Financial Fun Fridays!

I love saving money.

I consider shopping an Olympic sport, and snagging a good deal is like winning gold. So its only natural that after sitting down with my dad  on a Friday to make a budget, I was looking at ways to lower my expenses.

1. I pay around ten dollars a month for bank fees to CIBC. To get rid of this, I re-opened my PC Financial debit card, which has no fees.

2. I opened a PC Financial Mastercard. It has no fees, and offers an introductory rate of .97% interest rate on transfers, which will save me around $60.00 a month on interest for the 6-months that it is available.

3. I called Rogers and found a better plan, which actually gives me unlimited minutes and texting along with my who-called feature back, for five dollars less a month.

I should also mention that when you open a PC Mastercard, you get a $20 gift card, so it’s really money back in my pocket. If there was something better than winning gold, this would be it.

Is my hair worth it too?

I usually freeze my credit card.

Literally.

I put it in a ziplock bag, fill it with water and put it in the freezer.  That way, I have to reallllly think about if I want something before I unfreeze it. This strategy has worked really well for me. I used to always be in credit debt, between $500-$1500, and it was always from shopping, Starbucks, vacation–basically fun stuff I couldn’t afford.

I decided I was sick of being in debt and the anxiety that went along with it, so paid it off and stuck my card in the freezer for months. Since then I have been successfully living off cash.

A few weeks ago I decided that I had reformed my ways enough to unfreeze my credit card. It sat on my dresser for a week, before moving into my wallet. I figured I could handle it.

Well, I learnt, I can’t.

The other day , I decided I wanted  a clampless curling iron. I’ve wanted one for a while, but since I already have 2 conair curling irons and NATURALLY CURLY HAIR, I’ve restrained myself. But the other day, something came over me, like a woman in the throes of PMS who walks a mile to get a chocolate bar, and I logged on to Folica.com and bought a curling iron.

I do not make impulsive decisions. I think things out. I research things. I read reviews. I deliberate for months, sometimes.  And yet, for some unknown reason, I decided I wanted shiny, loose, Victoria Secret waves that would last all day and that buying a $119 curling iron (USD), was the only way to get me there. Something went through my mind, probably thanks to five decades of L’oreal marketing convincing me that, dammit, I AM worth it!  I deserve curls that take 25 min to create but look like I just had rough sex!

I chose the top rated one on the site, the Sedu curling iron, because it was “BRAND NEW! The New Sedu Revolution Clipless Curling Iron takes curling to a new level.” And I figured, I  might as well get the best. I didn’t listen to Jenn when she told me she bought her curling iron at the mall for $99. No, No. Instead I decided that I wanted ” long lasting curls and voluminous waves that are frizz-free, shiny and long lasting,” and this particular curling iron must just be that much better. I’m pretty sure hers is just as good though. Maybe it doesn’t have auto-shut off though…(ooo maybe this iron will one-day save my appt from burning down?? Then it would have been worth it)

So, convinced by all the marketing, that seemed to speak directly to my hair soul, I entered my credit card number, agreed to an extra $19 in shipping, and hit “buy”. Why oh why?

It arrived today at my work, and I had to pay an extra $10 in “broker” fee (wtf is that anyways?) and 13%HST. For a grand total of $166.

My curls better be freakin awesome– and I’m putting my credit card back in the freezer tonight.

How to save on being a wedding guest

Wedding season is upon us. Rosy-cheeked brides, nervous grooms, the smell of  thousands of dollars worth of floral arrangements is in the air.  But forget how much the couple is spending, we’re more concerned about your finances.

If you’re invited to tones of weddings this summer, don’t let it blow your budget.

Going to weddings can be expensive. Therefore, the first step in saving money as a wedding guest if you’re on a tight budget is…don’t be a yes person. You don’t have to go to your mailman’s daughter’s wedding. Really, you don’t. You should, yes, and  you’ll probably have a great time, but if you’re super strapped for cash and invited to five weddings this summer, sometimes, you’re just going to have to say “no” to one of the people who don’t mean as much to you. So if you feel comfortable doing so,  RSVP in the negative for those people to whom you aren’t so close.

For the weddings you do decide to attend, remember that the wedding itself isn’t the only party these days. Oh no, there’s all the parties leading up to the wedding including the engagement party, the wedding shower, and bachelor/bachelorette party. If you don’t feel comfortable saying no to the wedding, consider not attending at least one of the pre-parties. It will save you transportation and also having to buy a gift and contribute towards entertainment.

For example, I’m invited to a bachelorette party this weekend. The bridesmaid is renting a hotel room in downtown Toronto, going to dinner at a Summerlicious restaurant, buying t-shirts for all of us, going to a night out at a bar, buying the bride a gift card to a clothing store, and having brunch the next morning.

Oy vey!

That is some serious cash! I can’t afford all of it, so I told the bridesmaid that I would only be able to attend the night out at the bar, buy a t-shirt and contribute some to the gift card, but would have to skip the rest of the festivities. Thankfully, she’s not a bridesmaidzilla, and she completely understood.

Me at my friend's wedding last weekend–wearing a BCBG dress I bought on sale for $112 down from $350!!

For the actual event, the wedding itself, a gift can be the largest expenditure of the night. If giving a cash gift will put too much stress on your budget, consider buying something from the registry that is slightly cheaper. You could also buy one of the more inexpensive items on the registry, like a nice salad bowl, and then supplement it by adding in kitchen items, like wooden spoons and forks, that you find at a discount kitchen store, like HomeSense. You could also try adding a homemade gift.  For example, if you buy an inexpensive handheld mixer off the registry, you could add in two, beautifully decorated jars of homemade cake mix with instructions on how to bake it. You can find great homemade gift ideas on the Martha Stewart website.

Another way to save on attending a wedding is by transportation. Although you want to have a good time, taking a cab to and from the event might not be worth it. If you can carpool, and if not, assign your partner as a designated driver so that you can take your own vehicle.

And finally, although this may be a no-brainer…you do not, not, need that new $465 dress from BCBG (unless you can afford it). You can make one work all wedding season, especially if it’s in a neutral colour, by adding a blazer, making it strapless, adding a belt, switching shoes, and pairing it with bright accessories.

When is buying the brand name worth it?

A major tip that personal finance experts give is “don’t buy brand-name food, you’re just paying for the marketing.” And while I largely agree that you’re just throwing your money out the window if you opt for brand-name rice cakes over no-name rice cakes, there is one grocery store item I refuse to save on.

Maybe it’s something about being born in the decade in which it was produced, but I’m mildly addicted and truly believe nothing tastes like the real thing.  I’ve tried President’s Choice diet cola and I’ve tried RC diet cola and I’ve even tried  random European brands of the  brown stuff, but nothing comes close to the authentic stuff.

There’s just something about the refreshing feel of the icy can in my hand. The sound the can make when I crack the tab open with my index finger. The crackling of the carbonation rising to the surface. But all of that can be replicated with any brand. But what can’t be so easily replicated is the crisp taste of the first sip.

I’ll shell out whatever I need to pay to get it and don’t even bother looking at the price of the no-name competitors because it simply isn’t relevant to me–whatever mark-up I’m paying for the name, is 100% worth it to me. I’d rather eliminate the drink entirely (as I have for my $100/month food budget challenge) than bother going cheap.

What’s the one item that you simply can’t buy the no-name version of?

Welcome to our PF Journey

Hi!

We’re Danielle and Jenn. We’re no experts in personal finance– but you’re probably not either. So teach us and learn from us as we detail our financial adventures from saving and budgeting, to choosing between sushi and a haircut.  Since no one taught us in school (and judging by the fact that Canadians have record-high level debt, they would have done a bad job anyways) we want to learn how to make the funds we have go the farthest, while still enjoying our 20-something lives.

Danielle is a journalism grad student and likes to intern for free in her spare time. She pays her rent and feeds herself by taking every random part-time job she can find such as: teaching assistant, bartending, tutoring, stuffing envelopes and freelance writing. She regularly dips into her savings, which she earned during her year “on” between undergrad and grad.   Thankfully, she is out of debt, but desperately wants to stay that way. This is difficult since her income is close to zero and she has a penchant for expensive bronzers, lattes, cotton dresses and free-range eggs.

 

For business purposes only, you can contact us at prettylittlepoorgirls@gmail.com