If the chilly winter weather makes you want to hibernate,
take heart! Here are fun and cheap activities the whole gang can enjoy, right
in the comfort of your own home. These entertaining ideas will provide hours of
family fun without costing a bundle.
- Board game tournament. If you’re bored being inside, let the board
games begin! Choose your favourite classic games or try something new. Check
out our flyers online such as FG Bradley, Zellers and Wal-Mart to name a
few. You may even find some games hidden in one of your closets!
- Movie night. Catch up on the movies you’ve missed by renting a bunch for a
weekend movie marathon…just add the popcorn. The seats are comfy and you’ll
save money on snacks. Rent or buy, there are many deals available check
out HMV or other advertisers. You
can even trade movies with your neighbours, friends or family, we all have
movie collections!
- Awards show event. Award show season is here, so make it an event! Have everyone
dress in their evening best, roll out the red carpet and serve special
hors d’oeuvres. Make it more interesting by visiting the show web site to
print out the list of nominees, cast your votes and keep score during the
show, with cool prizes for the winners. Many great affordable gift items
on Flyerland.ca.
- Iron chef cook-off. Have two family members choose their best culinary creations, set
the timer and get cooking! Others can act as assistants, and the whole
family can judge and enjoy the results. Be careful with younger kids
around hot stoves and sharp knives—be sure there is adult supervision. You
can find fantastic deals on culinary items at The Bay, Zellers and other
great advertisers on Flyerland.ca
- Backyard Olympics. Turn your backyard into the Olympic village. Organize winter
sports events or make up your own using items around the house and yard.
You can even design medals and hold an award ceremony. There are always
fantastic offers from National Sports, Bass Pro and more.
- Wii competition. Create your characters then host a round robin sports tournament or
choose from any of the many popular games. Check the flyers from Wal-Mart
on Flyerland.ca for great savings on a Wii console, games and accessories.
- Act like a kid. Get in touch with your inner child and play with your kids. You
can build a fort, play dress-up or put on a show—just use your imagination
and have fun! Check out the Toys ‘R’ Us flyer on Flyerland.ca for costumes
and other items.
- Arts and Crafts day. Kids love to create, so clear off the kitchen table, bring out
your big box of craft supplies and let everyone play together. From
painting to clay to scrapbooking, there are lots of inspired ideas – Check
out the Michaels weekly flyer and coupons on Flyerland.ca
- Romantic evening for Mom and Dad. You don’t need to book a fancy hotel or
expensive restaurant to share a little romance. Arrange for the kids to
sleepover with friends, and enjoy a bit of alone time by cooking a gourmet
dinner together. Add a few candles and your favourite music to set the
mood.
By Debbie
Frye, General Manager, Flyerland.ca
Getting rich doesn't happen by accident. Sure, a few lucky folks may win the lottery and become instant millionaires overnight, but for the majority of us the best way to strike it rich is to work for it.
With the Tax-Free Savings Account (TFSA) though, all the heavy lifting isn't left to you. Your TFSA can do wonders to boost your savings and make you rich -- these five ways are a great start to padding your pocket book. As a quick refresher, here's the 5 Minute Guide To Your TFSA.
1. Harness the power of compound interest
Your TFSA allows you to take full advantage of the power of compound interest since your income from it is never taxed. Every dollar saved in your TFSA earns you income, and over time that money compounds with amazing results.
For example, investing $5,000 in a TFSA annually at 5% will total almost $850,000 in compound interest in 50 years. With your contributions totaling a quarter million dollars, it's stunning to see how the power of compound interest more than triples your investment making you a millionaire.
TFSA contributions: $5,000 per year
Rate of return: 5.0% compounded annually
Total amount contributed: $250,000
Total interest: $849,047
Total after 50 years: $1,099,077
When safely saved in your TFSA you get to keep every penny of compound interest.
2. Pay less cash to the tax man
If you want to pay less of your hard-earned cash to the tax man, then your TFSA is a surefire way to grow an investment and keep it for yourself.
For example, investing $5,000 in a TFSA annually at 5.5% will save you around $40,000 in taxes over 25 years. Your TFSA could total around $262,700 where in a taxable account you'd be left with just over $222,600.
TFSA contributions: $5,000 per year
Rate of return: 5.5% compounded annually
Income bracket: $40,000 - $79,999
Term of investment: 25 years
Tax savings: $40,069
Try the Government of Canada's TFSA Calculator to see how your income bracket affects tax savings.
3. Contribute as much as you can
Sure, contributing the maximum of $5,000 annually to your TFSA is ideal, but who has that kind of cash? The good news is contributing even a little bit of dough every year can make you rich.
If you can scrimp and save $500 a year for 35 years at 5.5%, your TFSA will be worth around $52,880. As a consistent saver you'll earn over $35,000 in interest with just a $17,500 total contribution!
TFSA contributions: $500 per year
Rate of return: 5.5% compounded annually
Total amount contributed: $17,500
Total interest: $35,380
Total after 35 years: $52,880
Even saving a bit in your TFSA can add up to big bucks over time.
4. Contribute at the beginning of the year
Here's a tip that costs you nothing -- contribute to your TFSA a the beginning of the year to maximize your investment growth and save much more.
For example, a person who contributes $2,500 on January 1st at 5% has around $33,017 after 10 years, while those who wait until December 31st of the same year end up with just over $31,445 -- that's an increase of $1,572 just by investing sooner. Planning ahead and contributing to your TFSA on January 1st and not putting it off until the end of the year could earn you thousands more over time.
5. Contribute with a spouse
If you have a spouse then you've just doubled your TFSA investing and compounding power. Since each person can contribute up to $5,000 per year, couples together have $10,000 combined annual space. After 25 years of maximizing their contributions at 5%, a couple could save over a cool half a million together with $251,000 earned from tax-free compound growth.
Your Turn: Are you contributing to your TFSA? Do you see the compounding power?
Stashing away some extra cash for a rainy day is easier thanks to your Tax-Free Savings Account (TFSA). If you haven't opened a TFSA yet, here's how to take advantage of this savvy way to save big and pay no tax on earned income.
What is a TFSA? Who can contribute?
A TFSA is a registered account that allows Canadian residents to earn investment income tax-free. The contribution rules are simple -- you must be a Canadian resident, have a Social Insurance Number (SIN), and be at least 18 years old.
How much can you contribute?
In 2009 you could contribute up to $5,000 of your after-tax income to your TFSA. Starting this year, the annual contribution limit will be indexed to the inflation rate and rounded to the nearest $500. Assuming an inflation rate of 2% for this year, the limit remains at $5,000 for 2010. Don't worry if you can't muster the maximum amount this year, all unused room can be carried forward to future years.
Contributing even a few dollars to a TFSA every year can add up. For example, investing $1,000 annually at 5% interest saves you from paying around $680 in income tax over 10 years.
Unlike a Registered Retirement Savings Plan (RRSP), contributions made to a TFSA can not be deducted from your income to reduce taxes.
How do you make withdrawals?
Your TFSA contributions and investment returns are always accessible, so you can withdraw the money at any time without paying a penalty or getting taxed. If you need a new roof over your head or suddenly have a car repair, then you can use the money in your TFSA with no questions asked. And any money withdrawn from your TFSA can be replaced at a later date -- you don't lose the contribute space if you use the money.
How do you open a TFSA?
You can set up a TFSA at your favourite bank, credit union, or other financial institutions. Don't forget about smaller online banks -- many offer competitive rates on high interest savings accounts and are just a click away. If you like the offerings at several banks, you can open more than one TFSA. Just be sure that your total contribution amount does not exceed your TFSA room for a given year.
What can you invest in?
Like your RRSP, your TFSA allows for many types of investments, including stocks, bonds, mutual funds, GICs, and cash. If you want to use your TFSA like an emergency fund and have the flexibility to withdraw from it at any time, then you can even keep your cash in a registered high interest savings account.
Does a TFSA impact other income-tested programs?
No. Neither the income earned in your TFSA nor withdrawals from it affect your eligibility for federal income-tested benefits and credits, such as the Canada Child Tax Benefit, the GST credit, the Age Credit, Old Age Security, or the Guaranteed Income Supplement benefit.
See the Government of Canada Tax-Free Savings Account website for more information.
Your Turn: Do you have a TFSA? Do the think the current TFSA contribution limit of $5,000 is enough?
Getting in
shape and losing weight are among the top resolutions every year. But the cost
of gym memberships, personal trainers and workout equipment can really add up.
The good news is you don’t have to spend a lot of money to begin a workout
program and achieve your fitness goals. These tips can help you shape up your
physique without slimming down your bank account.
- Just get moving! Many people think that you need to join a gym or purchase expensive
fitness equipment to get in shape. But experts suggest that if you have a
good pair of workout shoes and some warm clothing, just getting outside
and walking is a great way to get started.
- Take advantage of free trials and discounted classes. Many gyms, health facilities
and yoga studios offer beginner discounts that allow you to try out their
classes at a reduced rate before you join. Check out deals on
Flyerland.ca...Curves has a 30 day free offer!.
- Add variety to your workout. When you’re out for a walk or run, go
to the park or use play structures, stairs or hills in your neighbourhood to add some fun
and pump up your workout. Multi-
task by taking your dog on a walk or borrow a friends dog to help out!
- Shop the sales on workout equipment. Many discount retailers offer great deals
on fitness equipment items including yoga balls, strength bands and hand
weights. These can give your workout added flexibility at super savings.
Check out Flyerland.ca health and fitness category in flyers, we have tons
of offers on our site.
- Look for special deals. At this time of year, many fitness
facilities offer New Year’s specials. You can stretch your dollars by
taking advantage of these membership deals…but only if you actually use
it. Be sure you’re committed to a regular workout plan before you sign on
the dotted line.
- Review your gym contract. Understand the actual price of your gym
membership and consider any hidden costs – are you paying for towel
service, parking or daycare? Bringing your own towels, walking or biking
to the gym, and having your spouse watch the kids could save you money
each month. Think about the cost per visit...make and make a commitment to
use the membership efficiently.
- Get a workout buddy. If a personal trainer is not in your budget, find a fitness
friend. When you make a commitment to workout with a partner, you are more
likely to get out for that run or go to the gym. Plus, you can help and
encourage each other when one of you is not feeling quite so motivated.
- Check for healthy food deals. Shop the grocery store sales for fruits,
veggies and other healthy snacks. Visit Flyerland.ca every Friday to view
the new flyers for the coming week.
- Drink water. One easy health tip is to drink lots of water. And the best part?
It’s free!
By Debbie
Frye, General Manager, Flyerland.ca
Gym memberships are not cheap. With many private chains charging steep monthly fees, initiation fees, signing fees, locker fees, cancellation fees, and more fees, it's not hard to be on the hook for hundreds in the hope of getting fit.
If your resolution this year is to get fit, then get on target by tracking your progress with this Free Printable Workout Log. It's easy to use and fun to follow.
Fitness Membership Gotchas
But before signing on the dotted line at any fitness club, get consumer-smart with Ellen Roseman's top gotchas:
- Ask about the cooling off period: Find out the number of days you have to change your mind after signing the contract.
- Stick to a one-year membership: Going longer than a one-year contract could leave you stuck paying the membership fees if you move or change your mind.
- Ask about the cancellation policy: Does your membership automatically renew if you don't give notice? Find out how to quit before signing.
6 Ways To Cut Your Gym Membership Costs
If joining a gym is your fitness method of choice, then try cutting your membership costs with these tips:
- Get the student, senior, or family discount: Many gyms offer students, seniors, and families a discount for joining a fitness plan. Be sure to bring your student card or driver's license before signing the contract to prove your age or student status. You may have to ask specifically for this discount.
- Check with your employer: Many companies offer group or employee discounts at gyms, so it's worth asking your human resources department if you qualify.
- Use your university gym: Your Alma Mater may offer alumni discounts to graduates, so go back to school and get a reduced rate. Be sure to bring your alumni card with you.
- Try no-commitment passes: Many gyms let nonmembers visit on a trial basis for a week or two. Use these commitment-free passes to try out the facilities before buying into a membership. You'll find out fast if the club's locations, peak periods, and programs work for you.
- Find a friend: Some gyms will offer their members guest passes to entice friends to join. If a fellow friend works out at your gym of choice, try hitching a ride to try before you buy.
- Check out local recreation centres: Skip fancy gym memberships altogether by opting for your community fitness centre. Many local centres offer affordable drop-in rates for the classes you want. Your YMCA/YWCA may also offer more affordable membership rates to help you keep costs down.
Getting Winter Fit the Frugal Way
Fitness centres can be a fabulous place to get fit, but there are endless ways to burn calories without the costs. Why not go for a winter walk, go tobogganing with the kids, or use that hockey gear sitting in the basement by joining a pickup game. If you've got some ice nearby, go ahead and lace up your skates for a few laps around the pond. Many cities have an outdoor rink ready for skating. Other popular activities can include skiing, snowboarding, or snowshoeing -- just be sure to borrow, rent, or buy used equipment to keep costs down.
Your Turn: Ever get weighed down by a fitness membership contract? Do you think gym memberships are worth it?
It’s a new year and time for a fresh new start… and that includes new money habits. If you’ve resolved to meet your financial goals in 2010, this selection of our top tips can help you succeed. Just a few small changes can quickly add up to big savings—it’s easier than you may think!
- Set a weekly budget. Review how much you spent weekly last year on groceries, gas, entertainment, etc. and reduce that number by 10% to determine your new budget—and your savings. Resolve not to spend more than the budgeted amount and open a bank account to stash the money you save. Paying cash instead of using credit cards can help keep spending in check.
- Check the flyers every Friday. Most stores issue their flyers on Fridays, so visit www.Flyerland.ca to find the best deals. For the hot specials, you’ll want to shop early. Remember to ask for a rain check if an item is sold out.
- Plan your menus around specials. Before you determine your menus for the coming week, check out www.Flyerland.ca where you’ll find flyers for all your favourite retailers like [Loblaws, Metro and Sobey’s]. Once you know what’s on sale, create meals around the best deals.
- Try different stores. You may be able to get better bargains on brand name products at the discount food chains, so shop and compare.
- Order coupons. Many stores only accept glossy coupons. Visit www.Save.ca and request coupons for your favourite products. They’ll be delivered within three business days.
- Shop the end of season sales. The Boxing Week sales have been outstanding this year, but be sure to visit your favourite stores in February or March for even more discounts at the winter blowout sales. This is the ideal time to save on big ticket winter items and avoid the rush next fall.
- Find free (or cheap) activities. Enjoying a day with the family doesn’t have to cost a bundle. Check the events calendar in your community newspaper or search the Internet for “free activities” plus the name of your city to find sites featuring lots of fun things to do locally.
- Plan a cooking day with friends. Many people have a signature dish that everyone loves. Make a plan with family and friends to cook up a big batch of their best recipe and swap. It’s usually cheaper to buy ingredients in bulk, and everyone gets a variety of meals they can freeze for the week ahead.
By Debbie Frye, General Manager, Flyerland.ca
The temperature has dropped and the majority of us are knee deep in snow. After the holiday rush is over, many Canadians start to realize the dark, frosty months are here to stay and frantically begin to book March Break vacations to sunny Southern destinations.
Choosing a country or a resort is one thing to stress about, but how exactly are you going to come up with cash for this luxe getaway from the cold?
More often than not, vacations are mindlessly thrown onto credit cards to be paid at a later date. Although it seems like the easiest way to make your dream trip a reality, a simple budget can do the same - it just takes a bit more planning.
By starting a trip jar or a special savings account, you can easily add money each time your paycheque is deposited. This way, you won't see it sitting in your regular chequing account and can avoid being tempted to spend the fund you have so patiently collected.
Avoid squeezing it onto your credit card. The last thing you want is to still be making payments on your credit card for a Jamaican vacation you took the pervious year. The interest on this one trip alone could have been put towards a second vacation. Download our simple budget worksheet and take the time to develop a financial plan.
If you know the dates you want to book, don't wait. Booking in advance can save you hundreds of dollars on both flights and accommodations. Many sites offer last minute deals so it can be tempting to wait, but if you're going during peak travel seasons such as March Break, the discounts often aren't worth the panic of being left with nothing.
Last year, we booked a last minute all inclusive vacation to the Caribbean. We left just 24 hours after booking online, but because we were traveling over March Break, all we saved was roughly $100. Booking in advance would have saved us money on the vacation package, plus we wouldn't have been scrambling just days before we wanted to leave.
The point of a vacation is to relax, not stress about how you'll afford it. Plan your next trip in advanced and save both your money and your sanity.
The first week of the New Year is a great time to start anew. Many of us make the promise to lose weight, get organized, or save money. I'll leave the clutter cleaning and sit-ups for another day. Today let's talk money with these 10 Smart Financial Resolutions to Keep in 2010. Sticking to even a few can help get you on the right financial track.
1. Pay off your credit cards
With interest rates on many credit cards exceeding 18%, it's not hard to pay hundreds of dollars in interest on even a small balance. Make the resolution to avoid these 5 Sneaky Credit Card Tricks and try to end the debt sooner by paying more than the minimum balance.
2. Make a budget
Starting a simple budget can help you reach your financial goals sooner. Don't let the word "budget" scare you off -- it's just a plan for tracking the flow of money into and out of your life. The idea is to find a livable balance between your expenses and savings. Try these 3 Steps to Starting a Simple Budget, and get your free budget download.
3. Track your spending
Tracking your daily spending habits can be an eye-opening experience. You may discover that you're spending hundreds on clothing, cable, and bank fees every month without even knowing it! Get savvy with your spending and learn How to Track Your Expenses the easy way with this free download.
4. Check your credit report and credit score
It's a good idea to request a copy of your credit report once a year to verify the correctness of your personal and financial information. The 5 Minute Guide to Your Credit Report and Credit Score is great for becoming familiar with this vital information. If you're in need of a credit score boost, then check out these 7 Ways To Raise Your Credit Score.
5. Update your will
Be sure to update your will if your family situation has changed over the year. No one wants to plan for their death, but having a will in place can help your family receive their inheritance with fewer costs and delays. See Do you need a will? for some helpful tips.
6. Get the right insurance
Get the right insurance for your personal needs this year with Insurance for Singles in their 20s and 30s and 3 Costly Life Insurance Policies to Avoid.
7. Contribute to your RRSP
The Registered Retirement Savings Plan (RRSP) deadline for the 2009 tax year is March 1, 2010. Get your contributions in on time to reduce the amount of income tax you pay and to benefit from years of tax-deferred growth. You may just retire sooner!
8. Open a TFSA
If you're age 18 or older, you can contribute up to $5,000 annually to a Tax Free Savings Account (TFSA). Your TFSA is a flexible way to save for a car, home, or even retirement without paying tax on your investments.
9. Banish your bank fees
Are you paying a monthly fee or getting dinged several dollars just to access your money? Bank fees can add up to hundreds of dollars a year without you noticing. Stop paying these needless costs by moving your money to a no-fee chequing account, or by switching to a lower cost plan within your financial institution. Asking for a lower cost plan is free.
10. Become a "Couch Potato" investor
Lower your investment fees this year by using MoneySense magazine's Couch Potato Portfolio. By switching your investments from high-cost mutual funds to low-cost index funds you could save tens of thousands of dollars over the years.
Your Turn: What are your financial resolutions this year?
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December 2009
