3 Ways: How to Really Save When You’re a Student + MORE Sep 16th

Happy New Year! Ok… So maybe it’s not actually the new year – but a recent Tangerine study found 60 per cent of Canadians view the start of the school year as an unofficial new beginning. And, with this fresh start comes new resolutions, especially for personal finances, according to the study.
A third of Canadians say they plan to set some new money goals for themselves before the year is out. Thirty per cent of that group will focus on saving more money while 20 per cent plan to point their efforts at paying down credit cards or other loans.
And Canadians could use the emergency buffer. The survey also found 30 per cent wouldn’t be able to financially handle an unexpected $500 expense. For 28 per cent, that breaking point lies at $2,000.
“Fall” Back on Track with High Interest Savings
For those on board with the idea of turning the fall into a season of financial redemption, strategy is key.
First step – put your money to work with a high-interest savings option…

This tool will help you determine how much you will have to set aside each year to reach your education savings goals. Our RESP Calculator factors in government grants based on annual family income so you don’t have to.

The post RESP Calculator appeared first on MoneySense.

Image courtesy of phanlop88 / FreeDigitalPhotos.net
MONTREAL – The first big test many university students face often has more to do with handling their financial affairs, in particular credit cards, than with scholastics. Unfortunately, say credit counselling agencies, it’s one that too often many fail.
While some will handle the monthly obligation, many will eventually become overwhelmed and quickly spiral out of control, says Laurie Campbell, CEO Credit Canada Debt Solutions.
“There are so many first times (for students) that this (a credit card) is just another piece of ammunition for them to get themselves in trouble,” she said in an interview.
Campbell said the credit counselling group sees many young people in their 20s who are struggling with debt racked up during their university years. At least 80 per cent of these clients have credit card debt along with student loans.
Some will vow to use the card solely for emergencies, but weaken their resolve by charging small unplanned purchases…

TORONTO – Ottawa is being urged to reconsider enhancing RRSPs as a way of getting more Canadians to save for retirement.
The paper by the C.D. Howe Institute says policy-makers often overlook improving Registered Retirement Savings Plans because, it is argued, not enough people actually make contributions.
But the think-tank points out that by taking into account those who only have private savings for retirement — as opposed to those who can rely on a workplace plan — then contribution rates are much higher.
The report says that RRSPs are “most beneficial” to those who make $50,000 or more and are not covered by a workplace plan.
Among this group, about half had made a contribution in 2013, contributing an average of 10 per cent of their earnings.
The institute argues that is not the case for low- to average-income workers, or those who make less than $25,000 a year or between $25,000 to $50,000 a year, who do not have a workplace pension. It says that is because they will receive enough from the Canada Pension Plan and other government programs to maintain their standard of living…

September is in full swing – but have you blown your budget all the way to the new year? A recent study finds a $500 left-field expense is all it would take to derail 30% of Canadian finances.
The good news? This fall can be your unofficial fresh start. Whether or not you’re a student, read on for ways to spend less and save more.
3 Ways: How to Really Save When You’re a Student
A recent study finds 30% of Canadians couldn’t handle a surprise $500 expense. What can you do to ensure you’re covered financially? High-interest savings are a great basic way to kick start your rainy day fund – especially if you’re a cash-strapped student. Read on to learn more about your options.
Read Andrew’s Blog | How to Really Save When You’re a Student>
 5 Golden Rules for Student Credit Card Use
Should college students carry credit cards? An American study finds more millennials are choosing not to have one. This seems responsible – but are they hurting their own credit histories? Read on for the 5 golden rules of student credit card use…