"financial blogs"

by David

"Young and thrifty"

Young and thrifty was very professional everything was very easy to find it had an entire section of how to guides right on the home page they had a list of categories to choose from depending on what information you need to find. It also had a list of financial products and apps neatly sorted with links to each of them. I also discovered that they are featured in many different fanatical show and news channels and papers this website was very easy to use and was a good tool to find what I needed.

https://youngandthrifty.ca/

“Getting rich slowly”

This website was helpful but all there information was on one infinat scroll page which made things harder to find because I would have to keep scrolling and scrolling to find something that might not even be there. There were many good ideas and helpful strategies but I just think the way things were laid out on the page made it a bit difficult to find what you need

   https://www.getrichslowly.org/

"RRSP's"

by David

“How it works”

RRSP is an account that is set up for saving for retirement: but it’s a little more than that. Let’s say you put away $12,000 into an RRSP what happens now is the government will make it seem as if you didn’t make that $12,000 that year.

“How RRSP taxing works”

Let’s say you make 50,000 a year and every year you were to put 12,000 into an RRSP then you will only be taxed on the other 38,000 you made. And let’s say you did this every year then when you retire, As soon as you touch that money, you will pay takes on how much you take out so if you had $100,000 and took out 10,000 you would then have to pay tax on the 10,000 you took out and not on the 90,000 you still have in your RRSP account. Plus you get interest credit on the money that’s in your RRSP

“Benefit’s”

It allows you to pay less tax now, it acts as a locked box, and it gets you interest credit so you make money as you do it     

“David, never spend money you don’t have”

By David

I interviewed my grandmother to see what her methods of saving are and how she prepared for retirement.

Saving money

The first question I asked her was how she went about saving money. The first thing she told me was to never spend money she didn’t have aside from buying a home. She also told me that after she all bills were paid for the month she would take a little to entertain herself then the rest was put into a savings account that at the time had a 13% interest rate.

The best idea she gave me about saving was not to spend money foolishly and to never spend money that you don’t have (aside from buying a home) as an example she told me that if she did not have enough money for something like a TV she would not go into debt to get one, she would go without one until she had the money for one.

Investing for retirement

 Then she told me that she invested her money as well as save it, before she bought a home she found a triplex she was a bit short on the down payment for it so she borrow money from a family member and made payments to them each month to pay it back. She lived in the triplex for a time and made money of the other two apartments in it and still used the same method of saving.

 Later on she sold the triplex and invested in a house and took very good care of it as the values of it increased[DD(11]  over the years she eventually sold the home. She is now retired and lives off the money she saved over the years as well as the pension from her job as a teacher.

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 [DD(11]

"Bank Budget apps"

By David

Spending

I started to use an app called TD myspend that went with my online banking. The app is separate from the regular online banking app; this app tracks how much you spend each month and puts them into different categories: Needs and wants. In “wants” it shows how much cash you have taken out, how much money you spent on eating out, shopping, entertainment, travel, and fees. In “needs” it shows: how much money you spend on your home (or how much you spent at any hardware store in that month all combined), Groceries (or how much you spent at any grocery store for that month all combined), Transportation, Education, Utilities, and health. It also shows your typical spending for each thing in both categories if you spend above your typical it will notify you and the notification will show up red, if you spend close to your typical spending it will show up yellow and if you spend decently lower than your typical it will show up green. Also if you click on the all categories button it shows all your transactions for that month.

 Helping you save

The whole point of the app is to help you try to spend less and save more. I personally need to really work on my spending and try to bring it down; I thought I was doing pretty well until I saw the numbers of how much I spent on “wants” on my screen.  It also has line graphs that show you how much you spent over the month and it has an area to show you what date it spiked up and how much it spiked by/how much you spent to make it spike and it also shows a line of your typical spending on the graph to show you how much more or how much less you spend than your typical spending.