Tag Archives: savings

Why It’s Worth Eating Out for Lunch and Why It’s Not

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Today I broke with routine and ate lunch at a restaurant. Well, actually at one of those American soup and sandwich stores which are popping up around here in a likely failed attempt to beat Tim Horton’s at the quick and convenient game. While walking afterwards, I noted spring migration is likely to be summer migration this year. Aside from a few Cardinals, Goldfinches, Robins, Chickadees, and Downy’s, all of whom had struggled through this icy, snowy winter alongside us with nary a moment in the Sunshine states, I was alone with my thoughts. Being a cheapskate conscientious spender, I contemplated why eating out for lunch had been worth it, and why it had not.

A Quick Review of the Cost of Lunch

$8.68 one sandwich (which turned out to be two sandwiches when served),
one lengthwise quarter of a dill pickle, and
one perfect two-bite apple (actually I like this size but I think our guinea pigs would have been unimpressed)

A Quick Review of the Cost of Supper

3.99 pound of ground turkey
0.50 2-pound bag of large carrots at 1.99, at least 8, used 2, so say 50 cents
0.25 1 from a huge bag of yellow cooking onions, I have no idea how many per bag so I’m just randomly guessing a cost
0.75 head of celery at 2.99, at least 12 stalks, used 3
0.50 bay leaves, parsley, sage, rosemary, thyme
1.98 two large cans of tomatoes with herbs and spices
0.50 long grain rice
0.75 flour
0.15 baking powder
0.02 salt
1.00 milk
0.40 shortening
$10.79

I’ve overestimated some of the costs to keep it simple.

Yep, that’s turkey soup and biscuits and/or dumplings depending on the child. Yes, it’s not very glamorous cooking. My children will eat some pretty amazing things happily but there’s not much wrong with giving them what they want once in a while.

Besides there are leftover chocolate cupcakes (yes, also homemade from scratch) for dessert. So everyone is happy.

That $10.79 is a little misleading because there will also be 2-3 lunches worth of leftovers as well as supper for all of us.

Why Eating Lunch Out Isn’t Worth It

It probably doesn’t take an advanced degree in Mathematics to see why I think it’s not worth it from a $$ and ¢¢ point of view to eat out.

Why Eating Lunch Out Is Worth It

I met with 3 of my peers for lunch. None of us work together or in the same field. Our common ground is our children, some of whom have been in each other’s classes since kindergarten.

We talked about

  • High schools and who was going where and why and perhaps more importantly not going where and why
  • Graduations
  • Field trips
  • Sleep-away camps
  • Good and bad teachers and administrative staff
  • Summer jobs
  • Possible career choices
  • Peer and romantic relationships and the hazards thereof
  • Sweet 16 Parties, from pizza out with a best friend to extravaganzas that make weddings look tame
  • Caring for parents who are frail and in failing health when families are divided and cultures collide

Was that worth $8.68?
Every penny.

Spending Mindfully Is Worth It

There’s nothing wrong with spending money. Choosing where to spend it to bring you the most satisfaction at an affordable cost is the trick.

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Are there expenses in your life that may seem frivolous to others but which are extremely rewarding to you? Does sharing lunch with friends make an intolerable job bearable for just one more day? Please share your experiences with a comment.

How to Make a Contribution to your RESP Account at BMO InvestorLine

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If you have a bank account at BMO, it’s just a few mouse clicks to make a new contribution in cash to your BMO InvestorLine RESP Account.

Contributing to Your Children’s RESP Account at InvestorLine

  1. Sign in to your InvestorLine RESP account.
  2. If you have multiple InvestorLine accounts linked under one User ID, make sure that the RESP account is the one displayed in the drop-down list on the right side of the screen.
    You won’t want to contribute to your TFSA or RRSP by mistake!
  3. Under the My Portfolio tab, click on RESP Contributions.

For a one time or lump sum contribution to the RESP account:

Under the Contribute to your RESP tab, click on the link: Contribution in cash from a Cash or Margin account or BMO banking account.

The RESP Contribution screen will open.

  1. Click the radio button to select the source of the funds as
    • Bank Account; or
    • Investment Account
  2. For a bank account, in the From: section fill in the fields
    • BMO Transit #
    • BMO Account #
    • Enter your trading password
  3. In the Beneficiary: section fill in the fields
    • Beneficiary 1 Amount ($)
    • Beneficiary 2 Amount ($)
  4. In the Contact Information: section
    • Primary Number (Format 7051234567)
    • Extension
  5. If desired, click to select the Remember this contact information (for this session only) check box.
  6. If everything is correct, click on the Submit button.
  7. Note the messages:
    • Contributions will show in Transaction History 3 to 4 business days after the contribution date.
    • All contributions submitted during week-ends or holidays will be processed the next business day.
  8. If you are finished with your account, click on the Sign out link.
  9. For increased security, clear your browser cache and close your browser session.

For a recurring, for example monthly, contribution to the RESP account:

Under the Contribute to your RESP tab, click on the link: Recurring Contributions

The Recurring RESP Contributions screen will open.

  1. Click the radio button to select the source of the funds as
    • Bank Account; or
    • Investment Account
  2. For a bank account, in the From: section fill in the fields
    • BMO Transit #
    • BMO Account #
    • Enter your trading password
  3. In the Beneficiary: section fill in the fields
    • Beneficiary 1 Amount ($)
    • Beneficiary 2 Amount ($)
  4. From the Frequency: drop-down list, select one of
    • Monthly
    • Quarterly
    • Annually
  5. From the Start of Contribution: drop-down lists, select the starting
    • month
    • day, and
    • year.
  6. In the Contact Information: section
    • Primary Number (Format 7051234567)
    • Extension
  7. If desired, click to select the Remember this contact information (for this session only) check box.
  8. If everything is correct, click on the Submit button.
  9. Note the messages:
    • Contributions will show in Transaction History 3 to 4 business days after the contribution date.
    • All contributions submitted during week-ends or holidays will be processed the next business day.
  10. If you are finished with your account,
    1. click on the Sign out link.
    2. For increased security, clear your browser cache and close your browser session.

Contributing to an RESP Account from Another BMO InvestorLine Investment Account

For contributions, one time or recurring, from another BMO InvestorLine Investment Account, you will need to enter the account number and its corresponding trading password, instead of the bank transit number and bank account number.

When Will My RESP Contribution Be In my InvestorLine Account Ready to Invest?

I hope you weren’t trying to catch a sudden market dip. Although you’d expect the money to transfer from a BMO account to a BMO InvestorLine account within one business day, it usually won’t.

I’ll update this when my contribution is received to tell how long it took.

I requested the transfer on Thursday, January 23 before 4 p.m.
On Friday, January 24, the money was not yet in my RESP at InvestorLine.

However, there was a reassuring update. I found it when I went under the My Portfolio tab, clicked on RESP Contributions, then under the Contribute to your RESP tab, clicked on the link: Contribution in cash from a Cash or Margin account or BMO banking account. The RESP Contribution screen opened and displayed:

Reference Number or Symbol Contributed From Beneficiary $ Amount Allocated Contribution Date Contribution Status CESG Grant Status
REW######## BMO transit-account Name of Child 1 $5000 2014 Jan 23 Submitted Payment expected 2014 March 1
REW######## BMO transit-account Name of Child 2 $5000 2014 Jan 23 Submitted Payment expected 2014 March 1

NOTE: We are playing catch up on our RESP contributions so we are contributing the double the usual annual maximum per year to get the maximum CESG of $1000 per year.

When I tested how long it takes for a contribution to get into my TFSA in 2012 the contribution was not in my account until the start of the second full business day after the day I made the transfer.

UPDATE: On Saturday January 25, the RESP money was in my InvestorLine account ready to spend. That means it was there the second morning after the day I requested the transfer of the cash from our BMO account into our InvestorLine RESP account.

Of course I’ll also be watching to see how long it takes for the matching government grant to land in the account. Since this is a brand new account I know that will take longer than for an existing account. Still, I’ll post about it when it arrives.

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How long does it take RESP contributions to land in your brokerage account? Please share your experiences with a comment.