1. Tips and Strategies for taking control of your finances.
Grow Your Financial IQ
Tips and Strategies for taking control
of your finances.
Presented by:

2. Telecom and IT industry UNBSJ Alumni (BBA 2004)
About Me and Money
5 years with the NBSC
Telecom and IT industry
UNBSJ Alumni (BBA 2004)
Self-diagnosed shopaholic and travel addict
Independent – home owner
Money motivated me to take charge and make a change

3. Why Money Should Be A Priority
Women typically earn 25% less than men, tend to be out of the workforce longer than men and will have a lower pension
4-in-10 young Canadians don’t know how much money they earned or spent last month
Young Canadians think they’re going to be earning much more than they really do
It’s harder to save
Women in NB life expectancy of 83 vs 78 for men.
Recent fin lit research shows that the average young person expects to earn an annual income of around $70,000 in 10 years time.
But, according to the 2006 Census, the average income for a year old with at least a post-secondary degree is only $29,000
16-24 year olds spent, despite the recession nearly$100 billion on stuff. The companies all want a piece of that, and they’ll fight to get it.
You have more debt than previous generations, this means you will have less money left over to put into investments or savings to buy a house etc…

4. Creating a Financial Roadmap
Will help you to:
Understand what is most important in your life
Understand what drives your financial decisions
Focus on accomplishing your goals
Stick to your plans
An Outline of your values, goals and financial plans.

5. Creating a Financial Roadmap Step 1 : Your Values
What brings me meaning and pleasure in life?
What do I consider “priceless”?
What do I care most deeply about?
What do I stand for?
Who are the most important people in my life?
What is the purpose of money in my life?

6. Creating a Financial Roadmap Step 2: Your Goals
Goals are accomplishments that fulfill your values.
Are your goals SMART?
S – specific
M – measurable
A – attainable
R – realistic
T – timely

7. Creating a Financial Roadmap Step 3 : Your Plans
How are you going to get there?
What steps do you need to take?
Update the plans, adjust for changes
Financial Roadmap chart

8. Navigating Your Financial Roadmap
Strategies for:
Smart Spending
Budgeting
Saving and Investing

9. Navigating Your Roadmap Smart Spending
Think twice – do I NEED this?
Use cash – our brains can process this
Make a list
Pack a lunch
Zero balance or Get out the scissors
Look at your bank statements

10. Navigating Your Roadmap Tips for Creative Savings
What can I do to save money on:
School?
Scholarships, bursaries and grants
Buy used text books
Rent?
Get a roommate
Don’t waste energy/water
Food/Personal Items/Entertainment
Don’t do groceries when you’re hungry
Wait for sales to go shopping and use coupons
Don’t take the credit or debit card to the bar.

11. Navigating Your Roadmap Budgeting and Creative Savings
Fixed Costs
These are not flexible and you have to pay them (tuition, student feeds, rent etc)
Needs
These are things you have to buy, but what you pay for them is flexible (power bill, groceries, personal items)
Wants
These can have the most impact on your budget. These are things that you can live without so you can trim the costs or even eliminate them (entertainment, shopping, phones etc)

12. Navigating Your Roadmap Budgeting
Be honest
Be as detailed as possible
Track everything
Allow for change
Give it a chance
Stick to it

13. Working With a Financial Adviser Roles and Responsibilities
Set and work towards financial goals
Choose suitable investments
Set a plan and track your progress
Ask questions, take notes and be informed
Keep your adviser up to date
Keep a record of meetings

14. Navigating Your Roadmap Investing
RRSP
Tax benefits
Automatic saving
Investing decisions
Not JUST for retirement savings
TFSA
Canadian residents, 18+, $5000 annually
Investment income and withdrawals are tax-free
Unused contribution room carries forward and accumulates in future years

15. My Path Did Tool Found Changed Monitored my Spending
Note book, receipts, online bank accounts
High bank fees
Withdrawals from ATMs
High grocery bills for 1 person
Cash withdrawal on payday
Minimized use of debit card
Meal planning/list
Monitored bill payments
Envelope system
Did not work
Automatic bill payments online
Worked out a budget
Till Debt Do us Part budget tool (or any tool you like!)
Unnecessary spending
Could/Should have more money for saving/debt repayment
Used creative savings to cut costs
Made debt payments and savings/investing a fixed cost
Increased RRSP Contributions

16. Be involved and informed Identify your values Set some goals
Work the Plan
Be involved and informed
Identify your values
Set some goals
Make a plan
Talk to someone you trust - Connect with a professional
Learn – books, web sites, programs etc. (book list in your package)

17. Questions?
InvestInKnowingMore.ca