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Taking Charge of your Money

Taking Charge of your Money. Banking. Why Save Money?. T o buy a big item Car, vacation, etc.. To pay an upcoming bill school tuition To have emergency funds Car repair, loss of income To build funds to invest so your money will grow in the future without you doing anything!.

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Taking Charge of your Money

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  1. Taking Charge of your Money Banking

  2. Why Save Money? • To buy a big item • Car, vacation, etc.. • To pay an upcoming bill • school tuition • To have emergency funds • Car repair, loss of income • To build funds to invest • so your money will grow in the future without you doing anything!

  3. How to Save • Pay Yourself First • 10% fund • set aside the first 10% of each paycheque into a separate account. • your bank will automatically transfer part of your paycheque for you • Put Your Savings To Work • Invest your money • Any account that earns money in the form of interest. • DON’T TOUCH!

  4. Interest • Money earned on an investment or a fee paid for borrowing money • How it works • Savings • You lend your money to the bank • The bank pays you for the right to use your money. • Loans • The bank loans other people your money. • They pay the bank for the right

  5. Interest • Interest rate expressed as a percentage • How much you get depends on • the type of account, how protected your money is • the length of time you leave your money in it.

  6. Choosing a Bank Account • Location • Branch offices; hours of operation; availability of ATMs • Fees • Monthly fees; per cheque fees; printing of cheques; balance inquiry fees; • ATM fees • Other charges • Overdraft charge; stop-payment fees; certified cheque fees

  7. Choosing a Bank Account • Interest Rate • Sometimes requires minimum deposit to earn interest • How is interest calculated • fee charged for falling below minimum balance • Restrictions • Maximum withdrawal per day, • Holding period for deposited cheques • Special features • Direct deposit; automatic payments; overdraft protection; on-line banking; discounts or free chequing for students, seniors, or employees of certain companies

  8. Types of Bank Accounts • Chequing Account • Many transactions, low interest rate • Not designed to store money. • Savings account • Limited transactions, higher interest rate • Secure but accessible, money can be withdrawn at anytime.

  9. Types of Bank Accounts • Guaranteed investment certificate (GIC) • a deposit for a fixed period of time • pays a set interest rate. • Canada Savings Bonds (CSBs) • a loan to the Government of Canada • guaranteed interest rate

  10. Homework • Over the weekend • Find a bank or two in your neighborhood and pick up pamphlets on their different kinds of accounts.

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