Frugal Approaches to Foreign Currency Exchange

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Frugality and efficiency go hand in hand. Us frugal folk – we’re weird, you see. We overbuy discounted things in bulk to save money and time in the future. We frequently talk the shortest route walking anywhere because any additional step would be inefficient. We are minimalists with little clutter (or at least we aspire to to be).

But one area where efficiency is simply difficult to achieve is when we shop elsewhere – specifically in other currencies. Left and right, the ability to transact in a currency other than the Canadian dollar is provided at sometimes ridiculous premiums of up to 10%.

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March 2018 Financial Update

March net worth

So remember how last month I was complaining how much I spent? I didn’t fare much better. In fact, I wound up spending even more money, courtesy of the car, a concert, and a bit more socializing out on the town. After two months of higher spending, I’m hoping I can use April to get back into my regular $2000/month spending range, give or take 10%. This month, however, I spent $2950.62, which is almost 30% more than my usual outlay amount.

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We Will All Feel the Financial Pinch

Money will inevitably get tighter. Always.

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My sister confided in me how difficult her life is to keep financially afloat. A kid in daycare. Car payments. A mortgage. Flat income growth. This was a woman who was living the life not less than 5 years ago, living rent-free at home, making almost six-figures and saving close to 95% of her take home pay. Now? Not so much.

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Stressed About RRSP Time? Try this.

Why you shouldn’t fear the deadline.

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March 1st. The day every year where Canadians rush to the bank to contribute to their Registered Retirement Savings Plans (RRSPs).

The benefit is real: contributions made before the deadline can be deducted from a Canadian’s taxable income in the 2017 tax year, which either reduces a tax hit or can generate a refund. Meanwhile, RRSP money grows on a “tax-free” basis (more on that later…), with the withdrawals getting  tax deferred treatment in retirement at a lower rate (ideally, if you plan it right).

Continue reading “Stressed About RRSP Time? Try this.”