The Saturday Weekend Review February #5~Wanted: Like-Minded People, Rounding The Penny Edition

Weekend Review

What’s Been Happening at Canadian Budget Binder?

Wanted: Like-Minded People who enjoy personal finance and are passionate about sharing and helping others, enquire with-in. Life gets kind of boring when the winter arrives in the CBB household because we have to find fun things to do that don’t break the budget indoors (ermmm) or we head outdoors into the snow for some fresh air and exercise to keep us motivated to keep fit. There’s something about the grey skies in the winter that can suck away motivation and we give up, put things on hold, or forget about them. Sometimes in life the dark side or the not so happy side of things tend to take us down and we give up on things that we really don’t want to because we are not sure what direction to go.

The other day I received an email from a fan who wants to start budgeting but doesn’t know how to do it. She tried to set up a budget on her own but slowly lost the motivation to keep on going. She stated that when you have no one to challenge you but yourself sometimes that can be the hardest obstacle to overcome in anything that you do. It had me thinking about why some people give up before they start and maybe it’s because they set themselves up to fail.

True a challenge is a great way to pump up the volume but we have to learn to challenge ourselves rather than worry about comparing ourselves to others. When I started the grocery game challenge that was the premise behind it. It wasn’t because I wanted to peg people against each other, no, heck I can’t tell who telling the truth or not. What I wanted was people who not only wanted to spend less money in their grocery budget but who also wanted somewhere to document their shops and talk about it with a group of like-minded people. We really do have a great group of fans that gather take initiative to help each other out, chat to each other and share ideas with each other. Wow, friends like that don’t come around every day even if they are virtual friends.

I read a blog post by my mate Deacon Hayes  at Well Kept Wallet who talks about 5 habits of broke people and although each situation is unique one thing I do agree on is that we should surround ourselves with people who are successful if that’s a place you are aiming for. I’m not saying drop all of your friends as they are not good enough, far from that but what I am saying is network out of your circle. You can have more than one circle of friends. If you want to learn how to get out of debt or how others did it surround yourselves with these people. So when you feel like giving up, hang out with people who you can learn from, that set an example and that are able to give you some of their time even if it is a pat on the back or a few words of encouragement. Pay it forward and always remember. Make someone’s day by taking the time out of your busy schedule to offer a helping hand, you’ll be glad you did and they will be forever grateful. Teaching or helping someone how to use a resource may just be the push they need to get over that wall even if it seems so obvious to you.

resources like-minded people

The Penny

The other day while Mrs. CBB and I were running errands and buying groceries, I grabbed a couple of much-needed hot drinks from Tim Horton’s. As I opened the door I noticed a piece of paper taped to the glass produced by the Canadian Government regarding the phase out of the 1 cent coin. You guessed it; I became door boy for a few minutes so I could actually read what it had to say because it was posted on the door going in. There’s nothing like backing up traffic or doing your duty of opening the door for each customer walking in just to read about a penny.

The “rounding” up or down system that the government will be introducing got me thinking as the Canadian Mint will stop distributing “Pennies” as of Feb 4th 2013. You have a choice; you can keep your 1 cent coins and use them as normal when paying by cash as the government will not be rendering them worthless. The 1 cent coin today will still retain its face value in 5 years time. The alternative is getting them all rolled and taking them to your financial institution for exchange to higher denominations.

If you head to your local dollar store a bag of 18 rolls will cost you a dollar + tax and will be enough to roll $9 worth of pennies. Anything less than $9.50 it would actually be cheaper getting them exchanged at one of those coin exchange machines even though they charge 11.9c for every dollar exchanged. That’s just a little math’s to help you decide on one of the options you have. There are also some Canadian banks that have free coin sorting machines, some even for non-customers. The premise behind it is that once they have you in the branch it’s an opportunity to get a new banking customer. Nothing in life is free, there’s a catch somewhere, somehow, isn’t there? If I were you, I’d call first to see if they have the machines, if they are working and if they are free and finally, do you need to be a customer.

The larger issue that got me thinking was about the rounding up or down scheme itself to the nearest 5 cent increment. As set out on the Government website any total including tax that comes up on a transaction will be subject to rounding if you’re paying by cash but not by cheque, credit card or debit as they are settled electronically.

Here’s an example:

  • Mr. CBB bought a box of “not a lot” for $2.36 + Tax of 13% for a grand total of $2.67 and with thanks the rounding down scheme if I pay by cash I’ll only pay $2.65 saving me 2 cents. If I decided to pay by credit/debit card I’d still have to pay the $2.67.

That’s fantastic if you’re paying by cash right? Well it works against you when it’s round-up time.

Here’s the other example:

  • Mr. CBB bought a box of “cheap fluff” for $2.37 + Tax of 13% for a grand total of $2.68, but now thanks to the rounding I have to pay $2.70 if I was paying by cash, so it actually cost me 2 cents more.  If I paid by credit/debit card I’d have paid the proper price of $2.68.

It doesn’t sound like much but think how many smaller transactions you do every year. If the rounding is always against you think of the money you’re having to hand over. If you have cash, you could save a little every time it’s in your favour.  The other alternative is paying with the pennies you never took to the bank if the business is still willing to accept them. The penny will always retain its value according to the government site and there is no time limit for redeeming them. Just a handy hint people!!!

What will you be doing with all of your pennies?

The New Website!

Many of you have emailed me about the new Canadian Budget Binder (CBB) website and when it will be up and running. I know we are a little behind from our launch date but that’s only because we are doing our best to make sure it is 100% ready to go. I told you I would keep you in the loop and that my friends is where it’s at! On a good note we ended January with almost 40,000 views so I’m proud of the way CBB continues to grow with people from around the world. Please spread the word and share CBB with your mates.

That’s all for this Edition of the Saturday Weekend Review, have a great weekend and enjoy the Super Bowl!

- Mr.CBB

Canadian Budget Binder Mentions Around The Web

Canadian Budget Binder is fun place where people come to not only learn about personal finance but also to share. 

Carnivals

homemade pretze bites

Just when I thought I was ready for the Super Bowl game with my mates these popped into my life. These pretzel bites are perfect to pop in your mouth and seem dead easy to make plus you can add flavours such as parmesan, cinnamon, sugar, glaze, my mouth is watering. Thanks Get off your butt and bake for this awesome recipe and photo!

Canadian Budget Binder’s Weekly Post Recap

I’m currently accepting guest posts. If you are a blog owner or fan who wants to share a story email me today with your topic ideas! I can’t guarantee everyone a spot but give me your best topic pitch and show me what your work looks like!

web search terms

What People Searched to Find Canadian Budget Binder:

Search terms really help me to understand what people are looking for at Canadian Budget Binder! Any typos below are simply how the person who searched typed it in search, or me ;-) There were thousands of searches this week.. but not too many juicy ahahaha ones.. so I picked out some of the best ones for you.

Top Pick: Do Ground Nuts Make My Balls Bigger>>> No kidding haha.. not sure about that. Please tell me they are baking!

  • How Much Can I Ask For My House- So you are going to rely on the internet to make that decision for you, smart, not!
  • Value Village Clothes Smell- Well what did you expect, they are USED>>> wash them.
  • My LYF My Rules…- Tell me what you think is wrong and I’m betting you’re spot on!
  • CBB Kitchen Spain- Because we have homes all over the world.. Spain is just one of those places lol..

It's Not About How Much Money You Make It's How You Spend It

Are you NEW to Canadian Budget Binder?

If you are new to Canadian Budget Binder >>>Start here! Follow Mr.CBB on TwitterFacebook and Pinterest

Subscribe to Canadian Budget Binder>> Everyone else has, why wait!

Do You Have A Question For Mr. CBB? The best way to get in touch with me is on Facebook

Photo Credit-Resources (Pinterest)

Mr. CBB
I’m from the UK and now a recent permanent resident in Canada. I bought my first house at the age of 21 after University then my second at the age of 24. I’ve always been fascinated with personal finance, savings, learning to make money and watch it grow while combating debts along the way. Canadian Budget Binder is a place where I get to share my experiences with personal finance and learn about yours along the way. I hope you stick around and check me out on Twitter, Facebook and Pinterest where I am active on all social media sites. Cheers, Mr.CBB
Mr. CBB
Mr. CBB

Comments

  1. Great work on the page views Mr. CBB! I had an awesome month myself, but no where near you. Looking forward to seeing the new site!

    • Thanks mate, I don’t know what’s good or not but I just base it on how it’s been over the past year and for me that’s a good thing. It’s about helping others and sharing inspiration and motivation, that my friend is CBB! Enjoy your weekend John.

  2. Mary F Campbell says:

    Nice article Mr CBB! Enjoy your Super Bowl with the boys! :-)

  3. I’m looking forward to seeing the new site mate, good work on this months page views aswell! Hope you’re having a good weekend.

  4. That’s interesting about the penny. You’d think prices all be changed to reflect .05 increments. Seems like some work to do the rounding, but I guess the software does it automatically. Have a great rest of your weekend.

  5. Christine Weadick says:

    Looking at the recipe for the little rolls I was thinking….. Instead of buying the dough ready made I could make my own, maybe a little extra sugar in the dough and work from there to make the little cinnamon bites, sounds like it might just work. I’ll have to try that and get back to you… Might take a while … As for the poor penny I would think the stores will still have them in the tills, just because there won’t be any new pennies made I would imagine they will still be around for a fair while. Unless the powers that be decide to remove them from circulation, which would not be a good thing for the rest of us much less the poor penny!!! In this day and age we can all use the extra support where ever we find it and so many of us are lucky enough to find it here with you and everyone else that enjoys the blog you so lovingly put out for us….. Thank You……

    • Christine,
      You know it’s these words of kindness that keep me going mate. When I hear feedback from the fans like this, it means the world to me. True fans are hard to come by….. so thanks Christine!!! As for the penny, well, I think I will hold on to what I have left.

  6. Those are some great pageview numbers! Congrats! I’d hang on to my pennies for forever and then sell them once people start collecting them. Which may be never. I don’t know. But it seems like a decent idea to me. Haha—ground nuts and balls.

  7. janesavers says:

    I suppose that a truly frugal person would pay cash every time the total purchase would be rounded down and debit every time the purchase would be rounded up?

  8. Ah, the poor penny….but it’s the right thing to do!

    Thanks for the mention….happy to support Mr. CBB :)

    Mark

  9. Congrats on the amazing amount of views, Mr. CBB! And those pretzel bites look fabulous! We may just be re-routing our Superbowl menu to include them. :-)

  10. I wish they would keep the penny.
    In Australia, they no longer have a penny, and in New Zealand, their coins start at 10cents, and they do similar rounding when using cash payments.

    How long do you think it will take us to get there?

  11. Do you know how hard it is to visit your page and try to stay on any sort of diet/healthy eating? :P

    Thanks for the mention!

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  13. […] the Canadian Government phased out the penny coin last year getting a product for 99 cents has become all but impossible. Unless of course there is a […]

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