Link to learning hub – Managing Your Money sheets from the Prosper Canada website

Link to Webinar and PowerPoint on Managing Your Money

Government of Canada

Money & Financing

Managing your money, debt and investments, planning for retirement and protecting yourself from consumer fraud.

• • • Managing your money
    • COVIC-10: Managing financial health in challenging times
    • Debt and borrowing
    • Education funding
    • Pensions and retirement
    • Protection from frauds and scams
    • Financial tools and calculators
    • Financial literacy programs
    • Consumer affairs
    • Insolvency
    • Taxes
    • Government finances
    • Business grants and financing
    • Financial and money services regulation
    • Savings and investments
    • The most requested information is often:
      • Find a bankruptcy or insolvency record
      • Student loans
      • Set up direct deposit
      • Mortgages
      • Credit report and scores
      • Rates and contributions limits

CONSUMED BY DEBT?

Please visit the Office of the Superintendent of Bankruptcy Canada website. There are a series of videos and content on how a Licensed Insolvency Trustee can help you.

SCAMS & FRAUDS

If you receive a suspicious call, hang up.

If you received a suspicious text, don’t respond to the text or click the link.

If you receive a suspicious email, don’t respond.

If you receive one or more of these, please visit Frauds and Scams help centre for more information on the types of scams and frauds and how you can report these calls or emails should you receive one or more.

HOW TO CHOSE A BANK THAT IS RIGHT FOR YOU!

8 steps to choosing a new bank – Before opening a bank account, take these steps to make the best possible choice. It’s time to do some homework that will help you manage your money safely, conveniently and worry-free.

1. Identify the right type of account

• • • • Checking accounts
      • Savings accounts
        • You may also want a bank that offers debit card and credit card options, as well as lending products such as mortgages and personal loans.

2. Look for banks that charge low or no fees

• • • • There’s no need to stick with a bank that charges avoidable fees when many banks charge low or no fees.
      • Watch out for monthly maintenance fees, ATM fees and overdraft fees.
      • Once you’ve found the best account for your needs, take these steps to avoid fees:
      • Sign up for low balance alerts through your bank or credit union’s website or app. These alerts, which may include text messages, warn you when you are at risk of overdrawing your account.

Ask if the monthly maintenance can be waived. Sometimes banks require a minimum daily balance or direct deposits set up to waive the fee.

3. Where is the nearest bank branch?

You may need to access the bank branch. Does the bank offer ATM location convenience, branch location convenience and the availability of online and mobile banking? This will factor into your choice of banks and banking options.

So, even if you plan to do almost everything online, you might want a bank with some physical branches.

4. Credit Unions as an option

Credit unions are member-owned, not-for-profit organizations. Bank profits are typically returned back to members in the form of lower fees, higher savings rates and lower borrowing rates.

5. Find a bank that supports your lifestyle

The bank you choose should meet your needs. If you’re self-employed, for example, you’ll want a bank that can provide support as you build a business.

If you’re trying to save more money, look for a bank that offers features to help you reach your goals, such as:

• • • • High-yield savings accounts.
      • The ability to open and name separate savings accounts. You may want one saving account for your emergency fund, one for a travel fund and another for a gift fund.

Consider your spending habits when deciding which bank suits your needs. Some banks have budgeting tools built into their websites or will offer online apps that make it easy to track your expenses and see where your money is going.

6. Examine digital features

Banks will offer basic services through an smartphone app or an online website, you can do your daily banking like the ability to transfer funds, pay bills, check your balances and make mobile check deposits. Some may not, it’s important to determine what will suit your needs.

REMEMBER not all banks offer features that are increasingly being sought by consumers, such as the ability to lock a debit card (and prevent a stranger from using it) or manage mobile banking alerts..

7. Understand the terms and conditions (We sometimes just accept these before we read them, this is not the time to do this).

Important information about bank account types are in the account agreement, which may not appear on the account’s home page but usually can be found elsewhere on the bank’s website. Reviewing the disclosure can help ensure you are not agreeing to hidden fees.

If there are monthly service fees, the account agreement will spell out ways to waive the fees. If there are out-of-network ATM charges, the fee disclosure may let you know whether the bank offers refunds.

Find out more on Deposit Insurance and see if your financial institution is a member of the Canadian Deposition Insurance Corporation. The insurance protects your saving if your financial institution fails.

Also, as you compare products, watch out for promotional deals that expire. Some banks may offer compelling teaser rates that eventually fall to a much lower rate.

8. Read reviews for banks you’re considering

Once you’ve started comparing a handful of banks, talking to family and friends, and reading reviews about them can give you a better idea of what to expect from the financial institution, including customer service, and its products. Customer reviews can also be helpful, especially since many consumers tend to stick with their banks for a long time.

If you’re having difficulty settling on one bank, managing accounts at more than one bank or credit union may be the best solution for you.

Finally, most banks have largely similar product offerings. The differences between them lie in location, accessibility, special features and details of each product, which is why it’s important to review their various terms and fees.

Consider what will benefit you the most from each bank based on your goals and lifestyle. Where you prefer to bank and how you best manage your money matters most to you and finding a bank that works for you and charges fewer fees will make handling your money much smoother.