Radio Tour 2016; Monnaie Money

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Talk With Our Kids About Money Day Program

The Canadian Foundation For Economic Education along with the Bank of Montreal twokamintroduced the Talk With Our Kids About Money Day Program, an initiative to engage youth about money matters that will have an impact in their lives.   Although this is a year round initiative, the third Wednesday in April is selected to be Talk With Our Kids About Money (TWOKAM) Day.   This year, (TWOKAM) Day is April 15, 2015.

The topics that are covered in the program can be taught in the classroom and or covered by parents at home.

  • School teachers can find a special ‘Teacher’s Kit’, on the  program`s website that which includes ideas for saving money, lesson plans to share that information with the students, and pamphlets describing the “Money Talks” campaign for students to take home to their parents.
  • Parents can visit the website to gather ideas on how to discuss saving money with their children which includes recommended activities and is organized by age group.

In addition, there is a section for members of the media.   This specific section contains resources to learn about the program and information to better cover financial literacy when it comes young individuals.

In our next blog post, we will highlight the various tools and references that are contained in the TWOKAM `Parents/Guardian section.

Youth Talent Show for the Black History Month

Saturday February 28rd 2015, at the Oscar Peterson Concert Hall located at 7141 Sherbrooke Street West, the Carrefour jeunesse-emploi de Côte-Des-Neiges presents a MMTalentShowFINALyouth artistic talent show to promote financial literacy and civic engagement.

This event will be an occasion for the public to witness to a dynamic talent show and to discover our program which helps youth to become financially responsible.

We also would like to encourage youth to be leaders within their communities.

Mr. Douglas Lloyd from Blackmontreal.com will be the recipient of the Monnaie Money Award of Appreciation for 2015.

Monnaie Money At The National Conference on Financial Literacy

The Monnaie Money team was out west in Vancouver last week for the National Conference on Financial Literacy. The theme of the conference was “Strengthening Financial Literacy Through Collaboration”.

Conference topics included:

1) Exploring ways to move the dial on financial literacy indicatorsFinlitConference
2) Preliminary results from “The 2nd Canadian Financial Capability Survey
3) Examples of successful collaboration
4) Best practices in program evaluation
5) The launch of The National Financial Literacy Resource
6) Case studies in changing financial behaviour

It was a great opportunity to network with other organizations in the financial literacy industry.  Focus groups were held to make recommendations to the National Financial Literacy Steering Committee.

We really enjoyed the presentation from the youth the Enactus St. Lawrence College, “Manage Your Money Project”. In addition, we were interested in the various topics on financial behaviour which focused on why we make certain decisions when it comes to money. Bravo to the Financial Consumer Agency of Canada and to all the individual and agencies involved.

Financial Literacy in Canada is definitely heading in the right direction.

7 Tips To Better Manage Your Student Loan Debt

If you are an university or a CEGEP student, you have many responsibilities to deal with. If you have selected to obtain a student loan to finance your education, repaying StudentDebt-Postthat debt is a major responsibility that can stick with you for the months and years to come.   In order to decrease the stress that is associated with student loans debt, it is best to have a plan to pay back the money on time.

Here are seven tips to follow to better manage your student loan debt.

1. Know the lender’s conditions

Whether you are applying for your first student loan or an additional funding, it is vital that you be aware of the lender’s conditions.   The basic conditions can range from repayment schedules to interest rates.   Since the majority of loans are made available via the provincial government, you can read all relevant information online.   In addition, it is wise to understand your responsibilities and obligations before, during and after the time that you plan on studying.

2. Borrow Only What You Need

Your education is just like any other consumer good like an iPhone or a laptop in which you should know the price tag. Having an idea of how much you will spend on your education will help you in applying for the right amount of funding in the form of a student loan. By borrowing the amount of the money that you need (not want), you can have a manageable loan to repay.   It is very important to remember that your student loan money is meant to finance your studies and not your lifestyle.

3. Create A Budget and Stick To It

Creating a budget and sticking to it will make your life easier when it comes to repaying your loan.   Setting aside the money that your make from your job and the expenses you’re likely to have that semester, you can budget the right amount of money to repay on a monthly basis. The faster that you are able to budget for your loan, the faster that you will be able to lessen your school-related debt.

4. Increase The Size Of Your Monthly Payments

If you have already budgeted the minimum amount of your monthly payment, consider adding more money to it. By working a few extra hours or saving more by cutting further weekly expenditures (such as coffees or cigarettes), you can put more towards your education financing.   You will be surprise at how big of a difference an extra few bucks will make in terms of reducing the principal amount and especially, the interest.   Do not forget that the financial assistance funding offered by the provincial government are in the form of low interest loans and they should not be taken for granted in terms of repaying interest.

5. Automate Your Payments

By automating your payments, you will prevent yourself from ignoring the responsibility of repaying loans.   Using your budget, you can ask your bank to debit your account on a regular basis in the amount of what you owe the government.

6.  Avoid Using Other Forms of Credit

While having a student loan to repay during your academic career, it is wise to avoid using other forms of credit (i.e., credit cards and personal bank loans).   Not only does taking on additional financial responsibilities will add to your stress level if you cannot meet the obligations, it will affect the chances of obtaining future student loans and your credit history. If you must use a credit card to pay for books and other learning materials, be sure that the cash that will be used to pay the bill is in your bank account.

7. Make Some Social Life Sacrifices

Some students have difficulties managing their student loan debt can be linked to spending money in an irresponsible fashion.   Rather than setting aside money to pay down their student loan debt, students spend money on going out with friends and having an active and expensive social life.   By making a few social life sacrifices during a semester, you can save money to lessen the responsibility of paying back a loan that will take months or years to do so.

Once the government deposits the funds in your bank account, the money is meant to be used for your studies and to be repaid.   In order to repay the principle and interest in a timely fashion, it is wise to have a plan and commit to it.