Times-Advocate, 1999-02-10, Page 4r
Lawrence Beane r
2
4
Beware
Of These
Money
Mishaps
(CBA) -Managing
money in today's world
is increasingly compli-
cated. Not only do we
have more spending
options than in the
past, we now have more
choices of how to pay -
cash, cheque, credit
card, debit card, pre -
authorized withdrawals
and via the Internet.
We all use our money
in different ways,
reflecting our values
and priorities.
Regardless of our finan-
cial personalities, what
we decide to do with
our money today will
NMI
Tax
Refund
Cheques
Exeter Times—Advocate Wednesday, February 10, 1999
impact our lives tomor-
row. That's why taking
control of our money
right now -where it
comes from and where
it goes -is the first step
towards a secure
future.
Money Mishaps
• Not knowing
your financial worth. If
you don't know how
much money you have
to work with, it's
impossible to plan and
budget with confidence.
• .Not having a
grip on your expenses.
If you don't know how
much you're spending,
it's impossible to stick
to a budget or financial
plan. You need to figure
out your spending
habits and start keep-
ing track of where your
money goes. Watch
impulse buying -it can
get you into trouble.
Revenue Canada will pay from
$2,900 to $4,000 as a refund to the
RRSP investment of $5,000.
Sign up for your cheque today.
For information call 519-236-4784
RRSP loans starting at prime.
Catch up loans available.
Ralph Geiger
519-236-4784
Financial Licence sponsored by Ten Star Financial
MAKE SAVING
PON wttttTIasMNNT
LESS TAXING! ►
RRSP,
With
a Mutual RRSP.
you benefit from:
Personal service
Secure. financially sound
company
Mani• investment options
Leader in retirement planning
Mark McLlwain
We make investing easy. Call today to make your
retirement savings less taxing!
Life Insurance
• Term and Cash Value Insurance
• Universal Life
• Custom Designed Insurance
Plans
RRSPs and RRIFs, GICs, Annuities
Critical Illness Insurance ,Ys�
183 Main Street South
Exeter ON NOM 1S1
(519) 235-1344
Personal Health Insurance
Financial Planning
Disability Insurance
Employee Benefits
Pension Plans
IthThe Mual Gr°uP
Licensed with Mutual Life of Canada, lead company of The Mutual Group.
• Not paying off
high-cost, high -interest
debts first. If you have
several debts that are
very high -interest,
think about consolidat-
ing them through a con-
sumer loan or personal
line of credit, both of
which usually carry a
lower rate.
•Overextending your
credit cards. It's easy to
get into debt, especially'
when using credit
cards. While it may be
tempting to pay only'
the minimum each
month and use the
excess cash for other
purposes, try to treat
credit card purchases
as you would cash pur-
chases. Pay off the bal-
ance every month to
avoid interest charges.
• Not having an
emergency fund. Try to
save three to six
months, worth of living
expenses to get you
through a financial cri-
sis like job loss or ill-
ness.
• Not knowing
your goals. What do you.
want your money to do
for you? Figure out
what your goals' will
cost and then plan .how
to achieve them.
• Not protecting
your family with ade-
quate life, medical,
property and disability
insurance. If you
become disabled, you'll
need enough coverage
to provide 60 to 70 per-
cent of your family
income. See an insur-
ance specialist to make
' sure you're properly
covered.
• Not having an
up-to-date will. Nobody
should be without a
will -especially if you
have dependents. To
protect your family and
beneficiaries, make
sure you have a recent
will that has been pre-
pared by a professional.
If your will was done
more than three years
ago, review it; the law
or your personal cir-
cumstances may have
changed since then.
• Poor investing
practices. Making all of
your investments
through one vehicle can
be a fatal error -it's bet-
ter to diversify your
portfolio. Don't con-
stantly shuffle your
investments looking for
the best return. And
make sure you carefully
assess your tolerance
for risk before invest-
ing. If all of this is too
complicated or time-
consuming, think about
using a financial advis-
er.,
• Not keeping
financial records. Don't
keep haphazard finan-
cial records. To be pre-
pared at tax time or to
protect your family if
you should die or
become ill, you need to
keep your financial
papers in order. In a
safe place, keep a list of
investments, banks
accounts, credit card
numbers and insurance
policies, as well as past
income tax returns. Do
the same with the name
of your financial advis-
er, the location of your
will and your safety
deposit box.
• Not planning for
retirement early
enough. Set up a
Registered Retirement
Savings Plan as early 'as
possible, and try to con-
tribute what you can
afford. If you make
monthly contributions,
you are earning interest
earlier than if you make
a lump sum payment at
the end of the year.
•Not having an under-
standing of available
tax benefits. You're
missing out if you don't
take full advantage of
all the tax credits and
deductions available to Better Understanding
you. Make sure you're Program, offering a free
using all of the series of publications
"tax -planning ranging
tools,>> �4-;;.:f r o m
including . ;t '' ''' ` m o n e
R R.S P s,l ; ` y
�"manatee-
a n d ment and
'mom s. interest
split- rates to
ting .,. mort-
gages,
Reduce � � -ff f
yourCs N
ry;•>`; $ t, starting
taxes.::. ::•:, a small
wherev- `'`'': Y
"���{::.. '� �,,. �, >� business, and
er possi- °<; [:> ;S'• " y y
. „ saving for your
ble. You may
;. -:<f children's edu-
want to see a tax -Q°-,s.;;??!: '' cation. For more
adviser to get you start- information, call 1 -800 -
ed. 263-0231 or connect to
(Reproduced with www.cba.ca.)
permission from The
Canadian Bankers
Association: Building A
Canadian Bankers
Association
LET US I
IN COM
-IELP YOU RETIRE
FORT AND STYLE
Don Thompson
Financial Consultant
Check out
plans desig
I R. R.S. P. De
1
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YOUR INVESTMENT SHOPPERS
t
303 Main .Street S., Exeter (519) 235-3368
5 Rattenbury St. Clinton (519) 482-9924
58 Ontario St. Grand Bend (519) 238-5014
• 1-888-235-9260
,t
our RRSP and RRIF
ned to meet your needs.
adline March 1/99
Manager
Y.I.S. Financial Inc.
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BORROW MONEY TO SAVE MONEY? ARE YOU KIDDING
(No e. The thousands who did last year lau hed all the I av to the ban!' 1
SCOTIA RRSP CATCH-UPTM LOAN
(here's an example, just to get you thinking)
1. BORROW $15,000
*(or as much as $50,000 at rates as low as ScotiaBank Prime).
2. GET BACK $6,000 ON YOUR TAX RETURN AND PAY DOWN YOUR
LOAN.
(Assumes 40% tax bracket. Yours might be different)
3. Pay Back $170/Month
(Seem possible? If need be, you can take up to 15 years to repay.)
4. Watch your RRSP grow to $20,996 in 5 years and 4 months,
when your loan Is paid out
5. In 25 years, you'll have $72,415. See assumptions below.
This year it's your turn.
The Scotia-RRSP Catch-up
Loan offers an affordable
way to take advantage of
unused RRSP
contributions. The idea is
to do this once, so you
can catch up and keep
up. Call us for details.
t •
1-800-575-8888
Scotiabank www,scotiabank.ca
What's right for you? 280 Main St.S. Exeter 235-1142
'a • Assumptions: 1) - loan is amortized over 10 years and is subject to applicable credit criteria. Loan rate over
rthe life of the loan is calculated based on 6.5%, Scotiabank's 5 -year average Prime rate.
-a Rate is fixed for each term of the loan. 2) - Tax refund is used to pay down principal at the fourth month.
▪ 3) RRSP investments eam ari average annual compound retum of 6.5% in a diversified portfolio.
r ®Registered trade -marks of ank of Nova Scotia TMTrade-marks of The Bank of Nova Scotia.
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Invest In Your Community With Your
CREDIT UNION RRSP
Your RRSP deposits are used to assist our borrowers who are your
friends and neighbors in the community
RRSP Loans at
Prime
RRIF's Also
available
Each RRSP and RRIF contract Is insured individually for up tO
$60,000.00. Other R.S.P. options available, inquire at branch
Index Linked Term Deposits
They offer the appeal of an
above-average rate of return
from participation in stock
market appreciation, and
also have the safety of a
guaranteed retum of
principal like a G.I.C.
No Fees RRSP RllQible
CLINTON COMMUNITY CREDIT UNION LTD.
118 Main Street
Exeter, 235-0640
ciintoncu@odyssey.on.ca
6 OPEN: Mon to Thum- 9:00 a.m.
48 Ontario Street
Clinton 482-3466
exetercu@odyssey.on.ca
165 Main St. W.
Dashwood 237-3777
tues. 10 a.m.-3 p.m. Fri. 2-7 p.m.
5:00 p.m. Fri. 9:00 a .m. - 8:00 p.m.
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