13 Jul 2012

Spending money often involves self-deception

Just about everyone tries to save their money, but often the allure of spending can be too much to resist. Sometimes, buyers have to argue with themselves in order to make a purchase, and this can result in a bit of self-deception in order to open up the wallet. Moneysense recently named the top "lies we tell ourselves" when spending money in order to justify purchases.One of the more common phrases people tell themselves is "it's an investment." For example, someone buying a new suit can say they're "investing" in their new job. Don't kid yourself, however – spending hundreds or even thousands of dollars on an outfit isn't necessary for even the most stodgy jobs.The "once in a lifetime" purchases can be tempting as well. Often, this phrase is used when talking about big trips or vacations. While it can be tempting to drain the bank account and globetrot around the world, your financial well-being will thank you for…

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29 Jun 2012

With the price of Canadian houses on the rise, many homeowners may struggle to make a down payment on the homes they are looking at. For example, the average price of a house in Toronto for May 2012 is $516,787, according to Moneyville.ca. At that price, the minimum down payment would be somewhere around $25,000.Fortunately, Canadians have an option for assisting with their down payment. The Canadian Home Buyer's Plan allows first-time buyers to take up to $25,000 out of their Registered Retirement Savings Plan (RRSP). However, this money needs to be paid back over time for the buyer to avoid a tax penalty.For those buying a home with a spouse, the rule allows for both wife and husband to…

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8 May 2012

Real estate agents can be extraordinarily helpful with selling a home, but the service doesn't come cheap – all agents take a commission based on the final sale price of the home. Thus, many buyers who want to avoid these fees and walk away with more money in their pocket are opting to instead sell the house on their own, reports Moneysense.ca.While this can save money, buyers need to understand that it'll be much more work without a real estate agent. For starters, agents take care of their own – and if you're selling a house by yourself, don't expect other realtors to begin lining up potential customers for you. You'll likely have to do the legwork yourself in reaching…

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30 Apr 2012

Saving for retirement is extremely important, but even those who build up their nest egg diligently may face some unexpected expenses during their golden years. A recent report by McKinsey and Co. indicates that many Canadian seniors will have to cut their spending as they enter retirement.Fortunately, there are many pain-free ways for seniors to save money in old age, according to U.S. News and World Report. For example, insurance is one cost that tends to fall by the wayside as one gets older. Life insurance is mainly taken out by parents who want to ensure their children will be taken care of should something happen. Most seniors' children are fully independent however, meaning this cost can be cut. Seniors…

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28 Dec 2011

Business owners in Ontario who are just starting out or need more space than their home office allows can consider workspace storage units at Toronto storage facilities. Self storage centers often offer temporary venture space that are internet-ready.This alternative to renting an office space can be just the ticket, especially since commercial real estate forecasts indicate that finding space may be difficult in 2012. A recent report by Cushman and Wakefield Canada (C and W) indicates that office vacancy rates have been declining rapidly across the nation, and this trend will continue into 2012."With forecasted economic growth for Canada at just under 3 percent in 2012, demand for office space will remain steady, increasing pressure for new property developments," said Pierre…

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8 Dec 2011

As Christmas approaches and the city is decked out in red and green, Canadians can live in a more "green" fashion by making a few changes to how they celebrate the holiday season.According to a recent survey conducted by Ipsos Reid, Atlantic residents are the least likely to recycle wrapping paper after they've open their gifts among all Canadians, opting instead to throw the strips of paper away in the garbage.Bernard More, a sustainability expert, said families should try to get into the habit of making more environmentally friendly decisions when celebrating the holidays."By slightly altering your family's long-held traditions, you can reduce waste and lessen your family's environmental impact at a time of the year when waste levels are…

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10 Nov 2011

With mortgage rates in record-low territory, a considerable number of Canadians reacted by refinancing or renewing their mortgages this year, a new survey reveals.In its Annual State of the Residential Mortgage Market report, the Canadian Association of Mortgage Professionals indicates that nearly 25 percent of homeowners renewed or refinanced their mortgages in 2011. Nearly 80 percent of homeowners who modified their mortgages saw a reduction in their rates."Despite less than positive feelings towards the economy, or maybe because of that, Canadians are showing a level of prudence in their decisions that is inspiring," said Jim Murphy, CEO of CAAMP. "They are planning ahead [and] aggressively paying down their mortgage in advance of any further economic jolt."In addition to refinancing and…

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20 Jul 2011

While planning and packaging can go a long way in making sure the moving process goes as seamlessly as possible, mental preparation may be more important. According to a recent poll of immigrants who have lived in Canada for 10 years or less, 60 percent of respondents said preparing one’s self emotionally and mentally was the most crucial aspect for what it takes to adjust to Canadian life. “Moving to a new country is a life-changing decision and being mentally prepared for the challenges of a different culture can really help ensure a successful move,” said Camon Mak, director of multicultural market for Royal Bank of Canada, which conducted the poll. Mak went on to say that becoming involved in…

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