Lifestyle

Project UrbanSimplify Mid-Month Status: Consumption

At the beginning of the month we set our sights on minimizing the amount we spend to stop and reflect on how thoughtless consumption can have a negative impact on our everyday. Denis Diderot was gifted an elegant new robe that led him to despise the rest of his belongings. He eventually replaced all his stuff with nicer items to match his robe- leaving him depressed and in debt. We don’t want to follow in his footsteps. Well, the month’s halfway through and I think we’re doing pretty well with holding off on the non-essentials. Continue Reading

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Investing

Snippet: We love tax time!

This week we’re excited to introduce Snippets: a short take on financial decisions and current affairs of our day to day. Long posts are great but let’s face it, we can only read so many and we can only write so much while juggling full time jobs and our personal lives. We do want, however, to offer a window into the decisions we make. Whether you agree, disagree or have advice to share, let us know if we’re doing it right or if it can be done better. Either way, do enjoy.

A recent survey conducted by Tangerine discovered that 59% of Canadians expect to receive a tax refund this year. BMO Nesbitt Burns gathers that 37% will use the refund to pay down non mortgage debt while 28% will choose to save it or invest.

We received a sizeable refund this year; over six thousand dollars, thanks to daycare credits and RRSP contributions. We’re throwing most of it into one of our TFSAs, to max out a 2014 contribution room. One down, another $5500 to go.

Are you getting a tax refund? What are you going to do with it?

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Investing

ING Direct: A Taste of the Tangerine

There were many a curious onlooker back towards the end of 2012 when ING Direct was purchased by Scotiabank. The sale of ING Direct came surprise and left existing clients covered in a shroud of unanswered questions. It wasn’t until a year later when, after reaching out to 10,000 Canadians, they settled on a new fresh name: Tangerine. Well more of the peel has been removed as they get set to launch on April 8th, 2014. The countdown clock is ticking at T-5! Continue Reading

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Lifestyle

PROJECT URBANSIMPLIFY APRIL CHALLENGE: CONSUMPTION

The Scenario

Several years ago, I carefully saved up my allowance and bought a digital SLR camera on the occasion of Emily’s birthday. It was fun to see her unwrap a gift that she wasn’t expecting and I can still remember her excitement. She put it to good use and as a budding photographer would stubbornly shoot only in Manual mode- determined to learn how to use it. Little did I know that one little purchase would only be the beginning of a long line of accessories. Continue Reading

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Lifestyle

Killing the Dream of Homeownership

We considered up-sizing our accommodations about two years ago, right before the birth of the kid. Our space met all of our needs but we could see it getting cramp somewhere down the road. With the excitement of possibly moving to a house, we started to picture the perfect place with the little picket fence. Emily and I had visions of rooms for each kid (because we do hope for one more) and separate studios for my music and her arts. We started to scope out the east end of the city; it had all the tell tale signs of a family friendly neighborhood: “affordable”, lots of young children, local restaurants and shops, farmers markets and access to public transportation.

One weekend we attended a few open houses to gauge the price of housing in the area. The eye-opening properties above the half million price range were in need of some serious TLC. 1200sqft fixer-upper semi-detached homes- considered “ideal investment properties” for renovators- had starting rates of $550,000. Multiple bids were sure to increase the price. One particular property we visited on the first day of its open house did not have a working kitchen; it was already entertaining four offers- one sight unseen. We were hoping to find a bigger place in the city but at this rate, will there be anything left at a reasonable price? Continue Reading

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