Adventures in Debt

Donating to charities is a good thing to do, both from a financial and a personal perspective. Financially it’s good because you can receive a tax credit for your donations (at least here in Canada you do), and personally it’s a good thing because it can help you feel good about helping others. Personally, I donate whenever I can, because I’m not the volunteering type. I like to help out with the money, so that those who do the work or volunteer have the means to do their good work.If your government lets you claim your charitable donations, the most important step is to ask for a receipt for your donation. Here in Canada, receipts are automatically given for amounts above $20, however you are welcome to ask for one for any sized donation. Be aware that some charities may not give you one for a $2 donation, as it costs more for them to produce the receipt than the actual donation, but it is your right to ask for one.

Realistically, donating anything less than $200 a year does not affect your income tax, or any refund you may be receiving. According to tax preparers I’ve spoken to over the years, you have to donate more than $200 a year for it to make a difference. Donating more than $200 a year is a good thing though, as it helps reduce your taxable income for the year, plus gives the charity you’re donating to help.

When picking a charity:

• ensure it’s registered with the federal government. You can’t claim a donation to a non-registered one.
• study their financial statements. You want to make sure that your donation actually goes to helping the cause, instead of paying the salary of the office staff.

Then decide what amount you’re comfortable giving, and donate away!

Here are the numbers for October:

Total debt: $19036.18

Total paid in the $5000 Debt Payoff Contest: $620, $2032 in total.

Total savings this month: $200

Emergency Fund total: $989.15

My total debt load increased slightly this month because I’m still catching up from September, when I had to pay off my ticket to Vancouver. I was able to shift more of my debt to my lower rate line of credit, so that is also some progress as well. I’m pleased to see that I was able to pay down $620 of my debt, which is a good amount, an increase over last month’s debt repayment. So progress is being made.

In an effort to start posting more frequently these days (sorry about that, work has just been so incredibly busy, that I just can’t seem to find the time…maybe it’s time to bring out the GTD methodology here), here’s a quick one.

Who is linking to AinD?

• Tina Silva’s Blog - A great personal blog from Tina, who’s always talking about interesting things.
• The Frugal Law Student | Personal Finance and Productivity From the Perspective of a Law Student - A good personal blog from the Frugal Law Student, with lots of tips and good suggestions.
• No Credit Needed Network - A wonderful community that helps you be responsible for your own debt, or savings.
  
• NCN Network Chart: Canuck in Debt - The permanent link to my chart on the NCN.
• Moolanomy weekly roundup #5: “My One Money Advice” edition - Moolanomy’s contribution to the My One Money Advice meme.
  
• Finding Roy.com: August 20, 2007 - Roy’s contribution to the My One Money Advice meme.
  
• Retire Years Earlier with 1 Easy Tip - More Merchant’s contribution to the My One Money Advice meme.
• List Of The Best Financial Advice - My New Choice’s contribution to the My One Money Advice meme.
• My One Money Advice (MOMA) Meme - Paid Twice’s main meme page forthe My One Money Advice meme. Take a look at this post, and the rest of the blog. She’s got some good things to say.

There you have it, who’s currently linking the AinD.com. Now if only I can get moving and write some more posts, I’m sure the link love will continue. Cheers!