Maternity and Parental Leave Part 2: Budgeting

Maternity and Parental Leave Part 2: Budgeting Ideally, you’ve gone on maternity leave only after working for at least the minimum 600 hours (about 15 weeks full-time) in the last 52 weeks or since your last Employment Insurance claim. This will ensure you receive the current maximum payment at $447 per week. For many families, this means mom (and maybe dad later on) will be bringing in half of their previous income for a year unless they have a paid maternity leave or top up with their employer. In many cases, maternity leave benefits can be far less than half. Here are some ideas on how to budget for this change in your family’s finances. Plan ahead. If you’re pregnant, or just planning to get pregnant, now’s the time to go on a money diet and begin budgeting for a baby. Trim your budget and do your best to live off your projected maternity leave income. Save that unused income to provide you with a cushion during your mat leave, to cover some of the larger baby items, or to pay down debt. Don’t assume it will be easier to save more money when you’re not working, because you won’t be tempted […]

Being Budget Savvy with the Guest Room

Being Budget Savvy with the Guest Room One of the things many of us with financial problems dread most is having guests. Yes, believe it or not more than the tax man, more than a blind date, and more than going to the dentist hosting others can be a major headache. It’s not that we dislike people but a strange feeling comes over us that although our homes are the perfect setting for us they aren’t the best match for guests. We worry our humble abodes don’t have what it takes and as a result creating a setting for friends or family is too pricey a venture. This, however, is far from the truth. Much of what it takes to establish a modest guest room can be done on a simple budget and in most cases once it’s set up maintaining it is easy. That being the case, with the summer vacation season fast approaching here are a few tips for designing a guest room on a budget in time for the summer guests. Locale Guest rooms can be in just about any space in the home as what matters most is how you intend to use it. For instance, […]

Maternity and Parental Leave Part 1 – The Basics

Even if you have the easiest baby in the world, maternity or parental leave won’t be the blissful paradise you imagined if you’re constantly stressed about your reduction in income. In this two-part series I’ll outline how the benefits work, and how you can make them work for your budget. Maternity and Parental Leave Benefits in Canada Unless you work for a company that offers an income top up programs or paid maternity leave most parents on leave will only receive basic maternity benefits, which fall under Canada’s Employment Insurance program. While many people refer to the year a mother takes off after the birth or adoption of a child a maternity leave, it’s actually a combination of two leaves. The first leave is called maternity leave, and is only available to birth mothers and surrogate mothers for up to 15 weeks. After the 15 weeks, the leave is now called parental leave. This cheque can be collected by either the biological or adoptive parents for up to a maximum of 35 weeks.These benefits can be claimed by one parent or shared between the two partners, but cannot exceed a combined maximum of 35 weeks.   Parental leave benefits must be […]

How To Say No When You Are On A Budget!

Photo source For some say the word budget and they turn their head the other way. It’s almost taboo to be on a budget for some. They think budgets are for poor people, I don’t need to budget. Ya right, time to get a grip! I’ve never had a problem telling anyone “No” but sometimes it can get frustrating when people just don’t understand. Have you ever met someone who tells you what they do for a living  and you automatically assume they have lots of cash? Likely, we all do it but is it the correct way to be thinking?- No Why is that not the correct way to think? It’s simply not always the case and we don’t know what happens in everyone’s budget and life. How do you know they have a healthy bank account? Can you read minds?  (if so please click here and contact me…. I could use your ability) There are lots of people earning 6 figure incomes but are in debt because they spend more than they earn or have massive student loans to pay back etc. Education is not cheap and most pay for it for years. Another example is when you say oh […]

Quickie Contest Winners! Reading Our Bills!

Quickie Contest- How We Designed Our Budget Step 9- Reading Our Bills! Thanks to everyone who played tonight it’s been fun! Congratulations to everyone who found the LOVE FERN picture.. it was hidden in the post “Driven to Quit Challenge Has Ended -A Lifestyle Change For Love,Health and Money” Our Winners tonight are : Coupon Prize Goes to…..Jen Peacock #19 for  Jen Peacock – already subscribed to the blog! Coupon Insert Winner-Joanna Cheevers #10 for  Love Fern Location: Driven To Quit Smoking Challenge Has Ended- A Lifestyle Change For Love,Health,Money Please send me your address ! Thanks again to Zayba Ramoutar for donating tonight’s Prizes!! Thanks to everyone who participated! Mr.CBB

How To Make The Right Calculations Work For Your Budget!

Congratulations on putting a budget together as it’s one of those things that people tend to shy away from as they believe it is too much work. I agree it is work but once you have it in place it’s easy street after that. One of the frequently asked questions I get is, How do I know how much money to put in each category? If you have followed my Budgeting Series you will read about how we designed our budget but not so much the calculations we used to come up with the numbers. I wanted to show you some examples of how we may have arrived at our numbers. How to make the right calculations work for your Budget! Yes it’s all about the numbers and don’t be afraid the math won’t bite you! Let’s start at the basics…..during the month you’ll spend money and earn money, it’s a way of life. Normally you wouldn’t take much notice of how the payments are setup until now.  Now your listing payments on a budget sheet and trying to track them. Payments of bills or wages can come in a variety of schedules…….tracking them on your budget depends on which […]

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