CuttingCosts101.com – Learn How to Save Money!

These random ways come from me from time to time, then I write them down and wait until I have enough ideas to make a post about them.  Here’s my latest group of ideas to save money at home.

Install a naural gas dryer.  Based on rates from April 2009, a natural gas dryer could save your up to $80 a year compared to electric models.  I know that doesn’t sound like a lot, but when you couple that with other cost cutting strategies it does add up!  Unlike older natural gas dryers, newer versions have adapted from a coninuously burning pilot light to a electronically controlled ignition, which in turn uses less gas.  Additonally, you will be helping out the environment by using 60% less carbon dioxide emissions compared to electric models.  Ask your natural gas service provider for installation services and where to purchase.

Use low flow fixtures.  There are many ways to take advantage of this to reduce your water consumption.  For starters, make sure you have an aerator on all your faucets.  By installing aerators, you are cutting the water flowing through your faucets by up to 30%.  You should also replace all of your shower heads with low flow units.  The average shower would use roughly 10-15 gallons of water.  Depending on how many people in your house take showers, low flow shower heads could make a significant impact in the amount of water that you can use.  Lastly, if you’ve already installed faucet aerators and low flow shower heads, you should consider low flow toilets.  This is by far the most expensive of the three options, but you could save 1-2 gallons per flush with a new unit…which will add up over time.  Keep in mind that all of these upgrades are covered under the Energy Retrofit Program and the Home Renovation Tax Credit (for Canadian Residents).  Go back and read my post on Government grants for going green if this is new to you.

Put water barrels under evestrough drain spouts.  There’s no sense letting all that rain water go to waste when you can use it for watering your flowers or washing your car.  Many hardware stores sell fancy (and expenisve) water barrels, but if you don’t really care what it looks like you could use a garbage can or any old bucket really.  Take advantage of free water whenever you can!

You may have noticed the ‘FREE EBOOK’ link at the top of the page.  Well, I have just finished writing an 11-page ebook and I thought I would give it away for FREE to my readers.

Just click here or above to get it now!

I know this is probably too late for the 2008 tax year, but keep this post in mind when you’re ready to help your kids with next year’s tax return.

There are a number of tax breaks that students can claim on their tax return, so make sure they file one and consider these tips when doing so:

Tuition.  Students are entitled to claim 15% of the tuition paid during the tax year in question.  For example, if you’ve paid $5000 in tuition, you can expect to get $750 back.  Books, parking, meals and residence can also be claimed, but you’ll need a T2202A tax form from the school in order to do so.

Education expenses.  Aside from the tax break on tuition, you are also eligible to claim $400 per month you are in school for full-time students and $120 a month for part-time

Textbooks.  If you are eligible to claim the education expenses tax break, then you are also eligible to claim the tax break for textbooks.  It doesn’t matter the exact amount for each text books because this is paid as $65 per month for full-time students and $20 for part-time.

Moving Expenses.  If you’ve moved over 40 kms away to attend full-time studies, you can claim your moving expenses against the income earned at a job during the tax year in question.

Transit.  If you purchased a transit pass while attending school you can claim that….and remember to hold on to the receipts!

Employment.  If you had a summer job you can claim a $1019 for expenses related to work.

Student Loans.   If you’ve started to pay back your student loans, you are allowed to claim the interest that you are being charged on your loan.