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Water Saving Tips for Your Lawn and Garden
In the summer months, municipal water use doubles. This is the season when Canadians are outdoors watering lawns and gardens, filling swimming pools and washing cars. Summer peak demand places stress on municipal water systems and increases costs for tax payers and water users. As water supplies diminish during periods of low rainfall, some municipalities must declare restrictions on lawn and garden watering. By applying some handy tips, your lawn and garden can cope with drought conditions and you can minimize water wastage.
General Tips
Much of the summer peak demand is attributed to lawn and garden watering. Often water is applied inefficiently, resulting in significant wastage due to over watering, evaporation or run-off. Here are some general watering tips to help avoid wastage:
- Before watering, always take into account the amount of water Mother Nature has supplied to your lawn or garden in the preceeding week. Leave a measuring container (empty it once per week) in the yard to help you monitor the amount of rainfall and follow the tips below to help determine how much water to add. Also bear in mind any watering restrictions that may apply in your municipality.
Water in the early morning, before 9 a.m., to reduce evaporation and scorching of leaves from the sun. Water on calm days to prevent wind drift and evaporation.
Set up your sprinkler or hose to avoid watering hard surfaces such as driveways and patios. If you're not careful, it's water and money down the drain.
Water slowly to avoid run-off and to ensure the soil absorbs the water.
Regularly check your hose or irrigation equipment for leaks or blockages.
Collect rainwater from your roof in a rain barrel or other large container and keep it covered with an insect screen. Direct the down spout of your eaves troughs into the rain barrel.
Choose an efficient irrigation system. A soaker hose placed at the base of plants on the ground applies water to the soil where it is needed—rather than to the leaves—and reduces evaporation (see Figure 1). Drip or trickle irrigation systems are highly efficient because they deliver water slowly and directly to the roots under the soil surface. This promotes deeper roots, which improve a plant's drought resiliency. If you use a sprinkler, choose one with a timer and that sprays close to the ground.
Tips for Your Lawn
Established lawns1 generally require about 2.5 cm (1 inch) of water per week to thrive2. If Mother Nature is providing this amount of rainfall, your lawn will thrive without supplemental watering. When rainfall does not provide adequate moisture, your grass may start to turn brown. This does not mean it is dead—it's simply dormant. An established lawn will recover and resume its green appearance shortly after sufficient rainfall returns.
Apply these tips to save water and money without compromising the health of your lawn:
- Apply about 2.5 cm of water not more than once per week and skip a week after a good rain. The correct amount can be estimated by placing an empty tuna can on your lawn as you apply water evenly across the surface. When the water level reaches the top of the can, you've applied about 2.5 cm of water which is all your lawn needs. You can time how long it takes to reach this level, then set the timer on your sprinkler.
- Water thoroughly. Deep watering at this rate is better than frequent, shallow watering because it encourages deep roots.
- Don't water your lawn excessively. When it's waterlogged, it may turn yellow and develop fungus and diseases. Oxygen and mineral uptake may be restricted on heavy clay soils. Too much watering can also lead to thatch and fertilizer leaching.
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Check your municipality to see if watering restrictions are in effect.
Avoid mowing and unnecessary traffic on your lawn when the lawn is dry or dormant.
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Don't cut your lawn too short. Set the blade on your lawn mower to cut no lower than 6-8 cm so that the roots are shaded and better able to hold water.
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Aerate your lawn once a year in the early spring or fall to improve water penetration. Afterwards, topdress by applying a thin layer (max. 15 mm) of organic material and rake to distribute evenly. You can overseed after this to help thicken the lawn.
- A thick, vigorous lawn is the best prevention against weed invasions and can better withstand heat and dryness. A healthy lawn needs nutrients, such as nitrogen. Application rates, sources and timing will depend on many factors including soil type. As a rule, a healthy lawn with good soil needs about ½ kg of nitrogen per 100 sq. m. of lawn area every year. Leave grass clippings on the lawn to return nitrogen to the lawn, and reduce moisture loss.
1 Newly seeded or sodded lawns have greater water demands.
2 Actual water
requirements depend on individual conditions, such as soil type
Lessons learned today will shape the way your child manages money in the future, so make sure the habits developed are good ones.
Start the savings habit. In the real world, taxes and UI and CPP deductions are siphoned off every pay day, you'll not only be introducing the realities of the adult world, you'll be helping to establish a "pay yourself first" savings habit that will last a lifetime.
What about that other 90 percent? If your child has earned the money, hasn't he or she also earned the right to spend it without interference? There are two sides to this particular coin: while it's true that money belongs to the person who earns it, there's nothing wrong with offering a little help.
Start by opening a savings account for your child. A visit to your financial institution will take care of that but it will raise an important question: what about a debit card? Is it a good idea for your child to have one?
A debit card can be a great way to teach children to manage money, although the lessons learned may not be entirely painless. The first time your child drains his or her account and realizes that the next pay cheque or allowance instalment is a long way off, it will be a very unpleasant shock. As long as you remain firm and don't refill that empty account, your child will learn a valuable lesson about self-control and budgeting.
Help your son or daughter to plan for expenses, large and small. If going to the movies with friends is a self-funded treat, the cost is going to be approximately $15-$20 (after all, what's a movie without popcorn and a drink?) That amount should be included in the budget. If a large purchase is looming – say a new pair of roller blades for example – one pay cheque probably won't do the trick. Do a little math and figure out how much will need to be set aside each pay day, and how long it will take to accumulate what's needed. Learning to set goals and save to reach them is a life skill everyone needs to learn.
Perhaps the most important thing you can do to help your newly employed children is to file tax returns for them. As long as your child's income is $7,412 or less, there'll be no tax to pay, but he or she will gain RRSP contribution room to be used later on for deductible contributions to a registered retirement savings plan.
Dealing with kids and money? Take it one step at a time. Plan, teach, and offer a little guidance whenever you think it's likely to be accepted. The good money management skills they learn today will be invaluable assets tomorrow.
Michele Hendriks, BA, CFP, FMA is a
Financial Planning Specialist with Meridian Credit Union,
Lake Street
and Pendale Branches. Call
1-866-592-2226 with questions or comments. Copyright
Meridian Credit Union 2008.
Longing to head off to the cottage?
Don't own one yet?
It's not an impossibility – and it could well be the most precious investment you'll ever make for
your family. The question is: are you ready to make that important purchase?
Start by assessing your present financial situation. How substantial is the mortgage remaining on
your house? Do you have a monthly car lease or loan payment? Do you have children in
university or any who are poised to begin? How much disposable income do you have?
If the answers to these questions leave you feeling confident that you can make a cottage
purchase work, you're on your way! Start the process by making a list of the costs that will be
involved – both in the purchase (land transfer taxes, property inspections etc.) and in the years to
come (taxes, utilities and maintenance). Your cottage may be a summer place, but the bills will
roll in faithfully all winter. Give some thought to whether or not you'll incur costs for dock
maintenance and repairs, snow-shoveling in winter to ensure that your roof doesn't cave in, boat
maintenance and winter storage etc.
There's nothing more wonderful than a cottage, but they are time and money gobblers!
With all your expenses listed, you're ready to figure out how you're going to finance your
purchase. Is your mortgage coming to an end? If not, are you ready to renegotiate it? Perhaps
you could add the cottage? Many financial institutions will allow you to blend the payments into
one – a very wise move.
Set up an appointment with your mortgage officer to discuss your plans and to arrange for a preapproved
mortgage. Competition is fierce during cottage-buying season, so buyers who can
offer a solid deal, with financing already approved, will get a better price and preferential
treatment in the marketplace.
If you'd prefer to keep house and cottage separate, ask your financial advisor about a
recreational property mortgage. Offered by a number of financial institutions, such a mortgage
will make it possible for you to purchase a vacation home with just a 15 percent down payment.
You can choose to make a pre-payment of as much as 20 percent and increase your payments
by up to 20 percent annually.
Worrying a bit about those newly increased monthly mortgage payments and concerned about
how you'll handle the utilities, taxes and maintenance bills? You could rent your cottage for a
part of the season and realize as much as $800-$1,500 a week during peak season (June, July
and August) and approximately half that during the less desirable 'shoulder' seasons (May,
September and October). While finding and dealing with renters can be a challenge sometimes,
the proceeds generated could really help with your cottage purchase financing.
Ready to dive into cottage ownership? Make an appointment with your financial advisor today,
take a tour through cottage country and get ready for your summer vacation!
Elaine Kelly, MBA, CFP, FMA, is a Financial Planning Specialist with the Niagara-on-the-Lake branch of Meridian Credit Union. Call 1-866-592-2226 with questions or comments. Copyright Meridian Credit Union 2008.
As Home Inspectors we often get asked the question “Will my mortgage/insurance company approve this house?” Unfortunately we aren’t qualified to answer that question, but over the years through first hand experience as well as through dialogue with these industries and other Home Inspectors, there are a list of issues that should be taken into account when buying and insuring a house. Please don’t take the following paragraphs as the whole story, they are merely intended to suggest further investigation or follow-up, and are written from a home inspectors point of view, not the insurer’s or mortgagers!
60 Amp Electrical Services: First a word about how the size of an electrical service is assessed. Basically the weakest link in the supply of electricity to the main panel determines the rating. This includes the wires, the disconnect switch and the distribution panel itself. Typically the wires are the smallest component. The fuses are sized to match the ability of the wire to carry current (amps) and should never be over sized. So if the main box has a lable saying 100 amps, but the wires are only 6 gauge (AWG) then the service size is 60 amps. You need a 3 gauge wire for 100 amps. Furthermore the rating is based on a 240 volt service which is both wires coming into the house. So even though there are two 60 amp fuses it is not considered a 120 amp service.
Enough theory! 60 amp services become a problem when the demands on the house increase. When originally built we didn’t have dryers, microwaves, jacuzzis and cappuccino makers! Sometimes this means that all sorts of dubious add ons and rewiring have been done, in which case the quality of workmanship is more at issue that the service size. Sometimes there is just too much load and a larger service is the only answer. But is small houses, with only one or two major electric appliances 60 amp can be enough. In fact they are still allowed in the Electrical Code in these circumstances.
Knob and Tube Wiring: Similar to 60 amp services the big problem with knob and tube is that to meet our growing needs, it
 is often poorly renovated (the diagram shows the proper way). Knob and tube wiring, in good condition, can still function well. Unfortunately, since much of it is hidden behind walls, this may be difficult to determine. Although it is always prudent to replace it when renovating, portions of knob and tube that have not been fiddled with will probably continue to function adequately. However, knob and tube wiring is ungrounded which can lead to some unrelated safety issues which should also be addressed.
Galvanized Water Pipes: Galvanized piping was common until the 50’s. The difficulty with it is that it corrodes from the inside causing water leaks without warning! And since most of it is over 50 years old, it is starting to fail on an increasing basis. Unfortunately assessing this on any sort of comprehensive basis will require cutting it open… which means you might as well replace it!
Oil Tanks: Oil tanks also rust from the inside and will sometimes leak without warning. Any water that condenses in the tank sinks to the bottom, where there is usually a welded seam so this is where they typically let go. Your fuel supplier should have the ability to test for water in the tank. Often tanks over 20 or 25 years old are required to be replaced by your insurer. This is simple for an outside, above ground installation, not so easy for indoor applications, and sometimes very difficult and expensive for buried applications, especially if there has been some leakage. Furthermore, and abandoned oil tank (ie the furnace was converted to gas) must, by law, be removed within two years. So make sure you understand the history of the oil tank!
Roofing: Since water damage is a common insurance claim, some insurers are cautious about the condition and type of roof. One of the simplest situations to identify is multiple layers of shingles. From the home inspector’s point of view this can shorten the life of the shingles, void shingle warranties and in extreme cases overload the roof structure. Flat roofs, specialty materials such as clay tile and local conditions (living in Tornado Alley!!) can also raise concerns.
Hazardous Materials: Occasionally insurers or mortgage companies are concerned about the presence of materials such as asbestos and urea formaldehyde foam insulation (UFFI). These products pose a personal health risk (as opposed to property damage), but the statistics and science surrounding them are very confusing. Often the best thing to do with asbestos is encapsulate it so it can’t get airborne. And CMHC no longer considers UFFI to be a significant contributor to formaldehyde when it is well installed. And this is only a short list of the types of materials that get lots of emotional media attention. The best advice a home inspector can give in these situations is get educated, be rational, and follow up with accredited investigators if you are still concerned.
If you're feeling as if the sight of one more bill might just put you over the edge, it's time to come up with some solid debt management strategies. While there's no way to stop the heat and hydro bills from coming, short of building your own power generation plant, there are ways to tackle your debt burden and get yourself out from under.
1. Start by putting yourself first on your payee list and make your RSP (Registered Retirement Savings Program) and RESP (Registered Educational Savings Program) contributions a top priority every month. To make sure you aren't tempted to skip them, in favour of paying off something else, set up an automatic withdrawal system from your chequing account.
2. Make bill payments happen automatically too, by setting up a bill-payment account. You'll be amazed by what you save on overdue charges, you'll protect your credit rating, and you'll delete one enormous item from your to-do list. Determine what your normal monthly obligations are (rent/mortgage, heat, hydro, water, telephone etc.) and set up an automatic transfer of funds to your bill-payment account to cover them each month. Whatever funds are left in your chequing account after the bills clear is all yours to use without worry!
3. Don't let credit card balances pile up. Pay your credit cards off in full each month to avoid useless interest charges. Carrying a balance and paying outrageous interest charges on it is wasting money, plain and simple.
4. Plan for your pleasures instead of pulling out the plastic at every turn. If you want something, save for it. Set aside a certain amount from each pay cheque in a savings account until you have what you need, then treat yourself to your heart's desire. You'll enjoy the acquisition even more because you'll be secure in the thought that no nasty bills will be arriving in 30 days!
5. Buying a house? Be sure to ask for the shortest amortization period you can handle on your mortgage. While the 25-year term may seem like the most manageable choice because the monthly payments are low, you'll end up spending thousands more in interest over the life of the mortgage. Arrange to make accelerated payments (a smaller payment every two weeks instead of one larger one each month) because paying more often means you'll incur less interest. Here's a great thought - because there are more than 24 two-week periods in each year, you'll even end up making an extra payment that will result in substantial savings over the life of your mortgage! Consult your financial advisor before making any mortgage decisions.
6. Consolidate! Outstanding credit card balances can best be managed with a low-interest loan or line of credit. You'll get a better interest rate and you'll make just one payment each month. A word of caution: don't let those cleared credit cards lull you into a false sense of security or tempt you to overspend again!
Michele Hendriks, BA, CFP, FMA is a Financial Planning Specialist with Meridian Credit Union, Lake Street and Pendale Branches. Call
1-866-592-2226 with questions or comments. Copyright Meridian Credit Union 2008.
It’s so popular Down Under it has become known as the ‘Australian Mortgage’[1]. It’s rapidly gaining in popularity here in Canada. And, it could be a solution for your banking and financing needs – a flexible solution that helps every dollar you earn work harder for you.
Here’s how this cash management solution works:
Most Canadians use a number of financial products including chequing and savings accounts, credit cards, lines of credit, personal loans and mortgage loans to manage their finances. In conventional banking, all of these accounts are kept separate so you need to manage many different payment schedules, payment amounts, interest rates and multiple account statements – and that can become a nervous juggling act.
At the same time, you enjoy plenty of equity in your home, you have a good income and positive cash flow and, in general, your financial life is improving – thanks to declining debts and increasing assets. Still, you could benefit from low-cost financing or refinancing and loan consolidation; you want higher returns on your savings and more money to invest; and you want to simplify your financial life.
That’s where this new cash management solution comes in. It uses the equity in your home to allow you to consolidate all of your banking and financing needs by integrating the features of a mortgage, a line of credit, a chequing account, a savings account, and a source of money that can be used toward investments all into one comprehensive solution.
You can access up to 80 per cent of the value of your home and combine your mortgage and loans within various sub-accounts into one account with one monthly payment and one consolidated monthly account statement.
It’s simple: You deposit money when you get it (your paycheque, for example) and take money when you need it. Your deposits are applied to your loan principal, reducing your loan balance, and minimizing interest charges. You withdraw from the account to cover day-to-day expenses. Money you don’t spend offsets your loan principal which helps save on interest normally charged by your mortgage, and in many cases these savings are more than your would earn from a typical savings account at a bank – this can save you money and put you on track to reaching your financial goals sooner.
By combining your debts with your savings, your money works harder and your financial life becomes simpler. Talk to your professional advisor about this smarter way to help build wealth and help manage your daily banking needs and how it fits into your overall financial plan.
More than 50% of all new mortgages in Australia are opened as a combined chequing, savings and borrowing solution – London Free Press, February 9, 2004
This column, written and published by Investors Group Financial Services Inc. (in Quebec - a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contact a financial advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.
Bill Perrotto
Consultant
Investors Group Financial Services Inc.
100-4838 Dorchester Road,
Niagara Falls, Ontario L2E 6N9
Phone: 905.374.2842,
Mobile: 905.328.7987
Email:
bill.perrotto@investorsgroup.com
Web: www.investorsgroup.com/consult/bill.perrotto
An alert Realtor aided by close communication between the Real Estate Board of Greater Vancouver (REBGV) and police outfits in two provinces recently led to the arrests of two alleged con artists.
On April 2 the Commercial Crimes division at the Calgary Police Service contacted REBGV about two suspected con artists operating in Metro Vancouver. This prompted the board to issue an email alert to the over 9,600 Realtors in its association. Within 24 hours, a Realtor informed REBGV staff that an individual matching the description and alias outlined in the alert had enquired about a listing. This information was relayed to local authorities, who ultimately arrested both suspects.
“The quick communication of the real estate board and the alertness of its members were instrumental in the capture of these individuals,” says Detective Lorne Ferguson of the Calgary Police Service.
The suspects were wanted on Canada-wide warrants for crimes allegedly committed in the Calgary area.
“This incident demonstrates how our association through various program, such as Realty Watch, is able to relay critical information on everything from missing children to police alerts to our Realtors out in the community,” says Dave Watt, REBGV president.
While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, says a recent report by Re/Max.
Despite a higher degree of frustration in the marketplace than in previous years, the Re/Max Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. Entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues, the report says. Innovative financing has become key to home ownership in today’s environment, with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.
“Doom and gloom reports coming from south of the border have yet to hinder overall momentum,” says Michael Polzler, executive vice-president and regional director, Re/Max Ontario-Atlantic Canada. “First-time buyers are still leading the charge, taking advantage of every resource available to achieve home ownership. They’re determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.”
Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St. John’s, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna.
“First-time purchasers continue to play a pivotal role at both a local and national level,” says Elton Ash, regional executive vice-president, Re/Max of Western Canada. “The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.”
Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve home ownership consider starting prices a more meaningful gauge of affordability, says the report. Starting prices can be substantially lower than the market average.
For example, average price now approaches $400,000 in the Greater Toronto Area, while the starting price for a detached home can be as low as $300,000 in areas east and west of the city.
The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country’s major centres can be picked up as for low as $150,000 to $175,000.
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