by yncuniversity | Jan 6, 2025 | Financial Literacy, Investing, Saving
Reminders For Your 2025 Finance Journey
January 6th, 2025
The new year offers the perfect opportunity to refresh your financial approach, set meaningful goals, and pave the way for a stronger financial future in 2025. While creating a budget, building savings, managing debt, and investing wisely are common steps, here are a few additional tips to help you make the most of your financial journey this year:
Create a Financial Calendar
If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up.
Regularly Reassess Goals
Review and adjust goals every quarter or after significant life events. Do not forget to celebrate milestones to stay motivated.
Review Financial Products
You may be satisfied with the products you are currently using with your financial institution, but it is always best to check for better rates on insurance, loans, or credit cards. Also investigate maximizing benefits from cashback or rewards programs.
Check Your Interest Rate
Which loan should you pay off first?
A: The one with the highest interest rate!
Which savings account should you open?
A: The one with the best interest rate that also aligns with your savings goals.
Paying attention to interest rates will help inform you which debt or savings commitments you should focus on.
Track Your Net Worth
Your net worth—the difference between your assets and debt—is the big-picture number that can tell you where you stand financially. Keeping an eye on it can help keep you apprised of the progress you’re making toward your financial goals—or warn you if you’re backsliding.
Invest Strategically
Review your investment portfolio for diversification and risk alignment. Take advantage of tax-advantaged accounts like RRSP or TFSA. Stay informed about market trends but avoid knee-jerk reactions to volatility.
Start Planning for Your Retirement
A Registered Retirement Savings Plan (RRSP) is a cornerstone of financial planning for Canadians aiming to secure their retirement. An RRSP offers valuable benefits, including reducing your current tax burden, achieving compound growth over time, and providing flexible contribution room. YNCU’s RRSP options are well worth exploring to help you reach your financial goals.
Stay Educated
Keep learning about personal finance topics through books, podcasts, or online courses. Platforms such as YNCUniveristy provide free and accessible financial literacy resources designed to benefit you. For more complex financial planning, don’t hesitate to seek professional advice when needed.
YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Dec 18, 2024 | Financial Literacy
The Social Media Effect: A New Christmas Shopping Saga
December 18, 2024
The holiday season has always been synonymous with the spirit of giving, but as we scroll through our social feeds, it seems the way we spend during Christmas has taken on a new form. Social media, an ever-present force in our lives, has subtly shifted our holiday shopping habits, and it’s worth unwrapping this phenomenon to understand how.
Unwrapping the Influence of Social Platforms
Once upon a time, Christmas shopping was a predictable affair: advertisements in newspapers, commercials on television, and the occasional word-of-mouth recommendation. Fast forward to today, and you’ll find that social media platforms have become the new marketplace where desires are born and decisions are made. Here’s how:
- Peer Pressure in Pixels: As we see friends and influencers showcasing their festive splurges, we’re often nudged towards similar or even more extravagant purchases.
- Targeted Temptations: Thanks to algorithms, our feeds are tailored to show us products we’re likely to fancy, making impulse buys all the more common.
- Hashtag Holidays: Campaigns like #SecretSanta or #ChristmasCountdown create a buzz that’s hard to ignore, often leading us to join in on the spending spree.
The Wallet’s Whisper: How Spending Habits Have Shifted
It’s not just about buying more; it’s about buying differently. Social media has introduced us to a world of niche markets and bespoke gifts. We’re no longer satisfied with off-the-shelf items; we crave personalized experiences and unique finds that scream thoughtfulness. Moreover, the ease of online transactions means our money can fly out of our wallets with just a few taps on our screens.
The Emotional E-commerce Exchange
Let’s not overlook the emotional component. Social media has a knack for amplifying the ‘feel-good’ factor of gifting. When we share our generous gestures online and receive likes and comments, it reinforces the joy of giving, sometimes spurring us on to spend even more in pursuit of that digital nod of approval.
Navigating the Festive Frenzy with Financial Savvy
So, how do we embrace the positives of social media-inspired spending while keeping our bank accounts from freezing over? It’s all about balance:
- Set Boundaries: Decide on a budget before you dive into the digital bazaar.
- Quality Over Quantity: Invest in meaningful gifts rather than getting swept up in quantity-driven deals.
- Social Media Detox: Consider limiting your screen time to reduce the temptation to splurge.
Striking a Merry Medium
As we hang our stockings by the chimney with care, let’s also hang onto our financial well-being. Social media will continue to shape our spending habits, but with a dash of self-awareness and a sprinkle of restraint, we can enjoy the festive cheer without the New Year fear of credit card tears.
YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Dec 10, 2024 | Fraud Prevention
Keeping Your Finances Safe this Festive Season
December 10, 2024
As the hustle and bustle of the holiday season arrives, many of our members will experience a short-term change in their spending habits. Many of us are spending more at places where we may not usually shop, and we may not be as diligent with our finances as we are the rest of the year due to the business of the season. We are also susceptible to more scams, like those listed below.
Online Shopping is where we are at the highest risk because this is often such a big part of our holiday spending. The most common things we suggest watching out for are:
- Fake websites
- Fake product listings
- Fake shipping notifications
- Parcel redelivery or delivery delay scams
- Fake event tickets being sold
Charity Scams also ramp up this time of the year as the giving spirit is upon us. These may look like:
- Fake charities
- Fake donation requests
- Crowdfunding scams
Confidence Scams work by exploiting your social or parasocial (“one-sided relationships, where one person extends emotional energy, interest and time, and the other party, the persona, is completely unaware of the other’s existence.”) relationships to trick you into giving up information or money. Keep an eye out for:
- Fake contests and giveaways
- Impersonation scams: family/friends or celebrities
- Phishing for gift cards
- Fake travel or timeshare scams
Romance Scams also spike around the holidays, as they take advantage of the loneliness some might experience during the holidays.
Skimming is something to always be aware of. We urge you to check that there is not anything added onto the chip reader of a machine you are using. They can be added quickly, and we are more likely to miss them as we are rushing to get the shopping done.
How to Protect Yourself:
- Verify websites: Always double-check URLs and look for secure payment methods when shopping online (e.g., secure payments via PayPal or credit card).
- Navigate to websites independently: Rather than clicking a link, we suggest navigating to the website by typing in the website address to avoid malicious links.
- Watch out for suspicious emails: Be cautious of unsolicited emails, especially those claiming to be from well-known retailers, delivery services, or charities.
- Do not share personal information: Never share sensitive personal information (like gift card details or bank account information) unless you are sure the request is legitimate.
- Use credit cards: For online purchases, use credit cards with fraud protection rather than debit cards, which might be harder to recover funds from.
- Research charities: Before donating, research organizations to ensure they are legitimate. Websites like this one provided by the Canadian Government, can help verify nonprofits.
- Avoid high-pressure requests: Scammers often create a sense of urgency, but legitimate businesses and family members will not demand immediate financial help, especially through gift cards.
Don’t let these fraudsters turn your festive season into a finance nightmare. Stay vigilant!
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Nov 29, 2024 | Financial Literacy
The Importance of Financial Literacy for Youth
November 26, 2024
Nurturing Seeds of Prosperity: Financial Literacy for the Next Generation
Imagine a world where every teenager can confidently navigate the financial seas, steering clear of debt icebergs and sailing towards a horizon of economic stability. This isn’t just a fanciful dream; it’s the potential reality we can foster through teaching our youth about financial literacy.
The Cornerstone of Future Success: Understanding Money Matters
Financial literacy is more than just balancing a checkbook or saving for a rainy day. It’s about making informed decisions that lead to long-term prosperity and security. Here’s why it’s crucial:
- Empowerment Through Education: Knowledge is power, and when young minds grasp the concepts of budgeting, investing, and credit, they’re equipped to make savvy choices. This access to information does not have to come at a cost. YNCU created YNCUniversity for this exact reason – it is a financial literacy resource hub dedicated to empowering individuals with the knowledge and tools necessary to make informed financial decisions. YNCUniversity features a curated library of financial literacy resources including easy-to-read blogs such as this one, the ability to book a free in-person or virtual presentation from one of our experts on a variety of financial topics, and a calculator to help you work out the details of your financial plan and assist you in reaching your goals.
- Debt Dodging: With student loans and credit card offers lurking around every corner, understanding the implications of debt can help youngsters avoid financial pitfalls.
- Wealth-Building Wisdom: Early lessons in compounding interest and investment strategies can set kids on a path to growing their wealth exponentially over time.
Practical Money Skills: More Than Just Numbers
Sure, arithmetic plays a role in financial literacy, but there’s a human element that’s often overlooked. Teaching kids how to handle money also involves nurturing values like patience, discipline, and foresight. It’s not just about what’s in their wallet—it’s about shaping their character.
Integrating Financial Literacy into Everyday Life
So, how do you weave these important lessons into the fabric of daily life? Here are a few practical tips:
- Lead by Example: Kids are keen observers. When they see you budgeting or discussing financial goals, they’re likely to follow suit.
- Open a Dialogue: Use everyday moments, like a trip to the grocery store, as opportunities to discuss budgeting and smart spending.
- Gamify Learning: There are plenty of apps and games designed to make financial education fun and engaging.
The Ripple Effect of Financially Savvy Youth
When children learn to manage money effectively, the benefits ripple outwards. They become adults who contribute positively to the economy, understand the value of hard work, and pass on their wisdom to the next generation. It’s a cycle of prosperity that starts with simple lessons in financial literacy.
Investing in Our Children’s Future
Instilling financial literacy in the young is akin to planting a garden. It requires patience, care, and the right knowledge. But the harvest is a generation of financially responsible adults who can navigate the complexities of the economic landscape with ease.
YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Nov 18, 2024 | Fraud Prevention
How to Respond or React to Potential Scam Alerts
November 19, 2024
Before responding to a potential scam, it’s crucial to consider several factors to protect yourself from falling victim to fraudulent schemes. Here are some things to think about:
1. Sender’s Identity – Consider the identity of the sender. Is it someone you know and trust, or is it an unknown entity? Scammers often impersonate trusted organizations or individuals to deceive victims. Look for subtle changes. Attackers often make very small changes to an email address that might be easy to miss at first glance. A common tactic is replacing letters with numbers or characters that look similar, like replacing “l” with “1” or “o” with “0”. They might also use a domain that’s close but not identical, like “@googlemail.com” instead of “@gmail.com” or something like “@paypal-support.com” instead of “@paypal.com”.
2. Urgency – Scammers often create a sense of urgency to pressure victims into making hasty decisions. Take a moment to assess whether the request seems excessively urgent or if there’s a deadline imposed on you.
3. Do Not Engage – Refrain from engaging further with the sender if you suspect it’s a scam. Avoid responding to emails, clicking on links, or providing any personal information.
4. Request for Personal Information – Be wary of any requests for personal or sensitive information, such as passwords, social insurance numbers, or financial details. Legitimate organizations typically won’t ask for such information via unsolicited emails or messages.
5. Unsolicited Communications – If you receive unsolicited communications, especially those related to financial matters or offers you didn’t sign up for, approach them with caution. Legitimate businesses usually don’t reach out randomly.
6. Verify the Source – Take steps to verify the authenticity of the sender or the organization contacting you. Check official websites, contact numbers, or customer service channels to confirm the authenticity of the communication.
7. Grammar and Spelling – Pay attention to the language used in the communication as well as the spelling. Scam emails or messages often contain grammatical errors, spelling mistakes, or awkward phrasing.
8. Links & Attachments – Avoid clicking on suspicious links or downloading attachments from unknown sources. These could be in emails or phone text messages. These could contain malware or lead to phishing websites designed to steal your information.
9. Educate Yourself – Familiarize yourself with common scam tactics and stay informed about the latest scams circulating online. This knowledge will help you recognize and avoid similar threats in the future.
10. Trust Your Instincts – If something feels off, too risky, or too good to be true, trust your instincts and err on the side of caution. It’s better to be safe than sorry when dealing with potential scams.
By considering these factors and exercising vigilance, you can better protect yourself from falling victim to scams and fraudulent schemes. When in doubt, it’s always wise to consult with trusted friends, family members, or financial advisors before taking any action.
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
