Friday, May 11, 2018

financial education continues

I have read part of a book on an investment guru or two. They say stuff like you have to save money before you can invest. This seems self evident but maybe folks borrow money to do the investments?

In any case I am on the first chapter that is about saving money.
What did I do to begin saving?

1) I did the 2017 expense spreadsheet which revealed the money trail to me.

It wasn't pretty.
I cut out most of our eating out.
Today I was going to buy a $5.99 pizza for younger boy but the thought of having to record this indulgence in the May 2018 expense spreadsheet effectively ended that idea.

The expense spreadsheets are pretty painful and indicate that our family has a way to go before we manage to end the waste of cash.

2) I try to use stuff in fridge and freezer before we buy more stuff.

I still got some stuff today at No Frills even though we had food in the house but this was mostly in anticipation of the weekend. We were out of milk, the pita bread needed to be brought and I saw that honey was on sale. It added up to a big bill but I rationalize it as essential stuff rather than pizza.

3) I am very careful about fees.

The banks have tons of fees. I don't like fees. I look for ways out of fees.

4) I look for incentives that save me money on investing. 

You can see below in the comments the incentive that I found at Scotia bank.

5) I buy stuff at garage sales.

Sure the stuff may not be pristine but I am not going to keep the stuff forever and once I am done with it I donate the stuff.
Since I did the 2017 expense spreadsheet I have not gone to garage sales. I garage sale in the house now.

6) When I make a mistake I simply learn from it.

I made a mistake buying whole life insurance for the boys.
Wasted a ton of cash.
Stopped the insurance policies.
This might have been my dumbest mistake made from a position of fear that they won't be insurable sometimes in their lives.
But then I have insurance and hubby has insurance so at least they will have some money when we kick the bucket.

7) Insurance is expensive and I reduced my costs.

8) I've learnt to be happy with what I have

I don't think about buying more books now.
I get them from the library.
I am happy with my book collection.
I donate the excess.

9) Keep tabs on assets as well as liabilities.

Can't always be sad about the liabilities. Track your progress to keep going.

10) Think and learn continuously. 

Which reminds me -better go back to learning.
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Julie Ali Not impressed with the application process for e-Funds. Took several branch visits in Edmonton, research on the Internet to figure out that I don't need to put a large sum of cash or a trading account to buy e-funds. You just need a mutual fund account...See More
Branden Lynch If you are just looking to purchase e-series funds you can just make a direct investing account instead FYI
Julie Ali Branden Lynch Fees associated with this account. Mutual fund account has no fees. Sure you can set up the automatic deductions up to $100/month but why bother? It's just easier to do the deductions with a mutual fund account and if you stop, no worries about fees.
Branden Lynch Julie Ali yeah it has quarterly fees if I recall correctly. Although they are waived if you have assets in excess of 15k. Plus you can of course hold other types of assets / securities. Although if you just want mutual funds it probably doesn't make sense.
Julie Ali Branden Lynch I want to try out the TD e-funds for a bit before exploring other stuff. They have a good reputation so it's a good place to start. You can get the fees waived on the direct trading platform if you have automatic deductions up to $100/month but I don't know how long this experiment will go on for so I wanted a safe no fees investment sector. Also I found an incentive on trading with Scotia bank where you can put in $10,000 in a new Scotia trading account and get 10 free trades which is pretty much all I want to do right away. You have to make the trades in 90 days after the money goes into the account but the incentive is open for a year so I will wait and put more money in-you get more trades the more money you put in. Being as I am a cheap stay at home mum I look for deals like this. I asked TD to match and they said no. Seems a poor thing for TD to not match. They get money coming in and they can't match for 10 free trades?
Cheryl Packer For sure. Another great way to close more branches
Kenpat Cameron True their closing here to in Marathon. A lot of money is going elsewhere. K
Terrie G. Shinton Closed the branch here and the staff were so nice and helpful. Not impressed.
Dick Wolff Forget mySpend. It doesn’t work.

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