Tag Archives: Sarah Milton

Nov 7: Best from the Blogosphere

By Sheryl Smolkin

Halloween is over, Remembrance Day is this week and the stores are starting to look a lot like Christmas. But keep the end game is sight and don’t be distracted by advertising for the latest hardware or fashions that may blow your budget out of the water.

On Retire Happy, Sarah Milton writes about “How to stick with your financial goals.” She says what makes the difference between success and stalling comes down to three things: knowing what you want; chasing your fears and building a tribe.

Mint’s blog Personal Finance Guide to Setting Goals and Sticking to Them notes that financial planning is all about goals. There are two islands: what you have and what you want. The bridge between the two is your personal finance budget. Getting to where you want to be requires vision, planning and discipline – the vision to know what you want, a plan to get there and the discipline to stick with your plan.

Big Cajun Man, author of the Canadian Personal Finance Blog says We Invest the Way We Vote. In both cases, we make a hurried, uninformed decision after being unduly influenced by people who have their own agenda on why they want you to do it. Typically the decision may even be made at the last-minute, using your “gut” to decide. Let’s hope our US friends make rational decisions when they go to the polls this week!

When Do You Stop Helping Your Adult Children? Marie Engen questions on Boomer & Echo. She answers, “If your adult children are asking for something, whether it’s babysitting services, money, or something else and you need to say no, say it clearly. Don’t hint around that you’re busy or you’ve had a lot of expenses lately.”

And finally, with the dropping temperatures and snow falling already in parts of the country, you may be planning a warm weather get away. Mark Seed at my Own Advisor has some great hints for how to save and splurge on a vacation. He suggests skyscanner and Chris Myden’s suite of sites for flight deals. And I bet you didn’t know you can get great deals on car rentals from Costco’s web site!


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

Apr 18: Best from the blogosphere

By Sheryl Smolkin

We’re back and there is more than ever to share with you! We took a two-month break, but our favourite bloggers were still hard at work. So we have lots of great stories to tell you about in the weeks to come.

The Liberal government’s first Federal Budget was tabled last month. It eliminated some measures enacted by the Conservatives and others will be phased out over time. On the Financial Independence Hub, Paul Phillips from Financial Wealth Builders gives a financial planner’s perspective on Budget 2016. One surprise he notes is the elimination of the tax deferral on fund switches within a mutual fund corporation.

The significance of not having a great credit rating may not hit until you apply for a credit card or mortgage and are either turned down or not approved for the amount you need. Blogging on Money after Graduation, Bridget Eastgaard discusses five easy steps to build good credit. Because 18% of credit reports contain errors, she regularly checks her credit report to ensure her student loan payments have been properly recorded, no credit cards were opened under her name through identity theft, and that companies have complied with her requests to close credit accounts.

Robb Engen is a well know blogger at Boomer & Echo and over the years he has shared lots of ideas about how to more effectively earn and save money. While he does not encourage calls from his office on evenings and weekends, he says it is a fair trade off because his employer covers his cell phone bill. In fact, he estimates that he has saved more than $9,500 over the last 12 years (144 months x $66 per month) because in a series of jobs over that period he has never spent a dime out of his own pocket on a cell phone plan.

As the balance in your RRSP grows over time, it can be hard to resist the temptation to tap into your nest egg in an emergency or just because you “need” something that is above and beyond your current budget. Retire Happy’s Sarah Milton gives three good reasons why withdrawing money from your RRSP before retirement is not a great idea.

And finally, personal finance maven Gail Vaz-Oxlade recently announced she has written her last blog. While we know from personal experience that blogging week in and week out can be challenging, her fans (myself included) will miss her consistently great advice. Fortunately, most of the archived blogs are timeless.

So for those of you who are considering buying a home this spring, we are linking to one of her better articles. She makes a great argument for spending a little time saving for a down payment rather than locking yourself into a mortgage payment that strangles your cash flow while you pay exorbitant amounts in interest and insurance premiums.

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

Aug 24: Best from the blogosphere

By Sheryl Smolkin

After several weeks of “theme” issues of Best from the Blogosphere, for the next several weeks we will get back to basics and check out what our perennial favourites have been writing about lately.

On Boomer & Echo, Marie Engen discusses 3 financial mistakes to avoid. They are buying too much home; raiding your RRSP; and, putting your child’s needs ahead of your retirement.

Retire Happy’s Sarah Milton describes Using the Lifelong Learning Plan. The LLP is a program that allows Canadian residents to borrow up to $20,000 from their RRSPs in order to cover the costs of a full-time further education program for themselves, their common-law partner or spouse. If the Harper government is re-elected, they have promised to raise this amount to $35,000.

The Frugal Trader gives a Financial Freedom Update on Million Dollar Journey. He says in the year since he has reached the million dollar net worth milestone it feels great but nothing has really changed. His family has recently decided to become a single income family and with tight fiscal management they are able to live on one government salary. 

Blonde on a Budget Cait Flanders moved from Vancouver to Victoria recently and she has established a final de-cluttering challenge for herself. Last year she purged 43% of her belongings in one month to embrace a minimalist lifestyle. She has given herself 20 days to see how much more stuff she can get rid of when she unpacks her moving boxes.

Finally, Michael James on money says Your Retirement Spending Plan is Critical. While working, if you don’t like the plan your financial advisor has set up for you, you can find a new advisor and make up for past mistakes. But if your advisor puts you on a bad retirement spending plan, by the time you figure out there is a problem, there’s little you can do. other than cut spending.

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

Jan 19: Best from the blogosphere

By Sheryl Smolkin

If you max out your SPP contributions each year, you know your money is invested in an easy to understand balanced fund. However, when you top up your savings with contributions to either workplace retirement savings plans or your personal RRSP, it is often challenging to figure out how to invest your money.

On Tangerine Bank’s blog Forward Thinking, Preet Bannerjee suggests Parking your RRSP contributions to beat the deadline. The money just sits there, “parked” inside an RRSP as a low-risk investment until you’re ready to figure it out. Some people may not realize that investments inside an RRSP can be changed later.

In My 2014 (and final) Portfolio Rate of Return Boomer & Echo’s Robb Engen admits his dividend stocks did not match average market returns last year so he finally bit the bullet and sold “his babies,” replacing them with an easy two-fund solution.

With another take on passive investing, Holy Potato released his “Canonical Portfolio,” a simple recipe of four funds or ETFs for your portfolio. He presents a portfolio of four funds (bonds plus three equity classes) with a simple rule-of-thumb to determine the main split.

Sarah Milton specifically addresses the investment dilemma facing people saving in group retirement plans on Retire Happy. She presents 3 Investment options for passive group investors including guaranteed investments, asset allocation funds and target date funds.

And finally, Gail Vaz-Oxlade’s post How Do You Stack Up? refers readers to a tool on the Royal Bank website that measures how you stack up against your region and Canada in general when it comes to your income and net worth. Although it’s nice to get a benchmark of how you’re doing, she says that comparing your results to someone else’s means nothing if you aren’t dealing with similar circumstances.

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

Jan 12: Best from the blogosphere

By Sheryl Smolkin

By now we have all taken the leap from the old year to the new, but during the transition, some of our favourite bloggers analyzed the year gone by and offered suggestions for the days and months ahead.

In 2014, Mark Seed at My Own Advisor made some financial predictions. In  2014 Financial Predictions Final Update he revisits these predictions as compared to how things actually played out. He forecasted that the Dow Jones Industrial Average would finish the year at 16,700 but in fact it rose to 17,823.07. He also suggested that the Canadian Dollar would end the year at $0.90 compared to the US Dollar but by December 31st it had dropped to $0.86. But he did correctly anticipate dividend increases from Fortis, Telus, Walmart and AT&T.

On Boomer and Echo, Robb Engen asks What Will It Take For You To Save More This Year? He suggests the 52-week money saving challenge that was all the rage in 2014. Save $1 in week one, $2 in week two, $3 in week three, and so on until you have about $1,400 saved by the end of the year. Or, increase the degree of difficulty and try to put away $10 in week one, $20 in week two, $30 in week three, and so on until you’ve saved nearly $14,000.

Adam on Modest Money offers 3 Reasons to Start Small with Online Investing. By starting small you can get comfortable with both your broker and the investment tools offered and also decrease your risk.

Retire Happy blogger Sarah Milton proposes boosting your financial fitness by creating a positive relationship with money, making good money management a habit and cutting yourself some slack.

And finally, as part of the Masters of Money series on Get Smarter about Money, Rob Carrick asks Dividend stocks for retirement income – can you handle it? A well-chosen portfolio of dividend stocks can reasonably be expected to give you a far more generous annual cost of living increase than even an indexed pension, while also delivering solid long-term capital gains. But the bottom line is that they are still equities and if the bottom falls out of the stock market it could take your investment portfolio with it.

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

Oct 13: Best from the blogosphere

By Sheryl Smolkin

It was dark when I got up this morning and it won’t be long before it will also be dark before the end of the work day. So let’s shine a light on some interesting topics tackled by personal finance bloggers last week.

For most of your working life you’ve saved for retirement. But as that date nears, your focus shifts to using your savings to pay for life after work. Take a look at my blog What happens to my pension when I retire? on Brighter Life to find out how the money can be paid out when you retire.

GetSmarterAboutMoney.ca has a quiz that will help you build your retirement lifestyle profile — an analysis combining the range of income you’ll need and the level of readiness you’re at today.

In July, on Million Dollar Journey, Frugal Trader published his Canadian Online Discount Stock Brokerage Comparison, 2014. He mentions a number of major (cheap) discount brokerages in Canada including: E-Trade (now i-trade), Virtual Brokers, Qtrade, Interactive Brokers, and Questrade (voted #1 by Million Dollar Journey Readers).

Retire Happy blogger Sarah Milton discusses how to deal with the challenges of dating when you are trying to pay down debt and get your financial house in order. She says miscommunication can create a great deal of stress and tension.

And Retired Syd (Retirement: A full time job) writes about Her Short Career as a Landlord when after extensive preparations to rent out her vacation property in Napa she decided the small amount of money she would net was not worth the aggravation.

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

Oct 6: Best from the blogosphere

By Sheryl Smolkin

It’s October already! How time flies. Here are some interesting posts from some of our favourite, always prolific personal finance bloggers.

On Balance Junkie, Tom Drake discusses options for Banking on Your Mobile Phone. There are smartphone apps to run your business, create a budget, check your bank account and set up mobile payments.

How Behavioural Biases Kept Me From Becoming An Indexer is a confession from Boomer & Echo’s Robb Engen that it’s tough to sell a portfolio of high performing winning dividend stocks – his “babies” that he has nurtured through a five-year bull market. Nevertheless the more he reads about, writes about, and teaches others about investing, the more he is convinced that convinced that passive investing (indexing) is the right approach.

4 Questions to Ask Before Buying a Mutual Fund by Our Big Fat Wallet’s Dan Wesley include how the fund has performed as compared to other funds and the costs of ownership. Like Engen, he concludes that if an actively managed fund can’t beat the index, you’re likely better off with a low-cost index Exchange Traded Fund (ETF).

Whether you are a snowbird planning winter away from Canada’s cold climate or dreaming of a one week all inclusive getaway, take a look at Frequently Never Asked Questions for your Travel Medical Insurance on Bank Nerd. Did you know that in general, an emergency due to a pre-existing condition is not covered?

And finally, on Retire happy, Sarah Milton addresses the question Should New Canadians join a Group RRSP? She agrees that RRSP accounts are intended as a vehicle for retirement savings but says that doesn’t mean they only have value if you plan to retire in Canada.

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

May 19: Best from the blogosphere

By Sheryl Smolkin

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In our eternal quest to link you to the best in personal finance blogging, once again this week we combed the web looking for great stories that will incent you to watch your nickels and save more for retirement.

On Boomer & Echo, Robb Engen discusses his experience  Breaking Subconscious Money Habits. Something as simple as eating weekend breakfasts at home instead of at Tim Hortons saved his family over $500/year.

Sarah Milton writes on Retire Happy about how Impulsive spending can derail your finances. While it may be tempting to buy something on sale because it’s a bargain, it’s only a bargain if you need the item and will use it within a reasonable period of time.

Automated arrangements where money comes out of your account to pay bills or amounts are regularly charged to your credit card are a great idea until something goes wrong and you don’t catch the error. That’s why Mr. CBB on Canadian Budget Binder says it is essential to review automated bill payments every month. That way you can discover and rectify inadvertent overbilling, duplicate bills or amounts incorrectly charged to your account.

If you really want to decrease the amount of income tax you have to pay, Big Cajun Man, Alan Whitton tries the idea Work Less and Pay Less Tax on for size. He says he’d rather take an extra 10 weeks of vacation off than go down to a four or three day work week, because he probably would have to do the same amount of work in a shorter period of time. Nevertheless, rather than working less, he would be more inclined to try to earn more money, so the tax hike didn’t hurt as much

And finally, Dan on Our Big Fat Wallet discussed what everyone loves to hate – bank fees. In I Hate Bank Fees, So I Bought the Banks he admits being frustrated by all of the bank charges he pays each month. So he decided to buy bank stock. The big 5 Canadian banks have had stellar capital gains and paid great dividends over the last five years.

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