HSBC Canada & Personal Finance - Be fiscally healthy in the New Year
I got this info from Tara Knight who works over at http://www.hillandknowlton.ca. She asked if I wanted to publish some info about personal finance and HSBC..
As the New Year approaches there is a great deal of talk about physical fitness and well being, consider another facet for 2008 – fiscal health. Making a commitment to yourself to save a little extra just takes a few simple steps. Here are some handy tips you can use to get into fiscal shape right away!
#1 – Build good habits
Develop good habits over time when it comes to saving, start by setting a goal for what you would like to save, and then you can work out how much you will need to save each month to get there.
Set up a separate savings-only account, where you can keep your money out of range of an impulse buy.
Tip: Online calculators, like the one at http://www.hsbcdirect.ca, can calculate your monthly savings needs for that long-term goal. It demonstrates exactly how much to put away each month to reach your savings goal within a given time frame. For example, if you consistently save $260 a month, in three years you will be a super- saver with $10,0000 in your online savings account!
#2 – Stretch it out a little
Make your savings the same priority as your monthly bills and make the deposit at the beginning of the month to ensure it is made every month or better yet arrange an automatic transfer into your savings account. Don’t wait to the end of the month when your reserves are running low. By paying yourself first, you will budget accordingly and ensure that you make a full contribution every month to your future.
3 – Cut the extras
We all like to treat ourselves – but forgo one treat a week and those little bucks can add up to big bucks to your high-interest savings account over the year! Think about it, skipping that afternoon latte could add as much as $1000 at the end of a year - that’s a lot of zeros you can invest in yourself instead of coffee!
#4 – Maximize your return
Once you have your savings underway, you need to ensure you are making the most of it – depending on your goal there are lots of tools online that can you help you decide which option in best for you. Check out HSBC Direct’s Smart Tools, it looks at all sorts of vehicles including GICs, savings bonds, regular savings accounts and high interest online savings accounts. Keep in mind that a higher interest rate means your money grows faster.
Tara also sent me this note:
Hi Monty
I read your posting on High Interest Savings accounts - it was a great overview, but one was missed! HSBC Canada offers a great option, the HSBC Direct Savings account.
I've included the account features below - but check it out for yourself at www. hsbcdirect.ca!
Features: 4% Interest Rate
• No monthly fees
• No minimum balance requirement.
• Free bank to bank transfers
• 24/7 access through online, telephone banking or ABM
• You don't have to open a chequing account with HSBC, HSBC Direct Savings Account works with the account(s) you already have.
• Free deposits and withdrawals at over 4,100 ABMs nationwide - Canada's 2nd largest ABM Network.
• Free bill payments and pre-authorized debits
I hadn't covered HSBC on the previous post about Highest Interest Savings Account Rates with Canadian Banks, as that post was intended to talk about the major Canadian banks.
Hopefully I can do a post about savings accounts with ING Direct, HSBC, and some of the non-major banks in Canada.
I got this info from Tara Knight who works over at http://www.hillandknowlton.ca. She asked if I wanted to publish some info about personal finance and HSBC..
As the New Year approaches there is a great deal of talk about physical fitness and well being, consider another facet for 2008 – fiscal health. Making a commitment to yourself to save a little extra just takes a few simple steps. Here are some handy tips you can use to get into fiscal shape right away!
#1 – Build good habits
Develop good habits over time when it comes to saving, start by setting a goal for what you would like to save, and then you can work out how much you will need to save each month to get there.
Set up a separate savings-only account, where you can keep your money out of range of an impulse buy.
Tip: Online calculators, like the one at http://www.hsbcdirect.ca, can calculate your monthly savings needs for that long-term goal. It demonstrates exactly how much to put away each month to reach your savings goal within a given time frame. For example, if you consistently save $260 a month, in three years you will be a super- saver with $10,0000 in your online savings account!
#2 – Stretch it out a little
Make your savings the same priority as your monthly bills and make the deposit at the beginning of the month to ensure it is made every month or better yet arrange an automatic transfer into your savings account. Don’t wait to the end of the month when your reserves are running low. By paying yourself first, you will budget accordingly and ensure that you make a full contribution every month to your future.
3 – Cut the extras
We all like to treat ourselves – but forgo one treat a week and those little bucks can add up to big bucks to your high-interest savings account over the year! Think about it, skipping that afternoon latte could add as much as $1000 at the end of a year - that’s a lot of zeros you can invest in yourself instead of coffee!
#4 – Maximize your return
Once you have your savings underway, you need to ensure you are making the most of it – depending on your goal there are lots of tools online that can you help you decide which option in best for you. Check out HSBC Direct’s Smart Tools, it looks at all sorts of vehicles including GICs, savings bonds, regular savings accounts and high interest online savings accounts. Keep in mind that a higher interest rate means your money grows faster.
Tara also sent me this note:
Hi Monty
I read your posting on High Interest Savings accounts - it was a great overview, but one was missed! HSBC Canada offers a great option, the HSBC Direct Savings account.
I've included the account features below - but check it out for yourself at www. hsbcdirect.ca!
Features: 4% Interest Rate
• No monthly fees
• No minimum balance requirement.
• Free bank to bank transfers
• 24/7 access through online, telephone banking or ABM
• You don't have to open a chequing account with HSBC, HSBC Direct Savings Account works with the account(s) you already have.
• Free deposits and withdrawals at over 4,100 ABMs nationwide - Canada's 2nd largest ABM Network.
• Free bill payments and pre-authorized debits
I hadn't covered HSBC on the previous post about Highest Interest Savings Account Rates with Canadian Banks, as that post was intended to talk about the major Canadian banks.
Hopefully I can do a post about savings accounts with ING Direct, HSBC, and some of the non-major banks in Canada.
