21 minutes | Sep 28th 2020

07: Just say NO to bank fees & funding an emergency

On the seventh episode of MI$$ FINDEPENDENT, Gloria wraps up Season 1. She is joined by her friend Vickie, they discuss emergency funds, avoiding bank fees and short to mid term investing for those financial goals. We will be talking about what an emergency fund is, how to set one up, different types of bank accounts, how to find the right bank account for you, as well as investing for short to medium term and some safe places to put your money.

Homework
Task 1: Set up and optimize your emergency fund
Task 2: Get rid of those pesky monthly bank account fees
Task 3: Consider opening a high interest savings account to save for your short term financial goals

Links/Sources
Canadian Financial Capability Survey 2019 - https://www.canada.ca/en/financial-consumer-agency/programs/research/canadian-financial-capability-survey-2019.html
Gov't of Canada bank account tool - https://itools-ioutils.fcac-acfc.gc.ca/ACT-OCC/SearchFilter-eng.aspx
High interest savings accounts - https://www.highinterestsavings.ca/chart/
Personal income spending flow chart - https://i.imgur.com/zlGnuDO.png
Canadian Banking Basics from the Canadian Bankers Association - https://bankingquestions.cba.ca/therightbankaccountforyou
CDIC How deposit insurance works - https://www.cdic.ca/your-coverage/how-deposit-insurance-works/

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine - new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1
https://tangerine.ca

EQ Bank - all accounts get 1.7% interest:
https://join.eqbank.ca?code=GLORIA1867

Thanks so much for tuning in! Catch you on season 2.

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Disclaimer - Miss Findependent is sharing perspectives on personal finance for educational purposes. It may not apply directly to your individual situation. I'm not a licensed financial advisor and it's a good idea to consult with one before making any serious financial decisions. References to products, offers, and rates from third parties often change, please double check on the third party website to get the most up to date info.

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