The witching
hour is near…are your little ones ready for a devilishly fun evening of trick
or treating? Do you have enough goodies for the all the ghosts and goblins who
will come a-knocking? And do you have your wickedly hip costumes for the big Halloween
party? Preparing for the spookiest night of the year need not be a hair-raising
experience. We’ve scared up some last-minute tips to help you get all the
treats you need—without any tricks! And check out advertisers mentioned on
www.flyerland.ca
- Host a costume swap. Dig out your costumes from Halloweens past and arrange an evening
to swap with friends.
- No sew, no problem! Creating a costume doesn’t have to be complicated or expensive and
you don’t have to be skilled with a needle and thread. Search the Internet
for “no-sew costumes” to find lots of ghoulishly good options. Beacon Glue
products will help affix non iron-on trims and any other items you can
imagine.
- No sweat costumes! Your child’s sweat suit provides a warm and cozy base for many creative
costumes—you just add the details. A simple cape can be constructed with
little or no sewing, then products such as Presto® stick-on
felt from Fabricland can add the Superhero logo, skeleton bones or other
accessories. Fusers such as Steam a Seam® can be used to join
fabrics and finish edges. Iron-on trims, appliqués and jewel
embellishments are also available – just use your imagination! www.flyerland.ca
- Safety first. To keep your trick or treaters visible in the dark of night be
sure to add reflective ribbon or elastic to your child’s outfit, available
at Fabricland featured on www.flyerland.ca
- Create a haunted house. Spooky-up your home by draping “cobwebs”
made from netting on the porch and bushes, planting gravestones in the
garden and hanging spiders and skulls from the trees or gutters. Visit
Flyerland.ca to find fun and frightening Halloween décor items.
- Stock up on treats. Check out Flyerland.ca for bewitching bargains on all the tasty
treats little goblins will love.
- Shop last-minute shopping. Zellers, Wal-mart and other retailers are
all offering spine-tingling savings on adult costumes and accessories. Mix
items such as leftover make-up, wigs, scary masks, fake teeth and
mismatched costumes to invent your own frightfully original disguises.
View their flyers on www.flyerland.ca
Plan for next year. Once the witching
hour is over, head back to your favourite stores for devilish deals on costumes
and décor for next Halloween.
By Debbie Frye, General Manager, Flyerland.ca
Getting your ghost on and unleashing your inner ghoul is big business for Canadian retailers, but the current economy is scaring off consumers. A recent survey says that consumers are expected to spend an average of $56.31 on Halloween, down 15% from last year.
"The economy has caught up to Halloween this year," says Tracy Mullin, President and CEO of the National Retail Federation. "Since retailers know that Americans will be looking to celebrate on a budget, there’s no doubt we will see creative costume and decorating ideas in every price point imaginable."
The Retail Council of Canada has not reported any spending gains over the 2008 Halloween season for trick-or-treaters on this side of the border.
To help you have a howl of a Halloween without creeping out your cash, here are five frugal tips for tricking out your candy, costume, and party this Hallows' Eve.
1. Don't say "Boo" to Bulk Bins
Stop shrieking over the cost of Halloween candy. Big savings can be found by shopping for treats in the bulk food bins. Safely wrapped candy bars and toffees can be had for 10-60% off the cost of the same candies in expensive packaging on store shelves. So skip the supermarket aisles and bulk up on treats from the generic bins. The savings won't scare you, promise.
2. Make Freakish Foods with Your Kids
Get your fingers messy by making some scary and fun Halloween foods with your kids as a weekend activity. Fun Halloween fare can be made healthfully and frightfully on a frugal budget, and keeping the little ones busy for a few hours is priceless.
Make a Freakish Frog with Fly: Carve up an apple, get a spoon full of nut butter, add a fruit leather tongue, and stick some raisins with almond wings and you've got yourself one scary (and tasty) frog to make your kids howl with delight.
Check out these radical recipes Gross, Easy, and Fun Halloween Foods for Kids for more scary ideas.
3. Create Costumes that Don't Cost
It's not hard to save a few toonies by going loonie for your current wares. Chances are your best costume ever is already hiding in your closet. Here are some quick and cheap costume ideas already lurking in the depths of your wardrobe:
- Dress as a decade. Got a leather jacket and a pair of jeans? Go as the 50s! If you've got a set of platform shoes and a pair of bell bottoms, then you're the 70s.
- Coordinate in a color. Do you wear lots of pink, blue, green, or orange? Then become a blast of colour and tell everyone you've "gone green" or you're "tickled pink".
- Get in uniform. If you've ever played on a sports team or been in a band then you've got an instant costume. Or throw on some face paint and be a sports fan.
If you're still stuck, try these no-sew Halloween costume ideas.
4. Be the Halloween Host
Offering to host the Halloween party can be a sneaky way to keep your costs in check. Inviting your friends over for a potluck is an easy way to cater your event for free. Besides, staying home cuts out taxi fares and money-hungry parking meters.
5. Decorate Your Halloween Digs on a Dime
Gracious Halloween party hosts have endless ways to decorate on a dime. If you're throwing a party, set an eerie mood inside with some inexpensive and colourful novelty light bulbs. Carve a few pumpkins, set up some used candles, and legally download free music to set a scary tone.
To stage your lawn for Halloween night, just stuff some leaves into an orange garbage bag and get the kids to decorate the bag with scary faces. Or make your own headless body by stuffing worn clothing into an old plaid shirt and a pair of jeans. Don't forget to add a pair of boots to really give your neighbours the creeps.
Celebrating Halloween the frugal way is simple if you give yourself the time to plan and the creativity to shop inside your home for costumes and decorations.
Your Turn: Got any tips for celebrating a frugal Halloween?
It’s that magical time of year when the kids dress up as ghosts and ghouls for a night of trick or treating, and Mom and Dad receive their invitation to the annual masquerade party. But beware…renting or buying costumes for the whole family can be wickedly expensive. If you’re haunted by the over-spending of Halloweens past or spooked by the idea of designing new costumes, have no fear. With these tips and tricks you can create devilishly clever costumes and save.
- Make your own costumes. Stores like Michael’s offer art supplies and decorations that can inspire ideas and add the perfect finishing touches for any costume—check out their flyer at Flyerland.ca. It just takes a little imagination!
- Think “inside” the box. Cardboard Box Costumes are fun to make—all you need is some paper, paint, electrical tape or glue and of course, cardboard boxes!
- An iPod makes a cool costume—take a large rectangular box with holes cut for the head, arms and legs and paint it your favourite iPod colour. Paste on construction paper for the dials and buttons, then just add earphones.
- For a cute jack-in-the-box, remove the top and bottom from a square box. Use strong fabric for shoulder straps and secure on the inside. Paint a harlequin pattern all around and create a matching jester hat, complete with jingle bells.
- Cover a box that extends from shoulders to waist with a plastic table cloth and cut a hole for the head. Glue on a paper plate, cup, plastic cutlery and other items. Create a hat made from the plate, cup and cutlery and you have a table set for two.
- Bag it! Plastic garbage bags cut with holes for the head and arms provide countless possibilities.
- A clear plastic bag filled with coloured balloons becomes a bag of jelly beans.
- Stuff an orange bag with newspaper, paste on a construction paper face or draw it with a black magic marker to create a friendly or scary jack-o’-lantern.
- Use a black garbage bag stuffed with newspaper for the body, cut another bag in strips for the legs and secure with black electrical tape to create a creepy spider.
- Neat sheets. A simple bed sheet can make a dream costume.
- Knot a sheet over one shoulder to make a toga. Use a garland for a crown and spray paint it gold for a royal touch. Add details with gold cuffs at the wrists and tape gold trim around the bottom.
- To create an angel, cut a hole in a bed sheet for the head and trim to the correct length. Tie a gold cord around the waist, and make a halo and wings from cardboard covered in tin foil.
- A gray or black bed sheet draped over the head and cut into tatters plus a bit of face paint transforms a simple ghost into a frightening Dementor right out of Harry Potter.
By Debbie Frye, General Manager, Flyerland.ca
Getting married, buying a home, and starting a family are all major life changes that require a shift in spending. Sure, the Simple Budget Worksheet is a great starter tool for singles or new couples, but how do you account for your family's evolving financial needs?
With diapers to buy, tuition to pay, and a myriad of unforeseen expenses blowing your bank account, setting up a family-specific budget can help you identify the costs before they become debts. Using this yearly (and free) Family Budget Planner can also show you where to cut costs so you can save for RRSP contributions, family vacations, or after-school activities for the kids.
Getting your family budget started
If you're new to budgeting or need a quick refresher, then check out 3 Steps to Starting a Simple Budget and How To Track Your Expenses to help you get your month-to-month costs counted and your income tallied.
Using government benefits to boost your budget
Starting a family can be expensive, but there are several benefits and tax credits available to families looking to boost their budgets -- so don't leave this money on the table if your family qualifies!
- Canada Child Tax Benefit: A tax-free monthly payment designed to assist families with the cost of raising children under 18 years of age. The basic benefit is $1,340 a year for each child.
- Universal Child Care Benefit: A monthly payment of $100 per month for each child under the age of six. Payments are taxable in the hands of the lower-income partner.
- Children's Fitness Tax Credit: If your kids are into sports, then don't forget to claim up to $500 in registration costs to receive a non-refundable tax credit of up to $75 for each child under 16 years of age.
See Child and Family Benefits for application forms and more information on each of these programs.
3 ways to keep the family budget friendly
Money can become a marriage breaker if either spouse disagrees on how to spend or save the family income. Here are 3 ways to get the family on the board with the budget and make money a family affair:
- Budget With Your Spouse: You know that budgeting is good for your finances, but it can be good for your marriage too. Setting aside some time each week to discuss money matters with your partner can help prevent financial arguments in the future. Knowing your joint costs for food, shelter, and life's necessities can help you decide as a team if you've got the cash to go on vacation.
- Include the Kids: Giving the kids an allowance and making them earn the money can be a great way to teach your children about the value of a dollar. Getting them started young with their own bank accounts can help you raise financially savvy youth. If your kids understand how credit cards and loans work, chances are they won't get into trouble with plastic or face massive student debt in the future.
- Build in Flexibility: Life is constantly changing so it pays to account for seasonal shifts in your budget. Besides, building a little padding can go a long way when the heating bill rises in the winter, tuition needs paying the fall, and the family wants to go on summer vacation.
Family budget planner instructions
Use this free Family Budget Planner spreadsheet to plan your family income and expenses over the year. It's easy to use -- just enter your income, list your expenses, and review your numbers. Finding places to cut costs and increase savings is a sure-fire way to balance the family books and account for life's changes.
Your Turn: Got any family budget tips for keeping on track with your partner or for raising financially savvy kids?
Throughout the recent economic meltdown many people started cutting back on their spending and living on less. The Canadian economy is moving toward recovery, but it still pays to be frugal, especially when you’re saving for the things you really want. Maintaining your recession shopper savings strategies—even in good times—can help you keep more cash in your pocket. Here are just a few of the valuable lessons learned through the recent financial crisis that we should keep in mind no matter how the economy is doing.
- Review your spending habits. Do you know where your money is going each week? One tried and true trick is to track every purchase for a week or two. Write down everything from the grocery bill to the cost of your morning latte. You will likely see spending patterns emerge and places where you can cut back and save.
- Use a shopping list. More people are using—and sticking to—lists to plan shopping trips. This helps to avoid over-spending or purchasing items you don’t need. And, why not try shopping for things like groceries online, where there might be less impulse buys if you can’t see and smell the goods.
- Shop the sales. Who doesn’t like buying stuff on sale? Check out Flyerland.ca for the latest flyers—not only for deals on groceries but clothing, electronics, furniture, home improvement and much more!
- Buy in bulk. When you find a great deal on the items you use every day—food staples and non-perishables, cleaning supplies, laundry detergent or dog food—stock up and save.
- Try other stores. If you shop at the same supermarket you could be missing out on super savings. Flyerland.ca posts flyers for all the major stores, making it easy to compare prices.
- Use points cards. When your favourite products are on sale or can earn you bonus points, buy a bunch. The points add up and can save you money on future purchases. Take a few minutes to register for the points program at your local stores. Shopping at Sobey’s, Loblaws, Metro and Shopper’s Drug Mart can earn you points, and that adds up to savings. The caveat is to make sure that you are buying things that you need or use often.
- Invest your savings. People are budgeting smarter and planning better. And with all the money you’re saving there are ways to invest. Contribute to an RESP for your children, or open a Tax-free Savings Account and save up to $5,000 each year without paying tax on the interest. You can also use your savings to pay down your mortgage or up your RRSP contribution—your financial planner can recommend the strategy that’s best for you.
By Debbie Frye, General Manager, Flyerland.ca
Need a new kitchen, bathroom, or furnace before the end of the year? Then you could qualify for a non-refundable tax credit of up to $1,350 just by renovating your home.
Under the Home Renovation Tax Credit (HRTC), if you are a homeowner spending between $1,000 and $10,000 on completed projects and items purchased after January 27, 2009 but before February 1, 2010, you can claim qualifying expenses on your 2009 tax return. The maximum tax credit is $1,350, even if you spend over $10,000 for the renovation.
If you don't have the cash to renovate, then consider a simple do-it-yourself project to reduce energy costs this winter. These 3 Simple Attic Insulation Methods cost under $100 and can cut your heating bill by thousands over the years you own your home.
Renovations you can claim
Numerous home improvements for the home, cottage, or condo are included in the HRTC program. The trick is your claimed renovation expenses must be of an "enduring nature" to qualify. Here are a few qualifying examples:
- Renovating a kitchen, bathroom, or basement
- Windows and doors
- New carpet or hardwood floors
- New furnace, fireplace, water softener, water heater
- Re-shingling a roof
- Painting the interior or exterior of a house
- Landscaping
- And many more
Renovations you cannot claim
If you're looking to cash in on cleaning the carpet then you're out of luck. The cost of routine home repairs and maintenance does not qualify. Neither do these home expenses:
- Furniture, appliances, and audio and visual electronics
- Purchasing of tools
- Maintenance contracts: furnace cleaning, snow removal, and lawn care
- Financing costs
Calculating your credit
Don't confuse the Home Renovation Tax Credit with a cashable check for $1,350, because it's not. The HRTC is a non-refundable tax credit, which means it reduces your federal income tax. If all your non-refundable tax credits total more than your federal income tax, you have no federal income tax to pay, and you won't receive a refund for the difference. So it pays to plan ahead and consider your 2009 federal tax bill before renovating.
Also, to get the full benefit from the HRTC you have to spend at least $10,000 in renovations, and that $10,000 only results in a $9,000 "maximum allowable home renovation expense" after deducting the $1,000 base amount. Here's an example HRTC calculation:
Homeowners Jan and Ken pay $4,500 to renovate their bathroom and spend $325 to paint their kitchen.
- Total Eligible Expenses = $4,825
- Minus Base Amount of $1,000 = $3,825
- Total 15% Non-Refundable Tax Credit = $573.75
Claiming your credit
You must keep all supporting documentation and receipts proving the cost of your renovation. You don't need to submit these receipts with your tax return, but have them ready in case the tax man comes calling.
Check out the Canada Revenue Agency's Home Renovation Tax Credit FAQ to find the answers to many common questions.
Your thoughts: Will you be renovating your home this year to take advantage of the Home Renovation Tax Credit?
Thanksgiving is a time to celebrate and enjoy a wonderful meal with family and friends. But, there is often so much to do and the last thing you want is to be running around all day, missing the fun. Last week we took a look at how to plan wisely for your Thanksgiving feast, and today, we’ll talk about tips for how to shop and still having time to enjoy the day. You’ll be thankful for all the money you’ll save!
- Shop on Friday or Saturday. Most store flyers are released on the weekend – this is also when the stores have the most stock and the best choices, so shop as early as possible. Now it is going to be busy so wear comfortable shoes and bring a coffee. Shop and compare in advance.
- Know the brands. Generic brands can be just as good in quality as the national brands, but can save you money and this can especially be true for the side dishes for Thanksgiving. Also look high and low on shelves when you shop as highest price items are usually at eye level.
- Take advantage of great deals. If you find a good deal on turkeys, why not pick up a second one for the next holiday. Or donate one to a homeless shelter or food program. You may also want to check back after the holiday when the turkeys go on sale – this is a great time to pick one up for December holidays as well.
- Know how much turkey you need. Quantities vary depending upon whether you have a group of big eaters and want to have leftovers, but plan for approximately 1.3 to 1.5 lbs or 0.6 to 0.75 kg per person. For 6 people that’s an 8 to 9 lbs or 3.5 to 4.5 kg turkey.
- Buy in bulk and share. Shop with a friend and make it a great chance to chat and catch up while you shop and wait in line. Get together with friends to buy staples on sale in larger quantities then share them with everyone. Or cook a few pies and your friend cooks other items and share.
- Shop around. Check out flyers for different stores at Flyerland.ca to find the best deals, especially on staples you can buy in bulk. This is a great time to stock up on ingredients for the holiday season. Remember 3 times the quantity at 2 times the price is the average savings.
- Know how much to cook. You don’t want to run out of food, but you don’t want to overcook and have it go to waste either. Be sure to read labels for recommended quantities, bearing in mind that you’ll be offering a selection of dishes.
- Try new recipes. Check out Canadian Living or Chatelaine to find new and exciting variations on traditional recipes. You can also have recipes ready to make use of any leftovers. A bigger turkey cooks more evenly and also provides the leftover for lunches other meals. Why not pick 3 great recipes all from different cuisines or get the kids to help and search online for recipes they like and can help out with? Then you can save some time and keep them busy.
Debbie Frye, General Manager, Flyerland.ca
Paying off your credit card bill just got a little bit easier. Maybe.
On January 1, 2010 a series of new rules will take effect that force banks to clarify payment details on your credit card statement and provide a standard grace period to pay off your plastic.
Under these rules, credit card companies must also give you advance notice of interest rate increases, stop credit limit increases without your consent, and limit debt collection practices.
But you'll have to wait until next September before the biggest change kicks in, when banks must give you a mandatory minimum 21-day interest-free grace period on all new credit card purchases when the outstanding balance is paid in full.
Interest rates and fees still high
Critics of the credit card regulations say the changes do little to help consumers.
"Skyrocketing high interest rates and the growing number of superfluous fees are the biggest hindrances for consumers," said New Democrat MP and consumer protection critic Glenn Thibeault in a statement. "If the government wants to protect Canadian credit card users, it must go all the way and implement substantial regulations that would put a cap on interest rates and eliminate many of the excessive fees that consumers are being charged."
Thibeault proposes that capping credit card rates at five per cent above prime would help "Canadians who are stuck paying interest rates as high as 25%" and would provide better protection from gouging, giving real relief.
Your new statement
Expect your credit card statement to look different in the new year when lenders must add a summary box that describes all fees and shows you how long it would take to fully repay the balance if you only make a minimum payment every month.
For example, under the new rules a summary box may show that a $5,000 credit card balance at an 18% interest rate would take 11 years and two months to pay off if you only make minimum payments. The total interest paid is about $2,873 and the total tab is $7,873.
But you don't have to wait for these new changes to see how interest rates and minimum payments bust your budget. Check out this Credit Card Calculator to get the facts today and see how many years it will take to payoff your balance. Results may shock you.
For more information on the changes coming to your credit card, see the regulations in the Canada Gazette.
Your thoughts
Do you think the new credit card rules go far enough? What would you like to see done differently by lenders?
Saving for the future just got easier for Canadians with
disabilities.
A program called the Registered Disability Savings Plan
(RDSP) helps eligible people with severe and prolonged disabilities, their
families and others save for their future financial security. RDSPs allow
tax-deferred growth of contributions – much like a Registered Retirement Savings Plan (RRSPs) – up to a lifetime
maximum contribution of $200,000 with no annual limit.
All Canadians under the age of 60 who qualify for the
Disability Tax Credit are eligible to set up an RDSP. If the person is a minor,
their parent or legal guardian may establish the RDSP for them. Qualifying for grants and bonds
In addition to the plan’s tax benefits, the government also
offers generous grants of up to $3,500 per year and a bond of up to $1,000 for
low to mid-income families.
The grants require a contribution and are income-tested. For
families with an annual income under $77,664, the grant recipient receives $3
for every $1 contributed on the first $500 and $2 for every dollar on the next
$1,000. This means a contribution of $600 earns the grant recipient $1,700. If
household income is above $77,664, the government matches contributions dollar
for dollar up to a $1,000 maximum. The lifetime grant limit is $70,000.
In addition to grants, RDSP recipients with a family income
under $21,816 can qualify for a bond of $1,000 for just opening the account. The
lifetime bond limit is $20,000.
Withdrawals from the RDSP can be made at anytime and include
a blend of taxable and non-taxable amounts. Contributions are not taxed as
income when paid out of an RDSP. However, investment income, capital gains, and
all bond and grant amounts in the plan are taxed as income in the hands of the
beneficiary. Because the plan is intended to encourage long-term savings, any
bond or grant amounts withdrawn within 10 years of being paid into the plan
must be repaid. So, it makes good financial sense to keep this money growing
tax-deferred for as long as possible.
How to start an RDSP
There are a few qualifications the beneficiary must meet to
be eligible for the RDSP. The Planned Lifetime Advocacy Network (PLAN), a non-profit organization aimed to help families and those with disabilities, offer these RDSP qualification steps:
- Make sure you or your relative qualify for the Disability
Tax Credit.
- Be a Canadian Resident and have a valid Social Insurance
Number.
- Be under 60 years of age.
- If your child is under age 18, make sure you sign up for
the Canada Child Tax Benefit.
- File a tax return for two years prior, to receive the
Grant and Bond.
After completing these steps, you can set up an RDSP with
any Canadian financial institution that offers the plan. The deadline for making
an RDSP contribution and applying for any grants and bonds for a given year is December 31st.
For more information on RDSPs, Canada Disability Savings
Grants (CDSG), and the Canada Disability Savings Bond (CDSB), see Human Resources and Skills Development Canada and Canada Revenue Agency.
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September 2009
