Tuesday, April 22, 2008

Handling your money wisely

Recently I have had to help my youngest son out financially as he was laid off and had been spending up to the hilt and not thinking ahead. I guess we all go through that stage in our twenties. I told him the time had come when he needed to get a bank account, he had been cashing his checks at a Money Mart, and to think about regularly committing some of it to savings, rather than moving from one financial crises to another. Of course I am speaking from years of experience of the importance of managing money wisely although I did not do so well in my twenties either.

One of the things I did when my Father left me some money was check out the best rates at various banks. We checked out savings accounts, CD rates, also known as certificate of deposit accounts, and high interest savings accounts that usually offer a little more if you look after it yourself online.

It was a lot of research as to which offered the best rates, it would have been a lot easier if I had had somewhere central to go in my research. I am still checking out the best place to put our major savings so they earn the best rate and that means visiting all the different banks online. It seems such a service is available in the US but I don't know if anything like it is available in Canada. From checking out one of these US sites it would be well worth moving our savings into a US account, if that is possible, especially if we move down to Mexico. The the interest rates are much better than we can get up here in Canada.

No comments: