Teach them one principal at a time—if you bombard them with everything all at once, they will only be confused. We can’t expect them to be awesome money managers overnight. It takes time. Once a month, teach them one principal about money. For example, this month, you can teach them about budgeting their money. The next month could be about having a savings account, and so forth. If you teach line-by-line, precept-by precept, they will absorb more of the lesson. No one wants to be preached to.
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Up until a couple of years ago, being financially literate was a skill needed for “later in life.” Nowadays, things have drastically changed. The number of financial literacy classes is multiplying and money management classes are taught to students as early as grammar school.
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November 22, 2010
Credit Cards
In Canada, credit card company uses mainly two methods to calculate the interest you pay. The methods are, average daily balance method and daily balance method. Although the methods are different, they generate same interest charge. If you are interested finding out which method your card uses, you can call their 800 number or you can find it in your credit card agreement brochure. Now let’s look at these two methods.
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November 22, 2010
Budgeting, Debt
Debt
This is probably the most important thing you can have in your life. A budget is something you need in your life as it sets limitations with your money. You will be able to have boundaries with your spending, and it will be easier for you to save money if you know where it is going. When creating your budget, be sure to start off with your monthly expenses, if you have money left over you can start allocating money to your savings, entertainment costs and much more. Be sure to adjust your budget every month to ensure you are saving money.
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MoneySense has graded Canada’s top 100 dividend stocks to find your best bets to retire on. Our top picks from last year gained an incredible 48.8%. If you can read a report card, you can read our top 100 table. We graded stocks based on yield (how much they pay out), reliability (how safe is the payout), and value (lots of assets at a low price).
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I have been adding dividends to my portfolio lately, but I never gave thought to those that don’t fully understand where Dividends actually come from and what they are. Mint.com has done a wonderful job of breaking down the dividend process cycle
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An age old financial question countless people have asked themselves is what any excess cash should be used on. One option is to contribute to your RRSP, while the other option involves paying down your debt. Canadians are learning that saving more, and investing more are more beneficial than one may think.
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Canadians are having difficulty meeting their savings goals; 38% of Canadians have indicated that they have been unable to save because they have nothing left over after paying their bills, or because there are impulse spenders, according to the recent RBC Savings Poll.
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This may be the worst thing you can do with your credit card. Without a question it is the worst thing to do. These transactions not only incur a 4-5% upfront fee, but they are subject to interest rates in the low to mid 20% range. This high interest rate is what you will find yourself facing, even if your regular interest rate is only 10-12%
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