Four Piles of Money

I’ve always thought of my money in piles, separate and distinct, with a purpose or a place. Maybe it’s because I’ve been self-employed forever and run my own small biz. The money that comes into the business is the business’s money, and doesn’t become mine until the business has paid me. The money that I put in the house account to pay the bills isn’t for buying stuff… it’s for keeping the home fires burning. And my emergency fund… well, that’s for emergencies of course.

Perhaps one of the biggest problems people have is that when they see they have money in the bank, they think they can spend it on whatever they want. And if there are two somebodies, and they both have that attitude, then there’s never any money in the account when the bills roll in. It’s like a game to see who can spend all the money first.

Don’t laugh. I’ve worked with people who shop to try and stay even with their partner’s spending. Lord love a duck! What hope do they ever have of having money left at the end of the month?

It may help to think of your money in four major piles:

  1. Cash flow
  2. Emergency
  3. Planned Spending
  4. Long-term Saving

Cash flow could also be called keeping-it-together-money. This is the money that comes in and goes out every month to pay bills, buy food, and get you from hither to yon. It’s the majority of your budget (it excludes savings and some other stuff we’ll look at shortly.) When you do up a budget you’re creating the framework for your cash flow. When you get paid, the money flows in. When you pay for something, the money flows out.

Emergency is the money you set aside just in case. You’re supposed to build your Emergency Pile up to between three and six months’ worth of Essential Expenses. And this money should be kept liquid – easy to get to – in a high interest savings account, for example.

Planned Spending is what most people never do. I’ve just bought a new house and I know I’m going to have to replace the roof next year. That’s about $5,000. So I’m going to open up a Roof Account – hey savings accounts are free so go nuts – and every month I’m going to have $500 moved from my house account to that Roof account. When the time comes to do the roof, I’ll be ready. That’s Planned Spending. I’m going to spend the money and I have a plan.

Planned Spending is what you do so you don’t have to use credit. Tons of stuff falls into the planned spending category. From home maintenance to the seasonal clothing you have to buy for the kids, from vacations to that new TV you’ve been eyeing, if you have to accumulate money so you can make a purchase, it’s Planned Spending. You can manage the money in a couple of ways:

  • You can set up a separate account for each planned spending thingy you’re doing, or
  • You can set up on savings account and then keep a paper trail of what’s going into the account and what it’ll be used for.

So you might set up a page that across the top has the months of the year and down the left side has the things your accumulating money for, and each month you put into the appropriate column the amount in the account for the purpose you’ve designated.

Let’s say you’re saving for a roof ($5000), a vacation in two years ($2500), and those fabulous new boots ($240). You’ve allocated $350 to the roof, $250 to the vacation and $50 to the shoes. Okay, so now you’d move $650 a month to your savings account each month. And each month you’d note how much more you had for your Planned Spending within each category. When you hit your goal amount, you go shopping. See how easy?

It doesn’t have to be big amounts to work. If you have a shopping list and have five things on your list, you may want to set aside $10 a month for the new wallet and $25 a month for the new sheets you need. The idea is to have a plan for accumulating the money you’re planning to spend so that you don’t use credit that can’t be repaid IMMEDIATELY.

And now we come to Long Term Saving. This is the money you don’t touch for a long, long, long time. It’s your retirement money. It may be your kids’ school money. This money is sacred. You don’t dip into it for any reason. It’s your safety net.

If you can wrap your head around the idea of piles of money instead of one big pot, then you’re more likely to keep the amounts you allocate for specific purposes intact. It’s easy to think you’ve got money to burn when you look into your account and see you’ve got $7500 just sitting there, begging to be spent. But if you’ve allocated $5000 to your roof, it’s already spent… on the roof. And if you want a sunny vacation without a credit hangover, that $2500 is already spent… it’s going to pay off the credit card in full when the vacation charges come through.

This idea of piles of money is perhaps one of the most significant differences between the people who are successful managing their money and those who aren’t. Having allocated money to a pile, a body isn’t tempted to spend it on anything else. And having piles of money can be a lifesaver if you’ve got a pal who can’t keep his or her hand off the money in the house account. Having moved to the money out of sight, it’s out of mind until you’ve got enough to make your purchase.

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Gail Vaz-Oxlade

Gail Vaz-Oxlade wants YOU! Join MyMoneyMyChoices.com to get smarter about your money and help others get smarter about theirs. Isn’t it time we eliminated financial illiteracy? Come find me on Google+ and on Twitter.

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42 Responses to “Four Piles of Money”

  1. avatar Mountains of Worry Says:
    November 12, 2008 at 7:57 am

    Gail

    I’m so glad that you’ve explained this concept to all concerned.

    Years ago, before marriage, I had established an account for planned spending. I put into the account enough each month to eventually cover the cost of the expense before it came due and it did work very well. I can’t remember what went into that account now- things which didn’t come out regularly – such as insurance which was once a year, or license renewal and Christmas gifts. At first I may have not had much in the account and it was emptied regularly until it finally grew enough to handle my yearly expenses.

    I’d never thought that vacation money should be added to this account. I think I would have used another account for that idea.

    I had somehow gotten away from maintaining this type of account for some years. Possibly when expenses were just being met with a pay cheque and maybe I was too busy with work and kids and life to make this account work for us. It was a mistake to not separate money into piles as you call it. It was harder to find the money needed from time to time for those extra expenses.

    Now a days, I’m back to establishing this same account in a new format. Yes, every odd bill goes into this account on a spreadsheet but I really like the separate account idea even better. I’ve been considering starting up a few new accounts to make it more user friendly for me or for my brain which would like to have all things separated into different piles.

    For me, it hasn’t been a priority to create separate accounts and move the money around to a different bank where there is no fee banking (internet banking) so that’s why I haven’t done this yet. However, I will turn 60 next year and will have access to create as many no fee senior accounts as I want at one major bank, so this will happen soon. Until then, one account will have to do.

    Thank you, Gail, for suggesting how to set it up on an excel sheet. I had actually been working at this on the weekend with no true satisfaction. I’ll give your idea a try!

  2. For “Mountains of Worry”:

    No one should be paying bank fees for daily banking. Presidents Choice has no fee daily banking with free cheques. The bank card can be used at any CIBC or Superstore location. In the new year there will also be the high interest tax-free savings account option. Getting used to no fees was the easy part. The tellerless bank idea took a little more time to get used to. Cheers!

  3. I too am glad you put it like this. It’s easier to follow and easier to comprehend. Sometimes i get overwhelmed thinking, vacation, roof, debt, house, kids all at once. I nearly pull my hair out ;) But doing it in piles, doesn’t make it seems so unreachable!

  4. Thank you Gail. This is one of the best posts! I am printing this off and framing if!!! I always wondered how people did “planned spending”! And now I get it! Frugal – I was the same way, just always feeling overwhelmed, but if you think in “piles” in makes so much sense!
    The best savings account is ING direct and you can “nickname” your accounts to remind you what the money is there for.

  5. When my husband maxes out his EI & CPP for the year we send all the extra money to an ING account so that we firstly don’t get used to living on that extra money that stops once January roles around and secondly so that we can use it for the “extra things” like the vacation we are taking in January that we will be paying cash for. This money is not even missed because the rest of the year you don’t get it anyway. We also have a bi-weekly transfer to ING for our property taxes so that when the bill comes we have the money and don’t have to borrow from a line of credit like we did in the past.

  6. My hubby and I have been using the piles of money for several years now…we are currently expecting our first baby (New Years Eve) and have a baby fund…then we need new snow tires and command start to make the care safe and warm for the winter, so we have a fund for that. It is so nice to be able to pay cash for thing…and it is interesting that when you have the money in hand, you are more reluctant to spend it, so you really think about the purchase before plunking the money down!

    The place where we fall short is the emergency fund. We have long term savings, cash flow, planned spending…but no emergency fund. I have read the other posts that Gail has made about this topic, but for some reason it has yet to sink in. I guess we always feel that if we fell on hard times, we have so much credit at our disposal that we would just use that if necessary. Pretty poor thinking…but I suppose we feel at this stage that it will just never happen to us! How deluded we are :)

    Perhaps we will try to make it a new years resolution…

  7. I read alot of blogs and I have seen this type of account called a Freedom Account or Freedom Fund. At first I thought it was referring to that old banking Freedom 55 commercial, and thought it had to do with retirement. So I had been skipping over it, as my retirement plans are already in place. But then I was bored one day…… Then it was like ohhhh that’s what it’s used for. So I have actually set one up. My spreadsheet sounds exactly as you have described and it it sure is purdy. (Can a spreadsheet be pretty – I think so – and yes I’m a numbers freak)

    When I first started the account I did prefund some of the categories for yearly bills. For example, if you start the account in January, your car registration may be due in June. If your registration is $1,000.00 per year, which works out to $83.34 per month, you would need to prefund the account with $500.04 so that when your registration bill comes due you will have the full $1,000.00. It’s just the first year that you need to do this.

    My paycheque is DD into chequing with an autotransfer into this account, an update to the spreadsheet once a month. Easy Peasy!!

    I hope I explained that clearly. Anyway, have a great day everyone!!
    Love the blog Gail!!

  8. Recently (after saying that I need to split my cashflow money from my emergency money) I opened a separate account and put a start up fund in it. It makes it clearer to me what is cash flow versus emergency. I always knew how much should be in the account for each case, but having to dip into a specific account is a better reminder of want versus need. It’s ok if the cashflow goes low for as long as I don’t go into the emergencgy fund for expected expenses!

    My planned spending is usually limited to expenses within a year, so it goes into cashflow (and its details in the worksheet). Other stuff is LONG term, so put elsewhere.
    Question: At what timeframe for the expenses is it really useful to have a separate account for planned expenses?

  9. I’ve also taken a similar approach … on doing the annual household budget, I figured our annual expected costs — car registration, insurance, etc. — and built that into a ‘surplus’ for our regular chequing account … vacation and other guesstimated big costs are transferred to a joint savings account that’s “sort of” our emergency fund.
    For my own money, I’ve split it into regular chequing, building savings, and emergency fund… and I regularly dump extra bits into the two savings accounts to keep them inflated,…

  10. Excellent advice Gail. I’ve got a President’s Choice Financial Interest Plus account – which requires a minimum float of $1000.01. We’ve figured out how much $ we’ll need for our son’s Rugby trip to WA and his driving lessons + my 50th birthday party. Divided that by # of months and set up automatic debits into this account.

    I also opened up an ING Tax Savings account now – as they double the interest (last I heard it was 6%) until Jan. 1st when the ‘tax savings’ becomes finalized – then interest is tax free, but the normal going rate. We tuck away $100. / month as our growing ‘emergency’ fund.

    We’re thankful our daughter took a gap year and gave us half her salary towards her university tuition. We just lost our tenants (any one know of a good person / couple who are looking for a nice downtown apt? If so – please let me know) and so have been fortunate to use her savings to help pay the first installment of tuition fees.

  11. I’ve just opened an ING TFSA and have split my savings accounts into several piles: vet, travel, house, car. All get a few $$ transferred into them at every pay, regardless of how much it is (something is better than nothing, after all!). I’ve paid for two rather hefty vet bills, replacing a clutch AND a full year of insurance and a ten-day trip to Victoria from my various accounts and am relieved to have them, particularly as I still owe a large chunk on my LOC. I’ve managed to cut over $200 from my monthly expenses which, starting this month, will be going towards my CC debt, LOC and savings accounts.

    I’m not willing to entirely sacrifice building my various accounts while I pay off my debt, because I would otherwise be using my CC for things I know I will need at some point. I’ve never slept better knowing that if, say, I need to take a cat to the vet, I can or if my car needs some maintenance, I can get it done.

    Cash rules.

  12. Thank you so much for explaining this!

    Here I’d been so concerned with consolidating all our accounts into just two, and worrying over the single savings account since it gets emptied every time I build it up. Now, I’ll look into the Ing account as an Em fund and see if my Credit Union has an interest bearing savings I can use for other things we need to save for.

  13. Thanks so much for clarifying this, Gail. Right now we have one big pot and it drives me crazy. I want to make sure that the money we have worked hard to save doesn’t just get frittered away when we think there is something we need. I’m definitely going to heed the advice here in this article and from the commentators!

  14. ING interest has decreased to 2.75%. Call me a cynic but they announced that great ‘deal’ about the TFSA’s in early October and judging from the times I have tried to call them and been on hold for 45 minutes. It seems to have been a very popular promotion. Now that people have joined up, they reduce the interest rate. The interest rate fell awhile ago, if ING was going to reduce the rates – why didn’t they do it then. (or am I just paranoid?)

    My question is – do you think the money is now locked in, or do you think it can be cancelled with an interest penalty.

  15. OOOPS sorry that’s 2.7 not 2.75.

  16. avatar Goal "0" Debt Says:
    November 12, 2008 at 2:52 pm

    I hate to say it and please don’t anyone take this the wrong way but I find it hard to believe that money issues have to be dumbed down as far as possible for some folks to get the picture. It’s quite simple, if you have it and can afford to spend it then so be it, if you scrape at the end of the month and use credit to make ends meet, then make more money. We have a modest income (middle class) and have never struggled, mortgage paid, car’s paid, no credit card balances, emergency fund, 1 in university with all the money saved to pay for school and RRSP’s (althought these are struggling currently). I find it best to set a goal at the start of each year and just drive towards it, I will admit we have been lucky and only suffered small setbacks a few times. As I first said I’m not bragging or being pompus I just am taken back by what to me seems so simple, “if you ain’t got it don’t spend it”.

  17. Goal “0” Debt — money is not very easy to understand and I think Gail does a good job of trying to simplify in terms people can understand a complicated and powerful force in our lives. It seems to me however that if as you write you have a mortgage that was paid, then you once had a mortgage – which means that you didn’t always live by your own rule of “if you ain’t got it don’t spend it” so perhaps it’s not quite so simple.

  18. I have one more pile: The waste heap – this is money that you can waste if you want to, on anything your heart desires, without too much thought. See an awesome deal on something you’ve always wanted? If there’s enough in the waste heap, you can do it without a second thought.

    Money for wasting doesn’t get allocated from income – it’s gleaned from savings – whatever is left in the jars at the end of the month. If I’ve budgeted $150/month for groceries, and I only spend $125 – then the extra $25 goes into the waste pile. It’s money that I planned on spending, but didn’t.

    Since I don’t have any consumer debt, I also put 25% of any extra earnings (overtime, vacation pay) into the waste pile.

    If I don’t track my wasting money, it all ends up going toward the mortgage and I NEVER buy anything fun. It’s also comforting to maintain a certain amount in the waste pile, so that you know you can afford whatever special deals come up.

  19. Thanks for the visual, Gail! We can always use a great “new” way to look at things.

    I remember my grandparents (now grandma is 98) always telling me that you need to save everything because you just don’t know. Their generation had the goal of $100,000 in savings. They came through the depression and if they hit that number, they could feel secure in their financial well-being. BUT they never touched that 100K. I would not be surprissed if she still has every penny of it. I always listened politely to my grandparents, then got home and spent the $50 dollar bill Granddad stuck in my hand as he hugged me goodbye. Imagine if I had ACTED on what I heard, instead of just listening absently.

    Sometimes we just have to be in the right frame of mind to actually get the message someone is sending. When we get it, we are willing to acto on it. Maybe that is why it seems so simple, but is anything but–personalities play a big part in how money is managed-or not as the case may be.

    Thanks to all the people who post their experiences–I learn a lot from all of you. Best to everyone in your money adventures!

  20. Jay, instead of calling it a “waste” pile, you should call it your “just for fun” pile!

  21. Excellent advise, Gail. I think instead of just taking the extra money I’m now starting to bring in n pay down debt, I will start 2 savings a/c’s, one for saving(emergency fund) and another for planned spending ie taxes, new tires, insurance premium(s), etc.. I probably won’t have enough but anything is better than nothing at all. After all debt repayment is my primary goal.

  22. When I am approached by someone who says ‘I have a stupid question’, I always reply to that person ‘there is no such thing as a stupid question’. If it is something they don’t know, as least they are willing to ask.
    Gail’s blog is on a par with that for me. Sometimes it takes something simple to have an ‘AHA!’ moment. I’m sure there are others who will concur. And, others who won’t. No matter. As long as the end result is the same. Whether you are told how, or discover the answers for yourself, it’s all gravy.
    Keep connecting the dots for us Gail, it’s much appreciated!

  23. I’ve set up a few ING accounts as my money piles…and I’ve given them all nicknames to keep them straight (RRSP is “Don’t touch!”, “Winter vac”, “Emerg $$” “Car acct”, “Misc gifts” etc). For this year’s Christmas savings account, I added up how much I’d like to spend on everyone, and gave my Christmas account the nickname “Xmas08 goal 1500″…then I can see exactly how much money I’ve got/need to save still. If I make a Christmas purchase without it coming from the account (like the 1/2 price Thomas set I bought for my godson the other day!), I just change the nickname/goal amount to reflect the value of the item I purchased.

    I’ve been doing this for a few years, and while it sounds a bit confusing, I find it really helpful…typically, money in my chequing account is begging to be spent (!), so if I’ve already transferred all the needed money to all the other accounts and paid my bills, I don’t feel guilty if I spend some of it!

  24. avatar Goal "0" Debt Says:
    November 12, 2008 at 6:30 pm

    Hey Geoff – I agree Gail does a great job of simlifying the whole money issue, I guess what my point was just to live within your means. True I didn’t save the total cost of a house before purchase but tried not to overspend on anything while we were paying it off, which I’m sure you know is hard to do with a new home.

  25. @Kim… omg!! I just opened up a tax free account with ING a week ago and now the interest rate has gone down just as tax free investing is about to be available… it’s been at 3% for a long while!! I’m peeved :(

    @ Goal “0” – congrats at being mortgage free.. my parents are also but they had bought their home at a time when housing prices were very low… my parents don’t know how young people (me included) these days can make it work with the price of everything being so high and wages basically being the same for years and years… sigh As hard as it is – we have 13 years left and I can’t wait to say I’m mortgage free too :)

  26. I think if money was so easy to understand, then the sub-prime crisis wouldn’t have happened. People were buying houses they simply can’t afford. And if all those people understood money, they wouldn’t have taken on a big pile of debt and are left with nothing to show for it.

  27. @ Vanessa – don’t feel too bad. ING has a double your interest payment promotion on now (or to that effect, I think). ;)

  28. YAY GAIL!!! You did it again. You explained it so simply and honestly.
    It goes along very well with what you described as the “real” cost of things. (When you think about how much money you make, then remove taxes and deductions, then you have to start dedicating what’s left to the fixed expenses and other commitments and necessities (like food)…. AND all those other things that are long term and short term and just for fun too — do that math and suddenly the great deal on yet another pair of cute shoes seems very very stupid).

  29. I have had the same interest rate problem with ING and their regular savings accounts. I believe when I first opened mine, my interest rate was around 4%, and now it’s down to 2.7%. I contacted them at the first sign of a drop, and they raised a good point. These interest rates aren’t guaranteed, and as far as I know they are more than competitive with other companies. I don’t know a lot about finance, but I think the rates are reflections of current market trends, and if the economy was in a better situation, then the interest rates would show this too.

    But for someone just starting out with savings, I think it’s great that I don’t have to carry a minimum balance, and I have never paid a single fee in the two or three years I’ve had these accounts. (GICs, ISAs, and now a TFSA). Even if you have funds “locked in”, if you’re in a crunch you can still redeem them and get a portion of the interest you’ve earned, as opposed to no interest at all, or any other penalties.

  30. Goal 0 Debt – I see your point about it being simple, in a way, but money is easy to lose track of. It’s hard to know exactly how much you have available to spend unless you organize yourself well to know how much you have and how much is allocated where. I think that’s partly why people get into trouble – they don’t know how much they’ve got! And I think that’s the point of this article.

  31. Karlene and all:
    Regarding ING’s (and others) high interest savings account, it would seem, without me digging deeper, they are really just money market mutual funds with the label “high interest savings account”. And if that is the case, then yes, they would fluctuate in rates depending on what general interest rates are.

    I believe a money market mutual fund invests in t-bills and other short-term bonds/papers/etc, so likely those savings accounts would be doing the same thing in order get the higher rates than “normal” savings accounts. So, if that is the case, there technically is a chance of receiving a negative (yes, negative!) interest rate: however, realistically and probability-speaking the chance of that actually happening is quite low.

    Deceiving, isn’t it?

  32. I also take advantage of ING accounts. Why not? They are free and the website is so user friendly. I simply nickname my accounts for their said purposes and set up an automatic savings plan. It works great for me!
    As for the interest rate, it’s not guarunteed. The rate fluctuates with Prime Rate. If you look at the major banks high interest savings, you are still doing much better with ING if your balance is under $5K.

    All year I have been saving for house repairs and a future car payment. Starting in January I am considering opening a Christmas account & a gift account. This will allow me to save all year and as birthdays come up, I’ll have funds to draw from rather than out of my day-to-day spending money. I made a list of who I give to and the average amount I spend on them. Then I totalled it up and figured out how much each pay I will need to designate. Hopefully this will work well for me.

  33. Great post. My brain only seems to work this way for me-everything needs to be divided into sub-categories and organized as best as possible–especially money.
    The concept of saving money and spending only what you make is easy and simple..but that sure changes course when the reality of life can kick in and out. Sometimes we just need a gentle reminder(like Gail’s posts) to stay focused and keep on track and view money from different perspectives as we all live different scenarios. I don’t believe Gail is harping on others or talking-down to anyone on whether the concept of money is simple and for people to just get the concept already and get on with things. If it was really that easy (goal-0-debt–name speaks for itself) then why would we have sought out Gail’s website in the first place?
    Smooth sailing today doesn’t always mean life is smooth sailing 5 years from now : ).

  34. @ Erran – an ING savings account is a government backed (CDIC in Canada) savings account which means accounts up to $100,000 are guaranteed. A money market account is not principal protected, nor are returns guarnateed whatsoever.

    In general, interest rates reflect the spread between the % at which banks can loan money out and the % at which banks pay people to leave their money with them. If mortgages etc rates fall, then banks lower the rates at which they pay interest. If mortgage rates are up, then interest paid goes up since they (a) need money and (b) want money. I was a kid in the 80s and once got a GIC with an interest rate of 12% — but my parents had a mortgage of 18%. There’s lots of other factors invovled but thats a quick summary.

    My understanding is that ING can offer higher interest rates because their cost of doing business is much lower than traditional banks (no branches to heat, no tellers to pay, etc).

  35. @Geoff – thanks – that’s true about the double interest!!
    ok – feeling a little better :)

    I still think ING is one of the best savings tool… and now that the interest gained is tax free up to 5k per year it’s even better… easy to use to.

  36. Gail, from today’s post (Nov.12), we learn that you’ve bought a house and are saving for a new roof. We’re assuming your new life path is being paved one way or another. We’d love to hear how you, your spouse and your children are dealing with this new phase of your lives, how the transition is going. What kind of tips can you share with families who will be living apart, etc. Will you still be living in Northumberland county, close to the bush if not actually in it? How have your children dealt with what is happening? What can you recommend we speak to our children about, and how do we go about it? New town, new school, new friends, as well as all the old since children will be sharing time and place between both parents.

    You have become such an important and integral member of your viewers’ families that we cannot help but be concerned and connected in some way. I hope you do not mind my questions, and please do not take offence or consider it an intrusion in any way. I am glad November is a good month for you – for us as well. God bless and everyone keep up your spirits – there is definitely a light at the end of absolutely every tunnel!

  37. I echo Mary’s thoughts Gail and would very much like to have an update on how you and the kids are doing personally. Not to pry but just to know if you’re doing okay. You have so many people that care about you and you’re always there for us. I hope November is your happy month. Big hugs!

  38. My husband is always talking about a cottage and I would like Hardwood floors. They both just seem so far off and unattainable. So today I finally changed the nicknames on my ing accounts that were not being used, set the goal getter tool and set up the ASP. We have our emergency fund, our daughters gymnastic fee, and my vacation (self employed and need at least 3 weeks off a year) in ING. I love that bank, it takes just enough time to come out that I won’t make any rash decisions.

  39. Mary and Lisa, thank you so much for asking. I’ve exchanged Sleep for Doing. But I’m almost completely packed and we move at the beginning of December. Both the kids are looking forward to the move because we are moving to Brighton where they both currently go to school, and this will put them in the middle of the mix. There are some very strong emotional upheavals taking place, but they too will pass. I expect that by the time I’m moved and finished shooting (just before Christmas) I’ll be due for a total collapse. I guess I should get a flu shot! I will do some more posting on divorce in general once I’ve got this one behind me. Right now, it’s too raw. I send you all a hug and say a big thank you for keeping me in your thoughts. I think I’m running on all YOUR energy right now. cheers, g

  40. Welcome to Brighton Gail! I have lived here nearly 4 years (after 5 years in Campbellford) and I love it. That is saying a lot for someone who grew up in Toronto :-)

  41. this is a good post. Kinda puts the envelope budgetting into a new perspective :)

  42. @Wendy: Totally agree! We’ve been with PC Financial for 6 years and I love it. CIBC lets you use their bank machines for free and I pay all of my bills online, so I LOVE getting rid of the banker in the middle. :) Plus the Savings Plus account (with a balance of 1000.01+) has an interest rate of 2.55%. I don’t understand why ING accounts gets all the attention.

    Great post, Gail!

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