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I take this opportunity to welcome you to my padlet wall. I have included videos, websites, pictures and websites that will describe what savings are, the benefits of having savings, factors used to evaluate savings plan and many more

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This website has explained about a savings account which is an interest bearing account held at a financial institution. This means that you earn interest on the money you deposit. For instance, the more money you deposit in your savings account, the higher the interest you earn.
What I found useful is that this account differs from other accounts because it is restricted to a certain number of withdrawals per month.

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What Is a Savings Account and How Does It Work?

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A savings account is a bank or credit union account designed to keep your money safe while providing interest. Learn how savings accounts work.

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The reason why I chose this website is because it provides three great ideas that answer most people’s question; “What can I do to save more?” First of all, it is very important to pay yourself first with each paycheque. Most of the times we tend to rush to pay our bills when we get paid. A trick I have learnt is that setting the date for an automatic transfer between my chequing and savings account close to pay days makes saving easy.

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Universal Search Public - RBC Royal Bank

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This website has outlined different types of savings account which include high-interest, tax-free, youth and seniors savings account. In addition there are other factors to consider when choosing the right savings account: rate of return, transaction fee, deposit insurance, monthly fee and extra special offers by the specific institution. it is important to consider different types of accounts and the features when coming up with a savings plan.

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Compare the Best Savings Accounts in Canada | Ratehub.ca

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Compare the best savings accounts from top banks across the country. Open an account online, choose from high-interest, TFSA, children's and senior's accounts.

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This video explains about the four different types of registered savings that will help one achieve specific desired goals. These types include: Registered Retirement Savings Plan, Tax Free Savings Account, Registered Education Savings Plan and Registered Disability Savings Plan. The plans reduce the taxes one is currently paying. From this video, I learnt that the Registered Education Savings Plan and Registered Disability Savings Plan earn government contributions however taxes are applied upon withdrawal.

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We could all really use help investing money. After paying taxes and our basic living expenses, there never seems to be anything left over. There are a lot of plans (and acronyms) available, though! This video will introduce you to some investing plans that you can use to put money away for the future.
Segment 2: Registered plan introduction
For most people, the simplest way to start such a saving/investment/saving plan is with a registered plan like a tax-free savings account or a registered retirement savings plan. They are well known, widely available, and there's one to suit every savings goal.

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Registered plans are different from other savings and investment plans because they can give you income tax savings, and, in some cases, the government will even add money to your plan. These savings plans are registered with Revenue Canada and let you reduce or defer income tax.

The main types of registered savings plans are RRSPs (or Registered Retirement Savings Plans)

TFSA (Tax-Free Savings Account)

RESPs (Registered Education Savings Plans)

RDSPs (Registered Disability Savings Plans)
Segment 3: Saving strategy
Let's take a look at the different plans and how they can help you save.

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RRSPs are designed to help you save for your retirement. The benefit of this plan is that the money you invest in the plan is deducted from your income, so you don't pay tax on it, right away. And you don't pay tax on earnings in the plan until you withdraw them.

When you decide to use your savings, then you will pay income tax on the money you take out, including any income the savings have earned.

You may pay lower taxes on the money in the plan when you take it out in the future, as most people enter a lower tax bracket after retirement

TFSAs can be used for any savings goal and you can hold cash, stocks, bonds or almost any type of investment in a TFSA. The income the plan earns is not taxed.

RESPs are designed to help you save for your child's education.

Money in an RESP can receive grants from the governments of Canada, Quebec and Alberta, which are added to the savings. When the money in the plan is used for the child's education, the money the plan has earned and the grants are considered the child's income, which is often tax-free or taxed at a lower rate.

RDSPs are designed to help you save to support a person with a disability. Money in an RDSP can also receive grants from the Government of Canada, which will add to the savings. And the money the plan receives or earns that is used to support someone with a disability is often taxed at a lower rate.

Many conditions apply to registered savings plans, so be sure you understand them so you can decide if they are the best way for you to meet your savings or investing goals.
Conclusion
Whatever you are investing for - your retirement, a costly item, a child's education, or support for a person with a disability - registered savings plans can help you achieve your goals, while reducing the current taxes you pay.

Most financial institutions offer a variety of registered savings plans. Talk to your financial institution or to an independent financial professional to decide which plan is best for your investing goals.

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10.3.4 Video: Saving with registered plans

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We could all really use help investing money. After paying taxes and our basic living expenses, there never seems to be anything left over. There are a lot of plans (and acronyms) available, though! This video will introduce you to some investing plans that you can use to put money away for the future.

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This video talks about tips for saving money. Saving is affected by our mentality. Most people think that it is difficult to save when paying off bills and debts. However, we should treat savings as part of our bills in order to save successfully. Many of us think that the best way to start saving is after paying off debt. What I have found useful from this video, is that it’s important to consider paying off the debt and saving at the same time.

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Consolidated Credit Counseling Services of Canada

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Money Coaches Canada Expert on Personal Finance

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Consolidated Credit Counseling Services of Canada

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Tips On Saving Money for Canadians - Canada AM - CTV

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Many Canadians are struggling with their personal finances. Jeff Schwartz, Executive Director at Consolidated Credit Counseling Services of Canada ( http://www.consolidatedcredit.ca ) offers insightful tips on how Canadians can get back on track with their savings on Canada AM CTV.

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I chose this picture because I think it conveys an important message ’Start saving now’. It is a way to get prepared in case of emergencies

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This video talks about saving for the future. The first priority when saving for the future is your long term goal however Canadians are having a difficult time trying to figure out how to achieve the goal. The video has talked about RRSP which is essential for retirement as well as TFSA which would be very helpful for the young generation since it is tax free on deposit and withdrawals. I got a chance to listen to different ideas from the population and the challenges they are facing with savings.

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This image has outlined five factors to consider when evaluating saving plans. I think that the most important factor is ensuring that your funds are safe.

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The image describes top five reasons why people save money. What is surprising is that most people save money in order to pay debts

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For most Americans, saving money gets the short straw when it comes to managing the budget. Why don't more consumers sock money away when they know it's the right thing to do?

When compared with family life, professional life, social life and personal health, financial health ranks as the aspect of life that Americans are least satisfied with. Much of this has to do with the toxic imbalance between spending, borrowing and saving.

A survey of 2,000 Americans conducted by Capital One found that more than a third (36%) feel their income is not high enough to allow for much savings, and one in ten say their income is not stable enough to save money. Almost a quarter say they struggle to keep up with regular financial obligations - e.g., mortgage, car payment, etc.

Many unwittingly sabotage their savings efforts with their spending. More than one in ten say they are living over their budget, and just as many admit to spending too freely. More than a quarter (28%) always or very often blow whatever money they've been able to save.

Reasons for Savings

You might think people save money for proactive reasons - to get ahead, save for retirement or create a rainy day fund. Not the case. The number one reason consumers cite for stuffing money into savings is to get out of debt. Unfortunately they don't seem to understand that there is no advantage socking away funds to pay down an existing debt; interest accrues over time, so the longer they wait, the more they'll have to pay. The smart decision, of course, is to pay down debts immediately as cash becomes available.

Sacrifice for More Savings?

The survey revealed that people are willing to give up quite a bit for some extra cash in the bank. A quarter of respondents said they are willing to give up regular showers for an increase in savings. 48% say they would be willing to give up cable for the rest of the year for a bump in their savings account.

Two thirds say they would be willing to forgo a vacation for the rest of the year in exchange for more savings. And 72% of parents are willing to give up the family vacation for more money in the bank.

In fact, when tempted with an extra grand to their savings account, almost two-thirds of respondents said they would be willing to give up the internet for a month. This is much more plausible than the 30% of respondents who said they would give up their smartphone for the next six months if it meant a significant increase in their savings account - utter nonsense.

More than half (54%) say they would be willing to give up coffee for the rest of the year to get a higher savings balance. More baloney.

If people really wanted to save more money, they'd pack their lunch to work instead of going out. 66% of the Americans choose to buy their midday meal rather than pack one, costing them an average of around $37 per week - nearly $2,000 every year.

Reality Check: Consumers are unrealistic about what they say they are willing do for an increase in savings. They've had opportunities to make the necessary sacrifices for decades, but they refuse to do it. They just keep spending and borrowing more while saving less.

The average American forks over between $100 and $150 per month to their mobile provider. And the typical American is shelling out more than $20 a week on coffee, for a yearly average of nearly $1,100. That's $2,600 per year that people could be putting in savings if they axed both the phone and coffee. But no one is surrendering their coffee or smartphone. No matter how broke people may be nor how desperately they may want to save, mobile phones are now considered by many consumers to be more important than their toothbrush or sex.
( Read More: America's Smartphone Obsession )
Consumers Resist Formal Savings Plans

Consumers resist setting up automatic savings plans. Most prefer to manually transfer money into their savings accounts. 39% manually put money into a savings account as they need it, and 27% manually put money into a savings account according to a schedule. Only 21% say they "set it and forget it" when it comes to savings by setting up automatic transfers.

"Saving is a critical step to achieving financial success, something I try to help people attain every day, in fun and easy ways," says acclaimed financial expert and journalist Nicole Lapin. "Financial well-being is never the same for any one person, but the way to get there follows a similar path: determine a set amount of money that you will save each month for a specific goal and stick to it. Setting up auto-deposits through an online savings account is a great way to get started."

One in ten consumers do not expect to save anything or the rest of the year, and almost a quarter (24%) say they will save less than $1,000.

The Emotional Upside of Savings

There are emotional benefits to savings that consumers often overlook. The survey found that peace of mind and preparedness are hallmarks of those who make a habit of saving.

More than half of the respondents in the study said they are happy when they actually save money. One in four consumers say saving money affords them/their families a higher quality of life. 53% say saving money brings them peace of mind, and an equal number say it relieves stress between them and their significant other.

Savvy savers get an ego boost when they meet their savings goals. Almost half (49%) say they feel successful when they meet their savings goals, and nearly as many say they feel pride when they save money.

Women derive more happiness from saving money than men do (58% vs. 49%). 20% say saving money makes their family happier.

Only one in ten respondents said saving money felt like a sacrifice. Almost no one (4%) said saving left them feeling deprived.

This article was originally published on October 1, 2015. All content © 2018 by The Financial Brand and may not be reproduced by any means without permission.

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The Psychology of Savings: Americans Struggle to Stash Cash

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For most Americans, saving money gets the short straw when it comes to managing the budget. Why don't more consumers sock money away when they know it's the right thing to do? When compared with family life, professional life, social life and personal health, financial health ranks as the aspect of life that Americans are least satisfied with.

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Attached is the word document that answers the reflective discussion questions