On the seventh episode of MI$$ FINDEPENDENT, Gloria wraps up Season 1. She is joined by her friend Vickie, they discuss emergency funds, avoiding bank fees, and short to mid-term investing for those financial goals. We will be talking about what an emergency fund is, how to set one up, different types of bank accounts, how to find the right bank account for you, as well as investing for short to medium term and some safe places to put your money.

Homework
Task 1: Set up and optimize your emergency fund
Task 2: Get rid of those pesky monthly bank account fees Task 3: Consider opening a high-interest savings account to save for your short term financial goals

Links/Sources
Canadian Financial Capability Survey 2019
Gov’t of Canada bank account tool
High interest savings accounts
Personal income spending flow chart
Canadian Banking Basics from the Canadian Bankers Association
CDIC – How deposit insurance works

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Tangerine Bank – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1
EQ Bank – all accounts get 1.5% interest:

Thanks so much for tuning in! Catch you on season 2.

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On the sixth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Lucy, they discuss all these fun acronyms – tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and non-registered accounts – what they are, what their benefits are, what to invest in them, contribution limits and when to use each. One thing I wanted to mention that we didn’t talk about is employer-matched retirement savings. If your employer will match your RRSP contribution, definitely sign up – it’s free money!!

Homework
Task 1: Determine whether you’re in the financial position to invest right now
Task 2: Open up that TFSA if you haven’t already! Determine whether now is a good time for you to open an RRSP based on your current tax bracket and earning potential
Task 3: Check your TFSA and RRSP contribution limits and contribute what you can!

Links/Sources
2016 Canadian Census data on registered accounts
2019 RBC Study on Canadian TFSAs vs RRSPs

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