13 ways to save – even if you’re on a tight budget

We’ve all been there at some point in our lives – hopefully not right now, in yours – where the money coming in barely covers (or barely doesn’t) the bills you need to pay.

For folks in that situation, the idea of saving money, even for retirement, may seem an impossibility.

But, writes Matthew Goldberg for Yahoo! Finance, there are still some ways to squeeze some savings dollars, even if you are operating on a super-tight budget.

He says making small changes can help free up money, even in these times of high inflation.

“Turn lights off when you’re not using them,” he advises. (Our late Dad used to amble around the house turning off lights, even if we were using them.)

Other advice includes “cutting the cord on cable, and opting for cheaper streaming services.” Goldberg writes that you can sometimes share streaming services with other folks to cut costs even more.

His next advice, a key piece, is “withholding from impulse purchases. One way to do this is by writing down wants and waiting a week or so before buying them, so you can see if you still want them.” We’ll add that when buying online, read reviews from people who have purchased the product – often that will help you decide if it’s really what you want, or not.

Another idea is to make a simple budget – the “50/30/20 rule,” in which half your money goes to essential expenses, 30 per cent “to things you want” and the rest – 20 per cent – to savings, the article notes.

Goldberg recommends automating your saving.

“It’s easy to forget to save. That’s why automating the process is the best way to save money,” he advises. He suggests having a portion of every paycheque automatically directed to a high-interest savings account.

This “pay yourself first” approach works great, because after a while you won’t notice the fact that a regular savings contribution is being made, and will live on the rest of your pay.

He also suggests looking for chequing accounts that also pay interest – many don’t, but if you look around, there are Canadian financial institutions that do pay interest on your chequing account.

If you are paid every two weeks, there “are two months of the year where you’ll receive a third paycheque in a month.” Treat this “extra” money, Goldberg writes, as a way to quickly pay down some of your higher-interest debt, or to start (or add to) an emergency fund.

Other advice in this article – shop around for the best rates on auto and homeowner’s insurance “every few years,” consider moving to a smaller place or more rural area to save on housing costs/rent, and to “set up automatic contributions to your employer-sponsored retirement plan.” This is a U.S.-focused article, but here in Canada, that might mean a workplace pension plan or group registered retirement savings plan – be sure you are contributing to it at the maximum possible rate, because often there is an employer match on your contributions.

He concludes by suggesting that we all eat more meals at home (rather than at restaurants) and look for the best possible deals on vacations.

This is all good advice. Making savings a priority, rather than an easy-to-forget afterthought, is key to this process.

If you’re a member of the Saskatchewan Pension Plan, you can arrange to make pre-authorized contributions directly from your bank account to the plan. It’s easy to set up.

Great news for SPP members – our Variable Benefit option is now borderless, and available to all Canadian members! See how this flexible retirement option can let you withdraw the amount you want, when you need it.

Join the Wealthcare Revolution – follow SPP on Facebook!

By Sheryl Smolkin

I got my first library card when I was five years old and could print my name. I was an avid library user in Cornwall, Ontario where I grew up. I also worked in the library for three summers when I was in university.

But over the last several decades I’ve been buying books instead of borrowing them. Even buying paperbacks and trading them with family members became quite expensive. When I got an eReader app for my tablet computer a few years ago, I found I was spending even more on books because it was just so easy using wifi to order and charge them to my credit card.

Then I learned that eBooks are available from the Toronto Public Library and they can be downloaded at any hour of the day or night without leaving my comfy desk chair. Of course popular titles often have long waiting lists, but I can put a hold on a book and when it’s my turn, I get an email.

The Saskatchewan Public Library system offers members the same convenience. The seven regional libraries in Saskatchewan are:

• Lakeland Library Region (North Battleford area),
• Wapiti Regional Library (Prince Albert area),
• Wheatland Regional Library (Saskatoon area),
• Parkland Regional Library (Yorkton area),
• Chinook Regional Library (Swift Current area),
• Palliser Regional Library (Moose Jaw area)
• Southeast Regional Library (Weyburn area).

However, the eBook collection is shared by the whole province. So if you take a look at the websites for these regional libraries, you will see the same collection of available titles.

You can use your library card to download eBook and eAudiobook titles from library2go for either one or two weeks. When the loan period is up, your items are returned automatically so you don’t have to worry about getting them back on time. You can have a total of ten eBooks and eAudiobooks signed out at one time from library2go. Materials can also be renewed.

Or check out Project Gutenberg on the web for a huge selection of classic eBook titles. Regardless of what part of the world you live in you can download books in the public domain on which copyright has expired from this site for free. Some of the most popular titles are Grimm’s Fairy Tales, The Importance of Being Earnest, Wuthering Heights and Moby Dick.

Recently I decided that battery life on a tablet is not adequate for long plane trips so I decided to buy a dedicated eReader. I opted for a Kobo Glow that weighs only 6.5 ounces, fits in my purse and has a screen so I can read in the dark. It is rated for around 70 hours of use with the light at 15-20 percent.

The device cost $129.95 plus tax. But I figure that I only have to borrow and read 10 library books to amortize the cost. Of course I still buy books occasionally, particularly if I’m travelling for extended periods. But because I use the library regularly, my book buying budget is now much more manageable.

Do you have any ideas for saving money? Share your money saving tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

By Sheryl Smolkin

I must confess that at least once or twice when looking for something to distract me on the treadmill at the gym, I’ve watched Extreme Couponing and felt a little guilty. I can’t imagine spending hours every day looking for coupons, plotting my shopping strategy and stockpiling items I may never use. But it seems sinful somehow to pass up obvious bargains.

While the best source of coupons used to be newspapers and grocery store fliers, a big chunk of the business has gone online. In many cases coupons can also be downloaded to your mobile device. So I did some internet research to find the best Canadian coupon websites for those of you who are interested in taking advantage of these deals.

On yummymummyclub.ca, Sarah Deveau rates the following as the top five coupon sites in Canada and provides explanations for what you can expect to find.

Save.ca

The site offers coupons for baby formula, pet food, juice and plenty more. The selection changes frequently and they do impose limits on how many coupons you can request per household. Check out their sister site flyerland.ca for flyer deals, coupons, contests and more.

brandsaver.ca

This Procter & Gamble website offers coupons for their best-selling products, from laundry detergent to toothpaste and nearly everything in between. They also offer free samples. Check back often as supplies are limited and featured products change frequently.

Groceryalerts.ca

This is primarily a grocery coupon and grocery deals site, but shoppers can also read articles on how to shrink their grocery bill using coupons and sales, find recipes and check out product reviews. All coupons and policies are verified prior to being posted by Canadian founders Steven and Lina Zussino. Follow them on Facebook for breaking deals and limited quality sample giveaways.

smartcanucks.ca

On one of the top coupon sites for Canadians, users can not only print coupons directly from this website, but they can also trade coupons with others across the country. You can register for the forums and find out where the best sales and deals are at every major retailer in the country.

entertainment.com

The Entertainment Book has a 50 year history providing coupons for thousands of businesses in 145 cities across North America. So you can’t go wrong by picking up your Saskatchewan copy, as well as a copy for any cities you plan on visiting during the year. If you miss the school kids selling the book, you can usually buy the current Entertainment book at up to 50% off the regular price a few months into the season (no coupon required!).

However, before you embark on a full-scale campaign to save mega-bucks by couponing, read Part 1 and Part 2 of the Great Coupon experiment, also by Sarah Deveau. She managed to save $20 on diapers that were already on sale at Toys R Us but concluded that it definitely wasn’t worth the time she had put into the project. Furthermore, she says even stacking two or three coupons on one product wasn’t enough to price it lower than its lesser priced, no-name brand cousin.

I’m not a big fan of coupons, but I am reasonably diligent about using my loyalty cards from places where I shop regularly. At Shoppers Drug Mart and Longo’s in Toronto points accumulate with every purchase that can be redeemed for dollars on a future purchase. Sobey’s points are converted to Air Canada points.

Do you use coupon sites or loyalty cards that have saved you a bundle? Share your money saving tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

Beginning in January we will be mixing things up a bit, and in addition to blogs that discuss ways to save money so you can save more for retirement, we will be interviewing our favourite financial bloggers, reviewing books that will help you better manage your finances and rolling out a monthly Retirement Savings 101 series.

The team at Saskatchewan Pension Plan wishes you a happy, healthy holiday season.

By Sheryl Smolkin

There is probably nothing more irritating than watching the meter on the gas pump when you are filling up your car with gas for the second or third time in a week. Depending on the car you drive and the distance you go, gas alone can cost you hundreds of dollars a week.

The average current prices reported by Natural Resources Canada on October 29^th are noted below, but gas costs can vary significantly across the country or even around the block.

Regular gasoline:                124.4/litre

Mid-Grade gasoline:            137.5/litre

Premium gasoline:              137.6/litre

Diesel:                                 129.5/litre

In theory, parking the car and taking public transit may be cheaper, but in practice there may not be dependable, affordable public transit available in your area. And once you have had the convenience of a car you will never willingly take strollers, packages and pets on the bus again.

Here are some ideas that will help you save money on gas.

1. Limit your driving: Drive only when you must. Try and combine errands instead of making a separate trip every time you need something. Seriously consider whether grocery shopping in two or three places to save a few cents is worth the cost of gas.
2. Carpool: Find someone to carpool with to and from work on Saskatchewan kijiji. People also look for and offer rides when they have an empty seat in the car on weekends. Your company may let you advertise on its intranet.
3. Fuel efficient car: If you are in the market for a new car, check the fuel efficiency and ratings of various models that you like. We opted for a Diesel BMW last year and we regularly get 800-1000 km per tank when we drive to Ottawa to see our daughter. Hybrid cars can also save you money
4. Maintain your car: Make sure your car is properly maintained. A well-cared for vehicle will run more efficiently and give you better mileage.
5. Fill it up: Fill your car up each time so you don’t waste gas and time driving to and from the gas station putting in small amounts. Wait until you have a quarter tank but don’t push it much further, particularly in winter weather when you could be stranded if you run out of gas.
6. Tires: Check your tires every few weeks and top up the tires to the recommended pressure for your automobile.
7. Avoid idling: Turn off your car when you are waiting for someone.You get zero miles/gallon when you are idling.
8. Use a GPS: In most cases a GPS will help you navigate and find the fastest and shortest route to where you are going. But consider whether the suggested route actually makes sense if you know traffic is particularly bad or your software hasn’t been updated recently.
9. Use air conditioning sparingly: Air conditioning is a gas guzzler. In nice weather when you are travelling at lower speeds, open the windows and enjoy the fresh air.
10. Keep records: Keeping meticulous records of what you spend and how many miles you drive will help you quickly spot changes in vehicle performance and focus on the goal of saving.

Finally, stay safe. You can find winter driving hints from the CAA Saskatchewan here.

Do you have any ideas for saving money on gas? Share your money saving tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

Beginning in January we will be mixing things up a bit, and in addition to blogs that discuss ways to save money so you can save more for retirement, we will be interviewing our favourite financial bloggers, reviewing books that will help you better manage your finances and rolling out a monthly Retirement Savings 101 series.

The team at Saskatchewan Pension Plan wishes you a happy, healthy holiday season.

By Sheryl Smolkin

If you are lucky enough to have a job you love, you have probably spent the last few weeks shopping and checking things off on your holiday list. But if you have been downsized or you are about to retire you may be holding off on major purchases until you are more settled.

Here are some blogs with hints for job seekers who are looking for a new career under the Christmas tree this year.

In Boomer & Echo, Robb Engen writes about how a lucky break launched a successful career. He worked his way up in the hotel industry, accepting a job in sales which eventually led to his current job at a university. He says rather than jumping from job-to-job, stick around and make your own luck by being in the right place at the right time.

Nicholas Zakas shares the best career advice he has ever received on NCZOnline. “Don’t accept a job where you’re told exactly what to build and how to build it. You need to work somewhere that appreciates your insights into the product as well as your ability to build it.”

On Recruiter.com you can find 10 career blogs you shouldn’t miss. A blog from an expert in careers can help you to find original ways to revamp your resume, find a new job, break into a new industry, wow a recruiter or anything else career-related that you need to know.

Even with retirement on the horizon, some people are still trying to figure out what they want to be when they grow up. Donna McCaw says almost half of us seek an encore career rather than volunteer work or hobbies.  Many people need to work to pay the bills. Others, however, seek further employment to give themselves a more positive sense of self worth.

And finally, as the world continues to mourn, we end this week’s Best from the Blogosphere with Career and life lessons from Nelson Mandela collected by Kevin Makra on Workopolis.

To honor this great man, we leave you with some of his words of wisdom:

 “A good head and a good heart are always a formidable combination.”

“ “Everyone can rise above their circumstances and achieve success if they are dedicated to and passionate about what they do.”

 “Money won’t create success, the freedom to make it will.”

“The greatest glory in living lies not in never falling, but in rising every time we fall.”

 “What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead.”

“Death is something inevitable. When a man has done what he considers to be his duty to his people and his country, he can rest in peace. I believe I have made that effort and that is, therefore, why I will sleep for the eternity.”

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Christmas can be an expensive time of year. You have to come up with presents for your parents, spouse, kids, cousins, aunts and uncles. But you may also want to give small but meaningful gifts to numerous other people including helpful neighbours, your children’s teachers, the mailman and your hairdresser.

Where families are large and it is impossible to buy for everyone, it can help to pick names so you only have to buy one more expensive gift rather than a dozen smaller items. Another approach is outside of immediate family, to only give gifts to children under a certain age – say 16 or 18.

However, you may still end up with a long list and an overloaded credit cart. That can be a real problem come January when you have to top up your retirement savings. Here are some ideas for less expensive gift options that will satisfy everyone on your list.

1. Food gifts: If you make the best banana bread in town, whip up a couple of batches, wrap them with pretty cellophane and ribbons and give them to people who always finish the last slice when you bring your speciality to a pot luck dinner.
2. Coffee cards: As a rule I’m not a big fan of gift cards because they always seem like an afterthought and people tend to lose them. But many of us need our daily coffee fix and fancy specialty coffees can cost $5 or more. Find out if intended recipients are Tim Horton’s or Starbucks fans and make your purchase accordingly.
3. Gift baskets: Gift baskets can contain anything from yummy treats to bath and beauty supplies. If you purchase baskets already made up, they cost much more than the contents which are often meagre once you remove all the packaging. Bulk stores and craft stores sell almost everything you need to make your own gift baskets for a reasonable price.
4. Child care: Young parents with small children and big mortgages generally don’t get a night to themselves very often. Offer to babysit so they can go out for a quiet dinner or agree to take the kids for a weekend so they can plan a mini-vacation out of town.
5. Consignment stores: Kids stuff is often gently used because children grow out of their clothes and toys long before they wear out. My daughter recently found a great pair of red winter boots in perfect condition for our granddaughter for only a few dollars at a consignment store.
6. Business cards: How often have you wanted to exchange telephone numbers or email addresses with someone but couldn’t find a pen or a piece of paper? Business cards are handy to have whether you are a teenager, stay at home Mom or a small business owner. Card stock is available from any office supplies store and you can download templates for your colour or black and white printer.
7. Magazine subscriptions: Magazine subscriptions are a great inexpensive gift that keeps on giving for a whole year. For example a new subscription to Chatelaine is only $14.95 for 12 issues and it includes access to a digital edition you can download on your iPad.
8. Potted plant: Cut flowers will brighten up the house, particularly in the depths of winter but potted plants will last a lot longer if properly cared for. In fact by February, I usually toss out my poinsettia because I’m more than ready for daffodils and hyacinths. Most grocery and gourmet stores have a great selection of seasonal plants.
9. Groupon: You can purchase discount coupons for half off or more on Groupon and other similar sites. Spa, haircut, belly dancing classes or dance lessons anyone?
10. Kitchen gadgets: Spatulas, corkscrews, vegetable peelers, bag clips, tongs, whisks or a turkey baster. A trip to a dollar store, department store or specialty kitchen store can uncover a treasure trove of kitchen gadgets in all price ranges for stocking stuffers.

Whatever items you decide on for the people on your list, consider starting your shopping early and buying at least some items online. Companies like Amazon and Chapters deliver for free for orders above a certain amount and it sure beats finding a parking spot and carrying heavy bags around a mall.

If your friends or relatives live out of town, the added advantage is you can have a wrapped package delivered directly to them.

Do you have any ideas for inexpensive Christmas gifts that will wow your friends and relatives? Share your money saving tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

Beginning in January we will be mixing things up a bit, and in addition to blogs that discuss ways to save money so you can save more for retirement, we will be interviewing our favourite financial bloggers, reviewing books that will help you better manage your finances and rolling out a monthly Retirement Savings 101 series.

The team at Saskatchewan Pension Plan wishes you a happy, healthy holiday season.

By Sheryl Smolkin

Holiday shopping is in full swing. Even if you managed to sidestep the malls in November, few have been able to avoid the lure of Black Friday which seems to have crossed the border and taken root in this country.

But folks who blow their budget in December often regret it in January. Here is what some of our favourite bloggers have to say about ways to downplay consumerism and share more economically with the ones you love.

On Squawkfox Kerry K. Taylor has posted the introductory blog of five that will fire back at what she calls “seasonal nonsense.” She has 60 comments already on what bugs people about holiday consumerism. Stay tuned for the next four installments.

The Brighter Life staff offers some smart ways to combine a little thought with your thriftiness. For example, set limits, get cooking and give the gift of time.

Joshua Becker from Becoming Minimalist provides links to over a dozen websites and guides with hundreds of strategies for a simpler Christmas.

And Chris Tecmire who blogs on $imple Family Finance shares 14 ways to simplify Christmas that will help manage your laundry list of things to do so you can bring back your inner child and truly enjoy this time of celebration.

But Laura Vanderkam is not planning to mess around with her family’s Christmas traditions. She says she will not be simplifying Christmas this year Because it only comes once a year and because she is naturally cheap, extreme frugality is not needed or warranted.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

I am probably the wrong person to be writing about the pros and cons of real vs. artificial Christmas trees because we never celebrated Christmas or had a tree. Instead we lit Chanukah candles for eight nights and ate too many potato latkes (pancakes).

However, my research reveals that that the “real vs. artificial tree” debate is a perennial one, and the issues are somewhat different than I initially expected.

From purely a cost perspective, there seems little doubt that purchasing a well-constructed, long-lasting artificial tree is less expensive than buying a real tree every Christmas. In fact, in a Moneysense article published last December, Stefan Dubowski suggests that an artificial tree can be as much as $400 cheaper over 10 years.

He also notes that artificial trees are cleaner, there are no needles to gather up and no water reservoir that leaks or spills all over the presents. And it is less of a hazard because most artificial trees are fire resistant, whereas real trees dry out, making them more likely to burn.

He outlines characteristics you should look for in an artificial tree and recommends a pre-lit tree so you can avoid wrestling with tangled strings of lights each year. After reviewing four high-end trees sold last year at major Canadian retailers, he concludes that the Martha Stewart Living Pre-Lit Sparkling Pine Tree from Home Depot ($289) has the longest warranty (five years on the tree and two years on the lights) and is the best value overall.

But what about the environmental impact of real vs. artificial trees?

Some might make the case for fake trees because they are re-used every year and thus don’t generate the waste of their real counterparts. But fake trees are typically made with polyvinyl chloride (PVC) which is one of the most environmentally offensive forms of non-renewable, petroleum derived plastic.

Several known carcinogens may be generated during PVC production polluting neighbourhoods near factory sites, many of which are in China. Furthermore, fake trees are not recyclable or biodegradable, so when they are disposed of they will fill up landfill sites for an indefinite period.

In contrast, the Saskatchewan Christmas Tree Growers Association reminds us that:

• Real trees are a renewable, recyclable resource.
• For every real Christmas tree harvested, up to three seedlings are planted in its place the following spring.
• Real trees are environmentally friendly. They produce oxygen, sequester carbon, provide shelter for wildlife, help control erosion and are biodegradable.

However, what is more important is that selecting, bringing home and decorating a real tree is an important part of the holiday tradition for many families. Buying a tree at a department store and reassembling it every year may be a cheaper option over time, but opting for a real tree instead of an artificial tree is a decision you make with your heart.

Want to weigh in on the real vs. artificial debate? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

13-Nov	Holiday gifts	Ways to save money on winter driving
20-Dec	Transportation	Ways to save money on gas
27-Dec	Coupons	Coupon websites that can save you money

By Sheryl Smolkin

Whether you are early in your career or counting the months until you retire, all of us are searching for the magic elixir that will allow us to retire well and retire happy. Here are some retirement tips from the blogosphere that may help you on your journey.

On BrighterLife.ca, Dave Dineen says Retirement is the time to focus on your passion. It doesn’t matter what you are interested in whether it’s basket-weaving, skydiving, volunteering, quilting or oil painting. He also suggests that you talk to your financial advisor about reflecting your passions in your retirement plan. Retirement is no time to put off what makes you happy because you are not sure you can afford it.

Retirehappy blogger Jim Yih offers his Ten ideas to a successful and happy retirement. The top two on his list are plan ahead and be conservative in your assumptions.

Bob is retired and lives in Scottsdale, Arizona with his wife of 37 years. His Retirement advice is 7 things you shouldn’t do. For example, he says don’t try to copy your parent’s or your friend’s retirement and don’t count on financial promises and performance to remain unchanged.

Diane explores what she has learned about retirement in the last two years on her blog A new chapter. She says quitting her job, selling the house, leaving friends and moving to a new city 500 miles away has been a lot of change.  Even now it’s a bit lonely living far away from those friends, but she tries to keep in touch. And she continues to work on making new friends.

Several years after Retired Syd retired the first time, she went back to work for two years. Now she is fully retired again. In Cycling through retirement she talks about how important it is not to get into a rut.

She says, “I can’t play piano, or go out every night, or stay home with the TV every night, or travel, or do anything day after day after day.  I need to cycle back and forth between new and old passions.  I need to cycle back and forth between periods of high activity and slower paced ones. Heck, I’ve even cycled between work and retirement in my retirement.”

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Many people believe that fraudulent schemes are isolated incidents that could never happen to them. But if you’ve read Will Ferguson’s 2012 Giller prize-winning book 419 about Nigeria’s Internet scams you’ll know better.

Cons intended to separate you from your money are big business. The Better Business Bureau and partner organizations investigate thousands of scams every year, from the latest gimmicks to schemes as old as the hills. So does the Canadian Anti-Fraud Centre (CAFC), a joint operation of the Royal Canadian Mounted Police, the Ontario Provincial Police and the Competition Bureau.  The agency collects information and criminal intelligence on “mass marketing fraud” aimed at multiple victims.

In the first six months of 2012 the CAFC received almost 21,000 complaints of mass marketing fraud with losses of over $30 million. Another 11,500 claims related to identity fraud/identity theft and cost victims $7.5 million. “These calls represent only about 5 per cent of the people who have been duped,” says Det. Con. John Schultz who is part of the CAFC team.

The Better Business Bureau has compiled its list of the biggest scams of the year, showing that something that seems good may not live up to its promises.

1. Top advertising scam: If you place an ad on a free site like Craigslist to sell your car, you may receive a call from unlicensed telemarketers offering to help sell your car. If you accept their offer, you will pay a fee of about $500 for posting to online classifieds you can post yourself at no charge.
2. Top love scam: You meet someone through a social networking or dating site who turns out to be from a faraway place. They fall in love with you in a very short time. The person gains your trust and asks for money to travel or help with a family emergency. Victims usually send money through wire transfer.
3. Top financial scam: Here the person earns the trust of an influential member of a group, family or workplace to use this connection to get their hands on their money. The investment is a fraud, you lose your money and your relationships could be irreparably harmed.
4. Top online scam: Online financial fraudsters send e-mail spam or they approach you on a social media website or a web forum. The target is consumers who go online for financial advice. Some spam will lead to an internet ad, designed to gather your personal information. A fraudster will later approach you directly about the phony investment.
5. Top sales scam: “Curbers,” buy old or damaged cars and sell them from parking lots or curbsides, advertising in newspapers and online ads. The buyer is out-of-pocket after realizing the vehicle has a long history of damages, a lien against it or the odometer has been rolled back. In some cases the vehicle may be stolen.
6. Top youth scam: You receive a text message that invites you to participate in a contest for a great prize. The target is smart-phone users with web-browsing capabilities. You are asked to enter the PIN and later an email address with a link to another site to apply for a credit card. In the end you never receive a credit card and have given out personal information.
7. Top computer scam: Consumers receive a call with a warning that your computer has been infected with a virus. Then an offer is made to clean your computer for a fee. The target is homeowners who have a computer with an internet connection. The result is that the scammer gets remote access to your computer and will also ask for credit card information for payment.
8. Top business scam: The business receives an invoice that appears to be past due, when in reality your company has had no dealings with the business listed on the invoice. The target is business owners and busy employees handling accounts payable. The result is that businesses pay a fake invoice or receive more threatening letters about the credit consequences of non-payment.
9. Top home improvement scam: Rogue door to door contractors will come to your home to seal or repave your driveway or fix your roof with product left over from another job. In some cases they offer a furnace repair that wasn’t requested or a free “inspection.” Targeted home owners are then out-of-pocket for unnecessary work or a poor job that has to be redone
10. Scam of the year: An email that mentions the Better Business Bureau and says something like “Complaint against your business.” You are asked to either click on a link or open an attachment. If you click on the attachment, you may download a malware virus.

If this list isn’t enough to make you weep and you want to know more, Competition Bureau Canada’s 36-page The Little Black Book of Scams is a helpful resource full of information on how to avoid being caught up in a scam and on how to report fraud to the appropriate authorities.

How can you recognize a scam?

The CAFC says if it sounds too good to be true, it probably is. For example, you’ve won a big prize in a contest that you don’t recall entering. You are offered a once-in-a-lifetime investment that offers a huge return. You are told that you can buy into a lottery ticket pool that cannot lose.

They also suggest that you watch for these warning signs if you suspect that a relative or friend is being targeted by unscrupulous telemarketers.

• A marked increase in the amount of mail with too-good-to-be-true offers.
• Frequent calls offering get-rich-quick schemes or valuable awards, or numerous calls for donations to unfamiliar charities.
• A sudden inability to pay normal bills.
• Requests for loans or cash.
• Banking records that show cheques or withdrawals made to unfamiliar companies.
• Secretive behaviour regarding phone calls.

Have you, a family member or a friend ever been scammed? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

06-Dec	Holiday decorations	A real tree or an artificial one?
13-Nov	Holiday gifts	Ways to save money on winter driving
20-Dec	Transportation	Ways to save money on gas