RRSP/TFSA
what is the name of a plan that can help you get a tax refund each year?
Registered Retirement Savings Plan (RRSP)
This item can be found in newspapers, magazines, or online, and allows the holder to get a discount for a particular product.
A coupon!
Fun Fact: Many grocery stores also do "price matching", so even if you find a discount at one store, another might honor the same price!
What should we do to our lights when we leave the house?
Turn off the lights to save money
This two-wheeled mode of transportation does not require a drivers license or purchasing gas.
A bicycle
Fun Fact: Ottawa has many bicycle routes, including paved trails, scenic waterways, and country roads. There are options for all skill levels and ages.
This is a great way to earn money:
A sale of miscellaneous household goods, often held in the garage or front yard of someone's house.
A garage sale, yard sale, or selling your items online.
Why do people buy RRSPs before they do their taxes each year?
We can take the amount that we spent on buying the RRSP and subtract that same amount from our taxable income so that we get a tax refund.
Buying a lot of one product at a cheaper price than usual is what kind of money-saving action?
Buying in bulk/"stocking up"
Note: Ensure that when you're buying in bulk, it is an item of food that you purchase often and that the expiry date is not too soon!
What is an economical way to dry your clothes?
Hang them on a line to dry/Leth them air-dry
Using this mode of transportation cuts down on money spent on gas, maintenance, and parking costs.
Public transportation or the city bus/light rail.
Fun Fact: Owning and operating a car in Canada usually costs between $6,000 and $13,000 per year, depending on location and vehicle type.
You can do this instead of buying expensive cleaning products.
Make your own cleaning products using vinegar, baking soda, and dish soap!
Why do people usually take their money out of the RRSPs when they retire?
When you are retired you are making less money and therefore you are in a lower tax bracket. Your money that you take out of the RRSP is taxed at this lower tax bracket
Why should you eat before going grocery shopping?
If you are hungry when you go shopping you will buy too much food.
What can we turn down or lower before bed or when we go out of the house?
thermostat
This action of transportation benefits health, mood, and is a free way to take you from point A to point B
Walking!
Fun Fact: Walking is a great way to stay in shape, reduce costs on transportation, and improves your mood!
Some people are able to have a credit card and use it for convenience and they never have to pay interest. How do they do this?
They pay off their debt every month (within 21 days) so they don't have to pay interest.
What does TSFA stand for?
Tax Free Savings Account
What is the name of the membership-based warehouse retailer that offers customers low prices on wholesale goods?
Costco
Fun Fact: If you are living with roommates or family members, splitting the cost of a bulk item is another great strategy for saving money!
Using this temperature of water to clean clothes in the washer reduces the washer's energy consumption by 90%.
Using the cold/gentle cycle - good for both your wallet and your clothing!
What are two things you can do to save on gas when driving?
Decrease your speed
avoid sudden acceleration
take your foot of the gas to slow down instead of breaking
This is a fun activity that you can do with friends and loved ones, saves money, and provides you with yummy food!
Cooking meals at home
Fun Facts: on average, it is almost five times more expensive to order delivery from a restaurant than it is to cook at home.
When you decide to take money out of your TSFA, are you taxed on that money?
No you are not taxed on the money when you take it out of the TSFA account.
Is it a good idea to buy pre-cut vegetables and pre-cut fruit and the grocery store?
No -pre-cut fruits and vegetables cost more than if you cut it yourself
This appliance uses less energy to cook food than it does an oven.
A microwave!
Fun Fact: Another way to save both money and time throughout the week is to meal plan in bulk! That way you have many healthy meals you can pop in the microwave at your convenience.
Keeping your car tires full of air, getting regular oil checks, and washing your car can save money over time. Is this true or false?
True
This is a popular budgeting method that suggests putting 50% of your paycheck toward needs, 30% toward wants and 20% toward savings.
The 50/30/20 rule.
Fun Fact: There are also statistics and charts of your monthly spending that are available on bank's mobile apps or websites to track spending.