Yearly Banking Fees of $1000 Seniors Could Have Avoided : Net Worth Update 2018 March (+0.51%)

MONEY OUT THE WINDOW OR MONEY WELL SPENT- THE CHOICE IS YOURS!   You might be paying banking fees for every bank account you own whether it’s with the same financial institution or not. I know plenty of people who bank with several Big 5 banks and I’m not sure if they understand the costs of monthly banking fees and how it may be affecting their overall yearly savings power. Banking in Canada seemed fairly straight-forward to me when I arrived as a permanent resident. I was fortunate to set up my bank account at the time through President’s Choice Financial since my wife banked there but before I moved to Canada. It made life far easier for me especially when I needed to transfer money from my UK bank account to my Canadian bank account. What I loved about PC Financial what is now known as Simplii Financial Canada was that there were no banking fees. We didn’t have to pay for cheques either. If we had any issues we could make a phone call or visit any Canadian Imperial Bank of Canada (CIBC) for help. In total since I moved to Canada over 10 years ago now we’ve […]

Financially Savvy Teen Budgets Cash Using The Envelope System!

Cash and Envelopes, that’s my Budget! From the time I was about 5 years old my parents gave me an allowance. I think that I got $3 each week. I remember having three envelopes and my parents teaching me I needed to put some money in each cash envelope category. My envelopes were labelled savings, spending, and giving. I had three dollars and three envelopes so my decision was pretty clear. The Envelope System Fast forward about twelve years and I am still using the envelope system today. I now have six envelopes titled: spending, church, clothes, college, car and retirement. How Do You Get Started Using The Envelope System? I’m so glad you asked! The cash envelope system really is very simple. First, you need to decide what areas you most need to control spending and where it is reasonable to use a cash only system. My mom, for example, has used the envelope system in the past for spending, eating out, and groceries because those were the areas where she wanted to be most careful with managing her money. Once you decide which ‘categories’ you want to use, get an envelope and label it. We had some red envelopes left over from Christmas […]

PF Weekly Reading List #15- Bieber Wants To Help Your Kids “Get Money”

Justin Bieber and financial literacy who would have thought that he would want to teach teens how to “get money”. I almost thought I was seeing things for a moment when reading the news this morning but turns out my coffee was indeed strong enough. I’m not a Belieber but I am a believer in spreading the word about financial literacy. Bieber has stepped up and is backing a real-time monitoring debit card for kids through a Spend Smart Payment company in an effort to spread financial literacy awareness to the teens of today. We’ve talked here at CBB about how the school system should teach kids to “get money” (in other words to understand) so they can live a life not riddled in consumer debt, and now this new type of debit card is in the spotlight. If parents struggle to talk to their kids about money this is the perfect way to bring the topic to the table but in a “cool-kid” type of way. I’ve said it more than once on this blog that “convenience costs” and that’s pretty much what this service will be, a money lesson with a convenience price tag. The card which apparently has […]

Saturday Weekend Review #14- Credit Card Surcharges, Would You Pay Them?

  Paying to use our credit card each time we swiped it would certainly make the choice of not using it easy for us. A recent conversation with a local pizzeria owner we frequent shared with us that it does cost him money when customers use a credit card. If we ever order a pizza now we pay in cash because we kinda feel bad about it, but not sure if he meant to make us feel that way or we feel sorry for him. He does make a good pizza for a reasonable price though. Canadian businesses are charged fees from 1.5 to more than 3%  of each purchase put on a MasterCard and Visa credit card. Best of it is, if you are using a premium credit card merchants have to pay more. The transaction charges imposed are per the anti-competitive rules set out by the competition bureau of Canada. Would you not say that this is just part of the cost of doing business?  We have seen signs at shops that say “Cash Only” or “Debit and Credit Card Machine” down in our days but tend to stay away. In Canada merchants can ask the customer to pay a surcharge […]

%d bloggers like this: