Unimor Capital Corporation

Tag: shopping

  • Meal Planning: The Money-Saving Ingredient

    Meal Planning: The Money-Saving Ingredient

    Meal Planning: The Money-Saving Ingredient

    Let’s call it a Wednesday, mid-afternoon. Lunch is a distant memory and you’re starting to feel a bit peckish. Just then, your phone buzzes. It’s your partner, roommate, or child, asking, “What’s for dinner?”

    If you’re like most people, that question is a source of low-volume stress every single day. In fact, the average person faces these five stumbling blocks:

    • No idea what to cook
    • No groceries to make whatever idea we do come up with
    • Short on skills or equipment
    • No time
    • Out of sync (not everyone in the house eats the same things or at the same time)

    There’s a fix to all of these problems, but it isn’t particularly glamorous or thrilling, and you might groan at the next two words: meal planning. Hear me out! Meal planning creates a framework to fall back on. It’s the first line of defence against all the dark arts conspiring to make you order take-out or convincing you to eat cereal standing over the kitchen sink. It puts you in the driver’s seat and makes you proactive instead of reactive. After decades of teaching home cooks, I can vouch that meal planning and shopping are the two most underrated, under-discussed (and yet most critical) elements of getting dinner on the table.

    Having a meal plan is also the best way to save money on your weekly food bill. With a plan, we make fewer impulse buys when grocery shopping and decide against picking up those aspirational ingredients we buy then never use (I’m looking at you, jar of sauerkraut at the back of my fridge), as well as those extra ingredients that end up in the compost bin. Plus, with a plan in place—and the groceries on hand—we’re much less likely to order take-out or delivery. Don’t worry if you’ve tried meal planning before and found it didn’t stick. I bristle against rules, so the classic two-week meal plan has never worked for me. Luckily, there are four other methods that still deliver all the benefits.

    The Camper method assigns a theme or protein to each day of the week, just like at summer camp (e.g. Taco Tuesdays, Chicken Wednesdays, Breakfast for Dinner Thursdays). The themes repeat every week or two, but the recipes themselves can change.

    Maybe you have time on the weekend to stock the fridge and freezer with big-batch recipes, then dish them out over the week. The Batcher system is perfect for people who have next to no cooking time during the week.

    If your day-to-day schedule changes on a dime, you might prefer to pencil in just three or four dinners and lean on quick pantry meals on other nights. This Semi system works well for me, and it’s also a perfect starter system for anyone who is reluctant to try meal planning.

    The fourth system, the Wingnut, is for those people who truly prefer to fly by the seat of their dinner chairs and simply rely on a well-stocked fridge and pantry. It’s a great system for retired chefs or young couples who don’t mind popping out to the grocery store at the last-minute, but not terribly helpful for most of the rest of us.

    Whatever framework makes sense for your life, there are two critical pieces I recommend for everyone. First, have a back-up plan—what I call a back-pocket dinner. This is a meal you can make without a recipe, using pantry staples, and in very little time. Back-pocket dinners are typically really simple dishes. My own is garlic spaghetti—a dish of pasta, oil, garlic, and Parmesan. If I had a dollar for every time, I’ve been so close to ordering delivery only to realize that garlic spaghetti is faster, cheaper, and smarter, well, I’d be rich. So bring on the grilled cheese sandwiches, the fridge-clearing omelettes, and the pita pizzas. When you can feed the family from what’s in the pantry, you’ve got a superpower.

    The second piece is to designate one night a week to eat what’s in the house. Whether that’s leftovers or something from the freezer, eating what you’ve got before buying anything new just makes sense. In our house, we call it Scraps Night and it’s usually on a Monday when we have a variety of leftovers from the weekend. This simple weekly ritual dramatically reduces food and money waste. If there’s nothing obvious to use up or eat up, just lean on that back-pocket dinner.

    While meal planning might feel tiresome or limiting at first, it will likely grow on you. I love how meal planning saves time, money, and energy, but most of all, I love having an answer to that daily “What’s for dinner?” question. It eliminates the dull stress of decision fatigue, and that’s a high-five everyone needs!

  • How to Set Up Your Holiday Spending Budget

    How to Set Up Your Holiday Spending Budget

    Did you know Canadians spent $25 billion last holiday season? And retailers expect shoppers to spend even more this year, despite the pandemic. That’s a lot of photo cards, candy canes, CD’s, and sparkly ornaments. But unless you plan on skipping Christmas this year, you’ll find yourself a part of that $25 billion machine. To enjoy the gift-giving season without any guilt-ridden overspending, set up your Christmas budget now—and then stick to it like sap on a fir tree.

    First things first: It’s time to do some digging into your Christmas budget. That means you need to ask yourself the following questions to see where you stand now so you can know how much to spend on presents later.

    How much do you have saved? Before you know what you can spend, see what you’ve got to work with. Hopefully, you started saving early. If not, we’ll talk about how to get extra money, so you don’t end up just doling out coal this year.

    What budget lines can you tweak? Even if you started saving early, you might still need more cash to cover all the Christmas costs. Look through your normal budget and figure out what budget lines can get trimmed down to free up gift money for your Christmas budget.

    Don’t know where to start? Here are a few nonessential budget lines you can probably cut back: restaurants, clothing, personal spending, entertainment, and gourmet coffee.

    How can you boost your income? If you’re able, boost your income for a couple weeks as a way to up your spending power. You could sell some things, take on extra hours at work, or start a side hustle. Get creative: Babysit so parents can go Christmas shopping alone, shovel driveways and sidewalks, offer gift-wrapping services… you get the idea!

    What Christmas traditions can you skip? You can save money this year by cutting some expenses—and that includes traditions that don’t really matter (like the annual office ornament swap). Be open and honest with your budget and your loved ones.

    Do you have a shopping list? If not, make one! You need to list out every person you’ll need to buy for and start brainstorming present ideas.

    How can you save on gifts? Shop sales. Use coupons. DIY and make homemade gifts. Skip random gift exchanges. These are just some of the ways you can save serious cash this Christmas on presents.


    How to Set Up Your Christmas Spending Budget

    1. Plan how much you’ll spend this year.
      Last year, the average Canadian was expected to spend $1,593 on holiday spending. And remember, retailers expect even more this year! First of all, you should never feel pressured to spend that much. You should spend what you’re comfortable with based on what you make, what you’ve saved, and what you can move around in your budget to get the job done. So, crunch some numbers and see how much you’ve got to play around with this year.
    1. Add the names of everyone who need a present.
      Once you’ve set up your budget, make a list of each person you have to buy for. Now, go ahead and assign spending limits to each person.
    1. Track your spending as you go.
      Want to know how you don’t overspend? You track. You track hard. You track often. Keep up with all that spending as you go.
    1. Move amounts around when needed.
      Oh no. You overspent on Mom by $5. What will you do? It has to come from somewhere. You can lower Dad’s line (sorry, Dad!) by $5 and use it to up Mom’s line. Move that money around until your budget balances again.
    1. Budget early for next Christmas.
      Here’s a quick shout-out to planning early—do it! Put a sinking fund in your budget as soon as January to start stashing away cash for next year’s Christmas. If you do it little by little, month by month, coming up with Christmas money won’t hit you like the reindeer that ran over grandma in that song that’s now stuck in your head!
  • Tips for Reducing the Overall Cost of Your Mortgage

    Tips for Reducing the Overall Cost of Your Mortgage

    Should You Pay Off Your Mortgage Early

    When you get your first mortgage, it’s hard for many people to focus on the end game, especially given that so many people put so much effort into saving up the minimum down payment, or even making use of grants or various cash-back programs that some lenders offer. It’s important that you keep all your options on the table so that when you’re ready to focus on your long-term strategy, your mortgage allows you to take action, whatever that may be.

    Option #1: Start smart and maximize your down payment.
    While it’s possible to get away with only putting 5% to 10% down on a home purchase, the single biggest cost-cutting measure you can do is to maximize your down payment. Not only will you owe less, reducing the overall interest you pay, but you’ll avoid having to pay mortgage loan insurance premiums—a fee buyers pay for the privilege of putting less than 20% down on a home.

    Option #2: Buy what you can afford.
    It sounds simple. Buy a home that fits your budget; the reality is when it comes to buying a home most of us struggle. On one side we want our dream home. On the other is the desire to be fiscally smart. Quite often, it’s a trade-off. But if you focus on buying within your budget (not the maximum mortgage amount your bank has agreed to lend you, but the mortgage that works with your financial plan), then you’re less likely to dip below the 20% down payment, and more likely to stick to your plan of paying off the debt sooner.

    Option #3: Shop for the best rate.
    Buying a home is stressful. Quite often, buyers will stick with banks or financial institutions they know. But when shopping for the best mortgage rate, it’s actually better to cast your net wide and far. Consider credit unions, as quite often these institutions can offer much better rates and terms than some major banks.

    Option #4: Pay attention to when interest is charged.
    Most standard mortgages in Canada charge interest semi-annually—that means twice a year the lender calculates what interest you owe, based on the outstanding principal debt and the accumulated interest on that outstanding debt. This is known as semi-annual compounding interest (compounding because it’s interest on interest). The rate at which compound interest grows depends on the frequency of compounding, the higher the frequency, or the number of compounding periods, then the greater the compound interest. For that reason, a loan with a 10% interest rate, but compounded annually, will actually accrue less interest than a loan with 5% interest that is compounded semi-annually, over the same time period.

    Option #5: Accelerated payments.
    When finalizing your mortgage consider going from one monthly payment to accelerated payments. This adds two extra payments per year, which reduces your principal debt just a tad bit faster.

    Option #6: Lump sum or extra payments.
    But the real key to paying off your mortgage debt faster is to get a mortgage that allows you to make extra payments. Most mortgages allow borrowers to make annual prepayments of 10% to 20% of principal, without extra fees. These extra payments go directly towards paying down the principal. If possible, however, try and avoid mortgages that only allow you to make extra or lump sum payments on the mortgage anniversary—as this can reduce the likelihood of the extra payment.

    Option #7: Lower your amortization.
    Those who want to pay off their mortgages sooner should choose the shortest possible amortization. While typical amortization periods are for 25 years, you can opt for as short as 10 years or as long as 30 years (if you made a down payment of 20% or more on your home). Forcing yourself to pay off the mortgage in fewer years translates into lower interest costs and substantial savings. The hitch? Your regular monthly or accelerated payments will be much higher.

    Option #8: Increase your regular payments.
    To give yourself the best of both worlds, consider going with a longer amortization, but increasing your regular payments using your mortgage loan prepayment privileges. For instance, if your monthly mortgage payment is $1,000 you could increase this to $2,000 per month if your loan terms allowed for double-up payments. In effect, you would be paying off a 20-year mortgage in just 10 years. Better still, you’d have the flexibility to switch back to the lesser regular monthly payment if you were to experience any changes like a sudden job loss or the birth of a child.

    In the end, the answer as to whether or not you should pay off your mortgage early really boils down to what’s important to you in both your short-term and your long-term financial plan.

     

  • The 10 Best Ways to Save Money on Holiday Shopping

    The 10 Best Ways to Save Money on Holiday Shopping

    Christmas is right around the corner, and you had better be prepared.  Making sure that you have what you need for everyone on your list can be a challenge — and it can also be expensive.  If you want to avoid breaking the bank this holiday season, here are 10 tips to help you save money on Christmas shopping:

    1. Stick to a Budget
      First off, set a budget and stick to it.  Figure out how much you have to spend on your Christmas shopping.  Then, make a list of those you need to buy for.  If you have a list of what you want to get each person, it will save you time and keep your spending on track.
    1. Buy Inexpensive Stocking Stuffers
      Don’t go overboard on stocking stuffers.  It’s tempting to buy every little gadget available, but you need to watch out.  You might not be keeping track of the little things you buy, and they can add up.  This is a great chance to be frugal by shopping for little gifts at the dollar store and including some candies, nuts and mandarin oranges.
    1. Set Up a Gift Exchange
      You can cut down on shopping for extended family by setting up a gift exchange.  As your siblings grow up, get married and have children, your Christmas shopping list gets longer.  It can get out of hand unless you change the way you do things.  Draw names and each person will only buy for the one person whose name they drew.  Everyone gets a gift and you all save possibly hundreds of dollars.  It’s a winning situation and can be a lot of fun.
    1. Shop the Early Sales
      One of the best things you can do when it comes to the way you save money on Christmas shopping is to look for sales.  Shop early if a decent sale comes along.  Not only will this save you money, but it can save you the hassle of crowds as Christmas gets closer.
    1. Shop Online
      Once December gets advanced enough, the traffic and the crowds become unbearable.  Another way to avoid crowds and save money is to shop online.  You can often find products cheaper than you do in the store, and you don’t have to battle with others.  However, you do need to keep an eye on shipping costs to ensure you really are getting a deal.  Check for promo codes and sites that offer free shipping on holiday purchases.
    1. Save on Shipping by Ordering Early
      To save money on shipping, shop soon to give you time to use many sites’ free shipping options.  The closer to Christmas, the more you’ll need to pay for priority or express shipping.  This is also the case when you are sending presents to friends and family.  If you must pay for express or overnight shipping to get your gifts on time, you’ll pay so much more money.
    1. Stay Away from Extended Warranties
      During the holiday shopping frenzy, it’s hard to make decisions, and easy to say yes to whatever someone suggests. However, you need to be on your toes at check-out if you want to save money. Avoid extended warranties on your purchases.  If an item is defective, it’s likely to have issues within the standard warranty’s time frame.  Don’t spend extra money for coverage you probably won’t need.
    1. Buy Discounted Gift Cards
      There are plenty of places to buy discounted gift cards.  If you aren’t sure what to get, look for an experience. Discounted gift cards can provide you with a face value that exceeds what you actually pay.  This can be a way to look like a hero and save money.
    1. Consider a Bonus Gift Card from a Restaurant
      Want to save money on your own dining experience?  Some restaurants have been enticing people to buy gift cards by including a bonus gift card.  You might not save money on your immediate Christmas purchase, but you can save money on a future meal.  That can be worthwhile.  Additionally, you might be able to use the bonus card as a white elephant gift or a stocking stuffer.  While this can be a great deal, check out the bonus card as it may have an expiry date.
    1. Keep the Gift Receipts
      Finally, make sure that you keep all your receipts in a safe place since items may be broken or clothes might not fit. While some stores will accept returns without a receipt, it will be at whatever their lowest price has been on that item, so you might not get full value for it.  You will also need your receipt if you want to make a claim using your credit card.  Many credit cards offer extended warranties and protection against theft or returns.  If the store won’t take it back, you might be able to get money through your credit card perks — but you’ll need the receipt.

    With the right planning and a little savvy, you can save money on Christmas shopping every year and get the right gift for each person on your list.