With the warmer summer weather now blessedly with us, it’s time to think about vacation travel plans.

Save with SPP had a glance around the Interweb to seek out some money-saving travel tips.

The folks at MoneySense suggest choosing “an affordable destination.” Places where a Canadian dollar can go farther include “Indonesia, Thailand and Vietnam,” the article continues.

Traveller Danica Nelson tells MoneySense that “in Vietnam, I could stay in a five-star hotel for as little as $55 Canadian per night.

“In Da Nang, you could get the freshest seafood available and a beer for $5 Canadian, or a banh mi sandwich for about $1 Canadian,” she adds.

Other tips from MoneySense include using a travel credit card “since you may be able to get cheaper pricing on flights, hotels and rental cars through your credit card’s rewards program,” and switching to only carry-on luggage.

“Switching out your suitcase for a carry-on bag can help you save money and time at the airport,” MoneySense reports.

The Money Talks News blog (27 Tips for Saving Money on Your Summer Vacation) offers up a few more ideas.

One idea our late parents always preferred was to try and visit friends and family in other provinces and countries. The blog notes that this will save you on accommodation. “For their hospitality, offer to help around the house while you’re there, consider taking them out to a nice dinner and bring them some gifts as a thank you,” the blog adds.

Younger travellers might find staying at hostels is far cheaper than booking a hotel, the blog notes.

“The low cost of lodging through a hostel is a trade-off: You’ll share your sleeping quarters and bathroom with strangers, and the accommodations certainly aren’t five-star. For instance, you might have to pack your own towel,” the blog reports.

“But if you don’t mind a thin mattress and lack of privacy, hostels can be an easy way to save money on travel. And you just may make some friends,” the blog adds.

A final tip from Money Talks News is this – to “use public transportation” at your travel venue.

“Before renting a car for an international trip, research the country’s train, bus and even ferry network,” the blog advises. “You may be able to get around for all or most of your trip using more affordable means of transportation — and just rent cars for day trips off the beaten path.”

The Penny Hoarder blog presents a few more ideas.

First, the blog suggests, you should save up for your vacation over time.

“First, you’ll need to estimate how much your vacation will cost. Add up everything. Airfare and lodging might set you back the most, but don’t forget about food, activities and souvenirs,” the blog tells us.

“Next, you’ll take that (perhaps overwhelming) total and divide it by the number of months left until you plan to take your trip. Now you’ll know how much money you need to set aside every month to afford your upcoming vacation,” the blog adds.

This is great advice, the idea of prepaying for a vacation. Nothing is worse than going away for a week or two and then coming back to a basketful of bills.

Other tips from the blog – try to book holidays during “shoulder season,” the period between peak travel and the off-season. As an example, the blog notes, “October is a less busy travel month, so you’ll often see better deals.”

The blog advises people to watch out for the cost of meals while travelling. Consider “packing a snack from home” or “visiting a grocery store” while away.

We can add a similar thought from recent experience. Friends advised us to pack some zip-loc bags before our cruise. Why? So that we could make sandwiches at the buffet and then enjoy them on the shore excursions, where lunch breaks were often not provided.

Similarly, we brought some magnetic hooks to add to our clothing storage needs, got some adapters so we could charge our phones in Europe, and got the missus a purse that could be worn like a backpack. We had inflatable head cushions for the long plane rides – they packed up much easier once deflated.

Travelling in retirement will be easier and more affordable if you are able to sock away some retirement savings in the here and now. If you are saving on your own, a great resource is the Saskatchewan Pension Plan. You can arrange for pre-authorized contributions from your bank account on payday (so you don’t miss the money) or can set up SPP as a “bill” to pay from your online bank. You can even contribute by credit card.

Once SPP receives your contributions, they are invested in a professionally managed, low-cost pooled fund. And when it is time to start The Big Vacation that follows work, you’ll be able to collect your savings as income through such means as receiving a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Let’s face it – we all wish that our kids and grandkids live long, happy lives and manage their finances well. Ideally, we are setting an example for them to follow, right?

But Save with SPP suspects that we may inadvertently be setting some poor examples for them to follow. Let’s have a look around the Interweb for things we should not teach our kids about money.

At the MoneyTime blog, the top tip is to avoid “not talking about money with your kids.”

“Not talking about money to kids is setting them up for financial disaster. After all, money makes the world go round. We all use it, we all need it. It gives us choices and the freedom to do things for ourselves, our family and our community. Kids need to know about it so it’s essential we include them in our day-to-day conversations – like doing the shopping, buying stuff online, going to the bank, budgeting for a holiday,” the blog advises. Just be honest with them, the blog continues.

The blog opposes the idea of “giving children money for nothing.”

“Giving them money without them having to earn it means they don’t learn the value of it. That it doesn’t grow on trees or appear automatically from a hole in the wall. Money is earned by working hard and being smart. It’s one of life’s immutable laws and the sooner they get that ingrained in their heads, the better for their future and your cash flow,” the blog suggests.

A third idea from MoneyTime is to avoid “not teaching your children about debt and credit cards.”

“Without understanding the true cost of debt, your kid may be headed for a bad start to their independence when they turn 18 and get inundated with credit card applications. They may be lured into getting credit cards and thinking their credit limit means they `have money.’ Of course this is not the case. It’s borrowed money and if the repayments are not met, the interest escalates rapidly,” the blog warns.

Great advice – we have already had this convo with our oldest granddaughter.

The Codeyoung blog serves up a few more.

Don’t “not set a good example” with your own money management skills. “Children learn by observing. If parents and teachers don’t manage money well, children may pick up bad habits,” the blog notes.

Another example from the blog is to avoid “overemphasizing spending.”

“Focusing solely on acquiring things rather than on financial responsibility and values can lead to poor money management habits,” the blog notes. You can avoid this, the blog adds, by making an effort to “balance lessons on spending with teachings on saving, budgeting, and investing…  emphasize the importance of keeping records of money spent and balancing it with saving.”

Similarly, a mistake parents can make is “not explaining the difference between needs and wants.”

“Children must know the difference between needs and wants so that they can plan their budget accordingly which becomes in favour of their interest,” the blog reports. “Without understanding the difference, children may struggle with prioritizing their spending.”

The Times of India provides some final thoughts on this topic.

Don’t, the newspaper reports, micromanage your kids’ finances. This “can prevent them from learning valuable lessons about finances. Allow them to make choices with their pocket money and discuss the outcomes together, helping them understand the consequences of their financial decisions. This will help them become independent.”

Similarly, don’t force kids to save, the Times suggests.

“Forcing children to save can lead to resentment and a lack of understanding about its importance,” the newspaper notes. Instead, teach the importance of saving “by setting savings goals together,” the article adds.

Finally, the Times asks us all as parents not to “depend on the school/teachers to teach” about money. Assuming they’ll learn about money in school can “lead to gaps in their financial knowledge.” Better to help their education by setting up fun saving and budgeting activities on the home front, the newspaper concludes.

One way we can help our older, adult children is to ensure that they are saving for retirement. If they can join a retirement savings program through their workplace, encourage them to join and contribute to the max.

If they don’t have a workplace pension program, let them know about the Saskatchewan Pension Plan, a voluntary defined contribution plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. One great feature that parents like – once someone makes contributions to the SPP, they are “locked in” until retirement. That prevents the retirement piggy bank from being raided in the decades leading up to the gold watch.

Check out SPP today!

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Many of us, especially those longer in the tooth, picked up a guitar in high school and have dragged it around ever since, occasionally trotting it out to pick out the opening notes of Stairway to Heaven.

But the experts say taking up an instrument more seriously in your later years can actually be more than a party trick, but a boost to your overall health. Save with SPP scoured the Interweb to find out a little more on this topic.

At the New Music World website, we find out that “research has shown that playing an instrument can improve literacy and math skills, enhance verbal memory, spatial reasoning and cognitive function, as well as increase discipline and time management skills.”

Wow!

Physical benefits of playing an instrument, the article continues, include “improved hand-eye coordination and increased fine motor skills.” Your mental health, the article adds, benefits from “reduced stress and anxiety” and “improved memory and cognitive skills.”

And on the social interaction side, playing an instrument can present “opportunities for collaboration.” We remember our basement high school band fondly – a very loud and badly tuned memory, but a good one.

The article says there are also emotional benefits that come with playing an instrument, as playing “allows you to express emotions” and can increase your empathy skills.

Canadian music company Long & McQuade provides some more thoughts on the topic.

Playing an instrument, the article notes, “promotes brain development in the same areas related to language and reasoning skills for children. Studies show that children who learn music tend to perform better in math and reading.”

It’s also a benefit, the article suggests, to your personal growth.

“Music is a lifelong journey. Learning to play an instrument provides endless growth opportunities, whether you’re a child taking your first lessons or an adult returning to an instrument after years away,” the article notes.

“Learning music encourages a mindset of lifelong learning, pushing yourself to improve and expand your skills and craft. This quest for knowledge can lead to newfound passions and interests that enrich life and make you feel like you are `levelling up,’” the article concludes.

The Scientific Origin blog points out a few more benefits of learning to play.

Music playing “increases discipline and patience,” the blog notes.

“The daily commitment to practice teaches musicians how to manage their time effectively and stay focused on their goals. For children, this structured discipline often carries over into their schoolwork and extracurricular activities, helping them develop better study habits and time-management skills,” the blog notes.

It also boosts your individual creativity; the blog tells us.

“Music provides a vast canvas for self-expression, allowing you to explore and experiment with different sounds, melodies, and rhythms. As you grow more proficient with your instrument, you gain the freedom to compose your own pieces, improvise, or re-interpret existing music in unique ways. This creative exploration strengthens your ability to think outside the box and approach problems with an innovative mindset,” the blog states.

Some final thoughts come to us from the Musical Pursuits blog.

Playing an instrument can help ward off “age-related hearing loss,” the blog reports.

“Many studies prove that musicians are less susceptible to the deterioration of the auditory cortex. It means they can hear better despite the aging process,” the blog adds.

The final, and most important thought from all the articles is that playing music makes you happy.

“Science reveals that music releases a chemical in your brain called dopamine, which not only improves your mood and decreases anxiety, but also helps the production of stress-reducing cortisol, inducing pleasure, joy and motivation,” the blog tells us.

A lot of the findings listed here have been borne out by our personal experiences. Our late father was a fine pianist – even when battling dementia, he could still play any song anyone called out, always in the key of C. There were other folks in the memory care ward who didn’t speak much but could still play harmonica or accordion.

Our mother’s folks played mandolins together for all their long marriage, and grandma lived to a ripe old age of 98.

We have had the time to play more often since our retirement from full time work over a decade ago, and we’re getting a little better. The dogs now lie down and listen rather than howling for an end to it – progress!

Getting out of the workforce is one thing, but being able to afford post-work life is another. As we always say, look for work in your younger years where a pension or retirement program of some type is offered. If there isn’t such a program where you work, consider the Saskatchewan Pension Plan, which is available for individuals to join, or can be leveraged by organizations as their company pension plan. You provide the contributions, we do all the rest – investing your savings dollars in a low-cost, professionally managed pooled fund. At retirement your income options include a monthly annuity payment for life, or the more flexible Variable Benefit option.

Check out SPP today!

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Every once in a while, a bit of life advice comes our way – things like “happy wife, happy life,” or why the glass should be half-full and not half-empty.

There’s more to life than money, so Save with SPP decided to roam the Internet in search of more life tips.

From the Inc. website, we find this bit of advice – “don’t dwell on the past, and don’t daydream about the future, but concentrate on showing up fully in the present moment.”

There’s also this thought – “don’t make assumptions…. if you don’t know the situation fully, you can’t offer an informed opinion.”

A third idea is that “life is not so much what you accomplish as what you overcome.”

The Thrive Global blog provides us with a few more deep thoughts.

“Your life is your responsibility,” the blog begins. “There is one person and one person alone over which you have control in this life – and that is yourself.”

As well, a classic one, “your word is your bond.” The blog explains that “our words can bring us together or tear us apart. Remember this power before you speak.”

“Release,” the blog advises, “the idea that things could’ve been better any other way. There’s no point in wondering what if… there is only the way things are.” The blog goes on to point out “it’s useless to try and make sense of the past,” which in itself is only “a recollection kept alive by your belief in its importance.”

There’s some more interesting advice from the Live Bold & Bloom blog.

“Have the courage to live a life true to yourself, not the life others expect of you,” the blog suggests.

Another interesting thought is “remember you’ll always regret what you didn’t do rather than what you did.” The blog explains further that “no one grows and develops by staying in their comfort zone.”

And finally, quoting David Foster Wallace, the blog notes that “you’d worry less about what people think of you if you knew how seldom they do.” This is a wise variation on the idea that it isn’t all about you, at least in our opinion.

Final thoughts from the Life Hack blog.

“Most things are not as bad as you think they are,” the blog begins, adding “don’t make things worse than they really are.”

“Be considerate of others,” the blog continues. This includes things like arriving on time, the blog explains.

And finally, “the power of habit can transform your life.” The blog explains that developing a good habit that you repeat daily “can transform your life.”

Common threads running through this collection of ideas would appear to be being self-aware, considerate to others, and conscious of your own actions and behaviours.

When it comes to our own favourite topic, saving for retirement, an axiom to think about is “pay yourself first.” There will always be bills to pay in life, but you can look after your long-term you by putting a little bit each way on the road to seniorhood.

A great place to stash those loonies is the Saskatchewan Pension Plan. Open to all Canadians with available registered retirement savings plan (RRSP) room, SPP invests your savings in a low-cost, professionally managed pooled fund. When it’s time to collect those savings as income, your choices include getting a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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Maybe, as a kid, you looked for empty pop bottles in fields and empty lots, loading them up on your wagon and rolling over to the A&P for a cash refund – two cents for the standard bottle, and a whopping nickel for the big ones.

Or, perhaps you’ve saved up your empties and returned them to the beer store or bottle depot for a little cash.

Did you know that a use for those empties is helping charities? Save with SPP had a look around to see what good your empties can bring to others.

The group Boston Terrier Rescue Canada (BTRC) operates bottle drives in Ontario, Alberta, B.C., Quebec and Nova Scotia.

“Empties help fill bellies and pay vet bills,” the group notes. “In 2023, BTRC Team Empties volunteers raised $6042.65 by returning empties for deposit.”

“We are challenging people and businesses everywhere to start a #Recycle4Animals drive to collect refundable items in their area. It’s a cost-free way to raise money to help Boston Terriers while also protecting the environment,” the group notes.

The group’s website offers a list of locations where bottles can be either dropped off, or where pickup services are available, and contact details to find out more.

The folks at Empties for Paws want to “challenge Canadian residents and businesses to donate their empty alcohol containers to raise money to help local animal charities.”

Their website provides listings “of as many bottle drives as possible” across Ontario, and all profits from these efforts go to helping animals. Some of the bottle drives are carried out by the rescue organizations themselves, in other cases, donors arrange to have their empties picked up and cashed in for the charity.

“In Ontario, empty beer bottles and cans can be returned via the Deposit Return Program (through beer stores) for 10 cents each, making your empty two-four worth $2.40, which is also the average cost of a tin of wet cat food.” Imagine, the website asks, how much cat food and care could be provided if more people donated their empties.

Another example of empties in action is Ottawa-based BottleWorks.

“BottleWorks offers residential home pick-ups for Ottawa residents looking to donate their empty alcohol bottles, cans, and containers. BottleWorks can issue a tax receipt for the value of the bottles donated and you can feel good knowing that your empties are helping charity and supporting youth facing barriers to employment gain paid work experience, develop skills, and receive support to make a brighter future for themselves,” their website notes.

The group received a whopping 1.08 million empty alcohol containers in 2023, employs 15 young people, has 143 commercial partners, arranged 563 residential pickups and organized 20 bottle drives, the website adds.

So, if you are finding a growing collection of empties in the garage that you haven’t found the time to return, consider finding a charity in your area – they may not only be able to take those empties off your hands, but they’ll also put the money from them to good use.

We used to pick up empties when we walked the dogs in the park each morning. We’d put the money from that into our retirement piggy bank, along with things like money from scratch ticket wins and other loose change. When the bank got heavy, we’d take it to a coin counter, deposit the bills in the bank, and then make a contribution to our Saskatchewan Pension Plan accounts.

SPP took those hard-earned savings and invested them in their low-cost, professionally managed pooled fund. Both of us are now in receipt of lifetime monthly annuity payments from SPP! Another option is the more flexible Variable Benefit, but both options add up to retirement income you can use and enjoy!

Check out SPP today!

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Reaction to America’s decision to place tariffs on imports from other countries – including Canada – is still playing out, with start dates announced, paused, re-announced, changed, and so on.

But the reaction in Canada at talk of annexing our country has sparked consumer boycotts of U.S. products and has prompted many to cancel plans to make vacation visits south of the border. Save with SPP decided to take a look to see how these protests are going.

The BBC reports on the case of Nova Scotia’s Todd Brayman, “who is no longer buying his favourite red wine, which is from California.” He’s drinking Canadian wine instead.

“I have in my life served alongside American forces. It is just profoundly upsetting and disappointing to see where we are given the historical ties that our two countries have,” Brayman, an armed forces veteran, tells the BBC.

“But I think right now it’s time to stand up and be counted, and in my mind, that means buying local and supporting Canadian business,” he tells the broadcaster.

He says he uses an app called Maple Scan to identify Canadian products in stores. “Other apps include Buy Canadian, Is This Canadian?, and Shop Canadian,” the BBC reports. The Maple Scan app has had more than 100,000 downloads since it was launched this spring, the report adds.

The Daily Upside notes that Canada imported $350 billion (US) worth of American products last year, making the U.S. “Canada’s largest trading partner.”

Already, orders from U.S.-based diaper manufacturers and fruit growers have been reduced or cancelled outright, the publication reports. And after U.S. alcohol products were largely removed from Canadian retail outlets, states like Kentucky, which produces “95 per cent of the world’s bourbon,” are feeling a pinch.

“The loss of business has sparked growing concern in the (bourbon) industry, which was already on uneven footing before the trade war,” the Upside reports.

“In January, Brown-Forman — the publicly traded maker of Jack Daniel’s, Old Forester, and Woodford Reserve — said it was cutting 12 per cent of its 5,400-strong workforce and selling a barrel-production facility, in search of $80 million in annual savings,” the article adds.

Canadians are thinking twice about U.S. vacation plans, reports the CBC.

“The number of return trips among Canadians travelling to the U.S. in March plummeted compared to the previous year: down by 13.5 per cent for air travel, and down by a whopping 32 per cent for land travel,” the CBC reports.

“Reasons for the drop in travel include the low Canadian dollar and anger over U.S. President Donald Trump’s trade war. Another reason gaining ground: concern over beefed up border security following Trump’s pledge to crack down on immigration,” the article adds.

The Daily Mail notes that Canadians spent $20.5 billion on US vacations last year.

“Even a 10 per cent dip could wipe out $2 billion in economic activity and cost 14,000 jobs, according to the U.S. Travel Association,” the newspaper reports.

“With the latest car and air travel figures pointing to even steeper declines, the impact could be closer to $4 billion,” the article concludes. “Tourist hotspots that rely heavily on Canadian visitors, such as Buffalo, New York and Old Orchard Beach in Maine, will be hit hardest.”

We’ll all have to keep an eye on this situation, and hope that it can somehow be resolved or at least made more predictable. Until then, that vacation to the East Coast or that long-desired visit to relatives in Saskatchewan will move up on our priority list.

If you’re saving for retirement, an all-Canadian pension plan to partner up with is the Saskatchewan Pension Plan. SPP is open to any Canadian with available RRSP room. You decide how much you want to contribute to your savings, we’ll take on the more difficult job of investing your savings in our low-cost, professionally managed pooled fund. When it’s time to turn savings into income, you can choose between such options as a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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It’s an age-old question – is it better to focus on paying off your debt, or should you make saving money for the future a higher priority?

Save with SPP took a look around the blogosphere to see how the experts are weighing in on this topic.

At Forbes magazine, writer John Egan calls saving versus paying down debt “a balancing act that many of us face.”

His article suggests that the answer to that question “depends, in part, on whether you’ve already got enough money stashed for emergency savings, and how much high-interest debt you’re carrying.” For some, the answer may be a “balanced approach” where you are doing both things – saving and paying down – at the same time, he continues.

His article quotes Kansas City-based certified financial planner Dan Mathews as saying that you also have to look at the “opportunity cost” in this situation.

Huh?

“If you’re likely to earn six per cent in annual returns from retirement savings, but you’ve amassed credit card debt with an APR (annual percentage rate) of around 18 per cent, your best bet likely will be to first clear out the debt. Why? Because paying 18 per cent credit card interest will more than cancel out the six per cent you’ll earn from your savings,” the article explains.

The article suggests that you set up an emergency fund – enough to pay for six months of living costs – first. Then, when taking on debt, the article recommends that you “first pay attention to high-cost debt without any collateral, such as high-interest credit cards or a high-interest personal loan.”

If any of your debts are overdue, they should have super-priority, the article adds.

For saving, the article suggests that you focus your efforts on tax-efficient savings. Here in Canada, that would be contributing to a registered retirement savings plan or registered pension plan, or a Tax Free Savings Account. The point Forbes makes is that these accounts, in addition to offering you investment returns, will also offer you tax savings.

At Sun Life Canada, the authors suggest that if your debts are so bad that you can’t make the payments, a debt consolidation loan may be a first step.

But when tackling debt, the article suggests, there are some strategies to consider.

“It’s best if you pay off debt with the highest interest first,” the article advises. This, the article continues, usually means credit cards, and if you ignore them, “it will end up costing you dearly in interest.”

“Let’s say you make only the minimum payment (3.5 per cent) on a $5,000 credit card debt. You would end up paying $3,992.03 in interest over 187 months, or 15.6 years,” the article warns.

Sun Life also makes the same point about focusing your savings plan on tax-deferred or tax-free vehicles, like RRSPs and TFSAs.

The article gives the example of Chantal Pelletier, who has a mortgage she began four years ago at a rate of four per cent. The article suggests that investments in her RRSP and TFSA are a better choice than focusing on paying off the mortgage.

“Her investment earnings are also tax sheltered. And they would grow through the magic of compound interest, which is interest you earn on interest. In Chantal’s case, she’s better off saving for retirement, using registered investments. That’s a better strategy for her situation than paying off her mortgage faster,” the article concludes.

The folks at Nerdwallet see a hybrid approach as the best bet.

“Paying off debt can feel like it has to be your only priority,” their article begins. “But you should do some saving while you’re paying down debt. Even a small cushion of emergency savings can keep you from going deeper into debt when an unexpected expense pops up. And you don’t want to miss out on free money from an employer match on retirement savings if it’s available.”

That’s a good point – if your employer has a retirement program of some kind, be sure to take part, because you’ll get a tax deduction for contributions and as well, there may be an employer match to increase your savings rate.

The article suggests a “50/30/20” budget approach – this means half of your money goes on “needs, 30 per cent on wants, and 20 per cent on savings and debt paydowns beyond minimums.”

Your savings should operate under a “pay yourself first” method, where money earmarked for savings is “directly deposited… into a savings account.” This is better, the article continues, than hoping you’ll have something left over after the end of the month to put into savings.

The message thread that is clear from reading all these articles is that you need to be on top of both your debts and your savings assets. All three articles recommend a budget that sets out how much you want to save but also how much extra you want to pay on your debts. No matter how you target debt – smallest balance first, or highest interest rate first – the idea is that when one debt is paid off, the money you were paying for it should be applied to the next high-priority category.

Another point that you pick up from reading these articles is that you should always direct something – even a small amount – towards long-term saving. You can, the articles all say, ratchet that amount up when debts begin to clear up.

The Saskatchewan Pension Plan offers you a lot of much-needed flexibility on your savings efforts. Unlike other pension plans, SPP allows you to decide how much you want to contribute. You can increase or decrease your savings rate as you see fit. SPP will do the hard work of investing your savings via a professionally managed, low-cost pooled fund. And at retirement, your options include getting a set monthly annuity payment for life, or the more flexible Variable Benefit, where you decide how much you want to take out (or leave in).

Check out SPP today!

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First, it was one class a week. Then two. Then three. Some of our friends are doing four and even five.

We are talking about time in line dance classes throughout the week, including time we are instructors. And the classes are bursting out of the door. What’s the draw for happy seniors to be doing all this dancing?

Save with SPP took a look around to see what folks are saying about the benefits of dancing.

According to Yahoo Life UK, a new study from Northeastern University in Boston has found “that just 20 minutes of dance each day could help you hit your recommended exercise target.”

That’s any kind of dance, the article notes – the point is that you are being active.

And there are other measurable health benefits, the article continues.

A UK study found “moderate intensity dancing is linked to a lower risk of cardiovascular disease.” Mental health, the article continues, also benefits.

“Not only can dancing help you keep fit, it has a wide range of mental health benefits. If done in a social setting, dance can help improve connections and reduce feelings of loneliness and isolation,” the article notes.

Dance also helps your brain, the article adds.

“In addition to its mood-boosting effects, dancing can also promote learning, memory and navigational skills. One study suggested that a 30-minute salsa class boosted spatial working memory by 18 per cent after just one session,” the article reports.

“Dancing has even been linked to a lower risk of dementia, with a 2003 research paper published in the New England Journal of Medicine finding that regular dancing reduced the risk of dementia by 76 per cent,” the article concludes.

The Everyday Health blog lists a few more benefits.

“Dancing can be many things: An expression of art, a fun hobby, a representation of culture, and a great form of exercise,” writes Leah Groth.

Dancing, which the article refers to as “the ultimate workout” helps build core strength.

“Dance requires balance and helps build core strength, which helps promote good posture and prevent muscle injuries and back pain, according to the Mayo Clinic,” the article reports. Ballet, the article continues, is particularly ideal for core strength.

Another dance benefit, the article notes, is flexibility. “Many forms of dance stretch the limbs of the body, which improves flexibility,” the article adds. Again, ballet does this the best, the blog notes.

If you are looking to drop a few pounds, dance can get it done for you, the blog tells us.

“Depending on the style of dance and your bodyweight, 30 minutes of dancing can burn between 90 and 252 calories, according to the Harvard Medical School. This type of high-intensity calorie burning can help support weight loss if you’re trying to shed pounds,” the article explains.

The Myacare blog suggests that there are many overall benefits from dance.

“Aside from improving both mood and cognition, dance is known to enhance several other aspects of one’s mental-emotional health. Life satisfaction increases through practicing dance, as does one’s confidence, connection to self and ability to socialize. Genetic studies reveal that dancers have elevated levels of active genes that regulate serotonin and vasopressin expression, both of which make them far more social,” the article notes.

It also, the article states, is a way to age gracefully.

“In a meta-analysis that aimed to assess the benefits of dance for the elderly, it was shown that dance of any style is able to improve metabolism and balance in aged individuals, with or without chronic illnesses. Most data included interventions that spanned a length of 60 minutes, three times a week for a minimum of 12 weeks.”

When we talk to our fellow line dancers about why they like it, they hit most of these points. One dancer says she has no problem jumping in the car to drive to dance class – but it is more of an effort to make the trip to the gym. We are all making new friends and going to new places through dance, she says.

Retirement is a great time to take up new hobbies, like dancing. So it’s important for those of us who are not yet retired to build up some savings to fund the fun of our future selves.

If you have a workplace retirement program, be sure to sign up and contribute as much as you can. If you don’t, not to worry – the Saskatchewan Pension Plan has everything you need. You provide the savings, and SPP will invest them in a low-cost, professionally managed pooled fund. You can transfer in funds from your RRSPs to boost your SPP balance. And like an RRSP, contributions you make to SPP are tax deductible. Check out this made in Saskatchewan retirement savings solution all Canadians can enjoy.

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Building an emergency fund essential, experts say

These days, with so much uncertainty swirling around the economy, inflation, and trade, experts suggest that socking away money in an emergency fund may be a wise move.

Save with SPP took a look at what the experts are saying about emergency funds.

The Winnipeg Free Press calls emergency funds “an absolutely crucial part of any financial plan, regardless of the life stage or situation.”

“For people who already have high-interest-rate debt, having an emergency fund can help guard against resorting to additional high-cost financing in a pinch. It also helps you defray unexpected expenses without needing to raid your retirement accounts,” the newspaper reports.

“Finally, the big reason to have an emergency fund is to cover your basic costs in case of job loss,” the Free Press adds.

The paper suggests that your minimum target savings amount for an emergency fund should be three times your basic living expenses – that’s “housing costs, utilities, food expenses, servicing debt, insurance and taxes.”

You can subtract any savings you already have from that minimum target and then begin adding savings to make up the gap, the Free Press notes.

The folks at MoneySense set out some of the advantages of having an emergency fund.

A fund, the publication reports, can be put into use when you face:

• “Urgent major repairs (not renovations) to your home or car.”
• “Unexpected medical expenses not covered by universal health care or insurance.”
• “Lack of income due to job loss.”

“Just like the name implies, an emergency fund is meant for emergencies. Unexpected events happen in life: the car breaks down, the fridge stops working or you get laid off during a recession. Without an emergency fund to help cover your expenses, you could end up paying bills with a credit card, relying on payday loans or heavily using your secured or unsecured line of credit,” reports MoneySense.

Having to go that route means your emergency is costing you an additional 19.99 per cent (if paid via credit card) or an eye-popping 442 per cent if paid via payday loan, the publication warns.

Forbes magazine notes that your savings target will be larger if there are more people in your household than just you. Base your monthly expense number not only on your expenses, but all the expenses you cover for everyone under your roof, the magazine suggests.

Finding money to divert to your emergency fund may be as simple as trimming the “non-essentials” you spend money on, such as “clothing, entertainment, and dining out.”

“Go through the list of things you normally spend money on that aren’t actual needs and consider what you can reduce or eliminate,” the magazine suggests. If that doesn’t work, you may need to aim for a higher income.

“Consider ways you can make more money each month. This may include taking on extra hours at work, getting a part-time job or starting a side hustle. Even selling things around the house you no longer need can help. The more money you can bring in, the more you can add to your emergency savings,” Forbes advises.

Forbes concludes by suggesting four steps to help build your emergency savings:

• Make savings automatic – make an automatic deposit to your savings account every pay day.
• Save “windfalls,” like tax returns, rebates and “other unexpected financial windfalls.”
• Use “cash back” apps or cards and direct the money to savings.
• If you are getting tax refunds every year, considering reducing the tax withheld from your pay and adding the difference to your emergency fund.

Writing for GoBankingRates, Caitlyn Moorhead suggests a few more saving ideas for boosting the balance in your emergency fund.

Find a chequing account that also pays interest, and move the interest received to your emergency fund, she writes. Cut back on your cable package and bank the savings, she continues. Be a stickler about sticking to your grocery list, she advises, and develop a meal plan that is based on weekly grocery sales. Bank the extra money.

In fact, you consider your emergency fund to be a bill, she writes. Huh?

“When it comes to financial planning, it’s a lot easier to part with the money you put in savings when you take on the mindset that it’s just another bill. Instead of looking at saving as an optional move, think of it as a mandatory expense like paying rent or your phone bill. That way when unexpected expenses arise, you already have it covered,” she concludes.

We’ll add a few we used when building up our savings. Lottery ticket winnings can be banked. When you roll up your change, you can deposit it in your account. And when you get a payout from your dental or vision insurance, you can pop that into savings.

The same tactics listed in these articles can be used – perhaps once you have built up that emergency fund – to save for retirement. And a great vehicle to speed along that savings journey is the Saskatchewan Pension Plan. You provide the savings, SPP provides the investment expertise, and will grow your hard-earned loonies in their low-cost, professionally managed pooled fund. When it’s time to retire your choices include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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We frequently write, in this space, about good ideas to help boost your long-term retirement savings.

But what about the opposite – bad retirement decisions that can hurt or hinder your efforts? Using the theory that we often learn the most from making mistakes, Save with SPP scoured the Interweb to drum up some bad retirement ideas to avoid.

Let’s start with the Money.ca website, where Michelle Robertson discusses a half-dozen common retirement planning mistakes Canadians too frequently make.

The first, she explains, is “not having a plan.”

“Driving to retirement with no plan is like a trip to a mystery location with no map. You have no idea where you will end up,” she warns. “A plan shows if you’re investing enough to be ready at your desired retirement age. The more time and clarity you have, the easier it is to reach your goals,” she continues.

And for those who think their house will provide the retirement income they need, she suggests that “you can’t eat your house in retirement.”

“People see their house as an investment. They expect to use its equity in retirement. But, you can’t access your home’s equity if you live in it without borrowing your equity from the bank (for the second time),” she writes.

A third, classic mistake Robertson warns us about is to “take too much debt into retirement.”

“Debt is debilitating at any stage of life, but especially in retirement. It will quickly erode your retirement income,” she explains.

In an article published by GoBankingRates, Yaël Bizouati-Kennedy provides a few more bad ideas to watch out for.

First mistake, the article notes, is “starting your savings journey late.” The article quotes money and financial coach Adeola Monofi as saying “by starting early, you can leverage the power of compounding interest and allow your investments to grow significantly over time. Make it a priority to start saving for retirement as soon as possible, even if it means making small contributions initially.”

Another red flag is underestimating retirement expenses, the article continues. Healthcare costs can rise when you’re older, the article notes, as can the cost of housing, travel, hobbies and other leisure activities.

A third mistake is thinking that Canada Pension Plan (CPP) and Old Age Security (OAS) benefits will be enough to fund your retirement, the article notes.

“While programs like the CPP and OAS provide valuable income, they may not cover all your retirement needs,” Monofi is quoted as stating in the article. She tells GoBankingRates that these government benefits should be augmented by personal savings in “registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs), real estate, permanent life insurance and other investment vehicles suitable for your circumstances.”

Last word goes to Canadian Essence, who list, in an article by Ash Kaushik, some of the worst advice people can be given about retirement.

“Invest in only safe options, like bonds,” is one such piece of advice, the article reports.

“Bonds are risk-free, but if you’re obsessed with them – it’s counterproductive. Retiree funds have to keep up with inflation and a well-diversified portfolio comprising stocks can deliver higher long-term returns. Don’t play it too safe and you’ll fall short on your financial expectations,” the article warns.

Another bad bit of advice, the article continues, is that idea that if you haven’t saved enough, “you can always work longer if you’re not ready.”

“You shouldn’t rely on working longer to save money. Unexpected illness, unemployment or a caregiver need can lead to you retiring before you have any choice,” the article cautions.

“Retirement will be just like your vacation,” is our final bit of bad advice presented in the article.

“Retirement sounds simple enough, like a one-week vacation but it’s often not. Even all the free time feels a little unenjoyable if you don’t plan how to remain active, productive and be on track. So, don’t be surprised if you’re expecting a vacation-like lifestyle, but haven’t considered how you’ll spend your time or how you’ll cope with changes in your daily routine,” the article tells us.

Having left full-time work more than 10 years ago, this writer can attest to the truth of the “retirement is like a vacation” comment. It’s more like it is always the weekend, which is still good but a little different than being on a trip.

If you haven’t got going on your retirement savings yet, and don’t belong to any sort of retirement savings plan through your work, there’s an option out there for you that is worth considering – the Saskatchewan Pension Plan. SPP is an open, voluntary defined contribution pension plan that any Canadian can join.

You decide how much you want to save, and SPP does the rest, investing your savings dollars in a low-cost, professionally managed pooled fund. At retirement, among your options are a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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