Personal Finance

Better Finances for a Better You

Topic: "Savings Plan"

← Curating the web to find the most interesting and helpful information about your money.

Investing

Compound Interest

Compound interest is when the interest you earn on a balance in a savings or investing account is reinvested, earning you more interest. As a wise man once said, “Money makes money. And the money that money makes, makes money.”

The Life-Changing Magic Of Compound Interest By Kate Ashford →

Budgeting

Tips to teach budgeting for kids

  1. Let your kids earn their money
  2. Discuss wants and needs
  3. Set savings goals
  4. Offer your kids a savings incentive
  5. Let your kids learn from mistakes
Teach your kids how to save money early. Discover helpful tips about how to teach kids budgeting skills →

Serious stuff

From the best ways to budget to how to boost your earning potential like a pro, these nuggets of financial wisdom are as fresh as the day they were published.

50 Personal Finance Tips That Will Change the Way You Think About Money by Alden Wicker →

Saving

Graham Stephan: How To Save $10,000 Fast


The first step to saving $10,000 fast is to break it down into something more manageable. Stephan suggested determining a realistic time frame instead of just using an ambiguous period.


For example, to save $10,000 in one year, you’ll need to save:

  • $833 per month
  • $27.40 per day
  • $1.40 per hour
  • $0.02 per minute
Learn more about personal finance expert Graham Stephan's plan here →

Infographic of the week

Charted: Who Has Savings in This Economy?

The Visualcapitalist visualises the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by age and education qualifications. Data is sourced from a National Endowment for Financial Education (NEFE) report, published last month.

Charted: Who Has Savings in This Economy? The Impact of Higher Education on Earnings and Savings →

Saving

Many of us want to save money to, say, buy a car, pay off our student loans ... or maybe just go out to dinner with friends without having a mini panic attack when someone suggests splitting the bill

Saving NPR Life Kit: How to save money when you're broke →

Saving

It may seem impossible in the current economy, but financial experts say the trick is knowing how to start building your wealth in small ways, right now.

15 Simple Ways to Save Money by Abigail Bailey →

Saving

Retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you.

Eric Reed on How Long Will $1 Million Bucks Last Me If I Retire at 30? →

Saving

Has your financial situation changed? Has your income decreased? Are you looking to save money for a project? It may be the perfect time to review your budget and adopt new habits to save money. Here are 35 tips to help you!

35 tips to help you save money →

Saving

Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married by Cassidy Horton

31 Creative Ways To Save Money →

Saving

We're supposed to do things routinely for our health, like brushing our teeth, showering and exercising. And there are basic hygiene tasks to maintain your financial health too. Here are five tasks to tackle each year.

Saving NPR Life Kit: Start a financial self-care routine →

Saving

Save money on streaming services. NPR TV critic and media analyst Eric Deggans shares a streaming strategy to help you get the most bang for your buck.

NPR Life Kit Podcast: Refresh your budget with these simple finance tips →

Word of the week

Savings Ratio

This ratio indicates how much a person should save for their future objectives. Savings / Gross Income is the savings ratio. Gross income is the total of all earnings, including bonuses, dividends, interest, royalties, rent, and money received from a business or profession.

Neontra automatically calculates your personal savings, expenses and debt ratios →

Saving

Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married.

31 Creative Ways To Save Money from Forbes ADVISOR →

Budgeting

What is the 50/15/5 rule for saving?

The key takeaways to this simple plan are as follows: 

  1. Consider allocating no more than 50% of take-home pay to essential expenses.

  2. Try to save 15% of pretax income (including employer contributions) for retirement.

  3. Save for the unexpected by keeping 5% of take-home pay in short-term savings for unplanned expenses.

  4. You'll have 30% of your take-home pay left over for discretionary spending. That might include shopping, dining out or entertainment.

Marianne Hayes of Experian explains the 50/15/5 rule for saving →

Investing

Four generations talk about their different investment strategies

Fast Company spoke with people from four different generations (Gen Z, millennial, Gen X, and baby boomer) to understand their investing strategies.

Learn from Gen Z, Gen X, and the millennial and baby boom generation →

Word of the week

Interest

Typically, interest is paid on deposits to savings accounts. Your savings will increase as a result of the interest you earn on money you save, particularly if you have a higher-interest savings account. Simple interest - is paid on some investments and does not take into account the interest that has been added to the account; rather, it calculates interest just on the original amount. These investments often have a slightly higher interest rate. Compound interest - is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods. Compound interest is the norm for savings accounts.

See an example of how simple and compound interest differ →

Serious stuff

Canadians' confidence in their ability to retire on time and debt free declined between 2016 and 2022, according to a new research report released by the Canadian Public Pension Leadership Council (CPPLC).

Research shows Canadians losing confidence in their plans for retirement →

Saving

If you’re looking for solid financial-planning strategies and information about the savings tools available, this podcast is for you.

Saving Podcast: How to crisis-proof your finances →

Saving

Without emergency savings in place, an unexpected car repair or job loss could force you into debt and derail your goals.

Saving Do you have 3 months’ worth of expenses in your emergency fund? See your scorecard today →

Serious stuff

The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you

How does the CPP enhancement affect you →

Word of the week

Deposit Insurance

Deposit insurance protects your savings if your financial institution fails. The Canada Deposit Insurance Corporation (CDIC) automatically insures your eligible deposits. This applies to deposits held at CDIC member institutions in Canada.

Find out if your financial institution is a member of CDIC →

Saving

A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You will be able to open an FHSA starting April 1, 2023.

Saving First Home Savings Account (FHSA) →

← Curating the web to find the most interesting and helpful information about your money.