Jen and Bekeah’z Bankarama
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Transcript Jen and Bekeah’z Bankarama
Becky Hanna and Jennifer Paddick
How to Manage your Financial Situation
TD CANADA TRUST
Products and Tools for Students
Free student bank accounts
up to 25 transactions.
Student Visa Cards
No fee
Helps develops a credit bureau file
Great for emergencies
Student Lines of Credit
Preferred repayments (lower monthly payment)
Low interest rates
Products for some graduate degrees ie. MBA, law, veterinary
TD Canada Trust
Financial Planning Tools
www.tdcanadatrust .com….. “planning” “planning
tools”
Student budget planner - (living expenses)
Debt management calculator - (snapshot of your debt)
Pre-authorized payment calculator - (projects savings
plans)
Cash Flow calculator - (budget)
Net Worth calculator - (measure your progress…use
this tool every 6 months to ensure your net worth is
increasing
TD Canada Trust
Investment Options
Savings accounts / automatic savings plans
Large portfolio of mutual fund options
Wide range of Guaranteed Investment Certificates
(GIC)
Both of these encompass long and short term
investment
Financial Planning Advice
Debt Strategies
Saving Strategies
Dealing with Student Loans
2 Basic Goals
1) Cash Flow
Keep your monthly payments manageable
Important when in a transitional time of life
2) Paying down the debt
Reducing your debt once your income is stable
How To Manage Student Credit
OSAP
Understand interest relief and repayment options
KNOW THE DEADLINES AND QUALIFIERS
Student Lines of credit
Lower monthly payment compared to regular lines
your credit limit will reduce at year end…consolidate!
Protect your Credit Rating
Only pay your minimum payment
Save your extra money in a savings account
to create a nest egg to help you with future
payments
**We can help you save**
Starting Early Grows Your
Investments
Investor “A” - Saves $40 / per week starting at age 25 AND ENDING at age 32
Investor “B” – Saves $40 / per week at age 32 UNTIL age 55
Your Contributions
Investor “A” : Total amount invested from your own money $14000
Investor “B” : Total amount invested from your own money $66000