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

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

2 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 dont know how much money they earned or spent last month Young Canadians think theyre going to be earning much more than they really do Its harder to save

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

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

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 Dont waste energy/water –Food/Personal Items/Entertainment Dont do groceries when youre hungry Wait for sales to go shopping and use coupons Dont 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 DidToolFoundChanged 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 systemDid not workAutomatic 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 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? @4NBInvestors

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