Money MattersManaging your money

How to make the most of your money

1. Don’t try to keep up with everyone else. Focus on what you have instead of what you don’t have!

Someone will always have something newer, faster and shinier than you.

2. Identify your wants and needs.Know the difference… need is essential, want is luxury.

3. Save for a rainy day.Try to put aside 10% of your paycheck (good for emergencies and things you want to save for).

4. Set goals for big-ticket items.Save for car, trips, etc.

5. Develop a spending plan.AKA a budget!

6. Don’t spend money you don’t have.Debt adds up and can become hard to get rid of.

Saving Secrets

1. Save early, save often.The earlier you start saving, the more money you’ll have later in life. Make savings a habit!

Here is a chart

Savings Growth Chart

2. Focus on the prize.Setting short-term and long-term goals can inspire you to keep track of your savings

3. Put away gift money.

4. Plan ahead.Emergencies happen - plan for unexpected expenses.

5. Reduce expenses.Look over your expenses regularly. (change plans, etc)

6. Don’t count on credit.Credit cards can come in handy, but you end up losing more money in the long run.

Banking: Checking Account

Getting a checking accountWhy get one???

● It’s safe, secure, easy to access and manage. ● Can use it to

○ pull out cash (ATM)○ make purchases○ write a check

What to look for when getting a checking account…

● Minimum balances?● Annual or monthly fees● Insufficient funds charge● ATM fees

Things things vary from bank to bank, or even within a bank (different checking accounts)

Examples…

Helping you choose an account:

http://www.rbcroyalbank.com/products/deposits/banking-accounts.html

http://www.scotiabank.com/ca/en/0,,6,00.html

Overview of accounts:

http://www.rbcroyalbank.com/products/deposits/banking-compare.html

https://www.tdcanadatrust.com/products-services/banking/accounts/chequing-accounts/index-chequing.jsp

Comparison chart:

Credit

Credit Score:

➔ Based on your payment history, balances, assets, etc.

http://www.fcac-acfc.gc.ca/eng/resources/publications/creditloans/pages/understa-comprend-1.aspx

It’s important to build a good credit!

➔ To get approved for loans/lines of credit/big purchases➔ The better your credit, the lower interest rates you can get :)

How to get good credit:

● Pay bills on time● Pay off credit cards before they are due (to avoid paying

interest)● Do not max. out your credit cards (try to keep it under half)

See tips: http://canada.creditcards.com/credit-card-news/ways-to-build-credit-Canada-1267.php

Monitor your credit:

● It’s recommended you check your credit score approx. once a year

● Beware, you lose a couple of points every time you check● Where to check?

○ Equifax: 800.685.1111 (Equifax.com)○ Experian: 888.397.3742 (Experian.com)○ TransUnion: 800.888.4213 (TransUnion.com)

Choosing the right credit cardFor the best deal, choose a credit card that:

● Doesn’t charge an annual fee● Offers a low fixed–not variable–interest rate● Provides a clear explanation of fees for late payments and

courtesy services, like cash advances and balance transfers

Best Canadian Credit Cardshttp://canada.creditcards.com/best-canadian-credit-cards.php

Comparison Chart

Identity Theft

What to watch out for:

● be careful what you put online● shop secure● think before you throw (beware of papers with personal info)● protect your SSN● keep it to yourself (don’t leave your cards lying around)● Choose good passwords● don’t give your info via email or on the phone, even if they say

they are the bank● keep an eye on your credit