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Saving for a Rainy Day

Saving for a Rainy Day. Part 4: Making Ends Meet series. Reasons for savings. Retirement Emergencies Yearly expenses – insurance, shoes, clothing – seasonal, haircut Major purchases Gifts for others Charity. Psychology of Savings.

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Saving for a Rainy Day

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  1. Saving for a Rainy Day Part 4: Making Ends Meet series

  2. Reasons for savings • Retirement • Emergencies • Yearly expenses – insurance, shoes, clothing – seasonal, haircut • Major purchases • Gifts for others • Charity

  3. Psychology of Savings • Remember: things will not give you happiness  major purchases, money in the bank • balance your life and your bank account • Long-term saving “pennies” is trying and taxing  seems like it not going to end • Prevent unnecessary hardship and stress due to financial difficulties  Buffers for rainy days peace of mind  happiness Money is the tool, not the goal

  4. Savings Plan • Know what you are saving for and what types of saving options you have • Balance time duration with access to money • Safe saving options versus risk • Know all fees and costs of any savings plan with a financial institution. • Talk to a financial planner at your financial institution for your options

  5. Types of Savings Options • Savings Account • RRSPs • GICs • Canada Savings Bonds • Bonds • Mutual Funds • Money Market Funds • Stock Market • Balance  risk vs. return

  6. Compound Interest • Start saving early • The longer you save the better • Never too late to save • Stay the course – if you have long-term saving goals, stick to them • Let compound interest work for you

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