My 5^th grade teachers used to always say in response to us not wanting to do something, “There are only 2 things in life you HAVE to do and that’s pay your taxes and die”. Kind of cynical for a fifth grade teacher but every year I think of her when I’m gearing up for tax time. In the past, I haven’t been so organized with my finances but I’m making a conscious effort to be a grown up and keep organized and informed. After all, who doesn’t want ‘free’ money.

Here are some things to keep in mind:

Know Your History: Previous tax returns seem like a lifetime ago but make sure to keep your history documented including: returns, accountant information (name, address, phone number), your previous addresses, previous employers etc.

Make Sure To Update Your Address: I called Revenue Canada to get a T4 from a previous year and realized my address hadn’t been updated. No wonder I had never received a GST cheque I kept hearing about!

Know What You Qualify For: you can save a lot of money through tax deductions. Talk to an accountant if you think you may qualify.

Self-Employed?: Depending on your situation, you may be able to write a bunch of expenses off. If you haven’t already done so, get in the habit of keeping all your receipts and make sure to keep them organized. You never know what falls under a  ‘write-off’.

Plan, Prepare and Be aware: You may not have done all the things you could have done to make your previous tax return work for you or you may have even forgotten to file your taxes but it’s never too late to be organized and prepared for the next year.

Self vs. Accountant: Many people file their taxes on their own but I definitely prefer to pay someone who knows the ins and outs. Be very thorough if you decide to take on this task.

Make sure to check out these websites for more info:

Revenue Canada

IRS (USA)

xoxo,

lowe

PS. If you have any questions regarding taxes, let me know by leaving a comment and I will consult a professional.

A tithe is ten parts of something, usually referring to the voluntary payment of 10% of your income to a religious organization. This was a way to contribute without feeling the damage and was also an extremely profitable program for the Church.

We are only one person, and this ten percent will not make you rich today but if you have problems saving like I do, this may be a great way to start! I never feel like what I save is enough, and that’s the problem. Anything you save is better than nothing so start slow by enforcing a ‘Personal Tithe’.

Take 10% of any monies coming in and PUT.IT.AWAY! Put it in an untouchable bank account or in a porcelain piggy bank that has to be broken to open.

This includes:

-Birthday money, tips, pay cheques, bonuses, returns, etc

This is a small amount that won’t affect your everyday life. If you make $2000 a month, that’s $200 in savings!!

I made an envelope and started this week and promised my tithe will not be touched. Try it!

xoxo,

Lowe

Four years ago I took a leap and invested in myself.  I took all of the money I had managed to save up from 7 long years of bartending and bought a  530 square foot condo from floor plans.  In order to muster up the courage to do it, I just had to take a deep breathe and pretend the money was gone.  Although I kind of knew in the back of my mind that if I didn’t invest in this condo I would have spent all of the money at the mall or at Flight Centre – it was still really tough to make the commitment.

All I can say now is Thank Goodness!!!  I went to check out the place last week and literally started to cry.  There is something so overwhelmingly fulfilling about owning a little piece (and I mean little) of the world.  Although my situation has changed and I won’t be moving into it, I am still so happy that I have this little safety net behind me.

Over the four years that it took to build, my little unit has gone significantly up in value so now I’ve decided to sell it and buy two more.

Sometimes things seem so big that you give up before you even give them a chance.  Although it isn’t my dream place, it’s all mine and maybe the beginning of my mini empire. lol!  By selling it for a significant profit I will be able to expand my net worth at a rate impossible to match by the regular channels of income earning.

Thanks to my Muma and Papa for co-signing my mortgage and *big hugs* to all of my faithful customers who supported me all of those years in all of those various watering wholes around our beautiful city.

xoxo,

coco

p.s. to ensure that I get top dollar for my condo I enlisted the help of THE best staging company in Toronto Stirling Home Studio so unfortunately I can take none of the decorating credit.

related post: Buying Your First Place

The idea of saving a good chunk of change can feel extremely overwhelming and have you thinking that it’s nearly impossible. When you set such a big goal, it seems as though your five dollars here and twenty dollars there will never add up to your ultimate goal.

In the six days after the earthquake demolished the capital of Haiti, the world came together and contributed what they could. Whether it was $5 from a simple text message or paying $10 entrance to a local fundraiser, no amount was too small and just six days after the earthquake hit, $210 million was raised. This really put things in perspective for me when thinking about saving money. We may feel as though saving $5 is pointless, but in reality, it’s the easiest way to save without feeling like you’ve had to drastically change your lifestyle.

I am going to start saving my $5 bills whenever I can and see how much I end up with. I encourage you to do the same. You never know when you’ll need some extra cash!

xoxo,

Lowe

The other day while I was at work, a girl came in for a tan and asked how long it would take to walk to her next destination from where we were. I told her it would take about 20 minutes and asked why she didn’t consider taking the streetcar. As she entered her pin to the $20 tanning transaction, she said “I’m trying to save money so I’d prefer to walk”.

HUH?

Tan: $20

TTC: $2.75

Taking the streetcar instead of walking 20 minutes in -35 degree weather: WORTH EVERY PENNY!!

It’s funny how we all spend our money. I’ll splurge on the silliest things and then complain about spending $20 on a spinning class that’s an investment to my health.

What do you insist on buying and what do you refuse to spend your money on?

xoxo,

Lowe