Capital One Canada that reveals the majority of Canadians agree with him that that financial security beats milestones like buying a home or a car.

Making Financial Decisions? Beware of Confirmation Bias says Tom Drake on the Canadian Finance Blog. When it comes to making financial decisions, confirmation bias can lead you to stay the course with an investment that has changed fundamentally for the worst, all because you are sure that you can’t make a wrong decision, or because you dismiss the reasons that the investment is no longer a good choice.

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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.

By Sheryl Smolkin

First of all, I’d like to thank Tom Drake who blogs at canadianfinanceblog for starting the Facebook group Canadian Money Bloggers. Through this group I’m meeting lots of personal finance bloggers for the first time, who will make SPP’s weekly Best from the Blogosphere even more interesting.

Because the reaction to our October 17^th blog with video clips was positive, it will now be a regular monthly feature. You will find the second in the series below.

Jessica Moorhouse has co-opted her normally shy and retiring husband Josh to co-star in a video in which they discuss why the decision not to combine all of their finances helps to maintain their marital bliss.

On Tea at Taxevity, Actuary Promod Sharma interviews guest Gary Hepworth, an Elder Planning Counsellor and Advocate about three main components of planning for aging: a housing plan, a financial plan and a healthcare plan.

Bridget Eastgaard from Money After Graduation  answers the question from a reader, Should I use a Line of Credit to pay off Credit Card Debt?

In Won’t more working seniors squeeze millennials out of the work force? Rob Carrick chats with Lisa Taylor, president of Challenge Factory, about why seniors who want to keep on working do not typically take jobs away from young people.

And finally, as part of his Money School series, Prem Bannerjee tackles the potential pitfalls when it comes to figuring out How to split a bill at a restaurant.

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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.

By Sheryl Smolkin

This is the last Best from the Blogosphere for 2015 and I’m taking a break, so the next one will be published on January 25, 2016. We wish all savewithspp.com readers a healthy, prosperous New Year.

As we look back on 2015 and ahead to 2016, there is much to think about. We have a new Federal government, the loonie is at an all-time low and Canadians have extended extraordinary hospitality to Syrians and other refugees from war-torn lands.

Here are some interesting stories we are following:

In TFSA vs. RRSP: How are Canadians saving? I interviewed Krystal Yee (Gen X), Tom Drake (Gen Y) and Bonnie Flatt (Boomer) to find out how Canadians are taking advantage of the tax-sheltered savings vehicles available to them.

In What Sean Cooper Really Achieved By Paying Off His Mortgage In 3 Years Robb Engen from Boomer and Echo tells us that Sean Cooper didn’t just pay off his $255,000 mortgage in three years; he taught us all a lesson in personal branding. Mr. Cooper, a pension analyst by day, mild-mannered blogger by night, took an almost Machiavellian-like approach by achieving fame through mortgage freedom at age 30.

Jim Yee offers some Year End Finance Strategies that will take advantage of ongoing changes to our tax rules. For example, in 2016, the new Liberal government will be lowering the tax rate on the middle income bracket from 22% to 20.5% so those individuals making more than $45,283/year but less than $90,563/year, deferring income to next year might save some tax dollars.

On the Financial Independence Hub, Doug Dahmer writes about the timing of CPP benefits. He says the CPP benefit for a couple can be in excess of $700,000 over their lifetime and the study demonstrates that the difference between starting your benefit at the least beneficial date and starting at the best date can be more than $300,000.

And finally, Rob Carrick at the Globe and Mail offers some thoughts on how to prepare for a frugal retirement. Frugality is assumed to be a virtue in the world of personal finance writing, but on the outside, frugality is sometimes a synonym for cheap. He refers to a blogger on Frugalwoods who argues that making the choice to be frugal is about asserting your independent thinking about money.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Every week in this space we offer examples of some of the blogs and personal finance articles we believe represent the Best from the Blogosphere. That’s why we were interested in a list recently published by LSM Insurance of the Top 50 Canadian Personal Finance Websites using various online metrics described in the accompanying article.

Here are several blogs (as opposed to mainstream media outlets) that made the list, and the “most shared content” that helped them get there.

Tom Drake at the Canadian Finance Blog was #10 on the list. How to Calculate Your Credit Score For Free has been a perennial favourite. Drake says that it’s actually fairly easy to see where you stand when it comes to your credit score. All you need to do is visit this credit score estimator and fill in the fields. Once you have done so, the calculator will tell you what range your score falls into.

Young and Thrifty was ranked #13. Sean Cooper helped to put this blog over the top with his guest post How to Achieve Findependence at Age 31. His three step approach is to achieve mortgage freedom by renting the top floor of his house and living in the basement apartment; have multiple income streams – by day he is a pension analyst, and by night he is a financial journalist and landlord; and, frugal living. You can see his own blog here.

The 24^th spot went to Mo Money Mo Houses where How Can She Afford That? She Can’t, That’s How generated considerable interest. Jessica Moorhouse says people may appear to be more affluent than you are because they have big houses or fancy cars, but if they are in debt up to their eyeballs, it’s all an illusion. In order to maintain a lifestyle in the black, her parents had to live frugally. They only bought what they needed and lived fairly simply. To this day, that’s how she still lives her life and that’s why she is also not in debt.

At #30, Nelson Smith on Sustainable Personal Finance got the blogosphere buzzing when he wrote about Living in a Shipping Container – really! After their life is over making trips across the ocean, shipping containers are often auctioned off to the highest bidder. Sometimes these high bidders are businesses looking for cheap storage options. Or, if you want to get really crazy, you can build a house with them. Before you poo-poo the idea, Smith says that you can check out some pictures of houses built from storage containers in his blog post.

And rounding out the list at #50, Nancy at Money on Trees questions whether Netflix is really all you need. As a first time home buyer with little discretionary income, she says she simply cannot afford to spend $80 a month on satellite or cable. What she really misses are sports but even these are becoming more accessible as major events like the 2014 Sochi Olympics and CBC’s Hockey Night in Canada are streamed online. We have also been watching many Pan Am events online this summer and displaying then on our “smart” television which has a bigger screen.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Spring has definitely sprung in our neck of the woods and yesterday I woke up to a neighbourhood of happy smiling people wbiking, jogging and cleaning garages.

This week we feature a blog from Blonde on a Budget Cait Flanders who is nine months into her shopping ban. Of course, as she notes in Nine Months Without Shopping and Takeout Coffee, she gets to make up the rules as she goes along. So she discarded a ripped pair of jeans and replaced them. She also broke her “no take out coffee” ban a few times when she was out with friends. Nevertheless, she has upped her savings goal from $100/month at the beginning of the period to $250/month and she has a nice little nest egg to show for it.

On Boomer & Echo, Robb Engen writes about how we can always find joy in the smallest things like using a cash back credit card for his everyday purchases. I know what he means. I prefer my travel rewards credit cards, but it feels great when I accumulate enough points at Shoppers Drug Mart or Longo’s and the cashier asks me if I want to take $20 or $30 off my bill.

Sean Cooper writes on Retire Happy about three More Costly Pension Mistakes and How to Avoid Them. They are: not updating your spouse and beneficiary designations; not joining your company pension plan right away; and, not starting your pension as soon as you are entitled to a unreduced pension.

The question that every person who is saving for retirement struggles with is Will they run short in Retirement? As part of the Masters of Money series on GetSmarterAboutMoney.ca, Allison Griffiths acknowledges that few working people have any idea how much money they will need and she offers an approach to budgeting that can help them nail down these elusive numbers.

Spring is the time when new university and college graduates hit the street looking for their first career position. On stupidcents.com blogger Tom Drake discusses best careers for the future. With baby boomers aging in the next 20 years, he says those who are involved in health care such as dental hygienists, registered nurses and physical therapy assistants will be in demand. But software developers and construction equipment operators are also growth areas.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

 

By Sheryl Smolkin

As I write this on March 31st, it is for the second time because I closed the completed document the first time without saving it. I can only attribute this oversight to an early April Fools’ Day joke from cyber space!

Here are some interesting blogs I read this week:

For those of you who prefer cash back credit cards over travel cards, Tom Drake on the Canadian Finance blog rates the Best Cash Back Credit Cards of 2015. Top of the list is the Scotiabank Momentum VISA Infinite Card which offers a full 4% cash back on gas station and grocery store purchases. You also receive 2% cash back on your recurring payments and on drug store purchases. All other purchases earn a 1% cash rebate. 

The Big Cajun Man aka Alan Whitton writes on the Canadian Personal Finance blog about his daughter’s experience trying to find a student line of credit to attend Chiropractic College. The only financial institution willing to fork over enough money was the National Bank of Canada. However, by mistake they set up the loan as a personal line of credit. As a result, the very next month there was a demand for payment. Although the error was fixed, Whitton had to co-sign on the loan.

Five unconventional ways to get your financial act together from Kerry K. Taylor aka Squawkfox resonates with me. She suggests we can save money by throwing out fewer grocery products and curbing our collecting. We just renovated our kitchen cabinets and I couldn’t believe the number of stale-dated packages we pitched and how many marginally useful kitchen gadgets we have collected. Did we ever really need  six sets of barbecue skewers?

Why “Healthspan” trumps “Lifespan” by Dan Richards is a guest blog on the Financial Independence Hub. Financial advisors spend a great deal of their time with clients who ask, “Will I run out of money?” But Richards says according to new research, an equally pressing question is “How can I enjoy life in my 60s before health issues creep in.?

RRIFs 101: Using your nest egg by Preet Banerjee on Tangerine’s Forward Thinking blog fills in the blanks for readers who understand how RRSPs work but were not aware that they must be converted into RRIFs at age 71 and that beginning the year after, minimum fully taxable amounts must be withdrawn.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

 

 

By Sheryl Smolkin

Spring is definitely in the air and every day the piles of snow and patches of ice in my neighbourhood get smaller. This week we report on a potpourri of interesting blogs and articles from some of our favourite bloggers.

We usually catch Robb Engen on Boomer and Echo, but he also regularly writes for his blog  RewardsCanada. This week he posted an interesting article about why it is so hard to cancel a credit card. Credit card companies advertise great bonuses on points when you sign up with them but they are counting on inertia to retain you as a client once the deal is in the bag. If you are smart enough to want out, they make you jump through hoops before you can cancel.

On StupidCents, Tom Drake’s mission is to help you “turn wasted sense into common cents.” Recently guest blogger Michelle offered some ideas on how to save money on your wedding. She suggests you can barter many services in exchange for free wedding products. It can also help to chose something other than a diamond and buy a pre-owned wedding dress. In a previous blog she suggested that you get married off season and not on a weekend.

If you think you have to keep your income low in your 64^th year because the OAS clawback is based on your income in the previous year, take a look at Understanding the OAS Clawback by Doug Runchey on RetireHappy. He says there is a provision in the Income Tax Act that allows the clawback to be based on your income for the current calendar year, if your income in the current calendar year will be substantially lower than it was in the previous calendar year.

In Thanks for the $2000 CRA on the Canadian Personal Finance blog, Alan Whitton aka the Big Cajun Man concludes that he and his wife are not eligible for income-splitting because his wife earns too much, but in any event he says this would not be enough to buy his vote because “As usual, the program is half-baked (much like the TFSA and other ideas), and I am not a one issue voter.

And finally, on get smarter about money, Globe and Mail columnist Rob Carrick writes about the gift of a debt-free education he and his wife are giving their two sons. There is no family fortune so they will not be living on Easy Street, but they will be able to graduate debt free from a four-year undergraduate program of their choice. He says if you can’t help your kids graduate debt-free, the next best thing is to help limit their debt. In today’s challenging world for young adults, that’s a great early inheritance.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

 

By Sheryl Smolkin

After two weeks away in the sun at a resort with flakey WIFI, I have lots of catching up to do! However, I managed to download the replica edition of several newspapers every day, so I wasn’t completely out of touch.

I was particularly interested in a series of editorials in the Globe and Mail articulating the newspaper’s vision as to how the retirement savings system should be reformed. The editorial team views higher TFSA contributions as an unwarranted future drain on the economy and advocates increasing RRSP contribution limits instead.

They also support ramping up CPP and eliminating RRIF withdrawal rules. You can read the whole series by clicking on the links below.

Reforming Retirement (1): How the TFSA turned into Godzilla
Reforming Retirement (2): Getting Ottawa’s mitts off your RRIF
Reforming Retirement (3): More RRSP, not more TFSA, please
Reforming Retirement (4): Canada needs to ramp up CPP, ASAP

Cait Flanders who writes Blonde on a Budget is in the 8th month of a year-long shopping ban. She says she has never been happier and shares 3 truths she discovered about her minimalist lifestyle plus information about her next minimalist challenge for 2015.

On Money We Have, Barry Choi writes about 10 Signs You’re Living Beyond Your Means. Several of my favourites are: when you have zero savings; low monthly payments are your only option; and, you buy only name brands.

Banking on Your Mobile Phone by Tom Drake on Balance Junkie reminds us that there are smart phone apps for business finance, budgeting, bank accounts and mobile payments. Paypal and Google Wallet are probably the most popular mobile payment apps. Most banks also allow to you pay by mobile with their own apps as well.

And finally, on Canadian Dream: Free at 45 Tim Stobbs writes about how a job in customer service that he was overqualified for in 2002 was a valuable experience because he had great co-workers, the company promoted from within and it had a defined benefit pension plan.

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 with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.