How to Shop at Dollar Stores

I still remember that day when I first found out that I was paying ten times or more for the same item at a regular retail store than a dollar store. It was a plastic shower curtain. I bought it somewhere for $10, and then accidentally I found out that the dollar store located next to the other store had the same item for $1. Since then, whenever I need to buy something and I doubt that there is a possibility that this product will be available at a dollar store, and it is not on my not-to-buy-at-dollar-store list, I check at a dollar store first. Today, I will go over some items I consider buying and some items I would never buy at dollar stores.

What Not to Buy

Do not buy any food items, drinks, soap, can food and vegetables, shampoos, baby food, toothpaste, shaving products, lotions, razor, sanitary pads, pregnancy test tools, vitamins, pills, school supplies, pens, perfumes, and so on. You should be very cautious about buying anything you eat, drink, or put on your skin from dollar stores. The quality of these products usually is very low and you don’t want to jeopardize your health in the short or long term to save a few bucks. There is no way to know what they put in these in factories in China.

What to Buy

You can buy items like cleaning products, decoration products, kitchen products, disposable items, greeting cards, small tools, craft items, and so on. You will have a good idea of what types of items can be bought at dollar stores after going through what I mentioned. Items that have no direct relation to your health, consumptions, contact with skin, etc. can be bought at dollar stores.

What to Try

There are some items at dollar stores that you can try to check if these are worth buying later on. Some of these items are toys, educational supplies, pet toys, and so on.
Dollar stores give you the opportunity to save some money. However, money can be totally wasted too if you don’t shop smartly at dollar stores.

More A Dawn Articles:

Real Estate in Vietnam

5 Retirement Mistakes To Avoid

Canada’s Best Reward Credit Cards

The Best Android Flight and Trip Tracking Travel Apps

Did You Get Your Free Canadian Phone Number For Android, Apple Smartphone

India’s Sideline Budget Promises Higher Economic Growth, But Does Little to Attract Foreign Investors

Minor RRSP

Did You Get Your Free Canadian Phone Number For Android, Apple Smartphone or Tablet?

Contrary to popular belief, there is no age restriction to open an RRSP (Registered Retirement Savings Plan).
Here are the requirements to open an RRSP for minors:

- A SIN (Social Insurance Number)

- Legitimate earned income

- Recorded income with proper documents

- Filed T1 tax return

Advantages of a Minor RRSP

There are lifelong advantages of opening an early age RRSP. Here are some of them:

- There is no need to make contributions right away. Contributions can be made anytime later – with no time limit.

- RRSP room keeps accumulating, which can be carried forward indefinitely

- Increases lifetime contribution limits

- Allows minors to contribute to RRSP right after starting in the work force because of the available contribution room.

- RRSP deduction can be claimed later on when there is enough taxable income.

- Provides income-splitting opportunity for business-owner parents. Kids can work as an
employee for their parents’ business and salary paid to them will be tax deductible and it will create contribution room for kids.

- Provides an opportunity to teach kids about personal finances.

- Contributions start growing tax free inside an RRSP.

Disadvantages of a Minor RRSP

- Not all financial institutions offer minor RRSP.

- A co-signer may be required.

- Financial institutions may limit what types of products can be purchased.

The best thing to do would be shop around and find the right institutions that suit your needs. Minor RRSP can be a great investment vehicle towards a better financial future with lifelong benefits for kids.

More A Dawn Articles:

How to Make Decisions

The Tallest Skyscraper in Israel

5 Low-Cost Start-Up Business Ideas

How Long It Takes to Double Your Money

Best Android Free Financial Apps

The Rule of 72

Have you ever wondered how long it takes to double your money? There is a simple formula to calculate how many years you will need to double your money.

The simple formula is called The Rule of 72. This rule only works when you compound your interest annually and do not take out money from your account. To find out how many years you need, divide 72 by your interest rate. Here is an example: Assume your interest rate is 12%, you will double your money in 6 years (72/12=6).

If you add more money monthly to your initial investment, your time to double investment will be less. Investment is a discipline and don’t expect to double your money overnight. Start investing at an early age, keep adding more money on a monthly basis, and stick to it for the long run – you will achieve your financial goals.

More A Dawn Articles:

5 Low-Cost Start-Up Business Ideas

Canadian Personal Finance Situation Worsens

5 Safe Online Shopping Tips You Need to Know

How to Get Rid of 5 Rooms of Clutter in 10 Minutes

Personal Finance Software Quicken: Should You Buy It?

Why I Switched From Regular Peanut Butter to Organic Peanut Butter

Some Highlights from the Recent RBC Canadian Consumer Outlook (CCO) Index

Personal Finance Software Quicken: Should You Buy It?

The RBC Canadian Consumer Outlook (CCO) Index released on Thursday, February 9, pointed out that Canadians are increasingly worried about their overall personal finance situation and it seems to be deteriorating in some aspects. The RBC CCO looks at Canadian economy, personal finance situation, and consumers expectations annually.

Let’s look at some important highlights:

- 32 percent Canadians are positive about Canadian economy (down from 42 percent last year).

- 36 percent Canadians believe that personal finance situation will improve (down from 38 percent last year).

- Personal debt stands at $11,729 on an average (down from $13,020 last year).

- 57 percent Canadians have no emergency savings fund.

- 53 percent will change timing on major purchases due to economic conditions.

- 31 percent will focus on reducing debt and spending less.

- 22 percent will focus on saving and investing more.

- 30 percent would move to another part of the country or change careers for better jobs.

- 20 percent working in a different field than they are skilled at.

The full report can be accessed here: The RBC Canadian Consumer Outlook (CCO) Index 2012. Where do you you fit in? If you are reading this article now here on Canada Personal Finance Website, it shows that you are someone who would like to build a better financial future and congratulations on that – and don’t forget to read my other personal finance website regularly.   

 

More A Dawn Articles:

How to Read free eBooks on Amazon Kindle

The Continuous Depletion of Time Account

Don’t Throw Away Credit Cards Before Closing Accounts

5 Tips to Help You With Your Work After Retirement

Why I Switched From Regular Peanut Butter to Organic Peanut Butter

Close Credit Card Accounts Before Throwing Out

4 Common Credit Card Mistakes

We all have credit card accounts here and there we are not aware of. Sometimes we just throw away credit cards once we don’t use them anymore. But is that the proper way of getting rid of those credit cards you don’t need?

For regular credit card accounts, if you just throw away or destroy your credit card your account remains active with the issuing financial institution. That means on paper you still hold that credit card and your credit account will appear on your credit report, regardless of whether you physically have that credit card or not.

For store credit card accounts, it depends on that store’s policies. Some of them will close your account if you are inactive for some time and some of them will keep it active regardless of whether you are active or not.

So if you were applying for store credit cards at different places just to get the 10 percent off on the first purchase and forgot about it after, you may have many credit cards appearing on your credit report you were not aware of – and when you apply for a new loan or mortgage the lender may not like seeing too many open credit accounts.
The best way to get rid of any credit cards is to call the issuer and close the account. Then shred it or cut it into pieces and trash them separately in separate garbage bags.

So next time, pick up the phone and close your account first before getting rid of those cards you don’t need. 

More A Dawn Articles:

Why Multitasking Does Not Work

5 Best Android Free Live Wallpapers

How to Read free eBooks on Amazon Kindle

The Continuous Depletion of Time Account

5 Tips to Help You With Your Work After Retirement

Why I Switched From Regular Peanut Butter to Organic Peanut Butter

Avoid These Common Credit Card Mistakes

Credit cards are a part of our daily living and they are good things, if you know how to manage them. Today, I will talk about how some common and simple mistakes can ruin your credit score. These small mistakes are so negligible that we often forget they can have a big impact on our finances. Learn these mistakes, avoid them, and make them a thing of the past.

Making Late Payments – This is the most common mistake we all make. A late payment can incur late payment charges and bump up your interest rate higher. It can also hurt your credit score, depending on how late it is. Use online tools like Google Calendar or anything that works for you to remind you 3 days ahead of the actual due date so you don’t get caught up making late payments.

Paying Only The Minimum – In Canada, by law, credit card companies now have to show how many years it will take to pay your full balance if you only make the minimum. Add some extra dollars with your minimum, whether it’s $20 or $50 a month, and you can shave off years and save lots interest costs on your credit card balance.  

Using a Credit Card for Cash Advances – Withdrawing cash using a credit card hurt you 2 ways. The first is you pay a high cash advance fee. This fee could run from $20 to $50, depending on your bank. The other bad thing is you start paying high interest the moment you take out cash advances. Never use credit card for cash advances. It’s the worst way to borrow money.

Paying Annual Fees - Many credit cards will try to hook you up offering reward points or cash back in exchange for annual fees. Just to cover these fees, you have to spend more than $20,000 or $30,000 annually. Read the fine print and figure out if it’s really worth it to spend that much money for reward points or cash back after covering annual fees. Use a no annual fee reward or cash back credit card instead; there are lots of them available in the market.

More A Dawn Articles:

China’s Economy in 2012

5 Money Tips for Financial Success

Light Traveler’s Travel Checklist

Why Rushing Actually Slows You Down

Toronto After-Christmas Snowfall

Financial Website A Dawn Journal – Best of the Best Blogger Series Interview

Canadian Economy and Unemployment Rate

20 Questions to Ask Before Buying A Condo

After an unexpected half-point contraction in the second quarter, the Canadian economy expanded better than expected by 3.5 percent in the third quarter. The U. S. economy expanded by 2 percent in the same period. Increased demand for exports was behind this unexpected growth. Although the economy is expected to grow in a positive pace in the last quarter of 2011, it may not be as robust as the 3rd quarter.

Consumer spending on goods and services rose in the 3rd quarter by 0.3 percent, lower than 0.5 percent of the 2nd quarter. Government spending on goods and services rose in the 3rd quarter by 0.2 percent. Growth was seen in the goods producing industries and service industries by 1.4 and .6 percent. Energy, manufacturing, construction, transportation, and wholesale trade are where growth occurred most.

Canada’s unemployment rate rose to 7.4 percent in November, making it the fifth consecutive month since June in which there was no new job creation. In the U. S. 120,000 jobs were created for the same month. However, the overall pace of job creation in Canada is still higher than the U. S. since the recession. With 13.2 percent unemployment rate, Newfoundland and Labrador has the highest unemployment rate. Conversely, Alberta has the lowest unemployment rate at 5.0 percent.

Bank of Canada states that economic activity will be sluggish in the last quarter of 2011 and the early months of 2012 with a possibility of conditions getting worse if the European debt crisis continues to drag down the global financial situation. However, the Canadian government will remain flexible with its economic policies and will intervene with new stimulus packages if necessary.

Data Source: Statistics Canada

More A Dawn Articles:

How Not to Give Up on the Gym

India’s Falling Rupee and Its Economic Future

Why Are Global Entrepreneurs Flocking to Canada?

Ten Wallet Tips You Need to Know Before Leaving Home

Condo Buyer’s Checklist/Points to Consider When Buying A Condo

Condo living can be rewarding with minimal headaches. However, it is not for everyone. Today, I am going to present some questions that should be answered and looked at to help you before making any condo buying decisions.

1. Know why you want a condo and if condo living is for you.
2. When you live in a condo, there are rules and regulations you have to live by. Ask yourself if
   you will be fine with these rules and regulations and giving up some freedom when compared to
   living in a house.
3. Condo living is associated with paying ongoing fees (maintenance fees). Make sure you
   understand how these fees work and if you will be paying these every month.
4. Is the location right for you? Is it close to those amenities that are important for you?
5. What types of facilities or amenities is the condo giving you? Is it too much or too little?   
   Beware of condos that offer too much. For example, there are some condos in Toronto with
   their own bus services to the station. However, I won’t live there because maintenance fees
   will be too high for the obvious reasons.
6. Does it come with a parking space and a locker or you need to pay for them additionally?
7. Are there any restrictions on occupants? Will you be able to rent out your unit?
8. How many pets are allowed?
9. Is the condominium price reasonable?
10. Are the monthly condo fees (maintenance fees) reasonable?
11. What the condo fees cover and what the fees don’t cover.
12. How old is the building?
13. Who is the builder and is this builder a reputable company or have they had bad records or  
     problems in the past?
14. Is the building in good shape and durable? Does it look attractive?
15. Does the building and surrounding area look clean, neat, and well maintained?
16. Is the condo corporation in good order and are there no legal claims or judgements?
17. How are the condo finances? It is well managed or is the condo board is wasting money?
18. What is the owner-occupied and renter-occupied units proportion?
19. Is the building energy efficient and is a functional fire protection system in place?
20. Will this purchase make you happy living in your unit so you don’t need to look for another condo after 6 months? How many years you are looking to stay in this building?

The Ontario Student Assistance Program

The Canadian Government does not want any students stop going to college or university because of the lack of financial support. In order to prevent that, the Government provides financial assistance to eligible students in paying for their post-secondary education through various programs and services throughout Canada. OSAP or Ontario Student Assistance Program is the main source of assistance in the province of Ontario. OSAP is a student loan program which is made up of both federal and provincial funding for the eligible post-secondary students living in Ontario.    

OSAP Loan Amount

The amount students receive will be based on their financial need. This amount is designed to cover expenses such as tuition, books, living costs, transportation costs, and so on. There are various factors that determine the loan amount such as parent’s income, marital status, student’s own or spouse’s income, course type (full-time, part-time) course length, and so on. There is a financial aid estimator or calculator available to give you an approximate idea of the amount based on your scenarios. To find out more, check Government of Ontario OSAP website.

OSAP Eligibility

There are many criteria that need to be fulfilled in order to be eligible for OSAP. Some of them are:
- You have to be a Canadian Citizen, permanent resident, or a protected person.
- You have resided in Ontario for the last 12 months
- You academic standing is satisfactory
Visit the OSAP site mentioned above for full eligibility criteria.

How to Apply For OSAP?

There are two ways to apply for OSAP: via paper application and online. Online application is quicker and therefore the preferred way. There is a cost of $10 to apply via paper application.  

OSAP Loan Repayment and Interest

Once students graduate, stop attending school, or reach lifetime maximum, repayment of OSAP will start. Loan repayment starts 6 months after the student ends full-time status. The loan is interest-free and interest is paid by the government as long as students remain full-time.

Last Word

OSAP is no different than any other loan and as such, you should treat it with responsibility and care. Not handling the OSAP properly can affect your credit rating. If you have difficulties paying OSAP, don’t wait for the last moment. Contact the National Student Loan Service Centre (NSLSC) at 1-888-815-4514 or visit their website at NSLSC.

More A Dawn Articles:

What Is A Social Entrepreneur?

Tips for Starting or Buying a Business

Some Facts About Chile’s Economy

New Immigrants Bank Accounts Review

Asus Eee Pad Transformer Tablet Review

Beware of The FBI Nigerian Letter Scam

Canadian Bank Accounts for Newcomers

In a recent article, I talked about Canada being the best country in the world. It’s no wonder immigrants or newcomers from all over the world will be coming to this wonderful country for a better living. Every year Canada welcomes a handful numbers of new immigrants, and not all these newcomers are from third or second world countries. You will find immigrants from other first world, developed, or rich countries coming to Canada. And why not? If you were given the opportunity, why you would not want to be a part of the best country on earth, even if you live in another rich country? If you live in Canada, you will bump into new immigrants from other developed nations like Australia, U.K., U.S.A., France, and so on all the time. When a newcomer first arrives in Canada, the first thing they look for is to have a bank account. And today, I will review some bank accounts for immigrants briefly. I will concentrate on Chequing accounts as majority of newcomers look for a simple chequing account.

HSBC Bank Canada – Although HSBC bank tries to impress by advertising that newcomers can open an account even before you arrive in Canada, their fine print reveals a big catch. Their HSBC Advance Chequing Account requires a minimum balance of $25,000. If you don’t keep this minimum balance, you will be paying $25 monthly fee – which is too much. If you don’t like to waste your money paying banking fees, stay away from HSBC.

RBC Royal Bank – The RBC® Welcome to Canada Banking Package offers free banking for a full one year. This package includes many other products such as a credit card, free safe deposit box, etc. After one year, your monthly fee will be $4 – which is not bad. However, there may be transaction fees depending on how many transactions you do.

TD Canada Trust – TD does not have any separate bank account or any packages for newcomers. To view their products, visit TD’s website.

CIBC – CIBC’s CIBC Newcomers to Canada Plan offers free banking for one year. Also, newcomers get help with purchasing their homes with a CIBC Newcomer Mortgage.

ScotiaBank – Scotiabank offers StartRight Program for landed immigrants. The Scotiabank StartRight Program financial package offers No-fee Powerchequing® free for one year, free small safety deposit box, auto loan program, among many other things.

BMO – BMO Bank of Montreal® offers the BMO Banking Package for Newcomers. This package offers free one year banking, free small safety box, and a secured BMO Term Investments.

Some of these packages offer credit products to build a credit history in Canada. These are the programs offered by Canada’s major banks for newcomers. There may be similar programs offered by other banks or financial institutions. Always do your research before opening a bank account or any sort of account in Canada to get the best deals and to find something that meet your needs. Also, since you are new in Canada, why not broaden your financial knowledge by regularly reading my two financial websites: Canada Personal Finance Blog and Canada Personal Finance Website. Remember, no one cares about your money but you. Only you know how hard it is to earn a dollar, because you are the one who earned it. Save a dollar at every possible opportunity and start investing wisely – you will succeed in Canada.

More A Dawn Articles:

HTC Panache Review

The Consumer Financial Protection Bureau (CFPB)

How to Use Visualization Properly to Achieve Goals and Success

Financial Author A Dawn’s New Book Save Now Is Designed To Reach His Global Readers

How to Do a Background Check on Your Financial Advisor, Investment Advisor, Broker, Financial Planner