Savvy Family Tip: New Year’s Edition

Do you over- spend at Christmas? Are you guilty of buying ‘just one more’ gift for that special someone? If you’re dreading your January credit card bill, today’s post with Sunlife Financial’s Dan Olson might help you avoid money stress for Christmas 2015. 

New Year’s Saving Resolution 

As the pounding headache caused by excessive merriment over the Christmas Season fades, too many of us are faced by the pounding headache caused by the dreaded JANUARY BILL. Is it time to make a change? 

Let’s start with those credit card bills.  This is the tough part. Did you make good purchase decisions? Could you have enjoyed a wonderful Christmas with 10%, 20%, or 30% less? What would you have to do differently? Do you want to?

An English tradition is the Christmas food hamper: a monthly subscription starting in January results in a delivery in mid-December of a hamper brimming with treats for Christmas. Why not create your own Christmas subscription? 

Open a separate account, or sub-account at your bank & transfer 1/10 of the amount you desire to spend on Christmas 2015 each month starting in February. Then spend the total, but only the total on next year’s festivities. Hint: If that 1/10th amount is too high for you to meet your February obligations, you really can’t afford your ‘dream’ Christmas & it’s time to change your definition of what a dream Christmas really means. After all you’re not wanting to go into credit card debt for a few months after Christmas just so you’re able to have a “blowout Christmas season”, it would be better to sort your finances out so you can balance other expenses while still having great seasonal holidays.

Dan Olson is a Sun Life Financial Advisor. An experienced Dad with three children, now young adults. With everyone back under one roof, his home is feeling really, really small.
If you have some questions for Dan, or would like some help with your family’s savings, here’s how you can contact him: 

604 308 9502
Image Source: Camille Styles
January posts sponsored by Little Dreamers Consulting

Savvy Family Tip #5: Take a Tip from Your Grandma

Today’s Savvy Family tip reminds us that simpler is often better…

Tip # 5 – The modern version of your Great-Grandmother’s strategy.


When your great-grandfather arrived home on Friday evening his pocket contained the family pay packet. The weekly ritual in most successful households was the division of the money to pay for the family needs, rent, groceries, heat, light, telephone. Money was also tucked away for larger purchases, shoes, clothing.

Mason jars and envelopes were the management tools of the day.
When the grocery jar was empty there were no more groceries purchased until after payday. If there wasn’t enough money in the clothing envelope you had to wait, sometimes for a few weeks. If only they had sites like palmaviolets.co.uk like we do to help them make ends meet.

Our great-grandparents managed real scarcity.

In comparison almost all of us have two pieces of plastic, one that gives us access to every dollar we have, the other allows us to arrange a loan to purchase just about anything from a cup of coffee to a vacation. This situation creates its own problems. It is too easy to spend what we don’t have for items that we really may not need.

We need to create artificial scarcity to assist us to manage our spending.

The envelope method is often suggested as a tool to help us spend less. The challenge is that we’re not used to or comfortable walking around with cash. It seems too 20th century.

An alternative method is the account specific debit card. One family member fills the cars with fuel and goes grocery shopping every Sunday. Sunday evening they transfer a set amount of money from their general account to their debit card accounts. This is their “allowance” for the week. When the debit account is empty, spending stops until next Sunday.

What tools do you use to manage your spending?

Dan Olson is a Sun Life Financial Advisor. An experienced Dad with three children, now young adults. With everyone under one roof for the Summer, his home is feeling really, really small.
If you have some questions for Dan, or would like some help with your family’s savings, here’s how you can contact him:
604 308 9502
www.sunlife.com/dan.olson

Image source: Lily Shop

October posts sponsored by Cutie Pie Boutique

$avvy Family Tip #2

In our second instalment of TPB’s $avvy Family Tips, our contributor, Dan Olson from Sunlife Financial challenges your family to put the plastic away. What do you think of this idea?

Tip # 2: What’s Your Weekly Allowance?
Remember when you received your weekly allowance? The plans
you’d make on what to spend it on, the joy of having coins in your pocket, and
the disappointment when you couldn’t do something because your wallet was empty?
You had limited resources and a built- in spending limit.
Technology has stripped us of these basic money management tools, credit and
debit cards don’t display balances and are rarely “empty”.
How much do you allow yourself for the little things?  For a month put that amount in your wallet
each Sunday in cash. Will you spend less this way?
Dan Olson is a Sun Life Financial Advisor. An experienced Dad with three children, now young adults. With everyone under one roof for the Summer, his home is feeling really, really small.
If you have some questions for Dan, or would like some help with your family’s savings, here’s how you can contact him: 
604 308 9502

$avvy Family: Tip #1

I’m excited to bring TPB readers a series of $ Tips from Dan Olson, a Financial Advisor with Sunlife Financial. I hope these weekly tidbits inspire your family to find everyday ways to be savvy with money- every little bit counts!
Tip # 1: Bring your lunch to work.
A secret to financial
success is bring your lunch to work…..
            Purchasing lunch on a regular basis adds up to pile of
money each year.
            Saving $4 per workday is $960 a year!
            The bonus is a home-made lunch is more likely to be a
healthy lunch.
Planning
and preparing a lunch everyday spills over into the rest of your life.
            It’s this planning and action that make the difference.
Dan Olson is a Sun Life Financial Advisor. An experienced Dad with three children, now young adults. With everyone under one roof for the Summer, his home is feeling really, really small.
If you have some questions for Dan, or would like some help with your family’s savings, here’s how you can contact him: 

604 308 9502
Image Source: All of The Above

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close