How Take-Out Almost Took Out My Budget

With so many options for ordering meals via delivery, it’s becoming increasingly hard to resist the convenience of take-out and maintaining the discipline to stick to your meal prepping schedule. Let’s look at a real-life example of how creating and sticking to a budget can save your bank account from landing in the trash with your leftover to-go containers. 


Step One is Admitting the Problem

Hello, my name is Mason and I’m a recovering take-out-aholic.

I used to eat out an embarrassing amount. If I were to get married tomorrow, my Uber Eats driver would be the best man at my wedding. Okay, maybe not – but for a couple of years, unless I had access to a free meal, I was likely getting food delivered to my home or picking it up at lunch time. It’s a dangerous habit that I would justify by saying “I’m saving so much time not having to worry about buying groceries, cooking and doing the dishes after”. The number one question I would get was “How do you even afford this?” Good question. Back then, I had a tenant that was basically paying for my mortgage payments and as a single guy who doesn’t really travel or shop a ton (exciting life hey?), this seemed manageable at the time.

One blessed day, my addiction hit rock bottom. Let’s just say that you’ve never really experienced shame until you’ve had the same Skip the Dishes driver twice in the same day. This was the epiphany I needed to take a hard look at how much I was spending per meal and think about all of the other places where that money could be allocated. The problem was that I didn’t even know how much money I was letting drain from my bank account. I was blindly swiping my card two-three times a day without any idea of the impact this would have on my monthly expenses. So where do you even begin to get things under control? It all starts with a budget.

Basic Budgeting Facts

We throw the term “budget” around quite loosely as a noun and a verb, but budgeting is simply taking the time to identify how much money your household can afford to save each month. In essence, it is the process of mapping out whether you have enough income to cover your monthly expenses and how you plan on allocating the remaining money left over. For you, it may mean making sure you have enough to pay for your kids’ piano lessons or education. For me, it means making sure I can afford to pay for a cable bill to support my fantasy football obsession. 

According to this study, just over 60% of Canadians use a budget, though, 32% of Canadians said their income does not always cover their living expenses and 13% said they’ve borrowed to make ends meet. I was one of the 40% who did not use a budget and was not tracking where my money was being spent without any guidelines around where my money should be going. I did a little bit of digging and this same study broke down recommended percentages of spending:

Recommended percentages of spending:

  • Housing – 30-40%
  • Transportation – 10-20% 
  • Living Expenses – 20-30% 
  • Debt Repayment – 10-20% 
  • Savings – 10%+ 

After tracking a month of my spending, I realized that my percentages were all out of whack. Outside of paying a small amount towards pension, the entire recommended 10% of Savings were inflating my Living Expenses and I was up to 60% thanks to my dependence on delivery. I knew something had to change and after a few months of being really intentional in my spending and eating habits, I shrunk my monthly spending on meals by over 40% and $600! Here’s some tips I learned along the way:

Weekly Meal Prepping Pays Off

Part of the reason I was eating out so much was to save myself from the time it takes to buy the groceries, prepare the meal and then do the dishes. It can also be expensive to cook for one person (check out our Cost of Being Single blog) because of grocery sizes and a lot of recipes are for more than one person. One of the best purchases I ever made was an Instant Pot that allows me to create easy recipes with large portions in a short amount of time. This allows me to do all of my meal prepping on Sunday and I don’t have to spend any time during the week preparing or cleaning up after meals. Think about it: if you are spending $20 on a portion where you can get 3-4 meals out of it instead of spending $20 on one take-out meal, you are saving up to $60! No wonder my living expenses were so high!

Ask For The Receipt

I get it. When the cashier asked “Do you need a receipt?” it’s so much easier to say “No thanks” and watch them crumple it up on your way out the door. I’ve learned that holding onto the receipt and making sure it’s added to your budget spreadsheet not only holds you accountable to your spending, but also saves you in the long run. Tracking your spending throughout the month and comparing it to your budget will help show you where you’re on track, may be under budget and where you may need to refrain from spending due to almost reaching your budget. When your mind tries to trick you into ordering out on a Sunday night, you’ll have the budget numbers to rationalize staying on budget.

If you have a significant other that you share expenses with, be sure to create your budget together. This ensures you’re on the same page when it comes to the money you’re generating and spending. It’s not a bad thing to have the other person holding you accountable either! 

Leave Room for Buffer, Not Guilt

If you are dramatically changing your habits, it’s not going to happen over night. Whether you have a busy week or a night where you need to recharge, you may have no choice but to order delivery. Leave a buffer in your budget for those unexpected expenses to make sure you have a realistic picture of how much you’ll spend in a month and so you aren’t feeling guilty that your saving progress has all been lost. 

You know what the say, “Old habits die hard” and it’s true. However, it’s hard not to be motivated when a budget shows you just how much money you are saving. Sometimes all it takes to make a major life change is to just start with a budget.


Do you have any tips to keep your budget numbers low?! Share them below!

The Key To Basic Savings

 Savings. We all know we should have them, but it’s hard. We’ve got bills to pay, lives to lead, and we’re bombarded every day with cool new stuff we could buy. So how exactly do you become one of those people with savings?


The “End of the Month” Trap

You’ve been there, right? “I’ll save whatever money is left over at the end of the month. Of course I will!” No. You won’t. Almost none of us can manage this strategy. You need to build your savings into your budget, and they need to come off your paycheque first, or after essential bills. Put that money somewhere that isn’t your chequing account. Most credit unions and financial institutions offer automatic savings programs you can set up so that you don’t even have to remember to save, it just happens. If you set it up so that the money comes out of your account the same day you get paid, it’s like it was never there at all.

How Much to Save

Where do you even start? A good amount to start with is 10% of your monthly earnings at least once every three months. So, if you make $2,000 per month after tax, you should be saving $200 every three months (about $67 each month or $17 each week). If you can save more, that’s great – but this is a great jumping off point that can help you get started with good savings behaviour.

Find Your Motivation

If you’ve struggled to save money, it can be helpful to have a goal in mind. An emergency fund is a good goal. What does that even mean? How much was your last big car repair or other unexpected expense? Start with a goal of saving that much. Another excellent goal is three months of living expenses. Imagine how comfortable you could be knowing that you can support yourself during a challenging time in your life such as job loss, injury or a family emergency. Every little bit matters, so don’t be afraid to start small.

Keep it Visible

Whether it’s a jar you stash your tips in, or a savings account, make sure you can see that money without difficulty. Watching that number rise or that jar fill up will help you stay motivated and see the progress you’re making, even if you feel like you’re only saving a tiny bit each month. To remove the temptation to spend, it is a good idea to regularly transfer your jar savings into a savings account.

Start Today

The best time to start saving was whenever you first got an allowance or income … the second-best time is today! Open a savings account or get a jar and put five bucks in there. Start with that and start today. Make saving a habit and you’ll be rewarded with lower stress and a comfortable future where you can handle a lot more with your financial safety net. Start with these easy tips and soon you’ll be one of those people with savings.


What savings strategy to you swear by? List it below!

What Does it Really Mean to Pay Yourself First?

If you’ve heard the phrase Pay Yourself First before and never really understood what that means, you’re in the right place. It’s one of the phrases that comes up a lot when talking about saving, investing, or even just budgeting. It’s a simple strategy, but one that needs a bit of explanation to make the most of it.


Pay Your Future Self

A good way to think about the Pay Yourself First strategy is to remember that you aren’t paying the you that wants a venti coconut milk chai latte (extra hot) right now, but the you a year or so down the road who needs money for an unexpected car repair, moving to a new apartment, buying a house, or retirement. You’re paying the future you.

These Payments Come First

So, if you’re paying your future self first, does that mean you ignore your bills and have zero fun ever? No. Putting priority on your future self just means that you adjust your budgets in a way that these savings or investments happen before anything else. Ideally, they come off your paycheque on payday. This could mean a bit less money right now but saving shouldn’t be painful or make you antisocial. It might just mean more potlucks and less dinners out.

Make Regular, Consistent Savings

Paying yourself first should be easy to manage, once you get it set up. Automatic contributions and savings programs are your best friend in this strategy. After you’ve figured out how much you can save from each paycheque, you won’t have to touch these numbers unless there is a change in your income or expenses. Need help figuring out how much you can save from each paycheque? Here’s your guide to creating a budget.

Self-starter? Set up your own savings schedule by opening a separate account, preferably one where you can earn high interest, that you only make deposits into. Make bi-weekly or monthly contributions and do not use this account for paying bills or spending money, this is strictly for the future you.

You Might Already Be Paying Yourself First

Some employers have group Registered Retirement Savings Plans (RRSPs), or other investment or savings opportunities that can come right off your paycheque before you even get it. If you’re participating in a plan like this, congrats! You’ve already started to pay yourself first.

The Payoff is Security

Paying yourself first can be a tough habit to get into because you don’t get to enjoy that money right now. There’s no immediate payoff (unless you’re really into watching a number on a screen get bigger every month). The payoff comes when you have an emergency you can handle without going into debt, or not needing a loan because you can pay for a newer car up front, or having an entire down payment for a house, or knowing you can live well in retirement. It’s security, and yes, money can buy that, so start paying yourself first.


Paying yourself first isn’t so bad. Any advice on how you fend off impulse buys and practice paying yourself first? Tell us how what you do to pay the future you!

Condo or condon’t? Is condo living right for you?

Purchasing a house is a huge decision and choosing the type of home you buy adds a whole other layer. Let’s break down all things condos so that you can make sure you think about all the options because after all, you’re the one who will have to live with it – or in this case, in it.


Are you currently considering purchasing a home for the first time? Or are you possibly looking to downsize from a house to a condo? Before making a purchase, especially one as big as a house, it’s important to weigh all the pros and cons. As a current condo owner for the past three years, I’ve started a list of things to consider to help you decide if condo life is right for your lifestyle.

Condo Pros

Condo living comes with a lot of pros – here are some that I would consider positive:

  • Low Maintenance – Condos usually come with snow removal and landscaping built into condo fees.
  • Affordability – Condos tend to be lower in price and newer, so you get more bang for your buck.
  • Amenities – If you get lucky, your condo could have access to some extra amenities, such as a pool, fitness centre, clubhouse, meeting space, BBQ, underground parking, gated community park, etc. These extra amenities could also help you save money on other expenses, like no gym membership or sharing a BBQ.
  • Less Hidden Costs – What you see is what you get with a condo. There are usually no extra costs when it comes to shingle repair, deck, landscaping, etc.
  • Location, Location, Location – Many condos are located close to downtown or commercial developments so you’re usually within walking distance to city attractions.
  • Size – Bigger doesn’t have to be better, especially when it comes to cleaning a big house or buying furniture to fill it. Depending on the condo, they usually give you a good size designed for comfortable living for families while allowing space for storage.
  • Utility Savings – Sometimes utility costs are built into your condo fees which means you share utility costs with your fellow tenants. This can be a blessing or a curse (depending if you have neighbours who love to take 45 minute showers), but by sharing utility costs – you avoid having to pay setup and maintenance fees. You also don’t have to worry about paying multiple bills during the month.
  • Board Experience – Each condo building typically has a Condo Board that makes decisions for your facility like the use of your reserve fund and any increases/decreases to your condo fees. If you are looking to gain Board experience, this is a great place to start while also having a say in what happens in your neighborhood.

Condo Cons

Here are some of the cons that come with condo living that I would suggest you consider before committing to a condo:

  • Close Quarters – You’re usually sharing walls with neighbours resulting in loud distributions and lack of privacy. I used to live beside a neighbour who had a dog that really missed them when they got home from their nightly shift work at 4:00 a.m.
  • Difficulty Re-Selling – Depending on the market, a condo can generally take longer to sell since condo living is not for everyone, market saturation or too many condos are on the re-sale market.
  • Lack of Back Yard – One luxury I wish I had access to would be a bigger back yard. I do have something (and by “something” I mean a strip of shared grass), but it is tough to entertain during the summer when you don’t have access to a large lawn or privacy from your neighbours.
  • Rules – Condos tend to have set rules that vary per condo like “quiet time”, no pets, renovation restrictions, no smoking, etc. unlike living in a stand along home where you are generally free to do what you want to do.
  • Condo Fees – As mentioned in the pros, condos come with condo fees that go towards the building upkeep, shared utilities such as hydro, electric, grounds keeping and a reserve fund for emergencies (although this could be considered a positive – yay for savings!). The older your condo building is, the higher your condo fees can be as there is generally an uptick in the amount of upkeep needed for the building.

When purchasing a home, I highly recommend making a good ol’ fashioned pro and con list for each separate property because it’s highly unlikely you will find a home that has absolutely everything and a list will help weigh your options so you can find out what you can live with and what you can’t live without.


Do you or have you lived in a condo and have any pros and cons to consider? Comment below!

Cracking open the books and not the piggy bank

School is officially back in session – where did summer go?! For some of us ‘older folks’, our university days are a distant memory (some good and some maybe not so good) and like every life moment, they provided us lessons along the way. If you were to ask me “What do you wish you would’ve known back then?”, the answer is simple – pay more attention to your money. So here’s what I wish I would’ve known back in my glory days – four clever ways post-secondary students can save. 


Whether you’re attending post-secondary as a first year, or returning to finish off your education, here are a few tips to consider that will help you manage your money and reduce financial stress.

Budgets do work

Let’s face it, adulting is hard and brings on a whole new set of responsibilities – many of which have a financial component. A budget can help you manage these financial responsibilities by allocating a certain amount of your income to your different expenses such as rent, food, education and entertainment.

As you focus time to spend on your studies, a budget also requires time from you in order to be successful. This includes taking time each month to set your budget and then track your spending to ensure you’re not spending more than you said you would. There are many tools to help you including our Budget Calculator.

Interested, but not sure where to start? Check out our blogs How much should I spend on… and Creating a budget.

Entertainment in moderation

Now I’m not going to be the #NoFunPolice and say don’t go out because that’s not realistic. Going out with friends is fun and can positively impact your well-being. My advice – in your budget, create a category for entertainment/nights out with friends and then do so in moderation as the costs can add up quite quickly. Once you’ve hit your budget for the month, reconsider a night out and see if your friends would prefer to do a night in instead.

When going out for the night with friends, here are a few ways to save and stretch the budget you’ve set:

  • Many restaurants and local bars/pubs have happy hours and different daily specials, helping you to save a few dollars on that fancy drink or food item. Take advantage of these specials because who really doesn’t love a discount such as 1/2 off appies… mmmm nachos (minus the olives – yuck).
  • For each drink you have, drink a glass of water in between and don’t order another drink until your water is done. This will help reduce the number of drinks you purchase, and better yet, help your head from hurting a bit the next morning!
  • Skip the shots! Ordering a round of shots can be quite expensive, especially if ordering multiple rounds. Yes, it may seem like a great idea at the time but once you receive your bill, you may regret that decision. Save your money and just don’t do it – again, your body will thank you the next day.
  • Be the Designated Driver (DD) for the night! If going out is a weekly thing with the same group of friends, create a rotating DD schedule. Not only will this save you money when it’s your turn, but also helps you save money on a ride home each week.

Whatever you choose to do, always remember to plan for a safe ride home – and don’t forget to include this transportation cost into your budget! #MomAdvice #BestAdvice

Take advantage of student discounts

It’s no secret, gas is expensive and parking is even worse. There are a few ways to reduce your transportation expenses including:

  1. Walking or biking, depending on how far you are away from campus;
  2. Public transportation, which several post-secondary institutions include as part of your student fees; or
  3. Carpool with your classmates, allowing you to cost share gas and parking with others. Double-win if they have the same taste in music as you do, as it can make for some great carpool karaoke sessions. ♫Everybody…. Yeah…. Rock your body…. Yeah…. ….Backstreet’s Back Alright

Use credit wisely

It may be exciting if the Saskatchewan Roughriders rack up 35 points in the first half of a game, but maybe not so much if you’re racking up your credit card. Credit cards are a great tool, if used responsibly. They should not be used as a tool to spend money you don’t have, but instead used to make purchases within your budget and help you gain credit.

It may also be tempting to apply for every credit card that comes your way, but this can do a lot of harm to your credit. Check out our Building Blocks of Credit blog to learn more – including good credit behaviours.


These are just a few tips in helping you save and manage your money while attending post-secondary school. Want more? Check out our blog, It doesn’t just need to be ramen noodles, where one of our members shares his experience and advice on managing money will being a full-time post-secondary student.

Are you, or were you, a post-secondary student? I’d love to hear other advice you have or lessons you learned – either the good way or bad way – during this life milestone. Share your experiences and advice in the comments below.

Help! I Need a Mortgage!

Purchasing a home, especially your first, will be one of the most expensive and important purchases of your life. It’s important to understand how the process works and the impact that buying a home can make on your short and long term finances. Follow these three handy tips to see how much house you can afford! 


Did you ever drive around with your parents during the holidays looking for the best lights in town and thought “I wonder how much this actually costs?” Or maybe you’ve started looking at listings in neighborhoods you’d like to live in, only to realize you have no idea how much you can afford? Whatever the case may be, securing a mortgage is an intimidating process. We’re here to help with a three step process that gives you a great starting point for where to go and how to makes sure it fits your budget.

Step 1: Check, Check, Check It Out

Are you ready for this next chapter to begin? It starts with a word that still sends shivers down everyone’s spine after high school… “homework”.

First you’ll need to determine your credit score. I recommend sitting down with your financial advisor who will be able to best accurately determine how much debt you’ll be able to undertake.

Financial advisors use your credit score to determine whether you qualify for a mortgage and how much you will qualify for (alongside the Mortgage Stress Test). An easy way to take a realistic look at your spending patterns is by going through your banking and credit card history. Staying in touch with your current spending habits will prevent any unpleasant surprises when going in to discuss your options with your advisor.  

Step 2: Evaluation Time: What Can You Spend?

Figuring out “how much you can afford to spend” versus “what you should spend” can be hard. Imagine spending your entire budget on your lavish dream home, but you can’t invite anyone over because you don’t have furniture for them to sit on. Compare that with a home within your means that you can afford with furnishings that you, your friends and family will enjoy. Just because you qualify to buy a large house, doesn’t mean you should make yourself “house broke”. If you purchase a home and leave yourself some wiggle room, it’ll give you more flexibility to spend your disposable income on other things such as trips, family, and decor for your new digs! Ask your financial advisor about the lifestyle trade-offs that occur when you take that step to become a homeowner.

I also recommend talking to your financial advisor about creating a budget that provides a holistic picture of your current expenses, long-term expenses, future expenses, and miscellaneous expenses that will come with being a new homeowner. Compare this budget with your current spending habits you identified in step one and you should be able to identify if you can realistically afford the purchase of a home. Need some help? We have some tools to help you create a budget. 

Tip: Practice living on this self-made budget for a while before making the steps to purchase. This way, you know that you can actively save and handle the budget change while making sure it is accurate.

Step 3: What You Should Spend & Knowing the Fees

Time to look at all the fees that come with buying a home! *Gulp* Many of these fees exist on top of the cost of your home so make sure you leave room in your budget.

  • Down payment (at least 5%),
  • Mortgage Default Insurance Premiums
    • Your down payment amount affects the costs associated with your mortgage. The higher your down payment, the less Mortgage Default Insurance Premiums (more commonly known as CMHC). Mortgage Default Insurance Premiums are mandatory in Canada, and are calculated based on your down payment amount. These fees are an insurance on your mortgage. If you can realistically afford putting down a 20% down payment, you can avoid paying CMHC. If you have the means to save for a 20% down payment, it will save you a ton of money.
  • Appraisal fees,
  • Home inspection fees,
  • Land transfer fees, and
  • Lawyer fees (approximately 1.5% of the total cost of your home)

As well, remember that once you buy a place to call home, your total monthly house costs are much more than just your mortgage payment and things like property taxes, home insurance and condo fees should be added to your budget. One of our previous blogs explores the expenses of homeownership.

In Canada, there are guidelines on how much an individual can spend on a house, based on your monthly income. In most cases, it is recommended that your monthly housing costs do not exceed 30-40% of your total gross monthly income. There are many good reasons to stay well under that number, remember, all those pesky fees and your monthly house costs we discussed above? They stack up fast and can leave you “house broke” if you are not careful.


Only you can decide your lifestyle and how much you’re comfortable spending each month, and if having a mortgage payment is right for you. Your finances are one of the most crucial and personal pieces of your life so it is important that you feel confident making the decisions that are right for you!

Are you thinking of purchasing a home? What advice do you have for people looking to buy a home? Share your thoughts in the comments below, it’s on the house!

When should I ACTUALLY start saving for retirement?

Whether it’s sunny beaches, cruising the open road, traveling the globe or just relaxing and taking time to enjoy your life – retirement looks different for everyone. No matter what it may look like for you, the one thing we all have in common is that one day we’d like to retire and we need money to make it happen. Whether you’re just starting your career, counting down the days, or somewhere in the middle, there are things you can do to ensure your retirement is exactly what you want it to be.


“What do you mean retirement? I just started working!” That may be true, but ideally, you’ll want to start saving for retirement as early as possible. We know that’s not always possible, so wherever you are in life’s journey, the best time to start saving for retirement is RIGHT NOW!!!

Here are some tips for you, wherever you are on your retirement journey:

Start early and contribute often

The earlier you start saving, the more interest you will earn and the more money you will have when you’re ready to retire. For example:

Age 20 years old 40 years old
Monthly investment $200 $800
Interest rate 6.5% 6.5%
Retirement age 65 65
Total invested $108K $240K
Interest earned $522K $362K
Total retirement savings $630,000 $602,000

Although both people ended up with a similar amount, the person who began saving at 20 years old, put in less than half of their own money – it mostly came from interest (i.e not your pocket).

Make it automatic

The easiest way to reach a savings goal is to set up automatic transfers to your retirement accounts. That way, it is coming out at a consistent rate and you don’t have to bid an emotional farewell to your money every month as it will be automatically transferred or deducted from your pay cheque.

Don’t touch your retirement fund. View it as money that is not at all accessible

There are lots of different types of accounts you can use to save for retirement, but the best ones are those you can’t touch. For example, there are TFSAs and RRSPs, and other special savings account you can use to meet your different retirement savings goals. The best thing to do if you’re not sure what accounts work best for you is to talk to a Financial Advisor. You can also check out our investment terminology blog to find out more information about different options and what those acronyms mean. By locking in these inaccessible accounts, it removes the temptation to pull from these savings accounts when you just NEED that new pair of shoes and sets you up for success when you retire.

Get rid of debt before retirement

Simply put, you don’t want to owe money when you are no longer making money.

Annually review your retirement plan to see how you’re doing and if it will still meet your needs

Just like a doctor’s check-up, a financial check-up is important to do every year. Work with  your financial advisor to make sure you’re on track and make any changes to your plan as you need. A great tool you can use to see how much you may need to be set up for retirement is our Retirement Planner Calculator.

Make sure you understand at tax time what your RRSP and TFSA contribution limits are

Every year, Revenue Canada will send you a Notice of Assessment after you’ve filed your taxes. On there, you can see how much you can contribute for the next year, based on your previous year’s income, plus any unused amounts from previous years. There is also a limit as to how much you can contribute to your TFSA, starting from the age of 18. A great tool for understanding your TFSA limit is this calculator.

No matter where retirement fits into your plans, it’s going to be a great time and being financially prepared will help ensure you can enjoy your golden years. So when is the right time to start saving? There is no better time like the present and it will save you down the road!

How To Break Up With Your Bank

To switch or not to switch… that is the question! Switching banks has never been described as an easy or fun task. But what if I could help make the process a bit easier for you? I can’t promise it will be fun, but if you’re already feeling that itch to switch – it will be worth it in the long run.


Got the itch to switch?

So what would make someone get the itch to switch? There are many reasons why someone would want to make a break from their current bank. You could be going through a big life change that challenges you to review your relationship with your current bank. For example, moving to another city for that new job opportunity might make you switch if  you want to do your banking close to home. If you’re recently married like me, you and your hubby would have gone through a debate to decide whose bank gets the honour of opening your joint account.  You could also be looking for better rates because who doesn’t love a good deal? Honestly, as much as a good deal gets me going, the real value is finding someone that treats you like a person and not an account number. Whatever the reason may be, if you’re not happy then it is time to make a change!

How do you do that? I don’t know about you but I like a good checklist so let’s break it down step by step.

Step 1: Browse the options

You wouldn’t buy a book without reading the back and you wouldn’t buy a car off the lot without taking it for a test drive. Your bank shouldn’t be any different. Browse your options and ask yourself want do you want from your financial institution. Things to consider:

  • Would you rather a bank or a credit union? Don’t think there is much of a difference? There is and we’ve broken it down for you in a previous MONEYTALK blog.
  • What is your banking style? In a branch, online, or maybe a mixture of both? Check out what each financial institution specializes in.
  • Is it important that your financial institution is involved and supports your community in which you work, live and play? Take a look at what/how much they support.
  • Most importantly, ask what’s in it for you!

Evaluate your options and take a couple of your top draft picks out for a test drive. I recommend meeting with a representative from the option you are considering to see if they are a right fit for you and can provide what you are missing from your relationship with your current financial institution.

Step 2: Open a new account

You’ve done your research, played the field and now you’re ready to commit… what’s next? Jump in with both feet and open a new account. Most financial institutions offer a variety of ways to open up an account. If you want the human interaction, visit your local branch in your community or if you want the ease and convenience from your couch – there are typically online options (if there isn’t and that is something you value most – return to Step 1).

Pro Tip: Once the account is opened – make a small deposit into your new account to make sure everything is running smoothly.

Step 3: Identify monthly expenses and set up automatic payments

Make a list of your automatic payments that come out of your account on a bi-weekly, monthly and yearly basis. You’ll want to set these up on your new account. Some common automatic transactions to think about:

  • Your hard earned dollars: Direct deposits
  • The roof over your head: Mortgage payments
  • Subscription to chill: Netflix account
  • One more song: Apple Music/Spotify Premium
  • Connection to the world: Cellphone payments
  • License to Leg Day: Gym Membership fees 

Step 4: Transfer majority of your money

You’ve set up your automatic payments and now you have to make sure you have money in there to pay them. Time to transfer the majority of your money into your new account. Key word here is “majority” of your money.

Pro Tip: It’s a good idea to keep some of your money in your old account just in case that pesky internet bill slipped through the cracks.

Having said that, keep your old account open for at least a month to ensure you haven’t missed any of those automatic transactions. When all is clear, transfer the rest of your money into your new account.

Step 5: Closing time

Last, but definitely not least, is to close your account, I repeat CLOSE your account! Just because the balance is zero doesn’t mean it is closed and your bank will continue charging you fees until it is officially closed. Avoid having a “fee”k out when you realize the account was reopened and you now owe your ex-bank money. Contact your bank to ask how to officially close your account and get the closure you need.

 

If you’re feeling that itch to switch don’t be afraid to make a change. At the end of the day, your finances are one of the most important aspects in your life and you should feel safe, valued and confident with your financial institution.

Have any tips for the switch? Let’s hear ’em! Share by using the comment section below to save any headaches for those looking to break up with their bank.

 

4 Quick Tips to Save on Insurance

Home insurance. Life insurance. Car insurance. All important to have, ensuring you’re financially protecting yourself in case of emergency. With each insurance type comes many different options as well as a number of ways you can save. Here are a few savings tips and advice to look into when purchasing (or renewing) insurance.

Home savings that can be spent elsewhere

A part of homeownership includes purchasing home insurance to ensure you’re covered for loss or damage to your property due to unforeseen situations. Home insurance is a must, especially if you live in a condo, townhouse or apartment and share walls with a neighbour. You may trust yourself to not start a fire but you never know when your neighbour will find a way to set a bowl of ramen noodles ablaze. Some insurance companies offer different discounts to help reduce the cost of your home insurance including discounts for:

  • Having a monitored security system
  • Being claims-free for several years
  • Your age and the number of years you’ve been with the company
  • Having a good credit score

A big misconception that comes with buying insurance is that it is a standardized rate among all suppliers. When choosing home insurance, be sure to shop around for the best rates and ask what discounts each company can offer you.

Safe driving does pay off

SGI’s Safe Driver Recognition program rewards drivers with a discount on their vehicle insurance for safe driving. For each year you drive without an incident, you earn a safety point that corresponds to a discount on your vehicle’s plate insurance. As you can earn safety points, you can also lose points for unsafe driving such as speeding, accident, etc. If your safety wasn’t enough motivation to put the phone away while driving, one texting and driving ticket wipes away the points that would have taken you four years to accumulate. That could mean an additional $200 on top of the $280 ticket.

Bundling up

Some insurers will offer discount incentives if you purchase multiple insurances from them. The most common insurance bundles include home insurance and car insurance. When you are shopping around, check how much money you can save by bundling. It’s also very convenient for when renewal time comes around to do it all at once so you don’t have to wonder all year “Wait… is my car insurance due in March? Or is that home insurance?”

Improving your health

Life insurance prepares you for the unexpected and helps protect the people you love if something were to happen to you. When choosing life insurance, consider your family and work situation, life goals and your budget.

If you’re a smoker, your insurance premiums will be higher than a non-smoker. Now you may be thinking, well I just won’t tell my insurance provider that I smoke so I don’t pay as much. Wrong – don’t do this because if you hide it and it’s discovered you’ve been lying, your insurance could be rejected. On a positive note, if you need that extra reason to quit smoking, some insurance companies will consider you a non-smoker if you’ve been smoke-free for a year and will reduce your premiums. Not only will you be able to save on insurance, you’ll also be saving money due to no longer buying your cigarettes. Bonus, Smoker’s Helpline has a Quit to Win Contest where you can enter to win $500 cash if you quit smoking.

 

Whenever you’re purchasing insurance of any kind, be sure to do your research and shop around for the best rate. Always ask questions and inquire about any discounts your provider may offer.

Know of other discounts or incentives to save money on insurance? I’d love to hear them – share with me by using the comment section below.

Get The Quarter Back: Saving Money at a Stadium

It’s an exciting time for professional sports in Saskatchewan right now! The Riders home opener is kicking off on Canada Day, Saskatoon has two brand new sports franchises in the Rush and the Rattlers and the NHL is hosting the Heritage Classic at Mosaic Stadium in the fall. But be careful – not only can it be expensive to buy a ticket to the game, the game day atmosphere may have you whipping out your wallet a little more than you’d expect. Let’s get you set up with some spending hacks from a former sports marketer for how to save some green when cheering for the green and white or attending any other sporting event.


According to a CNBC article, Americans spend $56 billion USD on sporting events each year. For comparison, that’s more than double than what they spend on book purchases. We’re not immune to this fanatic spending north of the border, and in some instances, we go above and beyond. We just witnessed how ridiculously expensive seats can become during a playoff run when the Raptors entered the NBA Championships and seat prices in Toronto STARTED at $800 and topped out at $60,000! It’s just not fair that I could have given up my chocolate milk addiction for an entire year and I STILL wouldn’t have been able to afford a seat in the nosebleeds.

That’s a grandiose example, but you can easily rack up a pretty large bill at a local sporting event if you aren’t careful. Berkeley Data Science produced an in-depth report that breaks down the cost of attending a game (ticket, parking, hot dog and a beer) for every team in each of the four major professional leagues (MLB, NBA, NHL and NFL) and measures them against winning percentages, fan loyalty and in-game experience to give the best deals in professional sport. Here are the most expensive game day experiences around each league:

    • NFL – Dallas Cowboys ($199.20 USD)
    • NBA – New York Knicks ($176.38 USD)
    • NHL – Boston Bruins ($144.95 USD)
    • MLB – Chicago Cubs ($104.07 USD)

How does a CFL game day experience at Mosaic Stadium stack up? An average ticket to a Rider game would cost you $69 for a ticket in the bronze section (including ticketmaster fees), $25 for stadium approved parking and $16 for a beer and a hot dog (depending on the vendor). Granted, Mosaic Stadium is touted as one of the nicest outdoor facilities in Canada and a CFL game puts on one heck of a show, but $110 CAD on a relatively lean budget is a pretty penny!

I spent five years working in marketing for the Saskatchewan Roughriders and have seen first hand how deceptively expensive attending a professional sporting event can be. Here are some inside secrets from a former sports marketer and some tips on how to save money at a stadium:

BUYING TICKETS FOR THE GAME:


Choose your game wisely

Not all games are priced equally. If you are wanting to just check out a casual game and don’t really care about the opponent or the importance of the match – don’t go to the big game. There is a trend in ticketing right now called “Dynamic Pricing” where the cost of a ticket is variable based on the demand (airlines use a similar pricing strategy). Essentially, an algorithm increases or decreases the price based on how quickly the game is selling out. To put this in perspective, I went to two Raptors games last year in Toronto that were only two days apart and sat in the exact same seats for both games. One game’s seats were $71 and the other was $131. The ONLY difference was that the first night the Raptors played the Minnesota Timberwolves (a team fighting to even make the playoffs) and the second night hosted the Golden State Warriors (the reigning NBA champions at the time). The Riders don’t use dynamic pricing – but they do charge more for “premium games” like Labour Day or when the rival Calgary Stampeders come to town.

PRO TIP: If all else fails, you can always purchase the cheapest ticket offered and roam around the stadium for the game. There are plenty of drink rails that offer great vantage points before you mosey on over to your new location.

Check out the re-sale market before you buy!

I once went to a garage sale and found a Super Nintendo being sold for $14 (I know, right!?). I snatched that sucker up in a heartbeat and walked away from that garage sale giddily feeling like I robbed the place. How does this relate? I would compare the re-sale market to that garage sale where you can find some tickets being sold at “What a STEAL!” prices. A lot of times, people post their tickets on the re-sale market in hopes of recovering some costs for a game they can’t attend (because Cousin Randy just HAD to get married on Labour Day). Buying tickets from StubHub or Kijiji is very risky due to fraud or double selling tickets. It really does happen – one day over a beer I will tell you a heartbreaking story that involved a Montreal Canadiens game, fake StubHub tickets, and a very heartbroken Mason.

What a lot of people don’t know is that Ticketmaster has their own verified re-sale network where you can sell tickets you originally purchased through Ticketmaster. You can even set your own prices which drives ticket prices down as sellers fight to undercut each other. Speaking from experience, I’ve been there when you scan your tickets at the gate and are turned away due to suspicious activity from third party re-sellers (again, Mason’s Misery in Montreal is a tale for another time) and I highly recommend purchasing through a verified re-seller to avoid that experience.

Tips for families

That same CNBC article estimates that it costs the average family of four approximately $500 to attend an NFL Football game. Yikes! There has to be a more affordable way to pack up the kids in the mini-van and get them to the stadium for their first game day, right? Sadly, there is no magical solution that will help you spend less than the college kid “having a little too much fun” in Pil Country, but there are ways to make it a little more manageable! Most stadiums have family pricing to help break down some barriers to get your family through the gates. The top sport franchises will even take a loss on family priced tickets in order to play the long-term game and build life-long fans. Before you buy, do some research to see if your team is having a “Family Day/Night” where they offer bundled discounts and bring in kid friendly entertainment each game. (In my last season with the Riders, we did a Family Day game where we brought in Paw Patrol mascots and kids lost their minds!) Finally, before you complete your purchase, sometimes it is worth calling the ticket office to see if they have any special family promotions to help knock down a few more dollars. If they can’t save you some money, sometimes they’ll throw in soft drink or popcorn vouchers for the inevitability of your kids wanting a snack immediately after kickoff.

Hit up friends who are season ticket holders

If you have friends who are season ticket holders, it’s worth asking them to let you know if they ever have a free ticket. They would have purchased their tickets at a volume discount and almost always purchase with one of their friends or family members. When one of them can’t make a game (probably for Cousin Randy’s second marriage. He never learns.), they’ll be looking to avoid the inconvenience of finding a suitor for their ticket and will pawn off it off to you. Best case scenario, they’ll give it to you for free or at the very least (providing you aren’t friends with a tycoon) will give it to you at cost – which will be below the price of a single game due to the volume discount AND you’ll avoid Ticketmaster & facility fees.

PRE-GAME:


Public transit & stadium shuttles are your friend

We’ve all been there where you’ve missed kick-off because you had to circle the surrounding area of the stadium for an hour trying to find a parking spot, only having to park 16 blocks away in an abandoned lot where they still charged you $15. Not only does it cost you money, but likely 10 years off your life. What if I told you there was a way to save on parking, gas, food AND you could be dropped off at the doors of the stadium?  If you are a local to the city, any professional sports team will have public transportation shuttles that will transport you back and forth from various access points around the city FOR FREE. If you can bear listening to the drunk guy beside you screaming Sweet Caroline – it’s worth it. Outside of the city? There are options, too! The Riders offer the “Rider Express” which are transportation shuttles from Saskatoon for only $50. That’s cheaper than a tank of gas and gives everyone in your squad the freedom to enjoy a couple of adult beverages without the pressure of someone having to be the designated driver.

Seek out game day food & shuttle packages

Sometimes restaurants/pubs within or just outside of the city will source their own shuttle service and package it with a meal. For them – it gets you in their doors before and after the game. For you – it’s a cheap way to save money on meals so you aren’t spending a ton of money on food at the stadium and you also don’t need to worry about the hassle of traffic and parking. It’s a win for everyone involved! For example, Broncos Pub and Grill in Pilot Butte charges $30 for a shuttle to the game, a burger, fries and a draft beer! If you were to pay for that at the stadium while paying for parking – it would cost more than double!

AT THE GAME: 


Tailgate! … or whatever we do in Canada

Once you get to the game, check out the pre-game festivities outside of the gates. Sponsors pay a lot of money to be able to set up shop in the tailgating areas and a lot of them will have give-aways or products to sample. Whether you are there to party with some friends or you showed up with your kids hoping to have them burn off some energy before the game – there’s something there for everyone and might save you some money on food and drink before prices skyrocket when you walk through the gates.

Beware of the dreaded impulse buys

When you get through the gates – you are going to be incredibly excited and there will be money grabs hitting you from all sides. On your left you’ll see the 50/50 stand, on your right you will encounter the merchandise store with the new game day special you’ll want to snatch off the shelves, and if you are like me, your first stop will be at the mini donuts cart. The atmosphere on game day can be incredibly exciting but if you are not careful, you’ll find yourself whipping out your wallet and blindly spending more than you can afford.

PRO TIP: Make a budget for the day before you leave your house while you are in a calmer, more rational mindset to look at your account and decide what you can realistically allocate to elevate your game day experience. This will make it much easier for your wallet to survive the cash grabs around the stadium that seemingly become irresistible once you drink the home team kool-aid. Make sure you stick to it, too! If you don’t trust yourself to not overspend at the game – take out cash that matches the amount you budgeted before the game. That way, when the cash runs out – you know when to stop spending. Trust me, it will save you from buying that celebratory round of shots after a touchdown that will not only save your money, but will also save yourself from a headache in the morning.

Study the prohibited/permitted items list

Every major sport team will have their Permitted & Prohibited items listed on their website. Review it beforehand and buy supplies in advance to avoid vendor markups and avoid wasted money when grumpy gate attendants confiscate your bottle of Orange Crush. For instance, every stadium allows you to bring in water bottles as long as they are clear and sealed. I highly recommend hitting up a Walmart and grabbing water bottles for you and your group. It may seem like you are only saving $2 per water bottle but if you are attending a number of games this season – this adds up fast!

PRO TIP: If you bring your supplies in a clear bag, you will save A TON of time at the gate and won’t have a security guard sifting through your purse.

Cheap end-of-game munchies

In sport, “crunch time” means the pivotal final moments that can decide the outcome of a game. In the last quarter or period of the match, your definition of “crunch time” could mean cheap snacks. If you aren’t really tied to the outcome of the game or the score is lopsided in one direction – walk around the concourse to see if any vendors are offering deals on food that they made too much of. If you can hold off your in-game snack attack until the end of the game, you can score some really great deals on food that vendors are trying to recoup some costs on before they throw it away.

Sport fans – there’s nothing more powerful than when we unite around our team and a common goal. Let’s band together and share some tips and tricks that you’ve learned about saving money at a stadium. Comment below with your wisdom and check out our other #MONEYTALK blogs to further help your financial well-being!