Christmas shopping plan without going RED on your budget

If you visited any mall this weekend, then you have already realized the Christmas shopping is in full bloom!

Even though you may feel like bringing everything home that’s on SALE at ridiculous prices that you’ll never see again, it’s time for you to calm down and prepare a list for Christmas shopping.

Check out the prudent way to became one smart shopper this holiday season.

1.       Become tech savvy. A recent article on Moneyville mentioned most buyers will shop online this holiday season. The reason is you can compare, compare and compare! Online shopping will not only save you money but also save you significant time shopping. Compare the prices on websites before hitting the stores. However it’s important to identify what purchases are a ‘catch’ online. Don’t purchase anything that is perishable, or you’re not sure about the size. However, you can never go wrong with gift cards, toys, accessories and home décor.

2.       Use your card rewards. According to recent consumer statistics, every Canadian has at least two reward cards or is involved in loyalty programs. If you hold any reward card, now is the perfect time to utilize as all those points will pay off either now or throughout the year. But make sure your reward program gives you the option to roll over your incentives next year. If you don’t have any reward card use your credit card cash back option. Also check for in-store coupons.

3.       Buy bulk only if you have a big family or planning a big party. Imagine the savings on dry foods, snacks, chocolates and other household items. Some great places to visit are Bulk Barn, Costco. Make sure all bulk items are non-perishable so you can store the left overs to use rest of the year.

4.       Make gift list and stick to it. This is very helpful when you have a strict budget when buying for your friends and family. Make a budget list to know how much you spend for each person. This way you will not end up spending more than you could afford. Here is a sample below-

Name	Gift Idea	Budget

5.       Finally don’t forget to have a great time. We all have certain budget limitations but let’s not stop this from enjoying the holiday season. Merry Christmas!

 For more money saving options this Christmas, visit our Facebook page http://www.facebook.com/prudentfinancial or website http://prudentfinancial.net/.

Income Tax Calculators

Knowledge is power. Do you know that life can be made easier and less stressful if we all knew about financial Calculators. They offer free, on line calculations to make life easier when questions arise.

Saving time is essential. Taking advantage of online calculators, and in this case income tax calculators, ensures you won't make crucial tax errors.  If you are unaware your income has bumped you up into another tax bracket it can have serious implications.  

Please find below a list of on line calculators to help speed up solutions to financial questions you may have.

Estimate Your Income Tax Quickly  

This is an I phone app you can install to approximate your personal income taxes at any time. They enable you to verify your employer is correctly deducting the proper deductions from your salary. You can also calculate based on another province, should you be contemplating moving to another part of the country.

Currency Calculators

On line they provide you with the daily conversion rates of any currency. Taking a trip of simply accepting another form of currency will give you up to the minuet fair exchange rates.

Calculate your RESP

This allow you to find out your annual contribution you've  already made for the year and what still can be added. It will take into consideration the compounding interest applied as well. Be confident in where you are at in your caps to ensure you're putting proper amounts aside when you're attempting to max out your contributions. 

Canadian Income Tax calculator

This helps you calculate how much have you already paid.  What will be your estimated refund be should you continue on your current plan? If you knew the variables you were in control of, it would inevitably impact the size of your refund.  

There are many more free calculator services out there waiting to be found to make your life easier. There is even one that will track your portfolio as your retirement stocks go up. Using that one daily may add stress to your life, however, checking it weekly may bring you piece of mind.

Using online calculators can invariably save you a lot of time, and in some cases provide you with answers you might not be able to figure out on your own.

For more valuable financial advice please visit us at prudentfinancialservices.net