Zippitydodog Feeds - Ask Zippitydodog

what are Term Deposits and Stocks??

Mon, 30 Apr 2012 00:00:00 -0700

Hi Taylor,

A term deposit is money deposited for a fixed period of time at a fixed rate. These conservative (less risky) investments give you guaranteed return and are generally short-term with maturities ranging anywhere from a month to a few years.

A stock is a type of investment that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings. A holder of stock (a shareholder) has a claim to a part of the corporation's assets and earnings. In other words, a shareholder is an owner of a company. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. Stocks are a riskier type of investment.

What are the differences between RRSP and TFSA accounts, and what are the pros and cons for each?

Sun, 30 Oct 2011 00:00:00 -0700

Thanks for the great question. See below for a little info and a link explaning Pro's & Con's.

An RRSP is primarily intended for retirement savings. Tax assistance provided by a TFSA complements that provided through RRSPs.

RRSP contributions are tax-deductible while RRSP withdrawals are added to income and taxed at regular rates.

TFSA contributions are not tax-deductible but the contributions and the investment earnings are exempt from tax upon withdrawal.

Unlike an RRSP, which must be converted to a retirement income vehicle at age 71, a TFSA does not have any minimum withdrawal requirement.

There is no TFSA spousal plan. Individuals can provide funds to their spouse or common-law partner to invest in their TFSA, up to the spouse�s or common-law partner�s available room, and the income earned on the contributed amount is generally not attributed back to the spouse or partner who provided the funds.

Consider consulting your credit union or other financial service provider before deciding whether to place money in an RRSP or a TFSA or to find out the combination of contributions that is best for your situation.

http://youngandthrifty.ca/rrsps/rrsp-versus-tfsa-head-to-head-comparison/

What is CHMC?

Tue, 31 May 2011 00:00:00 -0700

Wow, this is certainly one of our most popular questions.

Here is a start. Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. They are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada's housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.

More info can be found at http://www.cmhc-schl.gc.ca.

What is CMHC?

Tue, 05 Apr 2011 00:00:00 -0700

Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. We are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada's housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.

More info can be found at http://www.cmhc-schl.gc.ca.

what is cmhc?

Wed, 19 May 2010 00:00:00 -0700

Thanks for the question.

Here is a quick answer, but more info can be found at http://www.cmhc-schl.gc.ca/.

For over 60 years, CMHC has helped millions of Canadians meet their housing needs. CMHC provides mortgage loan insurance that enables you to buy a home sooner with a minimum down payment of 5%. And CMHC is there with you every step of the way � with information before, during and after your home purchase.

ZDog

How can you avoid paying cmhc

Wed, 19 May 2010 00:00:00 -0700

Thanks for the question

You can avoid using CMHC and paying their premiums if you have a sufficient down payment. If you have 20-25% of the payment required to purchase the house in cash, depending on the financial institution, you can bypass CMHC.

Mmore info can be found at http://www.cmhc-schl.gc.ca/.

ZDog

What is CMHC?

Tue, 20 Apr 2010 00:00:00 -0700

how can you avoid paying CMHC?

Thu, 10 Dec 2009 00:00:00 -0700

Thanks for the question Dillon

The only way to avoid paying CMHC premiums is to put down 20% (or 25% depending on the lending institution) of the purchase price for your home/condo. This can be a combination of your own personal savings and perhaps gifts from family members. While many may fear using this savings cushion to purchase a home, the savings over the long run is tremendous. A larger down payment can help reduce/eliminate the CMHC premium and ensuring less principal and interest to pay back over the life of your mortgage.

ZDog

At what age do you recommend starting a retirement savings plan?

Wed, 22 Jul 2009 00:00:00 -0700

As soon as you can!

What is a Co-op and why should I care?

Tue, 21 Apr 2009 00:00:00 -0700

Co-ops are founded on a common idea � that people recognize what is best for them. They are founded with the understanding that people can work together to meet their own needs.

A co-operative is any enterprise that is collectively owned and democratically controlled by its members for their mutual benefit. Typically co-operatives and credit unions are community-based organizations.

In a co-operative each member has one vote, regardless of their investment they have made in their co-op. Co-op members are not controlled by outside owners or government bodies. The members decide how the co-op will be run, what changes should be made if any, elect the board of directors and decide what to do with any surplus (profit) that may be generated.

Co-ops and credit unions are the best example of how democratic principles can be applied to economic life. Co-operation means people working together to meet common goals and needs. Co-operatives provide opportunities for people to direct what happens in all aspects of their lives.

Within a co-operative people find strength in collective action and the powerful motivation of mutual support.

Any Tips for students going on to post secondary education?

Tue, 21 Apr 2009 00:00:00 -0700

Going to school should give you more than just a specific job skill, it should teach you how to gather, understand, and apply knowledge, which includes financial knowledge.

The first lesson involves funding your education. Financial aid offices at universities and colleges list scholarships, grants, and bursaries for students in their institutions, or check general websites like studentawards.com or scholarshipscanada.com. Good grades can be a source of income. Universities compete for the brightest students and offer entrances scholarships for stellar transcripts. Labour unions, professional associations, or your credit union may offer affiliation scholarships or bursaries to members or their children.

However you raise the money for school, you need a spending plan to stretch it. The bulk of the education bill is in the cost of living the one-to-seven years necessary to graduate, so you have to control your living costs if you want to prevent having an entire life spent on a student�s budget. Check out our Student Budget Calculator for some assistance.

One of the best financial strategies is to remember the rule of kindergarten: sharing. Having roommates can help keep housing costs down, but also consider car sharing through one of the growing number of car co-operatives. Then take advantage of the subsidized transit passes offered by many schools.

It�s common for textbooks to cost more than $100 and secondhand copies sellout fast. One trick for reducing costs is to get in touch with students a year ahead of you and arrange to buy their texts at the end of term. However, be sure the text book you purchase second hand is the issue being used by your prof and has not been updated. There is nothing worse than trying to find that quote and formula in a text book that does not have the same page numbering sequence.

Secondhand bookstores off-campus will also be happy to buy your recreational reading including mysteries, how-to books, and good literature.

A computer is essential, and most school bookstores offer discounts on equipment and software. Apple also offers deals to anyone in the education industry. But you can also save a few bucks by sharing peripherals such as printers and scanners with your roommates.

That computer can also help reduce costs by becoming all-purpose entertainment centre. Instead of running up phone bills, opt for a computer-based phone system such as Skype (skype.com), which allows you call anywhere, free. Skip the TV and cable costs by watching TV shows and films online. Add a good set of speakers, and your computer becomes a first class stereo with access to international radio stations too � and a great space-saver in a shared dorm room.

Learning to cook not only saves you money; it prevents the health problems that go with the steady diet of high-fat, high-starch meals that are standard cafeteria fare. Homemade curries, stir fries, chili, and soups, cooked in bulk once a month and frozen, will give you the power to resist that beckoning pizza flyer. Even if you�re on the school�s meal plan, give your health and your wallet a break by skipping overpriced convenience foods. Carry a thermos of home-brewed coffee and a supply of nuts and dried fruit for snacking.

For more ideas, many financial aid offices recommend The Debt-Free Graduate by Murray Baker, which offers a wealth of tips and strategies for Canadian students on how to cover the cost of school without going bankrupt.

Also, before you head off to school be sure to get in touch with a Nelson & District Credit Union Member Service Rep who can assist you in ensuring that all of your financial questions are answered, your contact info is current and you are set up in the appropriate account. Our Aspire-Scholar account is ideal for members in post-secondary studies.

ZDog

Are there advantages to becoming a credit union member?

Tue, 21 Apr 2009 00:00:00 -0700

Of course!

Why belong to a credit union?

Ever had one of those dreams where you're trying to get somewhere but stay stuck in one place? Banking at a traditional financial institution can feel just like that. Big plans and best intentions tend to count for little if you don't have deep pockets, even if you have a responsible track record. That's because banks are in the business of making a profit for their shareholders, while credit unions are all about the financial security of their members.

Over 1.5 million British Columbian�s, including individuals, families and businesses currently benefit from credit union membership, with more joining every day. They enjoy the favourably competitive advantages of belonging to a home grown institution that focuses on serving the local community, not enriching some distant stranger with stock options.

The following are benefits to membership.

Your voice counts
As a credit union member, you're also an owner, and can participate in voting for board members. Or run for a position yourself!

Sharing the wealth
When you join a credit union you automatically purchase a share. At the end of the fiscal year, dividends are divvied up among members and also shared in the community. Credit unions are committed to developing and assisting local businesses and non-profits, and giving back to the community. With 40% of national credit union assets, BC�s system is the strongest in English-speaking Canada. Each new member makes it that much stronger.

An �open door� policy
You always get a warm welcome when you come in to discuss financial matters, open a new account, or apply for a loan or credit card; you'll never feel as though you're being patronized or grilled.

Superior customer service
Friendly, personable customer service is a distinguishing characteristic of credit unions, which routinely rate higher than banks in customer service and satisfaction surveys.

An account for everyone
These include: special accounts for children, students and seniors; accounts based on the number of transactions you intend to make; multi-purpose business accounts; daily interest savings accounts; pay-as-you-go accounts; $US accounts; and more.

Comprehensive products and services
From RRSPs, mutual funds and other investment options, to a wide range of insurance products and expert financial planning, credit unions offer it all. Even better, loan and mortgage rates tend to be very competitive. Terms and conditions are usually more flexible.

24/7 Convenience
With your credit union MemberCard�, you can bank at ATMs around the world. When you use a BC credit union ATM, you won't be dinged with a surcharge. Bank online or by mobile telephone too! Have you balances texted to you.

I hope that helps.

ZDog

What are the advantages of the Co-op Model and what do they offer today�s youth?

Tue, 21 Apr 2009 00:00:00 -0700

Co-operatives have a long and successful tradition in both Canada and around the world and have proven to be amazingly flexible in meeting a wide variety of needs.

a) Co-ops help people obtain goods and services that they may not otherwise be able to afford on their own. By pooling their purchasing power through a co-op, members can obtain the products and services they can afford.
b) Because co-ops are open to everyone, each member has an equal vote so they can be more accountable and inclusive than other organizations.
c) Co-ops help build stronger communities. Since most co-ops are community and regionally based, investment in and surplus revenue from the co-op stay within the local community. Every dollar invested in the local co-op has a significant multiplier effect in the community.
d) Co-ops enable communities to have a degree of self-determination that is less subject to outside forces.
e) Co-ops are more stable than conventional private businesses and have a higher survival rate; Over 5 year�s co-ops have a 64% survival rate while private business has a 36% survival rate. Over 10 years co-ops have a 46% survival rate while private business has a 20% survival rate
f) Co-ops continue to stand for human rights and sustainable development. They give youth the chance to earn a living while adhering to their morals and beliefs, the ability to help yourself and others, there are community and international development opportunities and social, academic, economic options plus many more possibilities�

Sounds pretty cool hey?

ZDog

I was wondering how long information stays on your credit report? I had a credit issue a while back and it is still showing as a default on the credit report. I live in Canada and I hear that it is 6 years? Will it ever be cleaned for my report? Thanks

Tue, 21 Apr 2009 00:00:00 -0700

Good question, I am going to refer you to a document found on the Government of Canada, Financial Consumer Agency of Canada website, http://www.fcac-acfc.gc.ca/eng/consumers/CreditLoanDebt/CreditReportsScores/CreditReportsScores-eng.asp. The report is called Understanding Your Credit Report and Credit Score. Go check it out...however, here's a bit of what they say about Correcting Errors.

When you get your credit report, make sure the information in it is correct and up to date. If you have concerns, follow these steps.

1. Contact the credit-reporting agency you dealt with immediately

2. Contact your financial institution immediately

3. Contact any credit companies you may have a relationship with immediately

A side note on the length of time information stays on your report; information is usually removed from your credit report after 6 to 10 years, depending on the laws in the province in which you live.

The report is very detailed and contains informative stuff on protecting and informing Canadian consumers.

ZDog

How can I save for the unexpected?

Tue, 21 Apr 2009 00:00:00 -0700

Great question.

This is a challenge for many people and especially for those in the position to borrow. These people figure that if they fall victim to a significant expense, they can just borrow the money from the bank or use a credit card. And�as we all know, this is costly; principle and interest over a fixed period always adds up to more than you need.

For example, your car breaks down and you need $1500 to fix it. You end up using your credit card or you take out a loan since you don't have the money saved.

If it's going to take you 18 months to pay it off, this is what it will cost:

An 18 month loan with an interest rate of 9% will cost approximately $89.50 per month. The final bill for the $1500 repair is now $1609. That's the cost of borrowing.

Charging the same repairs on a credit card and taking the same amount of time to pay it off is even more costly. Taking 18 months to pay off a credit card with a 19% interest rate will cost $96.50 per month. The final bill for the $1500 repair is now $1737. That's the cost of borrowing with credit.

One way to save for the unexpected is to always �PAY YOURSELF FIRST�. Did I catch your attention?

How does this work? When you get paid, decide on a set amount which you can put away before you spend it. By putting a little bit away each month into an account, separate from your regular spending, you will start to see your savings grow. And with the miracle of Compound Interest working for you there will be a slush fund available for a special purchase or that unexpected expense.

Want more info, contact a Wealth Management advisors at Allard Insurance Agencies Ltd., a subsidiary of Nelson & District Credit Union at 1-877-352-7207 or visit www.yourfinancialhike.com.

Get Saving!!!

ZDog

I'm getting married this summer, any suggestions to help us save for our future?

Tue, 21 Apr 2009 00:00:00 -0700

I asked our newest Financial Planner, Bradley, to help us out on this one. Here's what he said.

-The summer always hosts the most weddings in a year.
-Any life change, especially marriage/kids, will alter your financial plans. Meeting with a financial planner BEFORE you get married is key.
-Financial matters are the biggest causes of arguments between spouses. However, most couples spend all of their time with their wedding planners and little/no time with their financial planners.
Here are issues that you should consider before you get married.
-Determine what your joint Life Goals are, so that you are planning for the same ends.
-List all combined debts (i.e. continued student loans). It is important to know your total debts as well as combined incomes.
-Saving for and buying a home
-Spending, Budgeting and Saving as a couple - For a complimentary budgeting template, call us or email thehike@nelsoncu.com.

ZDog

What is the Financial Hike?

Tue, 21 Apr 2009 00:00:00 -0700

Your Hike starts with identifying your goals. Nelson & District Credit Union will create a personalized guidebook to help you reach them.

Healthy, long-term strategies incorporate all elements of your financial affairs. How you pack one element influences how you pack another. We offer professional financial planning and access to virtually every investment product and service in the marketplace today.

Your Hike is long. Pack wisely.

The information below will assist you in considering the best path to take and which guide to choose. Please contact us at thehike@nelsoncu.com for more information.

I would like information on applying for any scholarships you might offer.

Tue, 21 Apr 2009 00:00:00 -0700

Nelson & District Credit Union recognizes the financial needs of students continuing their education and offers a couple of options for local students looking to apply for scholarships.

First, check with your local high school. If you are attending either LV Rogers, Mt. Sentinel, Rossland or Crawford Bay Secondary Schools you can look into the awards available to you by talking to your principal.

You can also visit your local community branch of NDCU and pick up a Credit Union Foundation of BC bursary application form. They award funds to students through out a year.

If you are attending Selkirk College ask a Financial Aid Officer about the Nelson & District Credit Union Aspire Scholarship, Aspire Bursary and NDCU/Credit union Foundation of BC Community Alliance Bursary. These awards are presented on an annual basis.

Finally, if you have been involved with the Nelson & District Youth Centre look into the Community Spirit Youth Award. This award was created with the support of Nelson & District Credit Union to celebrate the youth centres 5th Anniversary.

If you have any other questions please contact NDCU, 250-352-7207.

ZDog

Help!! What should I be considering when looking to purchase a home?

Tue, 21 Apr 2009 00:00:00 -0700

The housing market is still costly in the Kootenay�s with first time homebuyers taking the leap from renting to owning. Unless you are a professional athlete or on Bill Gates� payroll you will be financing your purchase with a significant loan, aka. MORTGAGE.

Here are some important points to review.

-Are you going to be happy in the house and the community you are considering? Research the economic conditions and livability of the area you plan on moving into.

-Are you financially prepared? Seek professional financial advice before buying a home.

-Research your ability to pay. Use the tools available on the internet like a net worth and mortgage calculator to help determine if you will qualify for the mortgage. Check out the Canada Mortgage and Housing Corporation web site @ www.cmhc-schl.gc.ca.

-How is your credit rating? Before approving you for a mortgage, lenders will want to see how well you have paid your bills or debts in the past.

-What can you afford? You will have to accumulate a portion of the down payment and consider that, in addition to your monthly loan payments, you need to also pay for homeowners insurance, utility bills, taxes, general maintenance and home repair costs, strata fees if you purchase an apartment or condominium�No more landlords to cut your lawn and fix any problems. This is your home!

-Research the cost to borrow. A lower interest rate may be achieved with a larger down payment, a good relationship with your bank or credit union, a good credit history�

-Research payment options and payment flexibility. By paying bi-weekly and making lump sum contributions on mortgage anniversary dates you can speed up the payment process. This means you reduce the amount of interest you will have to pay to the bank.

-Maintain a good relationship with your bank or credit union representative. They can help.

Thanks for checking out www.zippitydodog.com, the Kootenay�s most relevant source of financial information for youth.

ZDog.

I am 12 and I need to make money fast for Christmas How?? Nothing to hard because I can't babysit. List job that I can do just in my neighborhood.

Tue, 21 Apr 2009 00:00:00 -0700

1) How much money specifically do you need to make?
2) How many hours are you able to work until then?
3) Do you have a general idea about how much money you can make per/hr for the work you are willing to do?
4) Do you have the amount of time to make the total amount you need?

Think about these 4 questions before you start pounding the pavement for work.

Many local businesses are looking for busy seasonal help. Walking downtown and asking to speak to store managers about extra help is always a good idea. Raking leaves or cutting lawns could be a great way of making quick cash!

As well, check out our Jobs and Volunteer page to gain experience.

Have any tips to help me manage my moola?

Tue, 21 Apr 2009 00:00:00 -0700

The best tip would be to spend a month tracking your spending and saving habits with a budget.

At first, budgeting will serve to mirror your habits, keeping this record will help you later adjust your spending and help you manage your money.

Who should Budget? Everyone should budget; it gives you a great snapshot of where you currently stand financially and where you are heading.

Why Budget? It helps you maintain control of your personal finances; it also helps you realize your short and long term goals.

The key to successful a Budget is being regular, accurate and honest.

Check out some budget calculators on-line at www.zippitydodog.com.

Hey Zippity I am desperately trying to find a house and a job to live in nelson and I was wondering if you know of anywhere hiring in nelson that would hire this week?

Tue, 21 Apr 2009 00:00:00 -0700

Thanks for the question.

I don't know of any employers currently hiring in Nelson but the Nelson & District Youth Centre has a great employment resource centre and web site at www.yerc.ca.

Check it out; it will be of great assistance to you.

Good Luck!

I am graduating from high school this year and need to pay for university, where and when should I look for some financial help?

Tue, 21 Apr 2009 00:00:00 -0700

Where and when to start�Start Now�first you may want to look into any scholarships or bursaries that may be available to you in your community, free money. If you are graduating from high school apply for their awards, check with local organizations or youth centre, financial institutions like a credit union, employer, contact the school you are attending and see if they have awards related to your field and always check the internet. Sites like studentawards.com can point you in the right direction.

Check out http://www.aved.gov.bc.ca/studentaidbc/ila/, this is the British Columbia Student Aid Program. They grant funds to students that qualify. Research this before you go to your financial institution for a loan or student line of credit.

If you go to a bank or credit union you will want to ask about student specific products since there may be a grace period for paying back a loan or line of credit. A standard loan will require repayment immediately; this can be tough when you are not earning much income while at school in order to make the required monthly payments.

You will have to have to fill out an application form with your financial institution and supply your account info, any assets (what you own) and liabilities (what you owe), some form of income verification (pay stubs, T-4). If you are uncertain be sure to ask what they would like to specifically see from student applicants.

Good Luck

Looking at the market right now, what do you predict the best thing to invest in would be? In other words, if you had to put all your eggs in one basket and pick an industry or product to go with, what would it be?

Tue, 21 Apr 2009 00:00:00 -0700

Your best investment...would be to get informed and...NEVER put all your eggs in one basket...EVER. You threw me a challenging question and I will suggest you contact an expert in the field of investment. Your financial institution will have an Investment Expert or Certified Financial Planner (CFP) who will basically interview you and get a feel for your knowledge of investment and the risk you are willing to take.

Check out http://www.nelsoncu.com/financial_hike.php.

Good Luck

I just finished university and have gotten an entry level job that I am managing my crippling student loan with. Is there a way that I could move my loan (student line of credit) to a credit union (whose politics I agree with more) and consolidate my debt?

Tue, 21 Apr 2009 00:00:00 -0700

So many students are in this position. Most student grants/loans have a grace period of 6 months from graduation to start repayment, I am assuming you have passed this magical date and have started to repay your debt.

Your loan could be consolidated with your credit card debt and re-financed at any credit union as long as you can qualify for the loan. You are working so that is definitely a plus; all financial institution likes to see this.

By investigating what the interest rates are on the debt that you are currently paying you may also find that by consolidating you might find the cost of borrowing may be a little cheaper with a better rate of interest. However, don�t forget that if your student loan is a government sponsored you do receive an interest paid credit from what has been paid on your student loan.

Go to your local credit union and ask some questions, also determine what you can afford to pay monthly by doing a budget or using a Debt Consolidator Calculator online.

Good Luck

What is a Co-op?

Tue, 21 Apr 2009 00:00:00 -0700

We can all agree that living in the Kootenay�s is pretty awesome, there are so many unique aspects within our communities that make us very lucky to reside here. One prominent feature within all of the communities in the West Kootenay�s is the presence of co-ops.

Co-ops in our area take the form of businesses that offer products and/or services to their members, public services that offer child or health care, social groups providing services such as housing or employment assistance and financial co-ops such as Credit Unions.

The definition of a co-operative is a community based democratic institution that is owned and controlled by its membership in order to provide a unified voice and structure to a group of individuals who have pooled their resources to achieve common goals.

Co-ops provide an environment where members and the community benefit from working together. By purchasing a share in a specific co-operative one becomes a member and is responsible for assisting in the co-ops decision making process. In this decision making process each member regardless of number of shares, position in community or amount of investment is entitled to one vote.

Organizations operating as co-ops around the world follow this set of common principles.

1. Voluntary and Open Membership
2. Democratic Member Control
3. Member Economic Participation
4. Autonomy and Independence
5. Education, Training and Information
6. Co-operation among Co-ops
7. Concern for the Community

My credit is poor; how can I get a loan to open a business?

Tue, 21 Apr 2009 00:00:00 -0700

Thanks for your question.

Credit issues are prominent for young people. The key to eliminating your poor credit is getting back on track by making regular and consistent contributions to pay-off your debt. Proving you are managing your debt effectively will be right step towards realizing your entrepreneurial dreams.

Here are some options:
� If you are currently working you will want to budget for a regular re-payment schedule.
� Speak with a wealth manager or financial services representative at your local Credit Union to come up with a personal plan.
� Try to consolidate your debt with a small personal loan.

Commit yourself to erasing your credit past since previous poor credit decisions will stay with you for at least 7 years.

Once you have taken control of your debt you need to determine the criteria set by your institution for a small business loan. This will require realistic figures with respect to your personal history and business plan.

If you would like more info contact NDCU, enrichingyourlife@nelsoncu.com.

Can I access my Rossland Community Branch of NDCU account from out of town?

Tue, 21 Apr 2009 00:00:00 -0700

You certainly can, these are your options when you are away from your home branch in Rossland.

1) Since you are a member of NDCU you are able to access our other branches, these include Nelson and Crawford Bay on the East Shore of Kootenay Lake.

2) If you have an ATM/debit card you may have the freedom to make withdrawals, obtain balances or make deposits at Credit Union ATM�s, most are Ding Free. However, it is always important to be conscious of the service charges associated with the use of your card. Also, please consider that not all machines will allow you to carry out all of the functions stated above.

3) NDCU is proud to offer Member Link services. Members are able to access their personal financial information by telephone, mobile telephone or on-line with your computer.

If you require further info be sure to visit your local branch of NDCU.

What is a Credit Union?

Tue, 21 Apr 2009 00:00:00 -0700

Is a Credit Union like a Bank?
Hmmmm, yes and no. Does that make it any clearer?

Yes, Credit Unions do offer the same financial products and services as a bank. Credit Unions are very proud to offer exceptional personalized services and competitive financial products including a wide range of savings and chequing accounts designed to complement a variety of member needs, ATM cards, personal and commercial loans, lines of credit, mortgages, RRSP�s, RESP�s, on-line banking services, insurance products and wealth management services.

No, Credit Unions are community specific financial co-operatives owned and operated by their members, unlike a bank that is owned by a few privileged stockholders who make all the decisions for an institution and its customers.

A key principle in the operation of a community credit union is that each member, regardless of the amount of money they have in their accounts, is entitled to the same vote in electing individuals to represent them as Directors on the credit unions Board of Directors. This co-operative principle ensures that credit unions remain accountable to their members.

Want more info on credit unions, ask!!!

How old do you have to be to have a debit card? Eg. on a youth account. Great question.

Tue, 21 Apr 2009 00:00:00 -0700

This is one of our most common questions from our youth membership.

Having a debit card is very convenient; however, it does require a commitment on the holder to be very responsible in the way that they use it.

For that reason a member has to be 19 before they can obtain a card on their own. For any members under the age of 19 they require the authorization of a parent.

The parent will be required to sign a document called an Indemnity Agreement. By signing this agreement with the member youth requesting the card, the parent is then responsible for any misuse or charges associated with the use of the card.

If you require any more info on debit cards or products associated with them please contact us.

Z

How do you get a loan for a trade school education?

Tue, 21 Apr 2009 00:00:00 -0700

Post-secondary training is becoming more expensive each year.

There are several options to help you get the financial support you need to complete your education.There is your own personal monetary investment or the support from your family. You can apply for the numerous bursaries or scholarships awarded each year to Grads. Or you can apply for funding through the Canada Student Loans Program (CSLP).

The scholarship, bursary and CSLP info would be available at your high school or you can access more info on student financial aid at; www.aved.gov.bc.ca/studentservices/students.

Thanks again for you question and good luck finding more information.

Have any tips on money management? I really need it

Tue, 21 Apr 2009 00:00:00 -0700

Great question, this is one that is asked by people of all ages everyday.

A good start is to determine how you are spending your money. By taking a snapshot of your spending habits you can see where, or how, you can eliminate unnecessary purchases even though at the time they probably feel like necessary purchases.

This type of snapshot is called a Budget. This is a prediction of your income (money you make) and expenses (money you spend). Budgeting can help you overcome financial difficulties, plan for the future or simply gain better control over your finances and spending habits. By taking control of your finances now you will feel more confident in the future.

Budgeting does not have to feel as though you are restricting yourself, by becoming conscious of your spending habits you are making a positive effort in helping you save for any short or long-term goals.

You can try doing a basic budget at home or visit our �Site of the Month� link where you can find a variety of calculators that can do the work for you, specifically the Practical Money Skills site.

When you start throwing down your numbers you must be realistic and not base your saving and spending habits on idealistic info. This allows for more accurate results that will be easier for you to manage and goals that will be more attainable.

Set yourself up with a short-term goal that you feel you can reach. By saving a little and watching what you spend maybe you will be able to finally buy that special little something you have always wanted.

Good Luck

Zippity

What is the best way to save money?

Tue, 21 Apr 2009 00:00:00 -0700

If you are working a part-time job, receiving an allowance or making any other cash you need to start putting some of it away and determine a savings goal. By paying yourself first, before spending anything, you can begin to build up a bit of a stash. Once this stash reaches a hardy sum you can start to take advantage of the power of interest.

What is interest and how can it work for you? It is an amount of money paid or earned for the use of money. This works in two ways; The amount YOU EARN is interest paid to you from deposits or investments, the amount YOU PAY is the �Cost of Borrowing� where interest is paid for using someone else�s money.

The old saying is true�Time is Money...The length of time compounding with the rate of interest will impact the value of your savings stash. As a saver, you are ultimately lending your money to your bank or credit union. You are rewarded with INTEREST for the set period of time you decide to deposit or invest.

You may ask,�What type of accounts or products offer interest? These include; Standard chequing or savings accounts (Guaranteed), Term deposits or savings bonds (Guaranteed), Mutual funds (Not Guaranteed).

The rates for these options vary on their length and the investment risk associated with each of them. Your standard account is low risk and has a low rate or interest while stocks are riskier and offer a greater reward but there are no guarantees.

If you are looking to save or invest ask questions and be informed. Check on-line at www.zippitydodog.com for an interest calculator to determine how interest can work the best for you.

How can I make money fast I am 13 though?

Tue, 21 Apr 2009 00:00:00 -0700

1) How much money specifically do you need to make?
2) How many hours are you able to work until then?
3) Do you have a general idea about how much money you can make per/hr for the work you are willing to do?
4) Do you have the amount of time to make the total amount you need?

Think about these 4 questions before you start pounding the pavement for work.

Many local businesses are looking for busy seasonal help. Walking downtown and asking to speak to store managers about extra help is always a good idea. Raking leaves or cutting lawns could be a great way of making quick cash!

If you need some experience consider volunteering. Check out our Community Connection page!

As well, check out our Jobs Page!

ZDog