https://padlet.com/owenkeenan7/q8eowboe97qgt3vi Owen Keenan en-us 2022-04-02 14:47:40 UTC 2022-04-02 16:59:06 UTC hello@padlet.com owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126545018 Today you will be learning a little more about the importance of financial planning and of giving yourself a safety net for those hard times.]]> 2022-04-02 14:55:47 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126545018 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126548272 This video is a great way to introduce our topic and skim over a few of the more important ideas to come. A personal safety net is intended to assist you when you may need financial support without much warning if you have a fall at work or if you lose your job entirely, and this video shows how to begin preparing this for yourself. Now even though this video is not Canadian I feel as though it doesn't lose any of its delivery of the core idea of beginning your savings. Now we go a little more in depth with these ideas.]]> 2022-04-02 15:01:20 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126548272 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126558626 Are you one of those people thinking "what does this student know about long term money plans"? Well if you are then here is a video of financial planners and financial experts discussing the most important practice in saving. It is a saying that will be found throughout this Padlet as I am a strong believer in it as well and that is, "set it and forget it". Allowing your money to automatically go into your savings takes out the action of actually saving it yourself and eliminates those human moments where we might choose to treat ourselves one week because we've been "so good'. ]]> 2022-04-02 15:17:09 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126558626 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126565107 Now wanting to save money is the first step but where does that money come from? This video is a great in depth look into a ton of savings strategies that may not fit for everyone but is bound to have at least one thing you can implement in your own life. By looking at the biggest areas we spend it can be easy to cut out a portion of those costs as they are such large amounts we don't always fight to save a relatively 'little bit' but they add up across the board. Now we have the motivation and a course of action, what's next?]]> 2022-04-02 15:27:21 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126565107 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126576963 So you have all this money that you've saved up, where do you put it? This video provides a few options and recommendations on where to put your saved up cash so that you can keep it as accessible as possible well still being able to earn more on it passively. Who wouldn't want your money to make money? Keeping it accessible as well means that you do not get stuck not able to access your emergency fund in an emergency. This is a nice wrap up of the savings plan that should be effective in helping you build at least a little bit of money for a rainy day.]]> 2022-04-02 15:47:12 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126576963 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126583785 This article touches on automating your savings by sending money on yourself straight from your paycheques to a high interest savings account such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings account (TFSA). This is bringing us back to the idea of ‘set it and forget it’ by allowing money to automatically be saved for you. It is also recommended in this article to diversify your savings. This way even if you do dip into your savings, it may only be for one small piece of everything well the rest of your portfolio goes untouched although any savings is good savings.

]]> 2022-04-02 15:58:41 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126583785 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126592047 This is the government of Canada's recommendations on how to create a budget and what to worry when doing so. I wanted to include this website as it has many helpful links to tools and advice for aiding in your savings journey. Between the many different calculators (goal calculator, expense calculator) you can forecast what you may need to be putting away. Along with the calculators are a few different plans that have been laid out for you as well. By far the most useful for this topic is the budget planner. This helps you create your own quick budget that you can then implement for yourself.]]> 2022-04-02 16:13:04 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126592047 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126595055 This is another article that is on budgeting and is a helpful tool for keeping yourself motivated well putting money away for a long period of time. By using the 50/20/30 rule you are able to put most of your money away well still making sure you have enough for yourself and to keep your wants fulfilled so that you do not lose motivation to save. It is for that reason that I wanted to include this article as well because the initial drive of saving every penny can wear off over time and we can't lose the hard learned habits with them.]]> 2022-04-02 16:18:40 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126595055 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126601244 This image is more of a visual breakdown of the previously touched on 50/20/30 rule. It shows what some of the expenses that can be included in each section are]]> 2022-04-02 16:29:07 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126601244 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126603906 This image is a visual breakdown of a budget represented with some real numbers and scenarios to give you a look at the things we have talked about being put into practice.]]> 2022-04-02 16:34:00 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126603906 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126604511 The most surprising part of my research was just how much money accumulates over time when you put only a little bit a way. Obviously I assumed that it would be a large sum but only a couple hundred from each of your pays could become a million by the time you retire. Who couldn't use an extra million?]]> 2022-04-02 16:35:03 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126604511 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126604859 This topic is interesting to me as I am about to finish my degree in accounting and am looking to possibly continue my studies in the finance field as well to get a view of both sides. Well doing my research I found many websites and videos that only made me more interested in going that route. I enjoyed this project and my topic.]]> 2022-04-02 16:35:38 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126604859 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126605373 I believe the most important thing to pass on from this topic is that you should always give yourself money before you spend on anything else. You may always spend if you see a lot of money in your account so putting that money somewhere safe is key to creating that safety net.]]> 2022-04-02 16:36:34 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126605373 owenkeenan7 https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126618331 This is a link directly to the budget planner that can be found within the previous websites reading. You provide the planner with some basic information on yourself and some things about your life along with your income and expenses. After that you are provided with an outline for your budget that could be the framework for a more specific budget or can be used on its own just like that. Also provided are breakdowns/graphs of how your money is spent and some next steps or suggestions on what to cut back on. Overall this is an incredibly useful tool.]]> 2022-04-02 16:59:06 UTC https://padlet.com/owenkeenan7/q8eowboe97qgt3vi/wish/2126618331