What would you do with $100,000 in savings? : January 2015 Net Worth Update (+2.53%)

SPEND MONEY TO MAKE MONEY   If you are new to Canadian Budget Binder welcome to our monthly Net Worth Update post. I’ve posted our losses and gains for the past 3 years and this is the start of year 4 for us. This year however will be much different for us as we have some decisions that we should make with the $100,000 in bank savings which we have accumulated. At first you might think that’s a large amount of extra cash to be kicking about but as you will see by the end of this post that number will dwindle down in size with our projected expenses. There’s not going to be as much as you think by the time I’m done chopping down the pile. It was never out intention to keep long-term savings in the bank of this amount but in talking with a banking representative it’s certainly not uncommon. What I mean is keeping more than $100k in one bank account which is not necessarily the smartest thing to do. If you think about it money has to sit somewhere until it is invested. Some people have no intentions of doing anything with their money […]

What type of bank should you stash your cash in?

MAKE AN INFORMED BANKING DECISION   Deciding where to open a bank account, invest your money or apply for a mortgage can be an overwhelming process with more than the traditional banking options available. While the Big 5 banks in Canada are a common option for many, depending on your situation you may find that other financial institutions may be a better fit for your banking needs.   Assess your needs   What are you setting out to do? Are you a new business owner, looking to invest, applying for a mortgage, opening a savings account or are you just looking for day-to-day banking? Decide what banking options are most important to you. Before you start out on your search make notes as to what is most important to you when it comes to your banking needs. This will help to ensure that you will make the best decision that you will continue to be happy with. Some major factors to consider are the availability and quality of customer services, accessibility to your money, convenience and the fees associated with your banking.   Traditional banks   The Big 5 banks in Canada include Royal Bank of Canada, Toronto-Dominion, Bank of […]