Unexpected expenses can happen at any time — from medical bills to urgent car repairs. While financial advisors usually recommend having an emergency savings fund, not everyone is fully prepared. For some, a short-term loan may seem like the only option.
Before turning to quick credit, it’s important for investors and consumers alike to understand the risks and responsibilities that come with borrowing. High-interest payday loans, for example, can provide immediate cash, but the repayment terms are often very strict. If not managed properly, they can lead to a cycle of debt that affects both short- and long-term financial goals.
For those considering short-term borrowing, services such as PayDaySay provide a way to explore lending options and understand the terms before committing. However, it’s crucial to review all costs, compare alternatives, and consider whether the expense is urgent enough to justify borrowing.
The best protection is preparation. Building an emergency fund, even a small one, offers peace of mind and reduces the need to rely on costly credit. For investors, maintaining liquidity ensures that unexpected financial shocks don’t force the premature sale of investments.
Tagged as:
budget,
credit,
debt,
emergency fund,
investing,
loans,
payday
Staff of the NSSC are aware that the union representing postal workers has given
notice of its intent to strike starting this Thursday (June 2) evening, unless a settlement
is reached.
Our securities rules contain various requirements on delivery of documents to the
shareholders of public companies and community economic-development corporations.
A full postal service work stoppage would affect companies that use regular mail to
send documents in compliance with these requirements.
The NSSC and other Canadian Securities Administrators are monitoring the situation. If
a full postal service work stoppage occurs, we will publicly communicate further
information. In the meantime, we encourage companies to consult with their service
providers and legal advisers as to alternate delivery options for proxy-related materials,
if necessary.
The union representing postal workers has given notice of its intent to strike starting this evening (June 2), unless a settlement is reached.
Nova Scotia securities rules require public companies and community economic-development corporations to deliver disclosure and voting or proxy materials to shareholders.
A postal strike could affect companies that use regular mail to meet these requirements.
The Nova Scotia Securities Commission and other Canadian Securities Administrators are monitoring the situation. If a full postal service work stoppage occurs, we will respond with more information.
In the meantime, we encourage companies to consult with their service providers and legal advisers as to alternate delivery options.
Tagged as: CEDIF, disclosure, shareholders
by Natalie MacLellan on June 1, 2011
in Contests
Bedford student Jennifer Tait is the lucky winner of an Apple iPad in the Nova Scotia draw of the Canadian Securities Administrator’s Financial Fitness Challenge.
Ms. Tait recently completed her first year of arts studies at Dalhousie University and is transferring to the University of New Brunswick in the fall to study nursing.
More than 600 Nova Scotia youth took the challenge to become more “financially fit” by visiting the annual financial literacy contest’s website at www.financialfitnesschallenge.ca. From Feb. 15 to April 15 the Financial Fitness Challenge was open to youth across Canada to test their knowledge of personal finance concepts, including saving and investing.
Winnipeg student Ashley Olson took the national grand prize of a $2,000 scholarship.
“We aim to provide Nova Scotia youth with the knowledge and resources to plan for and protect their financial futures,” said Natalie MacLellan, investor education and communications co-ordinator for the Nova Scotia Securities Commission. “The Financial Fitness Challenge offers fun trivia and great prizes to engage youth and make financial issues relevant to their lives.”
Thousands of visitors from across Canada explored the website’s educational resources, used interactive tools and participated in online discussions. Twelve other provincial and territorial winners also demonstrated their financial savvy by participating in the challenge and were awarded an iPad. A full list of winners is available on the commission’s website.
While the 2011 Financial Fitness Challenge contest has ended, its Facebook and Twitter page, videos, educational resources and interactive tools remain available year-round to youth and teachers who visit www.financialfitnesschallenge.ca .
The Nova Scotia Securities Commission is a member of the Canadian Securities Administrators, the council of securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
Congratulations to Bedford student Jennifer Tait, the lucky winner of an Apple iPad in the Nova Scotia draw of the Canadian Securities Administrator’s Financial Fitness Challenge.
Ms. Tait recently completed her first year of arts studies at Dalhousie University and is transferring to the University of New Brunswick in the fall to study nursing.
More than 600 Nova Scotia youth took the challenge to become more “financially fit” by visiting the annual financial literacy contest’s website at www.financialfitnesschallenge.ca between Feb. 15 and April 15.
Winnipeg student Ashley Olson took the national grand prize of a $2,000 scholarship.
The Challenge provides Canadian youth with the knowledge and resources to plan for and protect their financial futures, using fun trivia and great prizes to engage youth and make financial issues relevant.
Thousands of visitors from across Canada explored the website’s educational resources, used interactive tools and participated in online discussions. Twelve other provincial and territorial winners also demonstrated their financial savvy by participating in the challenge and were awarded an iPad. The national winner list is as follows:
- Ashley Olson (Grand Prize)
- Brogan Pratt (British Columbia)
- Brittany Taylor (Alberta)
- Corissa Ducharme (Saskatchewan)
- Tyler Ibrahim (Manitoba)
- Natalee Whelan (Ontario)
- Joanie Lacroix (Québec)
- Alyssa Bannister (New Brunswick)
- Jennifer Tait (Nova Scotia)
- Pierce Smith (Prince Edward Island)
- Amber Dyke (Newfoundland and Labrador)
- Trey Talbot (Northwest Territories)
- Adam Jewis (Nunavut)
- Shellby Fulton (Yukon)
While the 2011 Financial Fitness Challenge contest has ended, its Facebook and Twitter page, videos, educational resources and interactive tools remain available year-round to youth and teachers who visit www.financialfitnesschallenge.ca.
Tagged as: contest, financial literacy, winners
Allow me to start off this reading list with a contest you don’t want to miss, that closes today: Get Smarter About Money invites you to win free gas and Beat the Price at the Pump. Go. Enter. Only open to residents of Ontario sadly, but while we are in Nova Scotia, I know we have readers there.
Moving along…
In “Six Investing mistakes to Avoid“, I mention the difference between investing in collectibles and investing for your financial future. In this next post, Retire by 40 rants about how a Wii is not an investment, and the general overuse of the “invest” by retailers trying to make us feel better about spending our money.
Let’s Talk About Investing warns investors to be extremely wary of wealth enhancement seminars.
Jennifer Stewart at MoneyVille describes how easy it can be (honestly) to build a $61,500 RESP.
Of course, if it is too late to follow Jennifer’s plan, Money Smarts Blog gives helpful tips on how to make the most of your RESP even if you don’t start until your child is older, in The Last Minute RESP.
Young and Thrifty gives great advice in the post What your Credit Report Knows that You May Not.
Having recently moved out of my house for renovations, I appreciated Alan Schram’s post at the Canadian Finance Blog on the many costs of moving. Boy, do they add up quick.
And I will close with two posts about Registered Retirement Income Funds, or RRIFs.
Jim Yih at Retire Happy has published an online guide to RRIFs – everything you ever wanted to know, and maybe more.
And Jim Yih again writes about RRIFS for Mintlife, in RRIF Basics: 4 Common Questions on Registered Retirement Income Funds. (I hadn’t actually noticed this was also him until posting it just now. Well done,. Jim.)
Of course, if things go as predicted, we won’t need to worry about RRIFs, will we?
On that happy note, I sign out and hope you enjoy your long weekend.
Tagged as: contest, links, RESP, RRIF
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