By Laura Branson

As a prop and wardrobe stylist I spend my days in and out of every type of store you could possibly imagine.  Shopping as a professional duty is potentially disastrous!  I’ve compiled a few tips on how to get in and out of your favourite store without buying a thing!

1. Getting caught in the heat of the moment

You don’t really need it. Walk away. My rule is, if you keep thinking about it for the next couple of days then consider going back and making the purchase.  If at all possible, sleep on it. Most often our retail attention span is fairly short.

2. There is always tomorrow

This one is really important. Remember, there will always be something next month or next week that you just have to have. Try not to give into your impulse buying every time you “browse” as your whims may cost you a fortune.

3. Trend Report

Beware of investing in trends. Trends are one-season wonders that can challenge our better judgment, giving us false feelings of “must-have”!  Don’t invest.

4. Visualize

Décor items look beautiful when cleverly merchandised. Think about that item outside of its store environment where everything matches it. Is it really that amazing?

5. Starting a Collection?

I have a collection of pretty white things clustered on a shelf. If you are not adding to an existing collection and you already have something similar, ask yourself if you really need it.

6. A Walk in the Park

You can walk into a store and enjoy the scenery. It’s like talking a walk in a park. You do not buy the trees, Canadian geese, manicured flowerbeds – o.k. you might pluck a flower or two. Think of stores as fabricated parks.

7. Try it on for size

One of my small rules is: try it on. If it doesn’t fit or suit you – flee before you see something else! Don’t try to “make it work”.

There are those relationships between clothes or décor items that were meant to be. As the old adage goes…

“If you love something set it fee and if it comes back to you then it was meant to be”.

By Aurea Crotty

Have you ever noticed when you dislike doing something how agonizing doing it becomes? Until recently, that’s how I felt about managing, and discussing, my finances.

For many years I’ve viewed money as a necessary evil.  I’ve been unwilling to calculate numbers in my head (I’m married to the human calculator -so why bother), rejected any kind of “finance talk” (it’s like another language to me), and often felt overwhelmed by the world of finance.

Recently I’ve realized this isn’t such a great thing, especially owning my own business!  I’ve realized that my relationship with money is like any other in my life, it needs fostering, attention and respect.

By developing a better relationship with money I hope to gain more financial empowerment and greater financial prosperity.

Here are some of my insights to a healthier relationship with money:

Money is a state of mind!

A few weeks ago a close friend referred to money as evil and corrupt -he spoke about money as though it was a living entity, having caused corruption and hardship. I was struck by his conviction that money is evil and that having money ultimately makes you evil.

I realized something pivotal in that moment -money is a state of mind and how we view it will define our relationship with it, and it with us. Money itself is not ‘evil’, it’s an inanimate object that we place value upon – it is that value that defines our relationship with money, and whether we use it for good or “evil”.

Our mind defines our state of money!

I read somewhere that how you manage your money reflects how you feel about yourself -wonder what that says about me? (Gulp)

How “worthy” do you feel? Do you feel you bring value to others?

Some of us have trouble needing or receiving financial compensation. Often this can be due to low self-esteem or a worry that others may think we’re greedy or selfish.  Reflecting upon our views of money may reveal a lot about ourselves.  

Money should be respected not obsessed or infatuated upon. The unhealthy love of money or the idea that money equals ultimate success and happiness may lead to a slippery slope of disappointment.

Money does not define us!

In today’s society it can be hard to realize the ultimate truth that money does not define us! The car we drive, the neighborhood we live in, the clothes we wear and the job we hold do not define who we are as humans.

In my opinion, our ultimate ambition should be the pursuit of passion and the best life we can live -the money will follow.

How do you view money? Do you think people define themselves by the money they make? Let us know what you think -Share your insights on the value money holds in society. 

Post Here.

By Johanna Pigeon

Today’s current real estate market conditions may very well present that perfect opportunity for you to move on up!   Love your “starter” home but feel the need for bigger space…getting married, having your first child, craving for that garage parking or simply inching closer to your “dream home”?  With mortgage rates so low you may be pleasantly surprised what you can afford.  By using the equity in your current home, your carrying costs may not be much large than what you’re use to paying! 

Entry level homes are still in demand as first-time buyers are on the prowl… your home may be in their sights!  Depending on where the next home you intend on purchasing is located, that area may have had a more substantial price adjustment over the last few months.  Perfect timing!! 

Sell first or buy first?!  Ah yes…what to do!  Arm yourself with as much information as possible.  Every situation is different! 

Have an in depth conversation with your chosen Real Estate Salesperson to determine the current market value of your existing home (most will be more than pleased to give you a complimentary evaluation). They will also educate you on local market activity and help factor in related costs. 

Contact your bank or mortgage broker and find out how much they will lend you for the next home. Go over different scenarios with them so there are no surprises!  Are you able to carry both properties if your home does not sell in time?  Are there large penalties to be paid in order to discharge the mortgage on closing if you have not yet purchased? 

Being well informed makes for good decision making.

Good luck!

By Aurea Crotty

Negotiation is an integral part of our personal and professional lives. At some point we will all need to negotiate a salary, buying a new home, a car, cell phone etc… Being able to negotiate successfully can make a big difference to our outcomes.

 Taking time to hone your negotiating skills is time worth while.

 Tips

1. Set your mind to it!

• Negotiation takes work, and you have to want to do it! Talking about money is a touchy subject and can be very uncomfortable for many of us. If you are unwilling to talk about money and engage in negotiation, your reluctance will come at a price.

2. It’s not personal -never get emotionally involved -easier said than done…I KNOW!

• A big mistake many of us make is to become too emotionally invested in our end goal. We allow our emotions and ego to get the better of us causing us to lose focus.
• Remember, there is someone else in the picture and both of you want to feel that you are getting something out of the deal! Be friendly and patient (even if the other person is not).

3. First the worst, Second the BEST! -try not to be the first person to name a price!

• By being the first to set your price, you maybe putting yourself at a disadvantage.

4. Ask for more than you expect to get -but be reasonable!

• Even if the price is right ask if they can do better. Be nice, be reasonable. Remember, you never know unless you ask!

5. Create a WIN / WIN situation

• When you look to create a win/win situation, everyone at the negotiating table feels they got something out of it! If someone feels cheated they may not be inclined to fulfill their end of the deal, or not want to do business with you in the future.

Have a negotiating tip or question? Post here.

By Joanna Pigeon

There are fantastic government incentives currently being offered for first-time buyers! 

Most recent are the two rolled out in the Federal Budget this past January. 

First is the First-Time Home Buyer’s Tax Credit, which helps with the related closing costs (lawyer fees, land transfer tax) when purchasing a home.  It is a 15% credit on a maximum of $5,000 of the related costs which means a maximum tax relief of $750 to be claimed in the same taxation year of the home purchase. 

Secondly, you are now eligible to withdraw up to $25,000 from your RRSPs under the Home Buyer’s Plan to buy or build your principal home. The funds must be in an RRSP account 90 days prior to the withdrawal and it is tax free as long as the funds are repaid back into an RRSP account over the next 15 years. 

The largest sums of money due on closing are the Land Transfer Taxes so the following rebates are truly phenomenal! 

You are now eligible to receive a rebate up to $2,000 of the Provincial Land Transfer Tax on both new AND resale homes.  This is the equivalent of the tax payable on a $227,500 property.  If you purchase in the city of Toronto, you may qualify for a rebate of up to $3,725 on the Toronto Land Transfer tax which is the equivalent of the tax payable on a $400,000 home. To find out how the Land Transfer Tax is calculated visit http://torontorealestateboard.com/consumer_info/gov_programs/index.htm . Also on this site are further details on the above incentives and their qualifications of a first-time buyer

Good luck and happy house hunting!

Have a question, comment? Post HERE!

By Aurea Crotty

You like nice things and you want the good stuff but it does come at a price, and it may not be a price you can afford right now!

The good news is you can have all the things you want. It’s just a matter of how. Planning, budgeting and being smart with your money are key factors to a successful and prosperous future.

With all the media surrounding the current economic situation, if you hadn’t given your money much thought I’m sure you are now!

Here are some practical tips to help you on your way to your pretty purse, fabulous shoes and a savings account you can be proud of.

1.  Pay yourself first!

• Most experts agree that the best money-saving tip is to SAVE! You work hard for your money, the more you can keep for yourself the better.
• How much money to save is a personal decision, depending on your age, income, plans for the future etc. Whatever your situation, attempt to allocate a monthly percentage of earnings to your savings.

2.  A brown bag today…makes a very big difference for tomorrow!

• Find out what you’re spending, one of our biggest pitfalls is not knowing where our money is going.
• Identify your habits: do you enjoy premium coffee, eating out, bottled water, après work socials? Do the math! That could be costing you as much as $30-$40 a day, over a year this could be costing you upwards of $8,000!

3.  Become a Savvy Shopper…Get control of your impulse buying.

• Many of our purchases are impulse buys, savvy marketers spend lots of time and money figuring our how to entice you and get you to buy their products. Don’t be a victim!
• Is it a want or a need? A simple question to ask that will prove very profitable for your wallet.
• Wait for sales! Everything goes on sale…I remember my aunt telling me to “never pay retail!” retail mark-up is exorbitant and name brands are even more outrageous. Know what you’re paying for.

4.  Remind Yourself of what you’re saving for!

•  Create an inspiration board, make a list and write “vision notes” to remind you of what you’re saving for.

Do you have questions or tips about saving money? …share them with us.