Posts tagged as:

savings

Teach Children to Save

by Natalie MacLellan on April 27, 2010

in educational resources

The Money Savvy Pig

Today is “Teach Children to Save Day” in the United States. For 14 years the “Teach Children to Save” program, sponsored by the American Bankers Association’s Education Fund, has partnered banks with students for lessons on the importance of saving. The goal is to reach 5 million students before the 15th anniversary of the program, next year.

Canada may not have an equivalent “Day” designated, but we do have very impressive programs to help you teach your children or students the importance of money management, including my favourite: Make it Count.

Make it Count is an interactive money mentoring program and information resource from the Canadian Securities Administrators (CSA). The Make it Count program includes a parent’s guide, an instructor’s guide and an online daily budgeting program that uses everyday situations like errands to engage youth in discussions about  money management. Make it Count makes talking with youth about budgeting, debit card use and common sense spending simpler and more effective for parents and teachers.

The  program centers around a series of activities, tips and lesson plans that are simple to follow and more importantly, simple to teach. One of the most exciting new elements of the program is an online, interactive money management tool that allows mentors and youth to set up a daily budget, start and track savings goals and chat with other money mentors in an online forum. Users can see where their money is going, track their financial progress and provide their own insights and activity ideas to the online community.

According to a recent national survey, there is a need for financial skills educational resources that are family-friendly. The CSA Investor Index 2009 survey found that 78 percent of Canadians believe that teaching financial skills is among the most important things a parent can do for their child. And less than half of parents with children 18 or younger have actually taught their children about personal finances and investing.

The Make it Count resources, including the interactive online budgeting program can be accessed at MakeitCountOnline.ca.  All resources are free and available in both English and French.

Do you like the piggy bank pictured above? Find out more about the Money Savvy Pig from Money Savvy Generation.

Tagged as: children, education, Investor Index, savings, Statistics, youth

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Don’t let the RRSP deadline scare you

by Natalie MacLellan on February 24, 2010

in financial goals

It’s the end of February: have you contributed to your RRSP yet? The March 1 RRSP contribution deadline is looming, and if you haven’t contributed yet, you may be beginning to panic. How much do I contribute? And what to invest it in?

Before making a rash decision, remember that most important thing is that you get your money into an RRSP account. There is no rule that says you have to invest it upon deposit. Don’t force yourself into a quick decision, and buy something you aren’t comfortable with or don’t understand.

Check your notice of assessment from last year’s tax records, to be sure you know how much room you have to contribute. The last thing you need is to over contribute and start dealing with penalties. If you have time, talk to an accountant or financial adviser about how much you should contribute. If your optimal contribution isn’t possible, contribute as much as you can afford, without straining your day to day budget.

If you already have an RRSP account open from a previous year, you might be able to quickly and easily deposit cash right into your RRSP account via online banking, saving you the time and hassle required to set up an appointment.

Once the cash has been deposited, contact your adviser and schedule a meeting in the coming weeks, to decide when and how to invest. Working at a relaxed pace allows you to consider all options and make a choice that suits your needs and your risk tolerance.

Also, another point to remember: if you are strapped for cash this year, but still want to contribute to an RRSP, you can transfer other investments into an RRSP account – provided they are eligible.

Tagged as: advisers, retirement planning, rrsp, savings

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Savings – the first step to investing well

January 20, 2010

There’s a great article in today’s Globe and Mail entitled “Want to invest? Learn to save first.” Read it. It is fantastic.
Or at the very least, let me tell what I think the most important message is. If you want to get rich, you have to save money. Plain and simple.
People get excited about the [...]

Read the full article →

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