It’s getting close to the end of the year and the holiday season is upon us. Here are some examples of subjects personal finance bloggers havw been writing about recently.
Marie Engen (Boomer & Echo) offers tips on How To Leverage Technology Into Good Financial Habits. She notes that most banks have a budgeting app that tracks your spending so you get a better idea of where your money is going. If all your accounts don’t reside with just one financial institution, there are lots of mobile apps and budgeting software available, such as the popular Mint.com, GoodBudget and You Need a Budget.
Chris Nicola on the Financial Independence Hub tackles the perennial question, Should you take early CPP benefits or defer as long as possible? Using Statistics Canada figures, he calculates that a woman maximizes her total CPP payout by waiting until age 70, resulting in an average of $75k (36%) more than if she took it at age 60. A man maximizes his total CPP a little earlier, at age 68, receiving an average of $50k (27%) more than at age 60.
Maple Money’s Tom Drake addresses the question: Should You Invest in Group RESPs? He concludes that the risk with group plans comes if you drop out early. Many of these types of RESPs have high enrollment fees. It’s not uncommon to pay up to $1,200 in fees. With Group RESPs, you don’t pay that amount up front. Instead, it is deducted from your returns when you close the plan early. Therefore if you withdraw from the plan before it matures, you could face big penalties — and even have your contributions eaten up by the fees.
And getting back to how to save money and still enjoy holiday entertaining and gift giving…..
Holiday décor hacks for having a dinner party by personal finance writer, on-air personality, speaker and bestselling author Melissa Leong suggests that you create your own decor very cheaply, whether by gathering some greens or acorns from outside and dumping them in a vase or using wrapping paper to wrap empty boxes, make napkin rings or use as a table runner.
What If This Christmas… You Didn’t Have to Worry About Money? by Chris Enns on From Rags to Reasonable offers the following suggestions:
- Figure out how much you want to spend.
- Figure out how much you can afford to spend.
- Buy a prepaid credit card and use it as the ONLY way you pay for Christmas-related materials.
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.|