Financial Literacy

This week, we took the time to learn about Financial Literacy. Thanks to the Toronto Star and TD Canada Trust, we were given a newspaper, which outlines:

Earning- Commission, Salary, Fee-per-service and Hourly Wages.

Spending – Needs vs. Wants, Fixed and variable expenses and usingĀ a budget.

Saving – Saving for important items, Christmas and home repairs.

How to Pay Yourself First- Setting a goal, Personal Loan, Emergency Fund, Compound Interest, Mortgages etc.

Benefits and Risks of Credit Cards- Cost of Credit Cards, Credit, Grace Period, Cash Advances.

 

Types of Bank Accounts and Investing – Chequing Account, Savings Account, Investing, Debit Cards, Credit and Debit Fraud.

I encourage you to talk with your child about financial literacy, so they can begin to understand and have a positive attitude toward saving and budgeting their money for the future.

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