If you have a son or daughter, perhaps a niece or nephew heading off to university this month, here’s a great article to share with them from Practical Money Skills.
Making the transition from living at home where someone else buys groceries and pays essential bills to living on your own is a big step. How much can you afford to spend on groceries in a week? Are you going to need to work extra hours to pay for all of your books?
Create a Budget
This first step in financial planning will help you answer these questions and is absolutely essential in managing your personal finances. Read more
There are some simple steps you can take to reduce or minimize the risk of becoming a victim of identity theft.
Practice Safe Internet Use
Delete spam emails that ask for personal information, and keep your anti-virus and anti-spyware software up-to-date. Shop online only with secure web pages (check the bottom of your browser for an image of a lock or look for “https” in the address bar). Never send credit card numbers, social security numbers and other personal information via email.
Destroy Private Records
I came across this article in Forbes magazine and thought it was worth sharing. This is relevant to anyone with aging parents – it puts protection in place for them and gives you peace of mind.
You give up some control when you just have beneficiaries and no will
Q: I am married. I have RRIF and LIRA and my spouse has RRSPs. We have joint cashable accounts too. We have appointed each other as beneficiaries for every account. I am told this arrangement takes longer to settle on death if there is no will. Why do I still need a will?
Click to read the answer to this question on the MoneySense website.