Brenda, A Busy Mom With Two Kids
Brenda is a busy mom with two kids and takes home $2,800/month working for the city of Toronto. After the usual expenses of filling the car with gas, paying bills, buying groceries, school supplies for her kids, transportation fares, meals and other domestic and family necessities, she isn't left with much at the end of the month.
June 2010
Brenda Sets her Daughter up with a Savings Account
Brenda's daughter Jillian is in High School and has just started a part-time job as a lifeguard at the local pool. Jillian was excited about making her own money and spending her own money for the first time so Brenda brought her into their family Provincial Alliance branch to meet with an advisor and set up a High School Savings Account.
Now Jillian can learn to save money and spend as she pleases. Whether it's for something special, school expenses, or going out with her friends, she can access her account conveniently and start developing good financial habits.
The High School Savings account has no monthly fee, no charge for in-branch deposits and withdrawals and offers members convenient access by ATM, Point of Sale, Online or Telephone banking.
See what student account is best for your kids.
April 2010
Brenda's Mortgage Strategy to Suit Her Lifestyle
Brenda doesn't need any surprises in life so when it comes time to renew her mortgage this season, she is keen to make the right move. Her priorities are security and continuity, and thus a Provincial Alliance fixed mortgage, locked in at a low rate makes the best sense for her, keeping her monthly payments consistent and manageable. After switching she also took advantage of the no monthly fee Performance Chequing Account that is offered to mortgage holders and has made her day-to-day banking more convenient and cheaper. Brenda is also able to make anniversary payments on her mortgage using her Invest the Rest Savings Plan, and her tax return, making every little bit count.
February 2010
How Brenda saved with the Invest the Rest Savings Plan
After the usual expenses of filling the car with gas, buying groceries, school supplies for her kids, transportation fares, meals and other domestic and family necessities, she averages 38 debit transactions a month. Before signing on to the Invest the Rest Savings Plan, Brenda was determined to save but with all her daily demands, she wasn’t able to discipline herself to put money aside. Here’s how she finally did:
Chosen rounding increment per transaction: $5
Over the year she saved $160 to $185 each month.
At the end of the year Brenda saved $2,184.48
How Brenda allocated her savings:
Sometimes the things we really should be doing fall by the wayside, but not this year. Because of her Invest the Rest Savings Plan, Brenda was able to give herself peace of mind by contributing a little extra to her RRSP without having to take out a loan.
