Posts Tagged ‘eating out’

Canadian Students College or University Bound Prepare Your Finances NOW!

Posted: April 16, 2012 in Finance, Students
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I remember when I was a young bloke and on my way to University the world was in the palm of my hands (so I thought).  I truly believe I had my head on straight back then and today given the way I continue to pay myself first.

That doesn’t’ ring true for most of my school mates, at least what I witnessed even here in Canada. I went back to school for 5 years and learned that debt is debt no matter  what country you live in.

Most of my mates who did work while attending University simply blew the money on pints of beer down at the pub and buying crap they didn’t need. I was a simple guy who just wanted an education and a good career.

Before cutting the umbilical cord from me mum and dad to start what would be a journey of reality I set some clear goals for myself. I knew I didn’t want to come out of school with any debt. I was young when I started to learn about the value of money so this was a must. I worked on weekends and in the evening to save money for University.

I had to live in a residence when I moved away which was costly so I did research before-hand to understand what costs I would blend into my budget. It wasn’ t long before I realized I needed to save more money so my summers were spent working full-time at a local pub in the kitchen washing dishes.

I think even if I had to sling manure I’d do it just to save money and stay out of debt. Kids today are reluctant to step away from the game consoles, Iphones and internet — we need to teach them to get up and MOVE!

If you are a student and think I am being harsh you have a long road ahead of you. No one is entitled to anything and we have to work hard to get ahead in most cases.  You will soon learn you are the pony of your own parade. No one will be there to pull your strings but you.

Back when I was younger if your parents sent you off with your education fully paid you were lucky. In Canada if your parent’s have extra money they can dump it into an RESP  to help their child offset the cost of education when it comes time.

So for most of us our options were to

A-work

or

B- get a loan from the bank.

If you are smart enough you might even snag a bursary or scholarship, never hurts to try.   I opted for A and am proud that I was able to do it on my own although I still made mistakes like everyone.

Not all students act responsibly when the cord is cut and on their way into to adult-hood. Sometimes we need to learn from our mistakes,but at what cost. We need to educate our children before they educate themselves on the art of spending less than you make. In most cases the this never happens until it’s too late. I believe parents should teach their children about finances when they are young.

We hear it over and over how students are graduating school with no job, or less income than imagined along with high student loan and consumer debt. Best part of it is you better hope you don’t meet your dream husband or wife at school with the same debt. Can you see why we are digging bigger holes for ourselves.

I took to my Facebook page to ask my fans what they would tell the Students of Canada about preparing for higher education. Many of them wish they had someone prepare them or maybe invest some time in goal setting like any adult should. Students need to wake up it’s 2012 and no one will be responsible for the financial  mess they create, not even mummy and daddy.

So listen up close my dear students and watch yourself prosper when you have graduated school rather than wished you had never gone.

Tips for Students Preparing Finances for their Education

Mr.CBB’s Tips-

You need to budget your money. If you can do that through University you will WIN the debt war!

Read on about what our Facebook Fans had to say…..

  • Heather Clarkson #1: Take a year to work before hand, really think on what you want to do and save some money so your debt will be lower. also do research on what you can do with your degree – a lot of them need some serious follow-up.
  • Heather Clarkson #2: Have a goal for your summer. Mine was to go to Florida I had to make sure I had the money to go and enjoy myself. It also made me spend less while in school, especially on stuff I didn’t need.
  • Barbara Foster: Live within your means, and buy your books second-hand!
  • Tara Willard #1: Mine is for the High School students looking to GO to University/College … start putting HALF your paycheck away in an account that you can’t draw from a card. You’ll be surprised how fast your $ adds up and how equally fast it disappears when you go!!!
  • Tara Willard #2: For those getting ready to go – RESEARCH the job market that you’re interested in and make sure there is a high demand. There’s nothing worse than graduating and not getting something in the field you wanted. Then … go out and volunteer – build up your contacts, as its definitely WHO you know!!
  • Susan Mongrain: When your student loan and bursary money comes in, prepay the necessities like rent, insurance, and put a chunk aside in a “food account” that is to be used for nothing but that. When times are lean at the end of each semester you will have fewer money worries – plus great credit references!
  • Anna Michele: steer clear of those credit card salespeople just sa NO!
  • Jen MacLeod: Do your research on chosen job field!
  • Shelley Ann McInnes Chenier: Definitely run away from the credit card people! You can tell yourself it’s just for “emergencies” but you’ll end up using it and before you know it you owe A LOT of money (even responsible kids like I was)
     If you must have an “emergency” credit card, have the bill sent to your parents. It’ll make you think twice about buying if you know mom/dad are going to see it!
  • Joann Cheevers: Try to get into a Co-op program if possible, the job experience gained from it so valuable. Watch what you are spending on meal plans.
    I know I lived on campus my first year and was required to buy a plan, I bought the smallest one possible. If you live off campus try to bring your own lunches, dinners and snacks as opposed to eating on Campus
  • Tara Willard: Credit is important AND comes in handy – there are PREPAID credit cards that give you the insurance of having one and builds a good credit rating. Use it just for gas!

What else would you like to say to future students! Have your say, comment today and help the Canadian leaders of tomorrow!

You can find Canadian Budget Binder on Facebook HERE or Twitter HERE.. Come join in on the conversation!

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Eating In Vs Eating Out- The Comparison

Posted: February 25, 2012 in Frugal Living
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I had to write this post after eating out as I was just shocked at the cost of our meal at a well-known chain Restaurant. I used some gift cards I had received from Christmas to pay for the order. It wasn’t on my dime but I had to use them before they expired.

So it’s my birthday and the wife and I decide to order some take out and enjoy the evening watching a movie. We don’t normally eat-in at restaurants  for 3 reasons:

  • High priced food
  •  15-25% Tips to the staff
  • We like to eat home cooked meals

We are frugal that’s no secret but eating out has never been big on our agenda unless we were travelling. Yes I know you are saying we need to “live a little” and you are right we should, but at what cost.

Cost of Eating Out vs Eating In

Here is the run down from last nights meal.. out of 5 stars we gave it a 3.5

We thought we had $15.00 on one gift card and $13.00 on the other. We wanted to go over that price so we didn’t have a balance on the cards. The likelihood of us eating there for a while was slim.

  • 1 order Bacon Cheeseburger with home cut fries- $13.49
  • 1 order Turkey Burger with home cut fries $12.99
  • Total with tax $27.97
  • If we tipped at 20%-$5.60
  • Total would have been -$33.56 but we didn’t eat in it was take-out so final cost $27.97 for us.

Keep in mind here folks it took us a while to order as it was difficult to justify spending $16.99 on a salad with chicken, oh the outrageous costs we all pay for convenience.

So I said to myself, “self…. what could I buy at the grocery store that was comparable  to what I ate at the restaurant”. Keep in mind we pay for those nifty take out trays as well.

Grocery Store Products

What I could have purchased at the grocery store: These are approximate prices and may differ where you live.

  • 5lb bag of potatoes for $1.99
  • Jar of  dill pickles $2.79
  • 1 Tomato – $0.25
  • 1 Head of Lettuce $1.00
  • 1lb of bacon $2.99
  • 1 bag of  burger buns $1.99
  • 1x jug of vegetable oil $4.77
  • 1 box of salt $0.59
  • 1 lb  beef- $3.99
  • 1x 500 g brick of Black Diamond Cheese $6.99
  • dozen eggs- $2.29
  • 1 container  bread crumbs $1.29
  • Pkg of ground pepper $1.99

Total for all of this would cost $32.92 

Keep in mind the quantity is much more and you could make at least 4 burgers and tonnes of french fries with a 5lb bag with leftover spices,pickles, bacon, lettuce etc. You also need to factor in time, hydro, water, tools.  Is the cost of this still making you shy away from eating at home? After all being the chef means you know what you are eating.

If you were to pay a gratuity the cost we figured above was estimated at $33.56- 32.92= .64. So you would spend .64 more eating in at a restaurant eating this food on a cost per food basis.

Keep in mind we didn’t even order a drink with this food. So you could order water or buy a litre bottle of pop for .99 at the grocery store for take home.

My point here is not that you shouldn’t eat out at restaurants, rather be realistic with your budget.

Money Saving Budget Tips For Eating Out!
  • Stop eating out so much:  Once you set up a budget you will know how much you have to spend on entertainment or eating out
  • If you want to eat out get take out it’s cheaper
  • Don’t be lazy, cook. If you don’t know how to cook, learn, unless you don’t mind making others rich.
  • Have friends over and have a pot-luck or vice versa if you like to have company while eating a meal, it’s cheaper.
  • Be realistic with the numbers, think about what you could have purchased and how many people you could have fed on that $200 restaurant bill.

So go ahead enjoy your $16.00 hamburger and fries while eating out, but be mindful of how you are spending the money in your budget. If you don’t spend your entertainment money one month save it for another so you can spend a bit more on the next.

Happy Eating Folks.

P.S- The gift cards had $15.00 and $18.47 on them and the bloke offered to give me the change $5.50. I wasn’t going to argue it was $5.50 I didn’t have before I walked into the establishment!

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