Free App

Free App
30 Second Real Estate Analyzer


5 Tips for an Easier Financial Life for Women

My Multiple Egg Baskets blog is starting to attract more attention with some lululemon wearing women at work. I don't know...I find it hard to listen to someone that promotes the lululemon brand when it's time to wear some casual sweats. Mabye I'm just a simple guy. However, my conversations with these women had led me to write this blog about 5 Tips for an Easier Financial Life for Women from their perspective.

No matter what we do, taxes and financial tribulations will never go away.
Unfortunately this can be a nightmare for some, especially since they not only take out large amounts of money but they also ruin lives. It is essential for any woman to know tips on how to avoid financial problems. Millions of women do not handle their own taxes; therefore they are left vulnerable and open to many troubles that may arise.

It is important to note that women need a larger amount of retirement money. This goes hand in hand with the notion that women generally live longer than men. If this is indeed the case, women will need to be more financially stable. Here are fundamental tips when deciding how to handle your financial situations:

1. Taxes

It is important to know all you can about your taxes. While it is great to have someone help you, it is also necessary for you to know what is going on. For instance, if something was to happen and you didn’t handle them, you may never know until it was too late. Many women face crimes and never realize it until they get summoned to go to court. This is due to not filing for taxes or other criminal related acts.

2. Retirement Planning

Always think of retirement! Although younger adults rarely have this on the mind, it is beneficial for you to always plan for it. If your company does not have a pension plan, it is smart to set up your own special fund. By putting in a certain amount of money each month, it will quickly add up over time. This will allow you to have a stable fund for when you do retire.

3. Know all Benefit Programs of Your Employer

If you do have a company with great benefits, it is important to know everything you can about them. Many do not know how to fully take advantage of all of their resources. Therefore, using these benefits as much as you can will help you in the long run.

4. Pay off your loans!

Being in debt will only harm you in the long run. You need to either create a plan on your own to reduce spending, or see a financial expert. Although many are ashamed and hesitant to do this, it will actually help you get out of debt faster. These professionals can come up with a wonderful plan and will break it down by month. This way you can start paying your way out of debt, but without having to live on the street. This will also give you a better outlook, rather than feeling depressed about the current situation.

5. Make a Budget

Developing a budget can help anyone, no matter how well they are doing. By giving yourself a budget, it will allow you to save for other important things. For instance, if you need to start a college plan for your child, you can put the additional shopping money in a fund. Other examples include saving money for rent, or using extra money for a much needed vacation.

How to Reduce your Electricity Bills?

The power of electricity can be best realized when you utilize it effectively. With the demand of the electricity skyrocketing and the supply drooping, saving a single unit of power becomes very significant. Here are a 15 effective tips to save electricity and thus save the money.

1. Switch off the lights, TV, computer, etc., when not in use.

2. Use fluorescent lamps instead of incandescent lamps. Fluorescent lamps not only help to save the electricity, but they also provide a better lighting and are cost effective too.

3. Use dimmer controls in your incandescent lamps so that you can adjust the intensity of the light.

4. Minimize the use of air coolers and air conditioners. Instead, use the fans, whenever possible.

5. Electric iron is a real power hog. If you use it carefully, you can save a considerable amount of energy. Instead of doing daily ironing, do it on a weekly basis.

6. Operate the air conditioner in the minimum temperature range possible in order to save power. Keep it under medium or low operation condition and set the temperature a little higher. Take the help of nature to save the electricity. Try to utilize the warmth of the sun whenever available in the winter, and the coolness of the garden in the summer instead of crouching near the air conditioners always.

7. The ideal temperature to operate a refrigerator is between 36 to 42o F. If the temperature is kept lower than this, it would be simply a wastage of power.

8. While operating your heaters in the winter, reduce the temperature level to a couple of degrees lower than that in the normal conditions.

9. If you are using laser printers in your office or home, keep a watch on it. It can draw your electricity bills up by hundreds of watts! Try to save maximum power by using it minimum, and keep the power switch off while not in use.

10. Use of smaller gadgets will help reducing the power to great extent. A microwave oven can be preferred to a regular electric oven, and so is an electric kettle to a stovetop one.

11. Minimize the use of hair dryer.

12. Control the use of smaller gadgets such as electric clocks, telephone answering machines, DVD players, cable TV converters, etc. Though they seem insignificant, the compounded effect of these instruments in multiplying your electricity bill cannot be ignored.

13. Keep a watch on the electricity meter. Have a regular estimation of the meter reading yourself to detect any unexpected power leakage from the circuit.

14. Use the modern gadgets that apply the energy-saving technology.

15. Do not open the door of the electric oven or the refrigerator unnecessarily.

Tips on Using Credit Cards Wisely

Credit cards can be both a curse and a blessing. If you don’t use them wisely they can lead you into debt and exhaust your monthly income. On the other hand, if you do use them wisely then you can improve your credit rating and improve your monthly cash flow.

Create a Strong Credit History

Using credit cards is a great way to develop a positive credit history. To create a strong credit history you will need to make periodic purchases, and you will need to make on time payments. The best way to do this is to use the credit card to pay for purchases that you would normally make during the month using cash. Then at the end of the month pay off the balance completely. This way you build a positive credit history without accumulating interest charges.

I follow this strategy with my CIBC Visa Aeroplan card. I put everything on it and then pay it off in full at the end of the month. I'm averaging several free flights with Air Canada each year.

Using Credit Cards to Grow Your Business

If you own a business then you can use credit cards to increase your purchase power and improve your company’s cash flow. Credit cards can be used to purchase equipment and supplies when you need them, and then allow you to pay for these items over time. To maximize the benefit of your business credit cards you will want to find credit cards with low interest rates and you will want to pay off the balances as quickly as possible. This will help you keep your line of credit open for business purchases.

This would be an ideal scenario for a low interest rate credit card. I have a Scotiabank Cash Back Visa credit card. I get a small percentage back on my purchases. It's not much but the main point is that the interest rate is very low.

When Not to Use Credit Cards

In addition to knowing when to use your credit cards, you should also learn when you shouldn’t use your credit cards. Credit cards shouldn’t be used when you are emotionally unstable. Impulse buying can be very addictive, and it can lead to serious debt problems. Credit card purchases should optimally be strategically selected. You will also not want to give out your credit card number to unsolicited telemarketers. There are many scams circulating that involve asking for credit card numbers over the phone.

Finally, you don’t want to use your credit card in a country that is known for credit card scams and identity theft. If you will be traveling abroad make sure that you check with the Canadian Consulate in that country about how safe it is to use your credit card in that country.