Can TurboTax do Trusts?
You’re just starting out and you can’t imagine what it takes to qualify for a mortgage or get an investment portfolio off the ground. Don’t be overwhelmed; even the savviest investor was once in your position. So, what should you do to start preparing for the future? Think small! Setting achievable goals can mean big savings over time. With that in mind, here are some helpful tips to cut costs by making simple changes:
1. Trust your Thermos
“For just the price of a cup of coffee, ” is a phrase you’ve heard countless times, though don’t trivialize the cost. According to a 2011 study of coffee drinking, Canadians consume an average of 2.7 cups per day. That’s 985.5 cups per person, per year.
So, even if you only purchase one third of your coffee from cafes, restaurants, and donut shops and you spend about $1.60 a cup – a rather low estimate in the gourmet coffee era – that’s over $525 per year. On the other hand, coffee that you make yourself costs an average of $0.42 per cup, cutting your cost by almost 75 per cent.
2. Consider a No-Fee Bank Account
Pennies might be a thing of the past, yet every cent still counts and you can save 18, 500 of them annually by switching to a no-fee bank account. A 2010 study showed that 55 per cent of Canadians incur fees when making transactions with their chequing accounts. An average of $185 per person, per year. Make the switch to a no-fee account in a matter of minutes and start saving.
3. Invest in a Bicycle or Take the Sole Train
Canadian winters can be harsh and many people face huge commutes, but if you live relatively close to work, consider using a bicycle or walking. Both are great for your health and your wallet. The current cost of a monthly transit pass in Montreal is $77. In Vancouver, it ranges from $91 to $170, while the Toronto fare is $128. Of course, driving increases your spending exponentially. No matter where you live, you can save by driving less, taking fewer cabs, and generally limiting the amount you spend on transport.
4. Stop Carrying a Credit Card Balance
Do you remember your first credit card and the possibilities it opened up? It’s likely that the most frequent piece of advice you were given after signing the back was “don’t carry a balance.” Everyone hears this, but who listens? As it turns out, a lot of people. Last year, Canadians had an average credit card debt of $3, 573, however a large majority of us – 64 per cent – paid off our balance each month. Even if you have a low-interest card, this is another way to easily save a little bit of cash.
Do you have a money saving tip you’d like to share?
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Win 98 OK for all tax software as far as I know.
TaxAct is your best buy and excellent software. TurboTax is the best but the most expensive. TaxCut is H&R Block's software. It works, but I found it to be the worst of them all. Downloading works just as well as buying the CD. TaxAct downloads faster than TurboTax. If you have high speed internet service, downloading is of course much faster. You can also open an account with all the major venders and do your taxes on line, but I would only do that with high speed ISP. How do you like all this snow! We're out on the west plains of Spokane.
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