So now that I'm on the mend and recovering from whatever illness I had...for 4 days! I figure we need a new blog. I found myself searching around my twitter a bit tonight and I came across the MB Credit Unions tweets. It is the 75th anniversary of Manitoba Credit Unions in 2012!!! Now that's exciting stuff.
Here is some background information thanks to the MB Credit Union page:
"2012 International Year of Co-operatives/
75th Anniversary of Manitoba Credit Unions
The United Nations has declared 2012 the International Year of Co-operatives. It also marks the 75th anniversary of financial co-operatives in Manitoba.
These two events are significant milestones for the Manitoba credit union system and throughout 2012 Credit Union Central of Manitoba (CUCM) and the province's 41 credit unions will be celebrating them in a variety of ways.
We'll be using Facebook and Twitter to share information on events and activities related to both the International Year of Co-operatives and the 75th anniversary. We would love it if everyone would like us on Facebook and follow us on Twitter and help us spread the word about both events."
That's a big number of Credit Unions....41 are out there and giving their members the service they deserve! I wonder what everyone will be doing to celebrate? I've checked out the facebook page and the twitter and both are very good! Check them out for your self and see what you think!
Watch for my new video coming soon: Why Credit Union's are the smart choice!
Young or not, I am sure we've all heard about or have been told about RRSP's and saving for our retirement. Today I read a great article in the Brandon Sun regarding views of University students on starting RRSP's when your young and the benefits.
I myself found it a hard thing to understand when I first obtained my professional career, but nonetheless I started one. I figured out how much I could afford a month and opened up an account for my RRSP to go into at my local bank. I now continue to contribute to it every month, I don't really miss the contribution from my paycheck as it comes out at the start of every month. I suppose you get used to it I could say, I forget about it but I know in years to come it will be there and it's growing!
I think most young adults find it hard to part with their money for an RRSP at this age because the end is so far from where we are now. However, saving for retirement will be beneficial in the future when you can take a cruise to somewhere warm or maintain the home you live in and don't want to part with.
There are other options than an RRSP, most banks have Tax-free savings accounts, or TFSAs, which allow Canadians to save up to $5,000 each year with all earnings and withdrawals exempt from taxation. Most students in the article said they would prefer this option at a young age. I never thought about it at the time, but I do have one now for my smaller savings!
(Bruno Delorme, the students' business teacher, said young people want and need more financial literacy in the classroom, including information about RRSPs and tax-free savings accounts.
"One of the key success factors in finance is that compounding effect of money, the compounding value," Delorme said.
"If the students begin to invest, albeit a small amount like $500 annually, if they should start at the age of 16, 17, 18 by the age of 50 or 55, they could be rich people.") Brandon Sun
I think that if it's right for you then you should do it, if it's not seek something that is. Your local DPCU branch can guide you in the direction that's best! Drop by and see them today!
So gone is January and we say "hello" to our new friend this month February! The month of groundhogs seeing or not seeing their shadows, chocolates and overpriced stuffed animals. That's right the count down is on to Valentine's Day. It is pretty fitting then that today I announce our new contest for February!
We want you to post your BEST "money saving ideas for valentine's day" on our facebook page. Give us some great ideas to share with all our fellow facebookers and tweeters on how to save a few bucks during one of the most expensive holidays of the year. What can you win? Well, you have a chance to take home a $100 gift certificate to a Dauphin Area restaurant, you can treat your special someone to a great dinner with this prize!
I am interested to see what tips are out there! I shared mine today on facebook: cook dinner for yourselves, its way cheaper to buy your ingredients than it is to cram yourselves in a busy restaurant on the actual day of Valentine's. Just think a lobster tail is about $9.99 and potatoes a 5 lb bag for $6.00. Add some french bread for $1.00, a bagged salad $2.99 and a bottle of mid-range wine $15.00...what do you get?
You get a great meal for about $46.00 and some change- if you don't know how to cook, google can become your best friend! Plus you get a wonderful evening at home, together without waiting 20 minutes for your reservation! Pop in a movie or play a fun board game after and continue your night together!
I hope you post- and we'll help you wine and dine if you win!
For this next blog I am going to explain a few differences between credit unions and banks. Just in case you don't know- and a review for if you do! It's fairly easy to assume that since both institutions deal with money they should be called "banks", however there are some big differences.
1.Credit unions are not like banks. Credit unions do not have customers or clients, not in the sense that a bank would have customers or clients. Credit unions have members, which own shares in the credit union, and are, essentially, the owners of the credit union.
2. Credit unions are formed based on a bond of association. Usually, this bond of association is a commonality that joins people by employment, membership in an organisation such as labour union, or just the mere fact that people live in a particular community.
3. There are many reasons for choosing a credit union for your financial needs as opposed to a bank. Some of these reasons include:
-the fact that credit unions generally offer a better interest rate on deposits, and charge a lesser interest rate on loans than do other financial institutions.
-Credit unions also charge fewer service fees and provide more free services than a conventional bank or trust company. (who wouldn't want better service fees and free services?)
4. Credit unions, like other financial institutions, are closely regulated. All deposits, including interest, are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.
5. Credit unions try provide many services. In addition to traditional financial services, members can also access various types of investment, insurance and trust services either directly or indirectly, through one of many financial service co-operative affiliates. Here are some of the services available to members at credit unions:
savings and chequing accounts
term deposits
investment and retirement planning
personal, business and agricultural loans
lines of credit
mortgages
Credit Union MasterCard credit cards
MEMBER CARD® debit cards for INTERAC† Direct Payment & ATM transactions
Overall, I would say that becoming a credit union member will provide you with many options and alternatives to suit your financial needs. If you need more information, check out Manitoba's Credit Unions site at http://www.creditunion.mb.ca/about/index.htm !
To continue on with my last blog on budgeting I thought that the Headstart account for teens aged 13-19 would be a great thing to talk about!
Learning how to manage your money is not an easy thing to do- but is possible with some help and guidance. And it is never too early to start teaching your children to understand this responsibility. The Dauphin Plains Credit Union offers 13 to 19 year old members an interest bearing chequing account designed specifically for this purpose. It is a great way to get them to start saving and learning how to manage their accounts and money.
The Benefits of this account include:
Free personalized cheques and cheque processing
Free CU@Home & CUbyPhone
Free Interac Direct Payment transactions using MemberCard
Interest calculated on the closing daily balance and paid monthly
Think of all the great advice that DPCU can give your son/daughter or you! Drop by the branch today and check out the Headstart account today! Set your child up for success!
But, wait....it gets even better! DPCU offers Pay for A's. What is that? Well, here's how it works: you take your original report card to your local Dauphin Plains Credit Union Branch or Clipper Credit Union and receive $10 and a laptop draw entry for every final A you earn! Sweet right? If your not a member yet, don't worry. You can still participate-join today! It pays to get good grades- stop and see us today!
Well I hope you got a chance to check out my latest video on how to create a budget. It is an important skill to learn as you will need to manage money throughout your life- well unless you win the lottery and never have to worry about money again, that is.
I suppose the first time I learned about saving or budgeting my money was when I was quite young. I had a young savers account (like Fat Cat) and learned to put a little away when I had some money or received some as gifts. I believe that you can never learn this skill too early in life- after all, if you watch the show "Until Debt do us Part" you will relate when I say some people learn this skill too late in life.
I would say that one of the first steps if you are still in school or living at home would be to stash some cash away for when you do move out or away from your parents. Most jobs pay minimum wage when you are in school working so it's hard to save up that hard earned money- not impossible, just hard.
Next, I would look at what your expenses might be when you move out. (If you are moved out then what bills do you have to pay each month?) Make a list of all the possible items you will have to budget for. Here are some examples: Car payment, Gas, Rent, Hydro, Water bill, Tuition?, Food, Taxes, Phone bill...and so on. How much do you think is reasonable to pay each of these bills? How often will you have to pay them? There are many questions you will have to ponder while creating your budget.
Do be sure to track your spending, call service providers to check rates, bundle items together on a plan to save some cash and shop sales to save on groceries!
Don't spend frivolously, underestimate how much a bill will be, buy out of season items (they usually cost way more), or go out every night to eat takeout, these can all add up to trouble!
Budgeting can be hard and it will be different for everyone. So make sure you make a plan that will work for you. It's not easy- you may have to work those extra hours to afford luxuries but it will be worth it in the end!
TGIF! I am sure we all feel that way today, but we did make it through another week, a COLD one!
Today I am reminding everyone that there are some really cool contests going on that you should totally take part it!
1. Just for visiting our FACEBOOKpage and posting your New Year's Resolution, you could win yourself a $50 Mastercard Gift card to put towards your goal, nothing wrong with that! So head over to our page (DauphinPlainsCreditUnion) and LIKE US today! This is super easy and super simple, plus I have a link on the blog homepage (top right hand corner) so just click and post!
2. If you follow us on TWITTER from now until Feb 15/12, you have a chance to win a Canon Digital Camera! That's totally awesome don't you think? All you have to do is visit us on Twitter @dauphinplainscu
Click "follow" and your entered to WIN! (I must say the camera is pretty sweet...nice blue colour, small, easy to carry...)
3. How about joining us for our $200 million in Assets celebration? -In recognition of this milestone, the Board invites you to join us in celebration on Thursday, January 26th for coffee, donuts and PRIZES at your local branch. Come see us!
4. Have you signed up for our Mobile Web yet? If not don't wait....log on to our website http://www.dpcu.ca/, click the mobile web banner and get connected today! You could WIN and IPAD!! You heard me right, an Ipad!
I guess I should end this blog so you can get yourself linked, clicked and entered for all these great contests that DPCU has to offer! Good luck! If you have any trouble, you can always ask me about them by commenting below!
