Tuesday, February 3, 2015 - PAGE 10
Fundata
Four quick fixes to get your spending under control By Robyn K. Thompson Do you spend every single last dime of what you make – and then some? Don’t know? You’re not alone. In these days of easy credit, it’s all too easy to blur that line between your income and your expenses. This becomes a real problem when those bills start piling up, because you have no money left over for savings or investing – unless you somehow start spending less than you earn. Does that sound impossible? It’s not. Here are a few tips to help you resist the urge to splurge. First, try to get a handle on where your money is going. Determine how much income you have. If all else fails – look at your bank statements and pay slips. Write down what you find on the left hand side of a sheet of paper. Draw a line down the middle of the sheet. On the right-hand side, write down how much debt you paid off over the past year (mortgages, car loans, and credit card debt are the most important items to nail down), all your essential expenses
like groceries, utility bills and property taxes, insurance payments, and all your discretionary expenses like cable, Internet, phone, entertainment, Starbucks stops and so on. Add up everything on the right-hand side of the sheet. Congratulations, you’ve just created an income statement. The sum total at the bottom of the right-hand side should be less than the single number on the left-hand side. If it’s bigger, you have a problem – your expenses exceed your income. Once you have an idea of the big picture with your personal income statement, I’ve found that the usual problem isn’t the income – it’s the “outgo.” There are some easy day-to-day techniques you can use to get that spending back under control. 1. Pay off the plastic. With annual rates of between 20 and 30 per cent, credit cards are the worst. So pay off that credit card debt as fast as possible. If you’re in deep, consider consolidating your debt with a low interest line of credit or a personal loan. And then cut up all your
cards, save for one. And on that one, slash the allowable credit limit – and never max out the card. 2. Resist the urge to splurge. Retailers rely on impulse spending to ratchet up that $50 sale to $100 or more. You’re in a psychological war with the retailer. So plan to spend defensively: Decide how much you’re willing to spend before you ever set foot in the store. Set a dollar limit – even for those “impulse” buys – and don’t exceed it.
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3. Don’t give in to impulses. Love those lattés through the day? That new fashion mag? A little sale item from a lunchtime trip
to Winners? Those “incidental” expenses could add up to $10 a day or more. That’s over $3,000 a year you’re frittering away. Set aside a fixed amount of “pocket money” for incidentals each week, and don’t exceed it. 4. Be a bargain hunter. Unless you’re fabulously wealthy, and money is no object, don’t be afraid to look for bargains. And I don’t mean haggling for two hours to get five bucks off the price of a $30,000 car. That’s a “saving” of 0.016 per cent, and it just doesn’t make sense. Instead, comparison shop like crazy for that new flatscreen TV. You’ll very likely save $200 off the price of a $1,000 TV when you shop online – a saving of 20 per cent. When making big-ticket purchas-
es, shop around, and don’t be afraid to haggle. Most retailers will now match competitors’ prices for identical items. Over a year, you could save thousands of dollars. There are many other practical ways to bring some discipline to your spending habits, ways that won’t feel like you’re in a financial strait-jacket. If you think you’re beyond hope altogether, consult a fee-forservice financial advisor, who will demonstrate that no one’s finances are ever really beyond hope. — Courtesy Fundata Canada Inc. © 2015. Robyn Thompson, CFP, CIM, FCSI, is president of Castlemark Wealth Management. This article is not intended as personalized advice.
IT firm earns international security validation Staff Bralin Technology Solutions has earned the CompTIA Security Trustmark from CompTIA, the non-profit association for the world’s information technology industry. According to a press release, the CompTIA Security Trustmark validates that Bralin Technology Solutions uses the security processes identified by the IT industry as generally accepted best practices. “The CompTIA Security Trustmark signifies that Bralin Technology Solutions adheres to our industry’s highest standards for security practices and business processes in critical areas
such as data protection, personnel security and access management,” said Nancy Hammervik, senior vicepresident, industry relations, CompTIA. “Earning this credential is the first step toward the Security Trustmark.” “I am pleased that our team has completed a lengthy process to earn the CompTIA Security Trustmark,” says Brad Kowerchuk, CRO. “The fact that Bralin stands in a small, elite group of companies in all of Canada is a tremendous accomplishment. In addition, the process to achieve this certification has improved our operations in ways that will benefit our clients in the months and years to come. I’m proud of
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✓ There should have been less money for that stadium in Regina.
Last week’s News-Optimist online poll: There is a shortage of people interested in becoming school bus drivers. What would keep you from applying? ✓ I like to holiday in the winter. 9% ✓ Those buses look intimidating. 16% ✓ I’m sure I can make better money doing something else. 38% ✓ I know I can take my pre-schoolers on the bus with me, but that seems too stressful. 2% ✓ I don’t want that kind of responsibility. 35%
This week’s News-Optimist online poll: Premier Brad Wall recently threw out the suggestion Saskatchewan campers not be given first dibs on campsites in provincial parks this year. What do you think? ✓ Out-of-province campers bring dollars into the economy. It’s OK if they have the same access. ✓ Taxpayers should get a chance to book ahead of out-of-province campers. ✓ There should be no pre-booking of campsites. Use should be on a first-come, first-served basis.
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our team!” To earn the CompTIA Security Trustmark Bralin Technology Solutions conducted a self-review against industry best practices of their security policies, capabilities, practices, and processes in areas such as: security technologies, including firewalls, antiVirus/ malware/ spyware and intrusion detection; vulnerability assessment detection; data encryption; technical employee knowledge/expertise; security clearances and background checks; physical and hardware security; and permissions, passwords and other security requirements.
Man trapped after rollover Staff Friday, at approximately 11:45 p.m., the Battlefords RCMP Detachment received three complaints in relation to a single vehicle rollover in Battleford at the intersection of 35th Street West and 3rd Avenue. The vehicle had two occupants, one was trapped inside. Battleford Fire Department and WPD Ambulance attended and extracted the trapped man, transporting him to hospital. The second man was arrested and charges will be pursued in relation to this incident. The vehicle came to rest on its roof in the front yard of a residence located at the intersection, causing damage to a parked vehicle and yard. An RCMP traffic reconstructionist attended the scene and the investigation. Police say alcohol was a factor in the rollover.