Personal Financing: A Guide to Evaluating Saving Plans by Anushree Shirke https://padlet.com/shirkeanushree120/igru9c1w7qst By Anushree Shirke en-us 2018-12-04 02:18:03 UTC 2025-11-18 08:37:22 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png What to Expect? shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310723469 This guide is designed to provide information about personal finance and evaluating the factors to consider when choosing the right saving plans. However, this is guide is not meant to tell which saving plans to choose but just to provide the information or options available for the individual to make an informed decision ]]> 2018-12-04 02:37:25 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310723469 Saving Plans & Payment Accounts (Video 2) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310728275 This video goes over the factors that affects the selection and use of financial services. They mention financial services such as banks, savings and loan companies, credit unions, and various financial institutions. Most importantly, they covered the cost and benefits of different types of saving plans and how to evaluate them. They briefly mention what to consider such as the rate of return, compounding, inflation, and tax considerations. 

One piece of information that I found useful in this website is being able to calculate the after-tax savings rate of return

]]> 2018-12-04 03:04:20 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310728275 Saving and investing (Video 1) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310736027 This video outlines the importance and reason on why everyone should save. The idea of savings is it gives people a sense of security and control for when there is an emergency or a big turning point in their life. The video also mentions the 4 steps to savings: build an emergency fund, pay yourself first, automate your savings, and grow your savings. The most important thing about this video is they guide you on which investment you should choose based on your risk tolerance, investment goals, and when you will need your investments.

One piece of information that I learned from this video is the “3 knows” before choosing my savings or investment plan, I should first know myself by understanding my risk tolerance, goals, and timelines. I should know the type of saving plans or investments that is right for me. Lastly, I should know my financial advisor and communicate with them about my financial goals and risk tolerance. 

]]> 2018-12-04 03:49:37 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310736027 TSFA vs. RRSP (Video 3) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310736319 This video teaches Canadian on the pros and cons of TFSA (Tax-Free Savings Account) and RRSP (Registered Retirement Savings Plan). It highlights that both TFSA and RRSP are not taxable and you get taxable when you withdraw from your RRSP. The most important thing about this video is it mentions the plan that is best is based on where you are in your life. 

 One piece of information I learned from this video is If you need to save money of short time frame, like planning a trip soon, then it's advisable to contribute into your TFSA. However, RRSP are great for long-term savings. 
]]> 2018-12-04 03:51:26 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310736319 Canadian Immigrant: Choosing a Bank (Website 1) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310739281 This website outlines the importance of choosing the right bank for you in Canada. This is more geared towards immigrants who must choose a bank based on their situation. It mentions how banks should be convenient, user-friendly, and reputable. They also go over chequing vs. savings account and advises to star t a chequing account first then make a saving accounts. It goes in detail about how fees from each bank varies from one another.
 
One piece of information I learned from this website is to only withdraw money on the ATM from the banks you are connected to or else you will be charge twice, one from the ATM company and the other from the other bank institution. 
]]> 2018-12-04 04:12:37 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310739281 National Bank: How to Make Your Money Grow in Canada (Website 2) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310740842 This website talks about how to make your investment grow in Canada. It goes over from your very first savings account all the way to your retirement options. They mention that the most important thing is to protect your investments. Some principal-protected investments is a GIC (Guaranteed Investment) that protects you from the fluctuations of the stock market. They also go in-depth on what is a mutual fund and ETF (Exchange Traded Fund).

One piece of information I learned from this website is to consider talking to a financial planner because they will help you understand your investments and provide solutions based on your financial goals.

]]> 2018-12-04 04:26:59 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310740842 Money Sense: Build a Successful Savings Plan (Website 3) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310742380 This website outlines five tips to create saving plans that will help you build your savings and grow your retirement funds. The first tip is to identify what you are saving for and have a clear vision on what you want to understand how much you need to save. The 2nd tip is to determine how much you can save based on your lifestyle and income. The 3rd tip is to choose the right saving plans for you such as GIC or ETFs. The 4th tip is to make savings automated so you don’t see any money on your chequing account, it always goes to your savings account. The 5th tip is to monitor your progress, so you can tailor your savings based on your current lifestyle or goals.

One piece of information that I learned is the idea of making savings automated. If you set 5-10% of every paycheque you get put into your saving plans, you will accumulate savings of at least 1/10th of your income in the foreseeable future. 

]]> 2018-12-04 04:43:38 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310742380 Young and Thrifty: Canadians Guide to Online Banking (Image 1) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310744246 This image shows the different options available in online banking for Canada. This will help individuals choose on which online banking company they will be interest in based on their situation.]]> 2018-12-04 05:00:39 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310744246 Sun Life Finanacial: Canadians Sources of Retirement Income (Image 2) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310745351 This chart outlines the sources of retirement income for Canadians. The most of the income comes from CPP (Canadian Pension Plan) and workplace pensions or RRSPS at 38%, personal savings at 15%. It shows that almost 1/5 of your retirement is based on how much you personally save.]]> 2018-12-04 05:11:50 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310745351 Sun Life Financial: Retirement Savings (Image 3) shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310746478 This image just gives a visaul analogy of the different types of savings plan available. It shows that RRSP/TFSA means you can start and stop the flow of money whenever you want. CPP, old age security, and life annuity means once your start the income tap, you can never stop the flow of money ]]> 2018-12-04 05:21:34 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310746478 Personal Financing: A Guide to Evaluating Saving Plans By Anushree Shirke shirkeanushree120 https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310751820 The guide that would save you money in the future!]]> 2018-12-04 05:59:19 UTC https://padlet.com/shirkeanushree120/igru9c1w7qst/wish/310751820