by yncuniversity | Sep 25, 2024 | Financial Literacy, Saving
STEPS TO CREATING A POSITIVE MONEY MINDSET
September 25, 2024
Creating a positive money mindset involves a combination of self-reflection, education, and habit-building. A positive money mindset not only enhances your financial situation but also contributes to your overall quality of life. It empowers you to take control, make informed decisions, and approach financial challenges with confidence. Here are some actionable steps to help you develop this mindset:
1. Assess Your Current Beliefs
- Identify Limiting Beliefs: Write down any negative beliefs you have about money (e.g., “Money is the root of all evil”).
- Challenge These Beliefs: Ask yourself if these beliefs are true and how they might be holding you back.
2. Educate Yourself
- Financial Literacy: YNCUniversity is an excellent source of information, plus it’s free, easily accessible and free. You can also read books, take courses, or listen to podcasts about personal finance.
- Understand Money Mechanics: Learn about budgeting, saving, investing, and credit.
3. Set Clear Financial Goals
- Short-term and Long-term Goals: Define what you want to achieve financially in the next year and in the next five years.
- Make Goals Specific and Measurable: For example, “Save $5,000 for a vacation by next summer.”
4. Create a Budget
- Track Your Income and Expenses: Use apps or spreadsheets to see where your money goes.
- Adjust as Needed: Make sure your spending aligns with your values and goals.
5. Practice Gratitude
- Daily Gratitude Journal: Write down what you appreciate about your financial situation, no matter how small.
- Celebrate Small Wins: Acknowledge progress toward your goals.
6. Surround Yourself with Positivity
- Positive Influences: Engage with people who have a healthy relationship with money.
- Limit Negative Input: Reduce exposure to media or conversations that reinforce a scarcity mindset.
7. Reframe Challenges
- See Setbacks as Learning Opportunities: When facing financial challenges, focus on what you can learn rather than viewing them as failures.
- Adopt a Growth Mindset: Believe that you can improve your financial situation over time.
8. Practice Mindfulness
- Stay Present: Focus on your current financial situation rather than worrying about the future.
- Meditation or Reflection: Take time to think about your financial choices and their alignment with your values.
9. Take Action
- Start Small: Implement small changes, like saving a portion of your income or investing in a beginner-friendly fund.
- Consistent Habits: Make positive money-related actions part of your routine.
10. Seek Support
- Join Financial Communities: Engage with groups or forums focused on personal finance.
- Consider Professional Advice: A financial advisor can provide personalized guidance. YNCU members, if you’d like to speak with one of our advisors, click HERE.
11. Monitor Your Progress
- Regular Check-Ins: Review your financial goals and budget regularly to see how you’re doing.
- Adjust Goals as Needed: Be flexible and adapt your goals based on your changing circumstances.
By following these steps and cultivating a positive attitude toward money, you can build a healthier financial mindset that empowers you to achieve your goals.
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 | Sep 13, 2024 | Fraud Prevention
HOW TO MAKE A STRONG PASSWORD
September 13, 2024
Creating a strong password is crucial for protecting your online accounts from unauthorized access. If your online accounts get hacked, the consequences can be severe and far-reaching. Unauthorized access to your accounts can lead to identity theft, as hackers might steal personal information like your Social Insurance Number, financial details, and other login credentials. This can result in fraudulent transactions, ruined credit scores, and significant financial losses. Additionally, sensitive information, such as private messages or personal photos, could be exposed or used to blackmail or manipulate you. On a broader scale, compromised accounts can jeopardize your professional reputation if work-related information is accessed or misused. The aftermath of a hack often involves a complex and time-consuming process to regain control, secure your accounts, and address any damage caused. Taking preventive measures and practicing good digital hygiene can help mitigate these risks.
Here are some tips to help you craft an effective and fraud-proof password.
1. Length Matters – Aim for a password that’s at least 12 characters long. The longer the better.
2. Use a Mix of Characters – Include a combination of uppercase letters, lowercase letters, numbers, and special characters such as @, #, $, %.
3. Avoid Common Words – Stay away from using easily guessable words like ‘password’, ‘123456’, ‘qwerty’, or common phrases. These are the first things hackers try.
4. Randomness is Key – Generate your password randomly rather than using personally identifiable information like your name, birthdate, or pet’s name.
5. Passphrase – Consider using a passphrase, which is a sequence of words or a sentence. It’s easier to remember and harder to crack if long enough.
6. Do NOT reuse passwords – Each of your accounts should have a unique password. Reusing passwords across multiple accounts can lead to devastating security breaches if one account is compromised.
7. Change Regularly – Regularly change your passwords, especially for critical accounts like email and banking.
8. Use a Password Manager – Consider using a password manager to generate and store complex passwords securely. This way, you only need to remember one strong master password.
9. Stay Private – Avoid sharing your passwords with anyone and refrain from storing them in easily accessible places like sticky notes on your desk or unencrypted files on your computer.
10. Two-Factor Authentication (2FA) – Whenever possible, enable two-factor authentication for an extra layer of security, even if someone manages to obtain your password.
Remember, the goal is to make it as difficult as possible for hackers to guess or crack your password while still being memorable enough for you to use without having to write it down.
YNCU members, if you know, or think you have been a victim of your personal banking information being compromised, 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 | Aug 27, 2024 | Borrowing, Financial Literacy, Saving
A Student’s Guide to Financial Aid
August 27, 2024
Navigating financial aid in Canada involves understanding a range of options, including federal and provincial programs, scholarships, and loans. Here’s a comprehensive guide to help you through the process:
Understanding Financial Aid in Canada
Financial aid in Canada helps cover educational expenses and includes:
- Grants and Scholarships: Typically, do not require repayment.
- Student Loans: Must be repaid with interest.
- Bursaries: Need-based awards that don’t need to be repaid.
Types of Financial Aid
Federal Aid
Canada Student Grants:
- Canada Student Grant for Full-Time Students: Provides financial support to full-time students with a demonstrated financial need.
- Canada Student Grant for Part-Time Students: For part-time students with financial need.
- Canada Student Grant for Students with Permanent Disabilities: Available for students with documented disabilities.
- Canada Student Grant for Services and Equipment for Students with Permanent Disabilities: Helps cover additional costs for students with disabilities.
Canada Student Loans:
- Federal Student Loans: Available to eligible students to help cover tuition, books, and living expenses. Repayment begins after graduation or after you cease to be a full-time student.
Provincial/Territorial Aid
Each province and territory offer its own financial aid programs, which may include:
- Grants and Bursaries
- Student Loans
- Loan Repayment Assistance Programs
For example: Ontario Student Assistance Program (OSAP): Provides loans and grants to students in Ontario.
Institutional Aid
Institutional Scholarships and Bursaries: Many colleges and universities offer their own financial aid programs. Check with your institution for available options and application procedures.
Private Scholarships and Awards
Scholarships: Offered by private organizations, companies, and foundations. These can be based on merit, need, or specific criteria (e.g., community service, field of study).
For example: The CU Succeed Youth Bursary by the Ontario Credit Union Foundation, which is open to residents of Ontario who are post-secondary students in need of financial assistance for academic, technological, or vocational training.
Student Loans
Federal Student Loans: Managed through the Canada Student Loan Program (CSLP).
Provincial or Territorial Loans: Each region has its own program with different terms and conditions.
Managing Financial Aid
Effectively managing and spending your financial aid is crucial for ensuring that your funds cover your educational expenses and avoid unnecessary debt. Here are some tips to help you make the most of your financial aid:
Create a Budget and Assess Your Needs
Tuition and Fees: Determine your total tuition and mandatory fees for the semester or year.
Books and Supplies: Estimate the cost of textbooks, supplies, and any required technology.
Living Expenses: Include rent, utilities, groceries, transportation, and personal expenses.
Miscellaneous Costs: Consider other costs like vehicle or renters insurance, student fees, and extracurricular activities.
Develop a Budget
Track Income: List all sources of financial aid, including grants, scholarships, loans, and personal contributions.
Allocate Funds: Divide your financial aid into categories based on your estimated expenses.
Adjust as Needed: Revisit and adjust your budget regularly to account for any changes in expenses or income.
Prioritize Essential Expenses
Pay tuition and fees first with direct payments: Use financial aid funds to pay your tuition and mandatory fees directly to the institution.
Purchase Required Textbooks and Supplies
Shop Wisely: Compare prices for textbooks and supplies. Consider used or digital versions to save money.
Use School Resources: Some schools offer textbook rental programs or on-campus stores with discounts.
Cover Living Expenses
Rent and Utilities: Ensure that you allocate enough funds to cover your rent and utilities.
Groceries and Transportation: Budget for regular expenses like groceries and transportation. Look for student discounts or deals.
Manage Loans Carefully
Borrow Wisely
Only Borrow What You Need: Avoid borrowing more than necessary. Excess loan amounts can lead to higher debt and more interest payments.
Understand Terms: Familiarize yourself with the terms of your loans, including interest rates and repayment schedules.
Make Payments if Possible: Consider making interest payments while you’re still in school to reduce the total amount of interest that accrues.
Avoid Unnecessary Spending
Limit Non-Essential Purchases: Avoid using financial aid funds for non-essential items or luxuries. Stick to your budget and prioritize necessary expenses.
Monitor Your Spending and Track Expenses: Keep track of your spending to ensure you’re staying within your budget. Use apps or financial management tools to help.
Utilize Student Discounts and Resources
Take Advantage of Discounts: Use student discounts for dining, shopping, and entertainment. Many businesses offer special deals for students.
Access Campus Resources: Utilize free or low-cost campus resources such as counseling services, tutoring, and fitness facilities.
Save for Unexpected Costs
Build an Emergency Fund: Allocate a portion of your financial aid for unexpected expenses or emergencies.
Plan for Future Semesters
Monitor Remaining Funds: Keep an eye on your remaining financial aid balance to ensure you have enough for future semesters or unexpected expenses.
Apply for Additional Aid and Seek More Opportunities: If necessary, apply for additional scholarships, grants, or work-study opportunities to cover future expenses.
Maintain Good Financial Habits
Review and Adjust Budget
Regular Check-Ins: Regularly review and adjust your budget based on your actual spending and any changes in your financial situation.
Look for Savings: Find ways to save on everyday expenses, such as cooking at home instead of eating out or using public transportation instead of owning a car.
Seek Financial Counseling if Needed
Financial Aid Office: Seek advice from your school’s financial aid office if you have questions about managing your aid or budgeting.
Consult Financial Advisors: Consider consulting a financial advisor or counselor for personalized guidance on managing your finances effectively.
Additional Tips
Apply Early: Financial aid deadlines can be tight. Start the process as early as possible.
Stay Organized: Keep records of all documents and correspondence related to your financial aid applications.
Seek Help: Contact the financial aid office at your school or provincial/territorial agencies if you have questions or need assistance.
Loans are typically provided to you in a lump sum payment at the beginning of the semester or school year. When you see that large sum of financial aid in your bank account, it’s tempting to spend it on non-essential things, but remember to follow your budget and prioritize your needs—this money is meant to last the entire semester or school year.
By following these tips and steps and being proactive in managing your financial aid, you can effectively navigate the financial aid process in Canada and secure the funding needed for your education and can ensure that your funds are used wisely, minimize debt, and maintain financial stability throughout your education.
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 | Aug 1, 2024 | Fraud Prevention
Beware of Phishing: How to Detect & Respond to Suspicious Emails
August 1, 2024
In today’s digital age, phishing has become a prevalent threat to online security. Phishing attacks involve fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by masquerading as a trustworthy entity in electronic communities. These deceptive emails often appear legitimate, making it crucial for individuals to be vigilant and aware of the signs of phishing.
Spotting Phishing Emails:
- Check the sender’s email address: Pay close attention to the sender’s email address. Phishing emails often use email addresses that mimic legitimate sources but may contain slight variations or misspellings.
- Look for generic greetings: Phishing emails commonly use generic greetings like “Dear Customer” instead of addressing recipients by name. Legitimate organizations usually personalize their communications.
- Watch out for urgent requests: Phishing emails often create a sense of urgency, urging recipients to take immediate action. Be cautious of emails that pressure you to provide sensitive information or click on suspicious links hastily.
- Verify hyperlinks: Hover your mouse cursor over hyperlinks in the email to preview the destination URL. Be wary of URLs that don’t match the purported source or contain unusual characters.
- Inspect for spelling and grammar errors: Phishing emails often contain spelling and grammatical mistakes. Legitimate organizations typically maintain professional standards in their communications.
What To Do If You Receive a Phishing Email:
- Don’t click on suspicious links: Refrain from clicking on any links or downloading attachments in the email, as they could lead to malware or phishing websites.
- Report the email: Most email providers offer options to report phishing emails. By reporting the email, you help protect others from falling victim to similar scams.
- Delete the email: Safely delete the phishing email from your inbox and trash folder to avoid accidentally interacting with it in the future.
If You Fell For a Phishing Email:
- Change your passwords immediately: If you provided sensitive information in response to a phishing email, change your passwords for the affected accounts immediately to prevent unauthorized access.
- Monitor your accounts: Keep a close eye on your bank statements, credit reports, and other online accounts for any suspicious activity.
- Consider identity theft protection: If you’re concerned about identity theft, consider enrolling in an identity theft protection service to safeguard your personal information and financial assets.
Staying informed and vigilant is key to protecting yourself against phishing scams. By recognizing the signs of phishing emails and knowing how to respond appropriately, you can minimize the risk of falling victim to these deceptive tactics and safeguard your personal and financial information online.
YNCU members, if you know, or think you have been a victim of a phishing email and your personal banking information has been compromised, 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 | Jul 11, 2024 | Financial Literacy
Financial Planning as a New Canadian
July 11, 2024
Welcome to the land of opportunities! As you embark on this exciting chapter, getting a firm grip on your finances is as crucial as unpacking your suitcases. Organizing your finances is not just about keeping your dollars and cents in check; it’s about setting the stage for a life of security and possibilities in your new home.
One of the first things you need to do is create a financial roadmap.
- Assess Your Current Financial Situation: List your assets, debts, and regular expenses to paint a clear picture of where you stand.
- Set Clear Financial Goals: Whether it’s buying a house or saving for retirement, define what financial success looks like for you.
- Build a Budget That Works: Tailor your spending plan to fit your lifestyle while ensuring you’re not living beyond your means.
Here is what you should know in regards to finance as a new Canadian.
Tax System
Canada has a different tax system than many other countries. Familiarize yourself with the basics of Canadian taxes, including income tax rates, deductions, and credits. The Canadian Revenue Agency (CRA) website is a valuable resource.
Healthcare
Canada has a public healthcare system, but it varies by province. Some provinces have additional health premiums. Ensure you understand how healthcare works in your province and whether you need additional private insurance.
Immigration Status and Financial Implications
Your immigration status (permanent resident, temporary resident, etc.) can affect your access to certain financial services and benefits.
Financial Assistance and Benefits
Explore government benefits and programs that you may be eligible for, such as child benefits, tax credits, and social assistance if needed.
Legal and Regulatory Environment
Familiarize yourself with Canadian financial regulations, consumer rights, and any specific regulations that may affect your financial decisions.
Banking Basics for Seamless Transactions
Opening a bank account is step one in your money management journey. You will need a Canadian bank account to manage your finances locally. Requirements may vary, but typically you need proof of identity (passport, etc.), proof of address (utility bill, lease agreement, etc.) and proof of entry into Canada (such as landing papers, permanent resident card, or a Canadian work permit or student permit). Look for institutions offering newcomer packages with perks such as free banking for a year or no minimum balance requirements. Understand the different types of accounts – checking, savings, and others – to ensure your hard-earned money is saved and growing in the right places. YNCU now offers the Home Suite Home Newcome Bundle – a suite of products and services that can be customized to fit your unique situation. Newcomers who have received landed immigrant or permanent resident status within the last three years and are the age of majority in Ontario, or those who are temporary residents with a Canadian work permit issued for at least a 12-month term, are eligible. Click HERE to read the details on this offer.
Credit Scores and You: Building a Solid Foundation
In Canada, a good credit score can open doors to better interest rates and is key to securing loans. Start by applying for a credit card, use it wisely, and pay off the balance each month. This fiscal discipline showcases your reliability to lenders and helps you build a robust credit history.
Tax Talk: Keeping More of Your Money
Taxes might seem daunting, but they don’t have to be your adversary. Learn about tax-saving opportunities such as Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP). File your taxes accurately and on time to avoid penalties and to benefit from potential refunds or credits. YNCU has TFSAs and RRSPs to suit your unique situation. Click here to speak with one of our advisors.
Navigating Canadian Living Costs
From the price of milk to monthly utilities, living costs in Canada can vary widely depending on where you settle. Use cost comparison tools and local resources to budget effectively for your daily expenses without compromising on the occasional indulgence.
Organizing your finances is an ongoing process that requires patience, persistence, and a pinch of creativity. By taking proactive steps today, you’re paving the way for a prosperous tomorrow. Embrace the challenges, celebrate the victories, and watch as your financial confidence grows in your new Canadian life.
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!
