I hope 2022 brings you sparkles.
The beginning of the year and end of the holiday season it is a good time to reflect on your goals and financial plan. It is a good time to think if your goals or situation changed? Does it need to change? Financial plan should be helping you meet your needs and achieve your goals.
I have two goals for Simple Money Talk is to help you improve your money confidence. The first is to return to publishing a monthly blog with information to help you. The second is to develop and launch two online courses on the language of money and the basics of investing. I am looking forward to working on Simple Money Talk and being able to reach more women.
I enjoy talking about money and helping women improve their financial knowledge and confidence. I have worked with great clients who have helped me learn more about what information women are looking for. Most were looking for clear, simple and useful financial information to help them reach their goals. As well as to be spoken with in a friendly and professional manner. I am happy I have been able to meet their expectations and helped them.
Wishing you a peaceful year you will opportunities to move closer to your goals.
During the past year I had to step away from Simple Money Talk. I have not been able to dedicate the time and effort that I need to keep the information relevant to visitor and clients. This is about to change!
I’m recommitting to make Simple Money Talk a valuable resource for women looking to grow their confidence dealing with money. This includes launching new workshops and blog posts as well as links to important resources.
Thank you for checking in and I will keep you posted on the evolution of Simple Money Talk!
The new year brings with it a new Tax Free Savings Account (TFSA) contribution limit. In 2019 you can contribute up to $6,000.
If you’ve never contributed to a TFSA and have been eligible to do so since 2009 the total contribution is $63,500.
When you are traveling out of the country and you make a payment with either your MasterCard or Visa you will likely be asked what currency you would like to pay in, the local currency or your home currency. Which one do you pick? Which one should you pick? To save on an extra service fee, pick the local currency.
The ability of stores and hotels to you offer customers the choice of currencies is known as dynamic currency conversion and is a service provided to retailers by the credit card companies(MasterCard Worldwide, 2016). Customers are the ones who pay the service fee for the perceived convenience of paying in their home currency. To avoid paying this service fee you should pick to pay in the local currency. If you pay in the local currency you will still pay the credit card’s service fee and be given the bank’s exchange rate.
On Visa USA’s website it even recommends to pick the local currency. The website explains that the dynamic currency conversion “…service is offered by merchants and includes a service fee based on the local exchange rate used. If you would like to use Visa’s more competitive exchange rate, ask to pay in the local currency: (Travel Tips, 2018).
If you are traveling this summer and are given a choice of currencies to pay in pick the local currency. This will save you money, it may be 2.5% on the cost of the purchase, but this will add up and why pay more for anything. When you get home make sure you check your credit card statement to make sure you didn’t pay the dynamic currency conversion charge and all the charges are yours.
Fees reduce the return you earn. Check the fees you pay on your bank and investment accounts. If you need to keep a minimum balance on your savings account make sure you do or you may have to start paying a monthly fee. If you struggle to keep the mininum amount consider changing to a no minimum balance, no fee savings account.
Check if your investment account requires a minimum number of transactions in a set period. This can be as high as $100 every 6 months. You will be charged for the transactions, but it will be less than than $100.
It’s tax time again. You should have started to receive your T4 slip – employment income, T4RSP – RRSP income and T5 slips – investment income and other slips. Get out a shoe box, file folder, large envelope or folder on you computer and label it tax slips 2018. This way you will keep them all together for when you’re ready to file your taxes.
Click on TaxSlipPrep for a list of all the items you may need for completing your taxes.
June 2017 is Simple Money Talk’s second birthday! It is hard to believe it has been to 2 years since I launched Simple Money Talk in Doha. It has been a very interesting adventure setting up a business, website, and blog. I have loved meeting new people and helping clients. Thankfully I still enjoy talking about money.
I have refined what Simple Money Talk but at its core is it is still about help women learn about money management so they are able to make confident money decisions.
Thank you all for your support.