Mike, A Dad Who Is Constantly On The Go
Mike is a working man with a family. He makes $4500/month as an educator and has a busy family and social schedule. From taking the kids to music lessons and sports meets to visiting friends and family, he has a lot of responsibility to ensure he's making the right financial decisions to maintain his family's lifestyle.
June 2010
The Perfect Student Account for Mike's Son
Mike's son Stefan is entering university and is moving away from home to live in a student residence. To make sure his son has the funds necessary to cover monthly accommodation fees, school cafeteria charge cards, text books and travel expenses for visits home, they came into their local branch and set up a Provincial Alliance Campus Chequing and Savings Account for Stefan. The Campus chequing account will allow for Mike to make convenient money transfers from his Provincial Alliance Performance Chequing Account, the perfect acct for members who conduct a high level of transactions, into his son’s account through online banking, telephone banking or by paying a quick visit to his nearest branch. The savings account will allow Stefan to put money aside for his personal items and social expenses. Both accounts have no monthly maintenance fees, and surcharge-free use of ATMs on the EXCHANGE® Network as well as many other fee-free transaction options perfect for students.
See what student account is best for your kids.
April 2010
Mike's Mortgage Strategy to Suit His Lifestyle
Mike had a fixed rate mortgage locked-in for five years, and while he enjoyed the low rates for the past five years Mike is due to renew this season and has a plan. Mike signs on for the new Closed Variable Mortgage at 1.99% but changes his payment cycle to bi-weekly from monthly, saving money, and paying down his mortgage faster. Mike has the option to convert to fixed rate mortgage at any time if he feels rates will climb. Mike continues with his Invest the Rest Savings Plan and RRSP program to keep his savings growing as before and plans to allocate his tax return this year to a mortgage anniversary payment.
February 2010
How Mike Saves with His Invest the Rest Savings Plan
With a monthly transaction average of 50, Mike thought the plan was perfect for someone always on the go. It’s automatic and effortless and it really worked! Here’s how he saved over $5,000:
Chosen rounding increment per transaction: $10
Saves between $440 and $500 each month
At the end of one year Mike has saved $5,520.
How Mike allocated his savings:
Mike was able to pay off some credit card debt, make the winter holidays extra special for his family and put the balance of the money into an RESP to build interest and contribute towards his daughter’s university education.
