The Coupon Box

Just over a week ago, I had an embarrassing incident at the grocery store, where I dropped my coupons all over the floor, and the cashier yelled at me for not having all my coupons sitting next to the products I was purchasing. To prevent this from ever happening again, I got myself a “coupon box”

Although mine is not as elaborate as others’, I think it will really improve my efficiency from carrying around a Ziplock bag everywhere I go.

The index box itself is small and fits in your hand. It cost me $2 at Staples (I bet I could have got one for $1 at Dollerama!)

I used it the other day and certainly found it more useful. If you create a coupon box, or have a different idea for organizing your coupons, let me know!

Any good deals in there, Butternut?

7 ways I wasted money last week

From time to time we all make mistakes and do things that cost us money instead of save it. Here are my blunders for the past several 7 days:

Monday: Busy Blunder - Didn’t have enough time to go grocery shopping and our fridge was cleaned out before the long weekend.  Resulted in too many meals eaten out during the week.

Tip: Get the house stocked with groceries before you start a new work week.

Tuesday: Running Late Blunder: Grabbed coffee and muffin at McDonalds on the way to work.

Tip: Take coffee in a travel mug and bake your own muffins and other snacks.

Wednesday: Running Late Blunder #2:  Slept in and drove to work.

Tip: Take public transit and avoid gas and parking charges.

Thursday: Cutest Blunder - Found Butternut sleeping in a basket of clean, folded laundry that I had yet to put away!

Tip: Put clean laundry away immediately! (Especially if you have naughty pets around!)

Friday: Exhausted Blunder - went to a pub after work for beers and burgers after a long and tedious week!

Saturday: Grocery Store Blunder - I didn’t realize that I could use more than one coupon for the same product.  If I had realized this I would have stocked up on cereal sales and used a wad of coupons!  

Tip: You can use one coupon per product - but buy as many products as you like! (I learned this tip at Centisble Savings.)

Sunday: Most frustrating Blunder - I didn’t realize that I had an additional coupon for a FREE bag of Purina One Cat Chow.  I just found it today - but it expired last Tuesday!  

Tip: Buy a coupon organizer!

How have you wasted money? 

Tips for living well in your small apartment

A couple of weeks ago, I read this great post about living in a small apartment.  Since we (Josh, myself and Butternut) live in an apartment that is approximately 600 square feet, I have some experience with living in small spaces.  I thought I would share with you a few tips of my own:

1. Utilize every nook and cranny available to you.  Find under-the-bed storage boxes that are custom designed to fit under your bed.  We bought two - one to use under the bed and one under the couch.  You can also get shoe organizers that hook behind your door.  I use one for my shoes and another to store things like scarves and belts.  A cloth organizer is best, because it lasts longer.  

2. Avoid buying unitaskers.  Do not buy redundant, superfluous kitchen supplies that are, as Alton Brown says, “unitaskers.” In other words, kitchen equipment that does one thing and one thing only (besides take up space.)  You end up with a lot of appliances that fill up your cupboards and pantry.  All you really need is one large pot or stock pot, a medium sized pot a frying pan, and a good knife.  We also get a lot of use out of our Kitchen Aid mixer, blender, crock pot and food processor.  We leave the mixer and food pro out on the counter in order to increase our usage.  Avoid buying complicated sets of pots and pans, knifes, and unitasker appliances. A perfect example is the bread maker.  If you have a kitchen aid mixer, this is really all you need.

Buy multi-taskers, not unitaskers

Money Saving Tip:  Buy appliances from Ebay and save hundreds!

Money Saving Tip: Shop in China Town for good quality kitchen products at half to one-third the price! 

3. Get rid of stuff you don’t need.  This can be hard, but hanging on to products or clothes you no longer use will only weigh you down.  A good article on De-cluttering your closet can be found here.

4. Make use of small outdoor spaces.  My sister, for example, has a small condo in Toronto and is able to enjoy a small rooftop patio.

Shopping for a wok in china town

 She puts it to good use, growing vegetables, herbs and flowers.  If you don’t have a patio, but you do have a south facing window, you can enjoy flowers in a miniature greenhouse, or grow cacti.

5. Be thankful.  If you are living in an apartment, be thankful.  With the current economic environment, you don’t have to worry about your mortgage or about losing your home.  You probably do not have to worry about things like paying for lawn maintenance, renovations or even utilities either, so appreciate your simple living for now as it also means lower costs and lower stress.

How to Beat Student Poverty

Some tips to beat the student debt blues:

1. Apply for Scholarships, Bursaries and Grants. The very best way to earn money as a student besides getting a part time job is to apply for scholarships.  If you are a winning candidate, it will be the best investment of time you will ever make. I spent several days applying for a SSHRC grant and it was hard work.  I had to deal with seething criticism from a professor who was, in retrospect, kind enough to edit my work and improve my proposal.  But for a grant that was worth $27,500 it was probably the most I will ever be paid for about a weeks’ worth of work.  Research all possible scholarships before going to university - research the ones your university offers but also check the internet. Many corporations or local organizations offer scholarship opportunities. During my last year in highschool, I applied to everything under the sun, and it paid off. Aim especially for the ones that are renewable.

2. Plan ahead. Your success in receiving scholarships may depend on the work you do before applying.  Be aware of this as a highschool student and as an undergraduate.  You never know if you will want to go to grad school, so leave yourself the opportunity.  Take every opportunity to publish, attend conferences, give presentations, keep your grades up, and do some volunteering or extra-curricular activities on the side.  It will pay off.

3. Take advantage of your benefits while you can!  As soon as you graduate, you are likely no longer eligable to receive any of the medical or dental benefits your university offers.  So take advantage of them while you can!  Shortly after I graduated, I met with my dentist and realized I had literally of thousands of dollars worth of dental surgery of me, and I was not yet employed.  I also had to deal with a chronic back problem and shelled out hundreds of dollars for osteopathic and chiropractic work. Even if you find employment right away, there is often a 3-month probationary period before you become eligible for your benefits.  

4. Seek out the student-friendly network of health practitioners if you are not fully covered for dental, chiropractic, massage or physiotherapy. They give students highly discounted rates. For example, if you are a grad student at the University of Waterloo, you can visit a chiropractor listed under the Chiropractic Network, and pay only $5 a visit. ($40 for an initial visit but $25 after that - and the student health plan will reimburse you for $20 per visit.)

5. Proctor as many exams as you can!  No one likes to do this, but you should take advantage of the opportunity. After all, you’ll make a good hourly wage, just for walking around a classroom and trying to look scary. 

6. Take advantage of your school gym - and enjoy yoga, pilates and all kinds of sports activities for cheap.  It’s far more economical to use your school facilities than buy a membership at another gym.

7. Milk your student card.  Ask everywhere you can if they give student discounts.  Many shops and restaurants will do this, even if they don’t advertise it.  And check the expiration date on your student card - it may expire months, or even years, after you graduate.

8. Don’t pre-drink.  Everyone “pre-drinks” before they go out as an effort to save money and it fails every time.  Why? Because you get drunk faster, and enter the bar with your inhibitions already lowered.  The more you drink, the faster you drink.  All you care about that point is having fun - the cost be damned!  If you go to the bar while sober, you’re more likely to sip slowly on a few drinks and head home.

9.Eat for free - This is a really funny post on how to get free food as a student!

10. Follow the other tips here at Saver Queen. Take your bike, walk or take public transit, take your lunch to school and bring a travel mug and water bottle with you. Keep snacks and drinks at your desk if you have an office. If you go out with friends for coffee between classes, just go for the chat and avoid buying stuff just for the sake of having a break.  

11. Take the minimum number of years to complete your degree. Work hard, and you will graduate sooner.  Slack off and you can add thousands of dollars to student debt load, just for being lazy.  Get focused, ask for help if you need it, buckle down and study. 

12. Buy Apple products online at the apple store for education or at your university store when you buy Apple products. You will save $100 off your laptop!

13. Claim all your expenses on your taxes including tuition, books, research expenses (this includes your computer, books, travel and equipment) and interest on your student loans.  If you aren’t earning enough income to make these deductions now, you can use them later.

The Top Ten List

Lately I’ve been focusing on providing recipes or small crafts that promote frugality, but today I thought I’d focus on the really big money savers: The Top Ten things you can do that will reduce your expenses - fast. 

1. Sell your car.  Instead, rely on public transportation, car-pool, use a bicycle and when you need to, rent a car.  Calculate the annual cost of your car payment, insurance, repairs, parking, and parking tickets (we often forget that one!) Surprised with the amount you come up with?  Ask yourself, is it really worth it?  If you choose not to get rid of your car completely, simply cut back.  For example, two of my colleagues at work live relatively close to each other, so they take turns each week driving each other to work.  This literally cuts in half the cost of parking, gas, not to mention the miles they put on the car commuting each day.

2.  Avoid eating out in restaurants and take your lunch to work.  Since “$10 is the new $5 lunch” you could be spending nearly $3200 a year on lunch (after tax).  Compare that to the cost of eating up leftovers or preparing sandwiches, and you’re looking at serious savings.  And that’s just lunch - if you eat out twice a week at an average of $25 a dinner, you’re spending an additional $3200, (again after factoring in taxes).  That’s savings of $6400 a year!  Stock your desk with snacks, bring your lunch, and eat at home.

3. Avoid buying some of the most highly marked up products around - coffee, water, pop, and beer. Take your own coffee to work in a travel mug, buy a reusable, good quality water bottle, buy pop by the case when it’s on sale and bring it to work with you (or go without) and avoid buying beer whenever you can. Sound trivial?  If you buy a coffee in the morning, a pop with your lunch, and another coffee in the afternoon, you could be spending about $850 a year - and that’s a modest figure, assuming each beverage is costing you $1.50 each, including tax. If you buy a pop at a restaurant, or visit a higher end cafe like Starbucks, you could potentially double that amount.

4. Avoid stores, avoid spending.  We are incredibly affected by the power of suggestion.  I personally have noticed a substantial drop in my own spending ever since I moved to the Beaches, which means that instead of walking down Queen Street West or through the Eaton Centre to get home after work, I get straight on the streetcar and get dropped off practically at my doorstep.  If you avoid the stores, you won’t be tempted. 

5. Switch grocery stores. If you live in Ontario, shop at No Frills, Price Chopper or Food Basics and avoid the higher priced stores, especially Dominion and IGA.  You’ll notice a substantial drop in your grocery bill.

6. Shop wisely and consciously.  Plan your meals (and other purchases) using flyers, sales, coupons and in-season-items.  Buy generic brands and always look at the unit cost before making a purchase.  Don’t wait until you’re in the grocery store to figure out what you need.  Plan ahead, and make strategic shopping decisions. And if you sign up with President’s Choice no-fee-banking, you earn points that give you oodles of free groceries.

7. Cancel your cable, phone, and internet.  Yes, you really can do that.  We cancelled our cable and subscribed to a newsgroup.  Now we download our favourite shows (or watch them for free on websites such as Slice and HGTV online.) You can also rent movies for $4 from itunes (and no late charges!) We also cancelled our landline since we use our cell phones. Using Skype is another option for those of you making long-distance phone calls. Finally, you can split the cost of the internet with a neighbour, if you live in an apartment.  If you’re spending $175 a month on these purchases you could save $2100 over the course of a year.  If you don’t want to cancel completely, call and ask for a bargain.  Threaten to change companies if you must.  I’ve seen my bills significantly reduced through effective bargaining methods.  And don’t let that early cancellation fee frighten you - the savings might still be worth it.  You’ll have to do the math to find out.

8.  Consider moving. It might sound extreme, but we saved $500 a month by moving from downtown to the Beaches (the east end) - and we get to enjoy the pleasures of the beach!  We have slightly higher expenses (increased transportation costs, for instance) but we are also less tempted to eat out and go shopping, and more inclined to take a moonlight run by the lake, and we are saving $6000 a year.

9. Pay less tax. Many deductible expenses are hidden in the CRA’s Tax and Benefit Guide.  Did you know, for example, that you can deduct moving expenses (when you move to be closer to work or to a new job or school), the interest on your student loans, the cost of your tuition, education and textbooks, public transit passes, medical and dental expenses, donations and gifts (this includes gifts in kind such as canned goods).  If you haven’t done this in the past, you can carry over at least some of these benefits.

10. Avoid Bank Fees and Interest. Overdraft, credit card interest, cash-advances, visiting ATMs that are not your home branch, and simply paying regular bank fees - this is all money “down the toilet” as Gail Vax-Oxlade would say!  If you carry a monthly balance, reduce your interest rate.  Call the credit card company and ask them to reduce your rate, or switch to a lower interest card and make a balance transfer, and switch to a no-fee-banking account like President’s Choice or ING.