Category Archives: Money saving tips

What’s on your bucket list for retirement?

July 5, 2018 saskpension Leave a comment

We often hear about “bucket lists” and what should be on them – things that people want to do, boxes they want to check off, all before they reach the end of life’s runway.

So what’s on some of these bucket lists? Save With SPP took a look around the Internet to see a few examples.

In the UK, Mature Times lists three ideas – seeing the Northern lights, buying a dog, and travelling the country by train. The article is based on a study of 2,000 Brits. “Many Brits view their later years as a chance to do all the things they’ve wanted to do for ages, it is considered to be one big long holiday,” the article notes, gently reminding readers that you still have to pay the bills and taxes once work is in the rearview mirror.

The late chef and TV host Anthony Bourdain once said a tour of Newfoundland and Labrador should be on everyone’s bucket list. The province, he once told the Chronicle Herald, has “that perfect mix of culture, cuisine and landscape that travellers want to experience.”

From the Personal Excellence blog, the top three are travelling around the world, learning a new language and trying a new profession. Number four – achieving your ideal weight – is also noteworthy.

Forbes magazine recommends making a pilgrimage, eating a meal “good enough to be your last,” and climbing a mountain.

The Great Canadian Bucket List recommends seeing polar bears in the wild, walking the seabed at Hopewell Rocks in New Brunswick, and cycling across PEI.

Have you already done any of these bucket items? Remember, in order to do your list to its fullest, it’s wise to save for your golden years. A great way to do that is by signing up to be a member of the Saskatchewan Pension Plan.

Written by Martin Biefer

Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Blogosphere, General, Money saving tips, Personal finance

How SPP changed my life

May 24, 2018 saskpension Leave a comment

After a long career as a pension lawyer with a consulting firm, I retired for the first time 13 years ago and became Editor of Employee Benefits News Canada. I resigned from that position four years later and embarked on an encore career as a freelance personal finance writer.

In December 2010 I wrote the article Is this small pension plan Canada’s best kept secret? about the Saskatchewan Pension Plan for Adam Mayers, formerly the personal finance editor for the Toronto Star. The Star was starting a personal finance blogging site called moneyville and he was looking for someone to write about pensions and employee benefits. I was recommended by Ellen Roseman, the Star’s consumer columnist.

The article about SPP was my first big break. I was offered the position at moneyville and for 21/2 years I wrote three Eye on Benefits blogs each week. It was frightening, exhausting and exhilarating. And when moneyville began a new life as the personal finance section of the Toronto Star, my weekly column At Work was featured for another 18 months.

But that was only the beginning.

Soon after the “best kept secret” article appeared on moneyville, SPP’s General Manager Katherine Strutt asked me to help develop a social media strategy for the pension plan. Truth be told, I was an early social media user but there were and still are huge gaps in my knowledge. So I partnered with expert Leslie Hughes from PunchMedia, We did a remote, online presentation and were subsequently invited to Kindersley, Saskatchewan, the home of SPP to present in person. All of our recommendations were accepted.

By December 2011, I was blogging twice a week for SPP about everything and anything to do with spending money, saving money, retirement, insurance, financial literacy and personal finance. Since then I have authored over 500 articles for savewithspp.com. Along the way I also wrote hundreds of other articles for Employee Benefit News (U.S.), Sun Life, Tangerine Bank and other terrific clients. As a result, I have doubled my retirement savings.

All my clients have been wonderful but SPP is definitely at the top of the list. I am absolutely passionate about SPP and both my husband and I are members. Because I was receiving dividends and not salary from my company I could not make regular contributions. Instead, over the last seven years I have transferred $10,000 each year from another RRSP into SPP and I would contribute more if I could.

By the end of 2017 I started turning down work, but I was still reluctant to sever my relationship with SPP. However, as my days became increasingly full with travel, caring for my aged mother, visiting my daughter’s family in Ottawa, choir and taking classes at Ryerson’s Life Institute, I realized that I’m ready to let go at long last. After the end of May when people ask me what I do, I will finally be totally comfortable saying “I am retired.”

I will miss working with the gang at SPP. I will also miss the wonderful feedback from our readers. I very much look forward to seeing how both savewithspp.com and the plan evolve. My parting advice to all of you is maximize your SPP savings every year. SPP has changed my life. It can also change yours.

Au revoir. Until we meet again….

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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.

Money saving tips

Wedding Insurance: Why you need it and what’s covered

May 17, 2018 saskpension Leave a comment

You have been planning a wedding for months. The venue has been booked, invitations sent and the flowers selected. Then an immediate family member becomes very ill and the event has to be postponed. Or the banquet hall goes belly up and a hefty deposit is lost. These unfortunate events happen rarely, but when they do the extra expense can put a strain on an already tight budget.

According to an unscientific survey by Weddingbells magazine, there were 162,056 weddings across Canada in 2014, each with an average price tag of $31,685. Furthermore, a survey conducted in the same year by a Bank of Montreal subsidiary suggested that people in Saskatchewan and Manitoba planned to spend, on average, $27,200 on a future wedding. That figure was the highest in the country.

You insure your car, your home, your life and your health. But you may not be aware that you can also insure your wedding. Coverage may range from a wedding guest’s slip and fall to stolen wedding gifts to extreme weather on the day of the event that causes 50% of the guests to be unable to attend the wedding or reception. But there is a specific exclusion if a bride or groom gets cold feet and does not show at the last minute.

Pal Insurance Brokers Canada Ltd. is one company that offers Weddinguard insurance online. This insurance provides financial protection against many of those things that can go wrong with your wedding plans, subject to policy wording. You are eligible if you are getting married within 1 year and the reception date is at least three days in the future. You can see a pdf of the full policy and what it does and does not cover here.

You can get an online quote here. While researching this article I completed the online questionnaire for the four different levels of coverage and got the following pricing information, including up to $1 million of liability coverage.

Weddinguard Insurance

Potential reimbursement up to stated amount + premiums
	Silver package	Gold Package	Diamond Package	Platinum Package
Cancellation expenses	$4,000	$10,000	$30,000	$50,000
Honeymoon cancellation	$2,000	$2,500	$5,000	$5,000
Loss of Deposit	$2,000	$3,000	$5,000	$6,000
Wedding photos and video	$2,500	$5,000	$7,000	$7,500
Loss or damage to bridal attire	$2,500	$2,500	$5,000	$7,000
Wedding presents	$5,000	$5,000	$7,000	$8,000
Rings	$1,000	$1,500	$3,000	$5,000
Cake and flowers	$2,000	$2,500	$5,000	$6,000
Wedding stationery	$1,000	$1,500	$3,000	$4,000
Rented property	$1,000	$10,000	$15,000	$20,000
PREMIUM	$250	$400	$650	$950

For destination weddings, PAL says underwriters must manually review the request for coverage which can take three or four days. There is also a special exclusion for Florida, Georgia and Caribbean weddings due to hurricane force winds in August, September and October.

Matt Taylor, general manager for PAL Insurance company recently told The Canadian Press that PAL sells between 1,500 to 2,000 wedding policies each year. Front Row Insurance also offers wedding insurance with policies starting at $105 and up to $5,000,000 in General Liability Coverage to cover damage to the wedding venue and injury to third parties.

Lacie Glover who blogs at nerdwallet offers the following tips for buying the right policy for your wedding:

Look over your existing homeowners and renters insurance policies — or those of any relatives hosting or paying for the wedding — to see whether existing liability insurance will cover you.
Check the deductible, which is the amount deducted from a claims check. If one vendor doesn’t show up, and the deductible is higher than the deposit for that vendor, you’ll swallow the cost for that lost deposit.
Look at coverage limits. For cancellation coverage, you’ll want the limit to be close to your wedding budget, including the honeymoon.

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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.

Money saving tips

The Cost of Funerals in Saskatchewan

April 26, 2018 saskpension Leave a comment

In 2017 the life expectancy for the total Canadian population is projected to be 79 years for men and 83 years for women. Of course, some people will die younger and others will live into their 90s and beyond. However long you live, eventually your funeral expenses and other debts must be paid for before your executor can distribute your estate to beneficiaries.

How much does a funeral cost?
Canadian Funerals Online (CFO) notes that historically the funeral industry has not openly disclosed funeral prices, and many funeral home websites do not even publish a price list. However, these days you can find more funeral homes providing open disclosure of the cost of various funeral packages. Nevertheless, the cost of a funeral can still vary significantly depending on where you live and which funeral services provider you use.

There are two corporate funeral companies operating in Canada – Service Corporation International [Branded as Dignity Memorial] and Arbor Memorial. Although not a rule, CFO reports that typically corporate funeral homes can be more expensive than family-owned funeral homes and that in the funeral industry, economies of scale do not always operate in favour of consumers.

Therefore, it is highly recommended that you investigate prices from more than one funeral home. Of course, this may not be practical or possible in the stressful period following the death of a loved one.

In a recent article on lowestrates.ca, Rebecca Lee discussed how much it costs to die in Canada. She reported that there’s no one-size-fits-all solution for the dozens of after-death decisions you’ll have to make. There’s also no one-size-fits-all price tag.

In an interview with Lee, Founder and CEO of Basic Funerals, Eric Vandermeersch, said that after-death costs can be as low as $1,500 or as high as $20,000. And while he pegged the average overall cost at $8,500, he admitted that the number varies wildly based on each person’s preferences, values, and culture.

“It’s like saying I want to buy a car, what should I budget for.” Vandermeersch explained. “There are a lot of options. There are people looking for just the basics and there are people looking for more traditional ceremonies.”

Lee enumerated some of the after-death arrangements you or your family will have to decide on. Some are required and others are mandatory. All costs are approximate and will vary based on city, province, and personal preference.

Death certificate ($15-$22) and registration (about $55).
Transfer services ($100+).
Shroud, casket, or urn ($0-$3,000+).
Body preparation ($125-$525)..
Formal ceremonies (visitation, memorial, funeral) plus staffing fees ($2,000 and beyond).
Burial plots and niches ($1,000 and beyond).
Burial or cremation services ($1,000 and beyond).

Burial vs. Cremation
According to CFO, as a very general guide a cremation is likely to cost a quarter of the cost of a burial. A simple, direct cremation in Canada can start at around $600, whereas a cremation with a service, and extra disbursements (obituary notice, viewing, funeral flowers, etc), may cost in the region of $4,500. As mentioned above, cremation service costs will vary depending upon your province and area. The cremation rate in Canada is at 65% making cremation by far the popular choice for families today.

Direct cremation is becoming more popular. A direct cremation is when the deceased is simply collected from the place of death and transferred to the funeral home or crematory for an immediate cremation. No service is conducted prior to the cremation [although sometimes a brief family viewing is conducted].

The cremated remains are returned to the family within a few days in a basic urn. This is the least expensive means by which to conduct a funeral. It can even be arranged online today, without the need to visit a funeral home. Family can then arrange their own memorial at a later date at a place that suit the family. This also puts the family in control of the memorial process, instead of paying a funeral home for this service.

CPP Death Benefit
The Canada Pension Plan death benefit is a one-time, lump-sum payment to your estate that can help to pay for funeral costs. The amount of the death benefit depends on how much and for how long you contributed to the CPP. In January 2016, the average death benefit paid was $2,296.85 and the maximum was $2,500.

To calculate the amount of the death benefit, Service Canada first calculates the amount that the CPP retirement pension is or would have been if the deceased was age 65 at the time of death. The death benefit is equal to six months’ worth of this calculated retirement pension up to a maximum of $2,500.

If an estate exists, the executor named in the will or the administrator named by the Court to administer the estate applies for the death benefit. The executor should apply for the benefit within 60 days of the date of death.

If no estate exists or if the executor has not applied for the death benefit, payment may be made to other persons who apply for the benefit in the following order of priority:

The person or institution that has paid for or that is responsible for paying for the funeral expenses of the deceased.
The surviving spouse or common-law partner of the deceased.
The next-of-kin of the deceased.

The death benefit is equal to six months’ worth of this calculated retirement pension up to a maximum of $2,500.

Also see:
Saskatchewan Funeral Costs Guide
The Prepaid Funeral: Advantages & Disadvantages

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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.

Money saving tips

What to look for in a real estate agent

April 12, 2018 saskpension Leave a comment

Spring has sprung, and with it a flock of for sale signs have appeared in every neighbourhood. Whether you are selling in order to upsize or downsize, a critical decision that can ensure your house sells at the right price within a reasonable period of time is a great real estate agent.

Home purchases and sales are for most people among the most significant financial transactions they are ever involved in. Therefore, a difference of even 0.5 per cent in real estate commission can significantly impact the amount you actually realize on the sale of your property.

First and foremost, you must be comfortable with your real estate agent and feel confident he/she is acting in your best interest. It is typically preferable not to have the buyer and the seller represented by the same agent. You may meet an agent you like at an open house or be referred by a friend or family member who has been satisfied with his/her services.

In a recent video interview on the Global News Morning Show Sean Cooper identifies online sources such as realtor.ca and feeduck.com to help you with your search.

Realtor.ca is owned and operated by the Canadian Real Estate Association (CREA), The site which is accessible online and on mobile devices is popular with sellers, buyers and renters. Features such as the mortgage calculator, social sharing, neighborhood demographics, and ability to connect with local realtors, are all available to assist you.

FeeDuck is a real-time auction that connects you with professional real estate agents who bid down their commissions, or bid up your buyer cash back offer. You are not obligated to sign with the agent – this is simply an introduction based on the criteria you entered. There is also no cost to the home seller or home buyer. You can find a series of frequently asked questions about feeDuck here.

Here are 20 questions to ask a prospective real estate agent before you sign the listing agreement on the dotted line:

Are you a full time real estate agent?
How many clients are you currently working with?
How long have you been working in my neighbourhood?
How many homes have you listed/sold in the last year?
How long do your listings remain on the market?
What professional credentials do you have?
How will you market my home for my best advantage?
Will you hold open houses? Public, broker only or by appointment?
How do you plan to advertise my home?
How will you help me stage my home?
How will you arrive at the listing price?
Can you provide a comparative market assessment?
What’s your sold-to-list-price ratio?
Can you give me some references?
When does the listing agreement begin and end?
What happens if my home does not sell in the specified time?
What happens if I change my mind about selling my home?
What are your commission fees?
Do I need to consider any other fees or charges?
What makes you different than anyone else?

Also see:
26 questions to ask your Real Estate Professional before you sign on the dotted line
How to Interview a Real Estate Agent
10 questions to ask when hiring a real estate professional
7 questions to ask a real estate agent before you commit

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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.

Money saving tips

How to choose a diamond ring

February 8, 2018 saskpension Leave a comment

Wedding Bells reports that 20% of engagements take place in December, but Valentine’s Day is also a popular time to pop the question. Historically people have used other types of jewelry and gems to propose, but in 2013, the Jewelry Industry Research Institute reported that 75% of brides wear a diamond ring.

If you propose with a diamond ring, it is largely as a result of a hugely successful advertising campaign from De Beers, one of the largest diamond companies in the world. In 1947 De Beers launched its promotion for diamond engagement rings with the slogan “a diamond is forever.”

Between 1939 and 1979, the company’s marketing budget soared from $200,000 to $10 million per year, according to The Atlantic. Over the same period, its wholesale diamond sales in the United States grew from $23 million to $2.1 billion. Also over the 40 year interval, De Beers went from recommending spending one month’s salary on an engagement ring to two month’s pay.

I was not able to find Canadian data, but according to the Knot’s 2015 Real Weddings Study, Americans spent an average of $5,871 on engagement rings, up from $5,855 in 2014. Wedding bands for the bride and engagement rings combined cost between $5,968 and $6,258.

Each individual must decide how much to budget for an engagement ring, but regardless of the amount you plan to spend, you need to understand what to look for when you are shopping for rings. First of all, the price and value of diamond jewelry is influence by the 4Cs: color, cut, clarity and carat weight.

It is of primary importance when you select stone(s) and a setting that you are dealing with a reputable jeweller. It may also be advisable before you finalize the transaction to have an independent gemologist appraise the stone(s) to ensure you are getting good value.

In addition you should receive a certificate from your jeweler (sometimes called a grading report). This is a complete evaluation of your diamond that has been performed by a qualified professional with the help of special gemological instruments. Each stone bears its own recognizable, individual characteristics, which is listed on the certificate.

Here are some other important things to consider when selecting stones and a setting for an engagement ring.

Understand your partner’s taste in jewelry
White or yellow gold? Old fashioned or modern? Chunky or delicate? Diamonds only or embellishment with coloured stones?
Ring size
Borrow a ring he/she already owns and trace the size. You can always have the ring re-sized after you propose but there may be additional cost. Also, who wants to take the ring off and part with it for days or weeks while adjustments are made?
Favourite shape and cut
Diamonds come in a myriad of cuts ranging from square, round and oval to pear shaped. A diamond’s cutting style refers to its facet arrangement, rather than its shape. The fewer the facets, the more visible any inclusions will be, so a cutting style such as a step cut (a.k.a. emerald cut), for example, requires higher clarity in the diamond.
Setting
The setting can vary from a solitaire or single stone, to a large stone with small stones on each side to three stones of the same side. A halo stone is where a center stone is surrounded by tiny gemstones (usually diamonds), to add sparkle and give the appearance of a larger center stone. The setting you select will depend on a combination of preferred style and your budget.

No matter how much you pay for your ring, speak to your home insurance company and decide whether you should have it specifically listed on your policy so it is insured in case of loss or theft.

I lost the pear shaped diamond from my ring at the gym several years ago. In spite of the fact that paying a premium to insure the ring was no fun, I was quite relieved when my policy reimbursed me for the considerable value of the lost stone.

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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.

Money saving tips

5 to 9’ers supplement their income

January 18, 2018 saskpension 1 Comment

Call it a side hack or a part-time job. A recent study from PayPal Canada and Barraza & Associates reveals that 2.5 million Canadian (about nine percent of the adult population) have embraced a “5-to-9’er” lifestyle turning their passions into profitable side-businesses in addition to working a full-time job.

This community of makers, creators, freelancers and service providers has gained notable traction in Canada. In fact, half of Canadian 5-to-9’ers started their business in the last three years. In the past 12 months, this small but mighty community reported combined median revenues of $2.5 billion dollars.

“The rise of digitization, cloud-computing, smartphone apps and e-commerce enables people to work when and where they want, over and above regular 9-to-5 jobs,” said Paul Parisi, president of PayPal Canada.

Canada’s 5-to-9’ers are online savvy and keen to grow
Young and driven to evolve, Canada’s 5-to-9’ers are eager to turn their part-time endeavors into a primary source of income. The research shows that these emerging entrepreneurs employ e-commerce tools to reach their vision of success. Their e-commerce arsenal includes extensive use of online marketplaces and social media networks, demonstrating 5-to-9’ers deep appreciation of the digital economy. From age to attitude towards selling online, Canada’s enterprising 5-to-9’ers differ greatly from traditional Canadian small business owners.

More than half (54%) of 5-to-9’ers surveyed have seriously considered making their part-time business into a full-time career. More than a third (38%) are actively testing out the idea of becoming a full-time entrepreneur, using this time in their small business journey as a launch pad.
5-to-9’ers are selling where Canadians are shopping – online. Over a third of 5-to-9’ers accept online payments for their goods and services leveraging a variety of e-commerce tools, like online marketplaces (59%) and social networking sites (52%). Turning the lens on traditional small businesses, less than a quarter accept payments online.
The 5-to-9’er community skews younger compared to traditional small business owners. In some cases, there is a 30-year differential. More than half of 5-to-9’ers (54%) are between the ages of 25 and 44 years-old, which could explain why they are more comfortable using digital technology.

Despite their drive and determination, there are some barriers holding this community back from transitioning to full-time small business owners. Limited access to start-up capital is the main (58%) hurdle identified by this group.

Women are paving the way, yet disparity persists
Women are dominating the 5-to-9’er landscape, representing 66% of the community in Canada. Not only are women propelling this trend, the study revealed that they are more seriously considering full-time small business ownership, compared to their male counterparts. While it is encouraging to see women taking a leading role in shaping the 5-to-9er landscape, female 5-to-9ers reported significantly less revenue than their male peers.

Notably, 12% of women started their side business while on maternity leave. Women may be leveraging maternity leave as an opportunity to explore becoming entrepreneurs while simultaneously bringing in additional household income.

Shelley Jones, is one example. As the founder and CEO of dignify, a Calgary-based small business online store that sells hand embroidered quilts and throws, Shelley highlights e-commerce as a catalyst for her success.

“After the birth of my second child, I wasn’t sure I wanted to return to a traditional 9-to-5 work environment, so I used my maternity leave as a time to explore entrepreneurship on my own terms,” said Jones. “When you are busy raising two children and building a business there is no such thing as a set schedule – you have to work when you can whether that is at 5 a.m. or 10 p.m. I simply would not have transitioned dignify from a passion project to a full-time business without an online-first approach.”

Overall, the research points to a growing, thriving community that has organically formed by leveraging tools like e-commerce platforms, online marketplaces, freelance software and smartphone apps to find success. While small businesses tend to earn significant focus in Canada, the 5-to-9 community is a rising segment of Canada’s economy that has tremendous potential to succeed if nurtured.

Complete study findings and additional information can be found here.

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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.

Money saving tips

2018 New Year’s Resolutions: Expert Promises

January 4, 2018 saskpension Leave a comment

Well it’s that time again. We have a bright shiny New Year ahead of us and an opportunity to set goals and resolutions to make it the best possible year ever. Whether you are just starting out in your career, you are close to retirement or you have been retired for some time, it is helpful to think about what you want to accomplish and how you are going to meet these objectives.

My resolutions are to make more time to appreciate and enjoy every day as I ease into retirement. I also want to take more risks and develop new interests. Two of the retirement projects I have already embarked on are joining a community choir and serving on the board; and, taking courses in the Life Institute at Ryerson University. After all, as one of my good friends recently reminded me, most people do not run out of money, but they do run out of time!

Here in alphabetical order, are resolutions shared with me by eight blogger/writers who have either been interviewed for savewithspp.com or featured in our weekly Best from the Blogosphere plus two Saskatchewan Pension Plan team members.

Doris Belland has a blog on her website Your Financial Launchpad . She is also the author of Protect Your Purse which includes lessons for women about how to avoid financial messes, stop emotional bankruptcies and take charge of their money. Belland has two resolutions for 2018. She explains:

I’m a voracious reader of finance books, but because of the sheer number that interest me, I go through them quickly. In 2018, I plan to slow down and implement more of the good ideas.
I will also reinforce good habits: monthly date nights with my husband to review our finances (with wine!), and weekly time-outs to review goals/results and pivot as needed. Habits are critical to success.

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances and blogs at Money We Have. He says, “My goal is to work less in 2018. I know this doesn’t sound like a resolution but over the last few years I’ve been working some insane hours and it’s time to cut back. The money has been great, but spending time with my family is more important.”

Chris Enns who blogs at From Rags to Reasonable describes himself as an “opera-singing-financial-planning-farmboy.” In 2017 he struggled with balance. “Splitting my time (and money) between a growing financial planning practice and an opera career (not to mention all the other life stuff) can prove a little tricky,” he says. In 2018 he is hoping to really focus on efficiency. “How do I do what I do but better? How do I use my time and money in best possible way to maximize impact, enjoyment and sanity?”

Lorne Marr is Director of Business Development at LSM Insurance. Marr has both financial and personal fitness goals. “I plan to max out my TFSAs, RRSPs and RESPs and review my investment mix every few days in the New Year,” he notes. “I also intend to get more sleep, workout 20 times in a month with a workout intensity of 8.5 out of 10 or higher and take two family vacations.”

Avery Mrack is an Administrative Assistant at SPP. She and her husband both work full time and their boys are very busy in sports which means they often eat “on the run” or end up making something quick and eating on the couch. “One of our resolutions for next year is to make at least one really good homemade dinner a week and ensure that every one must turn off their electronic devices and sit down to eat at the table together,” says Mrack.

Stephen Neiszner is a Network Technician at SPP and he writes the monthly members’ bulletin. He is also a member of the executive board of Special Olympics (Kindersley and district). Neiszner’s New Year’s financial goals are to stop spending so much on nothing, to grow his savings account, and to help out more community charities and service groups by donating or volunteering. He would also like to put some extra money away for household expenses such as renovations and repairs.

Kyle Prevost teaches high school business classes and blogs at Young and Thrifty. Prevost is not a big believer in making resolutions on January 1. He prefers to continuously adapt his goals throughout the year to live a healthier life, embrace professional development and save more. “If I had to pick a singular focus for 2018, I think my side business really stands out as an area for potential growth. The online world is full of opportunities and I need to find the right ones,” he says.

Janine Rogan is a financial educator, CPA and blogger. Her two financial New Year’s resolutions are to rebalance her portfolio and digitize more of it. “My life is so hectic that I’m feeling that automating as much as I can will be helpful,” she says. “In addition, I’d like to increase the amount I’m giving back monetarily. I donate a lot of my time so I feel like it’s time to increase my charitable giving.”

Ed Rempel is a CFP professional and a financial blogger at Unconventional Wisdom. He says on a personal finance level, his resolution are boring as he has been following a plan for years and is on track for all of his goals. His only goal is to invest the amount required by the plan. Professionally, he says, “I want 2018 be the year I hire a financial planner with the potential to be a future partner for my planning practice. I have hired a couple over the years, but not yet found the right person with the right fit and long-term vision.”

Actuary Promod Sharma’s resolutions cover off five areas. He says:

For health, I’ll continue using the 7 Minute Workout app from Simple Design.
For wealth, I’ll start using a robo advisor (WealthBar). I’m not ready for ETFs.
For learning, I’ll get my Family Enterprise Advisor (FEA) designation to collaborate better in teams.
For sharing, I’ll make more videos.
For giving, I’ll continue volunteering.

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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.

Money saving tips

Gifts elderly friends and relatives will appreciate

December 14, 2017 saskpension Leave a comment

Whether elderly relatives and friends are still living in the family home, an apartment or they have moved to a retirement home or long term care, like anyone else, they love receiving holiday gifts. However, because at this stage most are thinking about downsizing, if they have not already done so, the last thing they need is more stuff. Here are some suggestions for practical gifts older loved ones may appreciate.

Cleaning service: House or apartment cleaning is no fun for young or old. And it can become particularly onerous for people with mobility issues. You can purchase gift certificates from local cleaning services such as Molly Maid in Saskatoon. Of course if you are among the minority who enjoy cleaning, you can make up your own gift certificates for one or more house cleaning sessions.

Online grocery shopping/pick up: Shopping for groceries on a regular basis can be time consuming and exhausting. Even getting out to shop can be a real problem in slippery winter weather, particularly for people who no longer drive their own car. If you live in Regina or other cities with similar services, introduce your favourite senior to online grocery shopping available from the Superstore and offer to pick up their orders.

Meal preparation/sharing: Before my Mom moved into long term care, we use to make and freeze soups and other tasty meals for her in small portions. But what she liked even better was when we brought ingredients over and cooked a meal we could share together. As a back-up, meals on wheels are available in some parts of the province.

Telephone for hearing impaired: There is nothing more frustrating for hearing impaired people than not being able to either hear their telephone ring or understand the caller. Amazon offers a large selection of telephones with amplification features and big buttons to make entering telephone numbers easier. Similar handsets and portable phones may also be available from local vendors.

Mobile alert system: A great fear for both older or disabled seniors and their family members is that they will fall or have a household accident and not be able to summon help. There are various medical alert systems on the market where the client wears a personal health button on a bracelet or a lanyard. We had the Philips Lifeline for my mother when she was at home. Here’s how it works.

Magazine subscription: Magazine subscriptions are the gift that keeps on giving. There is a publication to go with every hobby or interest, i.e, quilting, sewing, woodworking, cooking, famous people or current events. Sign up for a one year or longer subscription and the recipient will think of you every time a copy appears in the mailbox.

Beauty treatments: There is nothing that feels better than getting a haircut and styling from a professional. Manicures and pedicures are also relaxing and can last for weeks. Local vendors are always happy to sell gift certificates as holiday gifts. The Regina company Driving With Scissors makes home visits, which is ideal for seniors who are housebound or would rather not brave the winter weather.

Photo books: In the age of smart phones and selfies, few of us ever print the pictures we collect on our phones. However, many if not most of the older seniors you know are not computer savvy. Of course my 82-year old aunt is the exception. She just loves sharing pictures on the iPad one of her grandchildren passed up to her. Nevertheless, even she would treasure a hard copy photo book with family pictures which can be ordered from many sources online and personalized with artwork and text.

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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.

Money saving tips

Travel hacks for your wallet and your waistline

December 7, 2017 saskpension Leave a comment

My husband and I recently spent a lovely fall week in Kelowna, B.C. It was a pleasure to travel domestically and not have to worry about passports, currency, customs and exorbitant surcharges to use our cell phones. But as always, there were a few things that worked out really well along with several hiccups that were a learning experience.

Getting there and back
I booked our tickets on Air Canada through Expedia.ca. My rationale was that instead of checking the websites of different airlines I could compare flights and prices all in one place. We ended up going on Toronto-Vancouver-Kelowna and returning Kelowna-Calgary-Toronto. The layovers were each about an hour and we weren’t pressed for time so it didn’t really matter. But as we were waiting to board on the way home there was a direct Kelowna-Toronto WestJet flight which I certainly would have selected if it had been offered as an option by Expedia.

Also, when booking on Expedia I still had to go to the Air Canada site to select seats which I forgot to do until several weeks before we left. I usually try to book bulkhead or wing seats and pay extra because I prefer more leg room. But I was shocked to learn that for the purpose of pre-selecting seats, our travel was considered to be 4 separate flights and we were charged accordingly.

Options were limited by then. So by the time I selected two aisle seats for each of us going out, the charge was $40 ($10 each for two flights), two front seats from Kelowna to Calgary ($20 x 2) and two bulkhead seats from Calgary to Toronto ($50 x 2). The additional charges were over $200 including taxes! Direct flights would have cut these surcharges in half.

To add insult to injury, we had to pay $25 each to check one bag. Apparently this is common practice, but it’s been a long time since we flew within Canada and I wasn’t aware of this policy change introduced several years ago. The good news is that in both directions my second bag (a small roller board carry on) was checked in free at the gate. Of course, if you are traveling only with carry on luggage to avoid long waits for baggage on arrival you will not want to relinquish your bag, even if you are offered the opportunity to do so at no cost.

There is also no longer any “free lunch” or any other meal if you fly economy. Food is sold on the flight, but it is typically overpriced and popular items frequently run out. In addition, depending on when your flight is scheduled, food and drink may not be offered when you are actually hungry. We packed home-made sandwiches and fruit for both our trips out and back and we were glad we did.

Accommodations
We have a shared-ownership property in Muskoka which gives us 5 weeks a year. We were able to trade one week for a condo at The Royal Private Residence Club (a Delta property) in downtown Kelowna. The apartment was spacious with a full kitchen and a laundry room with a washer and dryer.

Similar properties are available for rent in many North American cities and worldwide. They are particularly cost-effective if you are traveling with a family and will have to rent more than one room. Furthermore, because kids don’t have the patience to eat three meals a day in a restaurant and constant eating out can be prohibitively expensive, a kitchen gives you the flexibility to eat what you want, when you want. And you need less luggage if you can throw in a couple of loads of laundry part-way through your trip.

AirBnB also has listings for everything from rooms to full apartments in most cities, offering similar amenities. They are generally much less costly than hotel rooms and can be more comfortable for both individuals and families than a basic room.

Transportation
I also booked a pre-paid rental car on Expedia with Hertz. When we arrived at the Kelowna airport they said I was the named driver because I made the reservation and that it would cost $90 to add my husband as a second driver. I refused and after calling a supervisor, Hertz agreed to reverse the charge. However, because the car was booked by Expedia and not directly with Hertz, they had all kinds of problems figuring out how to change the designated driver and amend the contract. After over an hour of unsuccessfully trying to get the computer to accept the changes, they had to get a supervisor to write up a new paper contract!

I subsequently learned from various friends that other car rental companies add additional drivers at no cost. Also, there is significant variation between available deals for a one week rental and I should have done more research before pre-paying through Expedia.

What I learned
We had a great trip. Nevertheless, I have learned:

It is always better to compare price and features of each component of a trip on competitor websites and book directly with the preferred vendor instead of using an aggregator.
Given the opportunity, we will always select an efficiency unit or apartment instead of a basic hotel room when traveling for a long weekend or a week to a single location.
Making breakfasts and a few dinners in the condo can save a bundle and ensure there are yummy leftovers for lunch on the long flight home.

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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.