Learning to Listen to your Instincts in Purchase Decisions
Emotions in money matters are not often talked about, but now is the time to do just that. In the finance world, having doubts can really affect the way that we lose or keep our money. There has been a minimalist change recently, which encourages people to have fewer things.
The idea is that one can have a less stressful existence when they have fewer things to worry about. There are many examples of this type of thinking in the everyday world. For example, imagine that you went to the store and found a movie you love. You really want to have the movie, but you have doubts about whether you actually already have a copy of it. You purchase the movie and end up having two copies of the same movie that you didn’t really need. The same idea applies to clothing items that you already have plenty of. It’s not necessary for you to have ten of the same kind of shirt.
The key element here is that you listen to what your instincts tell you when you are deciding whether to make a purchase. If you feel a sense of doubt in your gut when you are about to make a purchase, you probably shouldn’t make the purchase. Try to have an idea of what you have at home and what you are willing to spend when you leave to go shopping. This could save you a lot of money and a lot of headaches.
The Economy of the Province of British Columbia
The economy of the province of British Columbia is primarily centered on its vast collection of natural resources. With a population of 4. 4 million, British Columbia reaches from the Pacific Ocean in the east, the United States to the south and Arctic in the north. The capital of British Columbia is Victoria, the largest city is Vancouver with 2. 5 million residents.
Since the 1800s, Cariboo, Vancouver Island and other British Columbia areas have produced timber, gold, silver, copper, zinc and coal. The British Columbia Technical and Research Committee notes that the average mining salary is $110, 800 per year. Direct employment runs at 14, 000. According to BC Stats, the direct employment for mining is expected to increase to 16, 770 by 2023. Support staff can include bankers, geologists, electricians, chemists, lawyers, accountants and restaurant workers. Support staff number between 40, 000 to 80, 000. Schools are needed to train workers with relevant skills.
The future outlook for the British Columbia mining sector remains strong according to The Vancouver Sun report on April 20, 2013. Precious metals mining has many important influences: can be used as money to pay off debt, valuable for development and job creation multiplier effect. The location on the Pacific Ocean is perfect for selling minerals to India and China. Canada mining accounts for 23% of exports and attracted 18% of global mining investment. Pierre Granton, President of the Mining Association of British Columbia said “a doubling of demand for most mineral products” will occur in the next two decades. This international trade will increase the value of the Canadian dollar.
Other British Columbia sectors experiencing growth in 2011 were construction, business and transportation. In 2011, agriculture, public administration, professional and science saw job declines. Statistics Canada has shown that British Columbia has lost an estimated 34, 800 private sector jobs in 2011. Many governments are cutting back due to budget problems. Private sector job losses have a multiplier effect with reduced income and taxes. These eventually lead to the reduction in direct public employment and indirect services, like education, health and sciences.
In 2012, the unemployment rate for British Columbia was 6. 3%. This was on the low end compared to other provinces. Future employment opportunities are more likely to depend upon influence from the Pacific Ocean. For example, many British Hong Kong ex- patriots settled in British Columbia when Hong Kong was returned to China. These immigrants are likely to bring their Asian ideas and business connections to the province
Potential sectors for job growth will be based on the natural environment of British Columbia. Eco- tourism is a growing employment sector where visitors can see bears, beavers, coyotes, ducks, fish, goats, hawks, loons, owls, ravens and wolves. After a long day of walking, tourists can enjoy apple ciders or award- wining wines from more than 186 vineyards according to http://www.winebc.com. Outdoor adventure can be enjoyed in Canadian national parks, like Glacier, the Gulf Islands or Kootenay. The natural beauty and relaxed lifestyle of British Columbia is truly appealing.
Ideas for Utilizing the Tax Refund
If you were one of the lucky ones, who have managed to get some already paid income tax refunded, then the next immediate concern would be to find ways for utilizing the tax refunded amount. Though there are no ready- made formulae available, one can follow the following strategy for spending their refunded tax amount.
You have to take out 10% of the tax fund and keep it aside for spending to satisfy your personal wishes and needs. The remaining 90% can be utilized in the ways. mentioned below
Starting a exigency fund. This would be useful to meet the emergency expenses such as unexpected travel and medical expenses. Using a portion of the 90% for making debt repayment Allocating a significant percentage of the refund in to saving instruments. This savings can be used to meet your long pending goals such as exchanging your old car with a newer one or buying a fancy electronic accessory. Allocating some portion of the refunded amount towards retirement savings. You can increase your contribution towards RRSP, if have already made significant investments in other saving instruments. Going on a vacation. This should be the last option. If there are no debts to be repaid or you have already made significant contribution to savings fund or the RRSP instrument, you can surprise your family by taking them on a vacation.
Prioritizing Your Spending On the Big Things
In today’s economy, it can be hard to know how to prioritize your spending to best maximize how much money you have to spend from month to month. It’s easy to get caught up in spending less money on fast food and small things like that, but I argue that the big things should be the priority.
One of the largest expenses that any family has is shelter. You might be paying a great deal of money in rent, and that could be money you can save. One of the suggestions that I have is to consider downsizing to a home with cheaper rent. This is a way of saving a few hundred dollars a month.
Another big expense is outstanding debt. In my case, this debt is due to college loans. One of the solutions for this is to apply for student loan relief, which essentially means that the government will lower your loan payments, making it so you can save more money. Just remember to pay down your highest interest debt first.
The next big expense is food. You really need to learn to like cheap staple foods such as rice and beans. These are a great way of saving money over eating out every night. This helps save you money in the short term and in the long run.
Finally, the last big expense is the car. In our case, we were not burdened by a large car payment, as we paid in full. However, we discovered that gas was eating up our budget. A few of the things you can do are as follows: drive less, drive slower, make sure your tires are aired up, and maybe pull your bicycle out of the garage.
So what are your expenses and what can you do to cut down?