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Banking Basics
What you need to know about banking.
Type of Spender
 First of all, determine what type of spender you are. Are
you a big spender, a saver, a shopper, a debto...
Budgeting
 Budgeting means figuring out what money will be
coming in, how much you will be spending and how
much will be ...
Revenue and
Expenses
 Some examples of revenue and expenses are,
 Revenue: Part time job, allowance, inheritance, and
in...
Why do you need a
Bank?
 Safety of your money
 Interest paid on savings
 Ability to make payments using cheques
 Use o...
Types of Financial
Institutions
 Chartered banks (e.g., Royal Bank of Canada, Canadian Imperial
Bank of Canada, Bank of N...
Banking Statements
 A bank statement or account statement is a summary
of financial transactions which have occurred over...
Saving Accounts
 There are different saving plans available to
consumers. Including, regular saving accounts, TFSA’S
(Tax...
Debit Cards
 A debit card is a service provided by a bank. It can be
used for purchasing goods or services at various
pla...
And there you have
it. Simple things to
know about banking
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Banking Basics (Planning 10)

Planning 10

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Banking Basics (Planning 10)

  1. 1. Banking Basics What you need to know about banking.
  2. 2. Type of Spender  First of all, determine what type of spender you are. Are you a big spender, a saver, a shopper, a debtor, or an investor? No matter what type of spender you are it is still important to be responsible with your money.
  3. 3. Budgeting  Budgeting means figuring out what money will be coming in, how much you will be spending and how much will be going out. You have to consider the various sources of your money and how you spend it. Sources of money or income are called revenue and the ways of spending it are called expenses.
  4. 4. Revenue and Expenses  Some examples of revenue and expenses are,  Revenue: Part time job, allowance, inheritance, and investment  Expenses: Clothing, transportation, food, and entertainment
  5. 5. Why do you need a Bank?  Safety of your money  Interest paid on savings  Ability to make payments using cheques  Use of a debit card  Ability to have a credit rating and become eligible for loans, mortgages or credit cards  Ability to save money  Ability to invest your money
  6. 6. Types of Financial Institutions  Chartered banks (e.g., Royal Bank of Canada, Canadian Imperial Bank of Canada, Bank of Nova Scotia, TD Canada Trust, Bank of Montreal, National Bank of Canada)  Trust companies (e.g., Citizen's Trust Company, Montreal Trust Company of Canada)  Credit Unions (e.g., Coast Capital Savings, VanCity Credit Union)  Investment Companies (e.g., Wood Gundy, Nesbitt Burns)
  7. 7. Banking Statements  A bank statement or account statement is a summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institutions.  Hey we all make mistakes and in rare cases, banks will make mistakes or someone may have access to your account without your knowledge. These bank statements will help you keep an eye on your money and make sure everything is correct.
  8. 8. Saving Accounts  There are different saving plans available to consumers. Including, regular saving accounts, TFSA’S (Tax free savings accounts), term deposits, and guaranteed investment certificates (GIC’S).  Investing takes saving one step further in a person’s financial plan. Small amounts saved and invested can easily grow into larger sums.
  9. 9. Debit Cards  A debit card is a service provided by a bank. It can be used for purchasing goods or services at various places. Each bank creates an identity for its debit card to customize the product and differentiate it in the market. Debit cards are linked to an individual's bank account, allowing funds to be withdrawn at the ATM and point-of- sale without writing a cheque.
  10. 10. And there you have it. Simple things to know about banking

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