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Back to Student Section Most students like to avoid even mentioning the word budget. Seriously, budgeting isn’t as bad as it is made out to be. It really isn’t about being a penny pincher. It is about managing your money better so you have more of it. People who keep track of their expenses often have more money left over at the end of the month than people who simply pay out money without following any kind of spending plan. A simple budget includes figuring out what your expenses are for a certain period of time, a month for example and then seeing how much you really spend in a month. Once you do this you will be able to compare the two and see where your money goes and whether you are spending more than you need to on certain items. For more information on how to do a budget or on budgeting, click here. 2. When should I start investing? If you have some money to invest there is never a better time than NOW. Why let your money sit in your closet or in a low interest bank account, when you can watch it grow in an investment. BUT invest with some common sense. Only invest in something that is non-redeemable if you are absolutely, positively sure you do not need the money until the investment term is up. There are strict, no-getting-out-of-it penalties for taking your money out early from a non-redeemable investment. Instead, invest in a redeemable term deposit or GIC. That way, you can take your money out early without having to pay for it. If you are ready to save for the long term (more than one year), perhaps for college or university, go ahead and invest in a non-redeemable GIC or term deposit. By doing so, you will have a higher interest rate, which means you earn more money faster. With term deposits and GICs, you are guaranteed to get your money back with interest. Of course, this isn’t true for all investments such as stocks and mutual funds. With these types of investments you could lose everything you invest. Some people choose to invest in them because of the chance to really grow your money. The long-term, average rates of return can be higher for these types of investments. However, you have to be of legal age to invest in stocks or mutual funds. If you are going to invest, the next step you should take is to visit someone at your financial institution who can provide you with more information and help you choose the right investment. Please contact us today. You can also check out the investments we have and our rates.
Mutual funds are offered through Credential Asset Management Inc .®. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.3. When should I start building my credit? As soon as possible….that is as long as you are responsible and aware of the consequences of not making your payments. Of course, you probably think you are responsible, but sometimes bad things happen even to the best of us. You get a credit card and begin using it. Everything goes well until you start losing track of your purchases. All of a sudden you get your statement and WHOA, you don’t remember buying all of that stuff. Trust me, I’ve seen it happen. It isn’t hard to do. So what do you do if you don’t have the money to pay for everything? You pay the minimum monthly payment. No problem right? Wrong. You pay interest on what you can not pay that month. Sometimes interest rates are as high as 30%. For example, let’s say you spend $500. If you can’t pay it off when it is due, at 30% you would have to pay $12.50 in interest that month, that’s $150 a year! Even worse…what if you can’t make the minimum monthly payments. If you can’t pay the minimum you will end up with bad credit. Who cares? You will, when you try to buy a car or even a house later on in life. If you have bad credit, no one will want to loan you money because they will be worried that you won’t pay it back. It is important to build good credit so when you want to borrow money people will be able to tell from your credit history that you are reliable. So, credit cards are a good tool to get good credit, but they can be your worst enemy if you can not pay your bills. If you’re confident you can handle a credit card, we offer Student MasterCard® Credit Cards. Click here to find out more. Click here for our credit card FAQ. 4. How do I apply for an OMISTA bursary? Every spring we post an application for our bursaries on our website for all owners. We also have applications available at all of our branches at that time. Simply complete the application form and return it at our Mountain Road branch or fax it to us at 859-7697 by the indicated date. Click here for more information. 5. What is an RESP? |
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