A look at the best of the Internet, from an SPP point of view

Women have to plan for a longer retirement

What works for a man may not work for a woman, and that sentiment is true when it comes to retirement planning.

According to the Young and Thrifty blog, women need “to know how to save more than men.”

They need to save more than the conventional 10 per cent of salary, the post notes, or else they could risk not having enough money in retirement. “Advice given to women about how much to save for retirement may be so far off base that, according to the Broadbent Institute, 28 per cent of senior women are currently living in poverty in Canada,” the article notes.

The article notes that as a starting point, women earn less than men, about 87 cents for every dollar earned by a man. That means less to save for retirement, the blog notes.

Secondly, women “tend to invest more conservatively than men,” the article advises. Women, the article notes, tend to shy away from riskier market investments in favour of GICs and high-interest savings accounts. “While these can be great short-term strategies, these investments offer a lower return, stunting the growth of the money over the long term,” the blog reports.

So the problem is that women “are earning less, saving less, and generally choosing investment strategies that yield less,” the article notes. “But because women generally live longer than men, they need to squirrel away more money in their nest egg.”

The article notes that women tend to live four years longer than men, meaning a more expensive retirement. “Four years longer doesn’t seem that long, but if you assume a retirement age of 65, that’s 28 per cent more years spent in retirement,” the article warns.

A final factor – women tend to leave the workforce to raise children, meaning they don’t have as long a career or as many opportunities to save, the article says.

What to do?

The article advises women to consider sharing some of their parental leave time with their spouses, so that they aren’t off work as much. If you are off on a leave, a spouse can open a spousal RRSP to ensure that retirement savings continues while you are caring for a child. The article urges “more aggressive investments” by women, including the use of exchange-traded funds or ETFs, so that you are getting more benefit from the stock market.

And finally, the article says the savings target for women should be 18 per cent of income, as opposed to 10 per cent for men.

Interestingly, the Saskatchewan Pension Plan was invented with women in mind. The SPP started out as a way for busy women and moms to have their own way to save. The SPP offers professional investing at a very low cost, is scaleable (you can put more in when you make more, and less in when you make less) and very importantly, offers a simple way to turn those savings into reliable monthly lifetime income when you leave the workforce.

It’s an ideal tool for women who want to upgrade their retirement savings – check them out today.

Written by Martin Biefer
	Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing, classic rock, and darts. You can follow him on Twitter – his handle is @AveryKerr22

One of the perennial questions that comes up in the first two months of every year is whether individuals should first contribute to a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), particularly if they cannot afford to max out contributions to both types of plans. And since 2009 when TFSAs first became available, every top personal finance writer has offered their opinion on the subject.

Chris Nicola on WealthBar created  WealthBar’s ultimate TFSA vs RRSP calculator. He says saving for your retirement income using your RRSP will beat saving in a TFSA for most people as long as your marginal tax rate when you are saving is higher than your average tax rate when you withdraw the funds, since the RRSP lets you defer paying tax until retirement.

The Holy Potato TFSA vs RRSP Decision Guide allows you to work through the steps to see which savings plan is best for you. This infographic illustrates that RRSPs can only beat TFSAs if you are making RRSP contributions pre-tax (i.e. contributing your refund so more goes in the RRSP). If you fritter away your refund, go straight to the TFSA.

Maple Money’s Tom Drake also presents an RRSP vs. TFSA Comparison Chart. Drake cites the recently released C.D. Howe Institute study entitled Saver’s Choice: Comparing the Marginal Effective Tax Burdens on RRSPs and TFSAs. The report notes:

“Especially for lower income Canadians, the Marginal Effective Tax Rate (METR) in retirement may actually exceed the METR during an individual’s working years because of the effects of clawbacks on income-tested programs like the Old Age Supplement (OAS) and the Guaranteed Income Supplement (GIS). At various income levels, these benefits are reduced. If most of your retirement income is from fully taxable sources like CPP, RRSPs, company pensions, and OAS, your METR will be higher than if you mix in some tax-prepaid investments like TFSAs.”

The Wealthy Barber David Chilton sees the fact that you can take money out of a TFSA in one year and replace it in a future year as both a positive and a negative. Thus Chilton says:

“I’m worried that many Canadians who are using TFSAs as retirement-savings vehicles are going to have trouble avoiding the temptation to raid their plans. Many will rationalize, “I’ll just dip in now to help pay for our trip, but I’ll replace it next year.” Will they? It’s tough enough to save the new contributions each year. Also setting aside the replacement money? Colour me skeptical. After decades of studying financial plans, I am always distrustful of people’s fiscal discipline. And even if I’m proven wrong and the money is recontributed, what about the sacrificed growth while the money was out of the TFSA? Gone forever.”

Young and Thrifty’ Kyle Prevost’s TFSA vs RRSP: Head to Head Comparison (updated to 2018) has lots of colourful pictures. He believes the RRSP and the TFSA are like siblings. Not twins mind you – but siblings with different personalities. In some ways he says they are almost mirror opposites and the inverse of each other.  Both options share the trait that let you shelter your investments from taxation – allowing your money to grow tax free using a wide variety of investment options.  Each have their time and place, and are fantastic tools in their own way, but depending on your age and stage of life, one probably deserves more of your attention than the other.

His take when it comes to the TFSA vs RRSP debate is: “Yes… DO IT.”  Prevost believes the real danger here is paralysis by analysis.  Picking the “wrong” one (the better term might be “slightly less efficient one”) is still much better than not saving at all!

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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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Well it’s that time again. We have a bright shiny New Year ahead of us and an opportunity to set goals and resolutions to make it the best possible year ever. Whether you are just starting out in your career, you are close to retirement or you have been retired for some time, it is helpful to think about what you want to accomplish and how you are going to meet these objectives.

My resolutions are to make more time to appreciate and enjoy every day as I ease into retirement. I also want to take more risks and develop new interests. Two of the retirement projects I have already embarked on are joining a community choir and serving on the board; and, taking courses in the Life Institute at Ryerson University. After all, as one of my good friends recently reminded me, most people do not run out of money, but they do run out of time!

Here in alphabetical order, are resolutions shared with me by eight blogger/writers who have either been interviewed for savewithspp.com or featured in our weekly Best from the Blogosphere plus two Saskatchewan Pension Plan team members.

1. Doris Belland has a blog on her website Your Financial Launchpad . She is also the author of Protect Your Purse which includes lessons for women about how to avoid financial messes, stop emotional bankruptcies and take charge of their money. Belland has two resolutions for 2018. She explains:

• I’m a voracious reader of finance books, but because of the sheer number that interest me, I go through them quickly. In 2018, I plan to slow down and implement more of the good ideas.
• I will also reinforce good habits: monthly date nights with my husband to review our finances (with wine!), and weekly time-outs to review goals/results and pivot as needed. Habits are critical to success.

2. Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances and blogs at Money We Have. He says, “My goal is to work less in 2018. I know this doesn’t sound like a resolution but over the last few years I’ve been working some insane hours and it’s time to cut back. The money has been great, but spending time with my family is more important.”

3. Chris Enns who blogs at From Rags to Reasonable describes himself as an “opera-singing-financial-planning-farmboy.” In 2017 he struggled with balance. “Splitting my time (and money) between a growing financial planning practice and an opera career (not to mention all the other life stuff) can prove a little tricky,” he says. In 2018 he is hoping to really focus on efficiency. “How do I do what I do but better? How do I use my time and money in best possible way to maximize impact, enjoyment and sanity?”

4. Lorne Marr is Director of Business Development at LSM Insurance. Marr has both financial and personal fitness goals. “I plan to max out my TFSAs, RRSPs and RESPs and review my investment mix every few days in the New Year,” he notes. “I also intend to get more sleep, workout 20 times in a month with a workout intensity of 8.5 out of 10 or higher and take two family vacations.”

5. Avery Mrack is an Administrative Assistant at SPP. She and her husband both work full time and their boys are very busy in sports which means they often eat “on the run” or end up making something quick and eating on the couch.  “One of our resolutions for next year is to make at least one really good homemade dinner a week and ensure that every one must turn off their electronic devices and sit down to eat at the table together,” says Mrack.

6. Stephen Neiszner is a Network Technician at SPP and he writes the monthly members’ bulletin. He is also a member of the executive board of Special Olympics (Kindersley and district). Neiszner’s New Year’s financial goals are to stop spending so much on nothing, to grow his savings account, and to help out more community charities and service groups by donating or volunteering. He would also like to put some extra money away for household expenses such as renovations and repairs.

7. Kyle Prevost teaches high school business classes and blogs at Young and Thrifty. Prevost is not a big believer in making resolutions on January 1. He prefers to continuously adapt his goals throughout the year to live a healthier life, embrace professional development and save more. “If I had to pick a singular focus for 2018, I think my side business really stands out as an area for potential growth. The online world is full of opportunities and I need to find the right ones,” he says.

8. Janine Rogan is a financial educator, CPA and blogger. Her two financial New Year’s resolutions are to rebalance her portfolio and digitize more of it. “My life is so hectic that I’m feeling that automating as much as I can will be helpful,” she says. “In addition, I’d like to increase the amount I’m giving back monetarily. I donate a lot of my time so I feel like it’s time to increase my charitable giving.”

9. Ed Rempel is a CFP professional and a financial blogger at Unconventional Wisdom. He says on a personal finance level, his resolution are boring as he has been following a plan for years and is on track for all of his goals. His only goal is to invest the amount required by the plan. Professionally, he says, “I want 2018 be the year I hire a financial planner with the potential to be a future partner for my planning practice. I have hired a couple over the years, but not yet found the right person with the right fit and long-term vision.”

10. Actuary Promod Sharma’s resolutions cover off five areas. He says:
    

• For health, I’ll continue using the 7 Minute Workout app from Simple Design.
• For wealth, I’ll start using a robo advisor (WealthBar). I’m not ready for ETFs.
• For learning, I’ll get my Family Enterprise Advisor (FEA) designation to collaborate better in teams.
• For sharing, I’ll make more videos.
• For giving, I’ll continue volunteering.

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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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Recently Kyle Prevost (Young and Thrifty) hosted the online Canadian Financial Summit which included video presentations and interviews with 25 Canadian personal finance experts. While the presentations were free from September 13-16, you can still buy a pass to view these presentations.

Blogs by many of these people are regularly featured in SPP’s Best from the Blogosphere, but there were some interesting people on the agenda who are new to me. Today I introduce you to some of their recent work.

Alyssa Fischer is the writer behind one of Canada’s top up and coming blogs MixedUpMoney.com. In How My Accountability Buddy Became My Secret Financial Weapon she writes that grocery shopping with her husband is important because they help each other stick to their budget. She says, “If I let myself spend money in a frivolous fashion each time I needed a pick me up, I would be right back where I was 3 years ago. In debt, maxed out, and over my limit.”

Martin Dasko on Studenomics graduated from college debt-free and the purpose of his blog is to help readers get to financial freedom by age 30 (no debt, money saved, and the ability to do whatever they want). In Why You Should Save $10k in The Next Six Months (and how to start) he explains that personal finance is often about habits and choices. “You may decide to find new ways to make more money or spend less.  Having money in the bank will make your life better because you will have options and you can plan your next move,” Dasko notes.

Chris Enns is an opera-singing-financial-planning-farmboy and the man behind Ragstoreasonable.com. He wonders whether he can be an artist and be profitable. He also questions the following core beliefs  so many carry in the creative industry.

• That breaking even is enough.
• That paying the bills is enough.
• That building a profitable creative business is next to impossible.

He recognizes that wanting just “enough” to live his life is holding him back in a huge way. Instead he says shifting his thinking to “making a profit” is more likely to pave the way to building his savings and planning for the future.

Janine Rogan is the talented writer and CPA behind JanineRogan.com.  Rogan suggests that if your bank balance is too high you are more likely to spend too much. For example, even though you have $15,000 sitting in your chequing account, some (or all) of that money may be spoken for.

But you may feel you can splurge because you have extra cash on hand. Therefore she suggests that you should set guidelines for a maximum bank balance in your chequing account and once you hit that threshold excess cash should be moved to a savings or investment account.

Rogan says, “Shifting the expectation to living on less because you only have a set amount of cash in your bank account means that you will function in more of a frugal mind set.”

Half-banked.com is Desirae Odjick’s personal finance blog for millennials who want to manage their money and still have a life. She offers Five ways to learn about money for free (without leaving the house). They include:

• Taking out a stack of books from your local library.
• Watching money videos on YouTube.
• Reading a whole pile of financial blogs.
• Tracking your spending.
• Visiting the Canadian Financial Summit .

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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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

A million dollars doesn’t go as far as it used to but it’s still a nice chunk of change. I’m always fascinated by media articles and blogs that feature wunderkind who achieve seemingly unreachable financial goals by a very young age. So I pulled a few pieces to share with you in the hope that something may resonate and help you to exit the rat race sooner rather than later.

In The 10 Most Common Millionaire Habits, Jessica Kane writing for the Financial independence Hub says most of the people who have achieved the status of millionaires engage in daily rituals that help them meet their goals. Some of her suggestions are: be an early bird; read about current events; learn something new every day, and sleep less than 8 hours each night.

Grant Sabatier, the founder of The Millennial Millionaire went from $2.26 to $1 million in 5 years, reaching financial independence at age 30. He also shares A Few Not-So-Easy Steps.  Several of my favourites are:

• Get paid what you are worth. Negotiate a raise or look for a higher paid career track.
•  Save at least 20% of your after tax pay cheque before spending anything.
• Find a side hustle and invest the profit.

Kyle from Young and Thrifty offers 6 Non-Traditional Steps to Becoming a Canadian Millionaire In Today’s Market that will certainly raise some eyebrows. He says there are many paths to prosperity and only some of them lead through university. One alternative is to take shop or industrial arts so you can start your education in the trades while you are still in high school. Then you can start making money right away when you graduate. Also, don’t be afraid to move where the jobs are.

Millennial Revolution is a FIRE (Financial Independence Retire Early) site started by two computer engineers/children’s authors, FIRECracker & Wanderer, who retired at 31 to travel the world with a seven figure portfolio.

They primarily attribute their ability to save and invest scads of money to renting instead of buying in the pricey Toronto housing market. But they have also published a detailed and highly entertaining series on their blog about “how they got there.”

How We Got Here, Part 1: God, We Were Spendy Back Then
How We Got Here, Part 2: PANIC
How We Got Here, Part 3: After the Crash
How We Got Here, Part 4: The Bearded One
How We Got Here, Epilogue: The Real Cost of Traveling the World

And finally, Alexis Assadi is an entrepreneur and he believes that getting rich in Canada is easier than you think. In fact he has written about it extensively in his book Rich At 26 . He says rather than having to work for money, financial independence occurs when the revenue from your business and investment holdings surpasses your cost of living. He recommends that readers:

• Invest in income producing assets.
• Take advantage of TFSAs.
• Contribute to RRSPs,
• Start a business.
• Learn about and use tax incentives.

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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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

By Sheryl Smolkin

Here we go with another series of video blogs that will help you to organize and manage your finances. Some of them are not recent, but they have definitely withstood the test of time.

In Budgeting Without Losing Your Mind, Young Guys Finance says budgeting doesn’t necessarily mean punishing yourself so you can’t spend any money. Instead he vues budgeting as an awareness tool that will help you to identify what you are spending money on and cut back on what you don’t really need.

Because Money, co-hosted by Financial Planner and opera singer Chris Enns, interviews Kyle Prevost from Young and Thrifty. Join them for a rousing trivia game that is impossible to win and find out how hard it really is to get financial literacy into the high school curriculum.

When you tune in to a Freckle Finance video for the first time, you will quickly understand why the presenter has adopted this unusual handle. In this episode she explains what a GIC is and how it compares to other investments.

At the end of the year, Rob Carrick from the Globe & Mail took a look at which financial institutions have the best deal on high interest savings accounts. However, be forewarned – it’s still slim pickings out there!

And finally, if you want to figure out how much you are really worth, tune in to How to calculate your net worth with Bridget Eastgaard from Money after graduation.

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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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

A traditional job trajectory has been for young people to finish school, get a job and then trudge up the corporate ladder, one step at a time. But some young people who have seen family members laid off and struggle to get new positions are taking a more entrepreneurial approach to career development.

In Why I Quit My High-Paying Job During a Recession To Work For You, Bridget Eastgaard explains why she recently resigned as a consultant to early-stage start-ups to grow her blog Money After Graduation and develop revenue from online courses, speaking engagements and brand partnerships. Watch for a podcast on savewithspp.com in early January where Bridget answers questions about her past and future career decisions.

For several years Sean Cooper has blogged extensively in various forums about his goal to be mortgage-free in just over three years by age 30. Well he did it! In a blog on MillionDollarJourney, he explains how at age 31 he has a net worth of $667,064. His income includes $55,000 (day job for pension consulting firm); $18,600 (rental income from first floor of his house); $40,000 (approximate freelance income). To celebrate, he had a mortgage burning party, bought a new wardrobe and he’s planning to travel more. But he doesn’t plan to fall victim to increasing his lifestyle to replace mortgage payments.

Tim Stobbs figures he’s about two years away from Freedom 45 and recently he wrote about The Plan for Getting Out. He says it’s not practical for his employer to keep him on for less than 80% or 90% of a full work week. Therefore he plans to keep his current 90% schedule and use his existing flexible benefit equal to 3% of his pay, to fund a further reduction of his working hours starting in 2016. He calculates that he actually has a pretty good deal because with the holidays and leave programs available to him next year, he will only work 182.3 days.

Cait Flanders, the Blonde on a Budget recently opened some fan mail and a cheque  for $100 left her speechless. The reader who sent the cheque said Cait had a profound influence on her life. This made her realize that she does not want her writing to simply document her personal journey to a debt free and minimalist lifestyle. She says, “There are more free resources I want to create, social media campaigns I want to launch and topics I want to discuss. Despite enjoying ‘life with less,’ I want to do more here.”

And finally, if you are shopping for an engagement ring so you can pop the question at Christmas time, Kyle Prevost and Justin Bouchard at Young and Thrifty suggest you Have the Money Talk Before the Marriage Talk . They report that Business Insider has a great primer on how to have the talk about money with your future partner.  Part of this money before marriage talk includes asking about your partner’s money philosophy, assets (and debts), and whether both of you should get a pre-nuptual agreement.

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

Saving for retirement is important, but working for 35 years with only a few weeks of vacation a year is a daunting thought for many people. However, some companies allow employees to take one or more extended leaves during their career and in some cases establish income deferral programs to help them finance a career break.

Here are some of the things you need to know about taking a sabbatical in Canada.

In the Globe and Mail, columnist Tim Cestnick offers Tax and other tips for planning a work sabbatical. He discusses the little known privilege in our tax law that permits your employer to set up a deferred salary leave plan (DSLP). The plan allows you to set aside a portion of your pay each year for a certain period of time and to then take a leave of absence. The money you set aside under the plan is used to pay you during your time off. If the DSLP is set up properly, you won’t face tax on the amounts you set aside until you make withdrawals later during your leave.

In The Sabbatical, a 2009 blog on Canadian Dream: Free at 45, Tim Stobbs explores the pros and cons of taking a sabbatical. He says taking three months off will allow you to take a major trip, build your own cabin or take courses to further your education. But the downside is you may not be able to afford the loss of income or benefits, and there could be career fallout with your boss or co-workers.

If the sabbatical bug has bitten, talk to your manager or human resources department; you may be pleasantly surprised at your options. How to take a break from work by Diana Swift in Canadian Living gives you tips for negotiating time off. She says pick your time, suggest how your workload will be handled in your absence, and tell your boss why you believe you are an asset worth keeping.

Should I Consider Taking a Teaching Sabbatical? Teacher Man asks on Young and Thrifty. His union contract allows him to take a year off at one-third pay after two years in the school division and one-half pay after five years of teaching. He concludes that if he completes his Masters degree during his time off and improves his future earning potential (he is only in his 20s), the investment in time and money could definitely be worthwhile.

Sabbatical Financial Planning 101: How to travel and not get into debt on Aspire Canada has lots of great ideas like: start planning early; continue contributing to your benefits if you can; sell stuff to raise money; draw up a budget; plan to stay with friends/relative where possible during your travels; and, pursue opportunities to work while you are abroad on your sabbatical.

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

Every week in this space we offer examples of some of the blogs and personal finance articles we believe represent the Best from the Blogosphere. That’s why we were interested in a list recently published by LSM Insurance of the Top 50 Canadian Personal Finance Websites using various online metrics described in the accompanying article.

Here are several blogs (as opposed to mainstream media outlets) that made the list, and the “most shared content” that helped them get there.

Tom Drake at the Canadian Finance Blog was #10 on the list. How to Calculate Your Credit Score For Free has been a perennial favourite. Drake says that it’s actually fairly easy to see where you stand when it comes to your credit score. All you need to do is visit this credit score estimator and fill in the fields. Once you have done so, the calculator will tell you what range your score falls into.

Young and Thrifty was ranked #13. Sean Cooper helped to put this blog over the top with his guest post How to Achieve Findependence at Age 31. His three step approach is to achieve mortgage freedom by renting the top floor of his house and living in the basement apartment; have multiple income streams – by day he is a pension analyst, and by night he is a financial journalist and landlord; and, frugal living. You can see his own blog here.

The 24^th spot went to Mo Money Mo Houses where How Can She Afford That? She Can’t, That’s How generated considerable interest. Jessica Moorhouse says people may appear to be more affluent than you are because they have big houses or fancy cars, but if they are in debt up to their eyeballs, it’s all an illusion. In order to maintain a lifestyle in the black, her parents had to live frugally. They only bought what they needed and lived fairly simply. To this day, that’s how she still lives her life and that’s why she is also not in debt.

At #30, Nelson Smith on Sustainable Personal Finance got the blogosphere buzzing when he wrote about Living in a Shipping Container – really! After their life is over making trips across the ocean, shipping containers are often auctioned off to the highest bidder. Sometimes these high bidders are businesses looking for cheap storage options. Or, if you want to get really crazy, you can build a house with them. Before you poo-poo the idea, Smith says that you can check out some pictures of houses built from storage containers in his blog post.

And rounding out the list at #50, Nancy at Money on Trees questions whether Netflix is really all you need. As a first time home buyer with little discretionary income, she says she simply cannot afford to spend $80 a month on satellite or cable. What she really misses are sports but even these are becoming more accessible as major events like the 2014 Sochi Olympics and CBC’s Hockey Night in Canada are streamed online. We have also been watching many Pan Am events online this summer and displaying then on our “smart” television which has a bigger screen.

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

This week the country mourned the untimely death of Jim Flaherty, the former federal finance minister. In Goodbye Jim, Canadian Dream Free at 45 blogger Tim Stobbs says the most important lesson he learned from Flaherty is “life is short, so don’t spend all your time working.” 

With the deadline for filing 2013 income tax returns extended to May 5^th because of temporary system shutdowns due to the Heartbleed software bug, procrastinators have several more days this week to delay the inevitable.

However, there are some cases where it may be a good idea to defer taking tax deductions you are entitled to this year to a later year. In the blog Taxes: When it Pays to Procrastinate or Defer on Young and Thrifty we learn that you will get more “bang for your buck” on your RRSP deduction if you contribute this year but do not take the deduction until a later year when you are in a highrt income bracket. The same goes for your educational tax credits.

Financial Procrastination can also result in making bad financial decisions, says Dave on Canadian Dream Free at 45. For example, he recently accepted the first house and car insurance package offered to him, instead of making the time to shop around (a serious personal finance no-no).

For many people, the reason to scrimp and save during their working life is to leave a legacy for their children. But on Boomer & Echo, Marie Engen says if you have sufficient money to Leave A Legacy Before The Will Is Read, consider giving your children a financial boost when you are still alive to see them enjoy it. Helping with a down payment on a house, funding RESPs for your grandchildren and family vacations can be very gratifying.

Finally, Squawkfox questions Repair or replace: When does it make sense to mend the threads you’ve got? She says it depends whether the item is busted or just worn out. It costs $50 to repair the heel and sole her eight year old blue Fluevog boots instead of $350 to replace them so she opts for the repair. But she regretfully acknowledges that even good quality items won’t last forever.

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.