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

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 boring when the winter arrives in the CBB household because we have to find fun things to do that won’t break the budget indoors (erm), 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 tends to take us down, and we give up on things we don’t want to because we are unsure of 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 independently but slowly lost the motivation to keep 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, maybe because they set themselves up to fail.

A challenge is a great way to pump up the volume, but we must learn to challenge ourselves rather than worry about comparing ourselves to others.

When I started the grocery game challenge, that was its premise, it wasn’t because I wanted to peg people against each other, no, heck, I can’t tell who was telling the truth or not.

I wanted people who not only wanted to spend less money on their grocery budget but also wanted somewhere to document their shops and talk about it with a group of like-minded people.

We have a great group of fans who gather, take the initiative to help each other out, chat with each other, and share ideas.

Wow, friends like that don’t come around daily, even if they are virtual friends.

I read a blog post by my mate Deacon Hayes at Well Kept Wallet, who talks about five habits of broke people.

Although each situation is unique, one thing I agree with is that we should surround ourselves with people who are successful if that’s the place we are aiming for. I’m not saying drop all your friends as they are not good enough.

They are far from that, but what I am saying is a 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 you can learn from, who set an example and give you some of their time, even if it is a pat on the back or a few words of encouragement.

Please 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 be the push they need to get over that wall, even if it seems so obvious to them.

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 a door boy for a few minutes to read what it had to say because it was posted on the door going in.

There’s nothing like backing up traffic or opening the door for each customer walking in just to read about a penny.

The “rounding” up or down system that the government will introduce 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 usual when paying by cash, as the government will not render them worthless.

Today, a 1-cent coin will retain its face value in 5 years.

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 would be cheaper getting them exchanged at one of those coin exchange machines, even though they charge 11.9c for every dollar.

That’s just a little math to help you decide on one of your options.

Some Canadian banks have free coin-sorting machines, some even for non-customers.

The premise 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, right?

If I were you, I’d call first to see if they have the machines, if they are working, if they are free, and if you need to be a customer.

The more significant issue that got me thinking was the rounding up or down scheme to the nearest 5-cent increment.

As set out on the Government website, any transaction total, including tax, 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 total of $2.67, and thanks to 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 would still have to pay $2.67.

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

Here’s another example:

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

It doesn’t sound like much but think about how many smaller transactions you do yearly.

If the rounding is always against you, consider the money you have to hand over.

If you have cash, you could save a little every time it’s in your favor.

The other alternative is paying with the pennies you never took to the bank if the business is still willing to accept them.

According to the government site, the penny will always retain its value, and there is no time limit for redeeming it. Just a handy hint, people!!!

What will you be doing with all of your pennies?

The New Website!

Many of you emailed me about the new Canadian Budget Binder (CBB) website and when it will run.

I know we are a little behind our launch date, but that’s only because we are doing our best to ensure 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 how CBB continues to grow with people worldwide.

Please spread the word and share CBB.

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

– Mr.CBB

These popped into my life when I thought I was ready for the Super Bowl game with my friends.

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 fantastic recipe and photo!

Canadian Budget Binder’s Weekly Post Recap

• The Grocery Game Challenge January 28- February 3 ~Will You Target Your Budget?
• Financial Advisors 101 ~ Get The Inside Scoop
• Emigrating To Canada: Should I Rent Out My House
• Check Out Checkout51- Technology and Coupons In Check
• Mr.CBB’s Orange Ricotta Pound Cake Topped With Yogurt Amaretto Whipped Cream

What People Searched to Find Canadian Budget Binder:

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

• How Much Can I Ask For My House- So you will 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.

Related articles

• The Saturday Weekend Review #3 January – Are You A Mom?
• New Year’s Resolution: Canadian Debt and Tackling Personal Finances
• The Saturday Weekend Review #4 January-Marketplace On Bank Fees~Magnifying Glass Needed!
• The Saturday Weekend Review #1 January 2013
• Too Many Bills Not Enough Money Each Month

Photo Credit-Resources (Pinterest)