Personal Finance
Better Finances for a Better You
Topic: "Savings Plan"
← Curating the web to find the most interesting and helpful
information about your money.
Saving
The 41 Best Money Tips From Highly Successful People by Jamie Ballard
These pointers will inspire you to achieve financial independence and stability. →Budgeting
56 Almost Effortless Ways to Save Money by Brooke Nelson Alexander
Practical tips from separating your bananas to slow down the ripening process to checking your tires →Saving
11 best money-saving tips from personal finance writer Ivana Pino
The best savings strategies are about finding the right balance between caring for Future Me while ensuring Present Day Me →Investing
Compound Interest
Compound interest is when the interest you earn on a balance in a savings or investing account is reinvested, earning you more interest. As a wise man once said, “Money makes money. And the money that money makes, makes money.”
The Life-Changing Magic Of Compound Interest By Kate Ashford →Budgeting
Tips to teach budgeting for kids
- Let your kids earn their money
- Discuss wants and needs
- Set savings goals
- Offer your kids a savings incentive
- Let your kids learn from mistakes
Saving
Vampire Energy? How Much Is It Costing You?
Take action against vampire energy to save money →Saving
Has your financial situation recently changed? Maybe you’re trying to save for a big project? It’s never a bad time to review your budget and develop good saving and spending habits.
Here are 40 tips for putting more money aside →Saving
Here’s what young Canadians are putting in their TFSAs
Stress Test Podcast: Rob Carrick chats with Aravind Sithamparapillai of Ironwood Wealth Management to break down TFSAs, FHSAs and RRSPs →Serious stuff
From the best ways to budget to how to boost your earning potential like a pro, these nuggets of financial wisdom are as fresh as the day they were published.
50 Personal Finance Tips That Will Change the Way You Think About Money by Alden Wicker →Saving
How to save money when you're broke
Monique White has a few ideas. She's a credit counselor and the head of community at Self Financial, Inc. →Saving
Graham Stephan: How To Save $10,000 Fast
The first step to saving $10,000 fast is to break it down into something more manageable. Stephan suggested determining a realistic time frame instead of just using an ambiguous period.
For example, to save $10,000 in one year, you’ll need to save:
- $833 per month
- $27.40 per day
- $1.40 per hour
- $0.02 per minute
Infographic of the week
Charted: Who Has Savings in This Economy?
The Visualcapitalist visualises the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by age and education qualifications. Data is sourced from a National Endowment for Financial Education (NEFE) report, published last month.
The Impact of Higher Education on Earnings and Savings →Saving
Many of us want to save money to, say, buy a car, pay off our student loans ... or maybe just go out to dinner with friends without having a mini panic attack when someone suggests splitting the bill
NPR Life Kit: How to save money when you're broke →Saving
It may seem impossible in the current economy, but financial experts say the trick is knowing how to start building your wealth in small ways, right now.
15 Simple Ways to Save Money by Abigail Bailey →Saving
Retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you.
Eric Reed on How Long Will $1 Million Bucks Last Me If I Retire at 30? →Saving
Has your financial situation changed? Has your income decreased? Are you looking to save money for a project? It may be the perfect time to review your budget and adopt new habits to save money. Here are 35 tips to help you!
35 tips to help you save money →Saving
Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married by Cassidy Horton
31 Creative Ways To Save Money →Saving
We're supposed to do things routinely for our health, like brushing our teeth, showering and exercising. And there are basic hygiene tasks to maintain your financial health too. Here are five tasks to tackle each year.
NPR Life Kit: Start a financial self-care routine →Saving
Save money on streaming services. NPR TV critic and media analyst Eric Deggans shares a streaming strategy to help you get the most bang for your buck.
NPR Life Kit Podcast: Refresh your budget with these simple finance tips →Word of the week
Savings Ratio
This ratio indicates how much a person should save for their future objectives. Savings / Gross Income is the savings ratio. Gross income is the total of all earnings, including bonuses, dividends, interest, royalties, rent, and money received from a business or profession.
Neontra automatically calculates your personal savings, expenses and debt ratios →Saving
Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married.
31 Creative Ways To Save Money from Forbes ADVISOR →Budgeting
What is the 50/15/5 rule for saving?
The key takeaways to this simple plan are as follows:
Consider allocating no more than 50% of take-home pay to essential expenses.
Try to save 15% of pretax income (including employer contributions) for retirement.
Save for the unexpected by keeping 5% of take-home pay in short-term savings for unplanned expenses.
You'll have 30% of your take-home pay left over for discretionary spending. That might include shopping, dining out or entertainment.
Serious stuff
Could your language affect your ability to save money?
TED.com - Saving for a rainy day: Keith Chen on language that forecasts weather and behaviour →Investing
Four generations talk about their different investment strategies
Fast Company spoke with people from four different generations (Gen Z, millennial, Gen X, and baby boomer) to understand their investing strategies.
Learn from Gen Z, Gen X, and the millennial and baby boom generation →Word of the week
Interest
Typically, interest is paid on deposits to savings accounts. Your savings will increase as a result of the interest you earn on money you save, particularly if you have a higher-interest savings account. Simple interest - is paid on some investments and does not take into account the interest that has been added to the account; rather, it calculates interest just on the original amount. These investments often have a slightly higher interest rate. Compound interest - is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods. Compound interest is the norm for savings accounts.
See an example of how simple and compound interest differ →Serious stuff
Canadians' confidence in their ability to retire on time and debt free declined between 2016 and 2022, according to a new research report released by the Canadian Public Pension Leadership Council (CPPLC).
Research shows Canadians losing confidence in their plans for retirement →Saving
If you’re looking for solid financial-planning strategies and information about the savings tools available, this podcast is for you.
Podcast: How to crisis-proof your finances →Saving
Without emergency savings in place, an unexpected car repair or job loss could force you into debt and derail your goals.
Do you have 3 months’ worth of expenses in your emergency fund? See your scorecard today →Serious stuff
The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you
How does the CPP enhancement affect you →Word of the week
Compound Interest
Compound interest is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods.
Discover the magic of compounding and why it's important to increasing wealth →Saving
The First Home Savings Account launched April 1st!
Who should have one, who offers them and key rules →Word of the week
Deposit Insurance
Deposit insurance protects your savings if your financial institution fails. The Canada Deposit Insurance Corporation (CDIC) automatically insures your eligible deposits. This applies to deposits held at CDIC member institutions in Canada.
Find out if your financial institution is a member of CDIC →Saving
A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You will be able to open an FHSA starting April 1, 2023.
First Home Savings Account (FHSA) →Budgeting
How the magic of a three-pay cheque month can give you a financial head start
There are lots of ways to play that extra payment →Saving
Saving can be hard but it all starts with one simple step.
Start with just $1 in Week One. You will be surprised how much you accumulate over the year by adding just a dollar each week →← Curating the web to find the most interesting and helpful information about your money.