So I wanted to give everyone a bit of advice about banking & CC’s (Credit Cards) because it seems more often than not, I end up in convos with people my age who have no idea how their cards work, or how to make your bank work best for you. I figured I’d do a series of short posts to go over a few topics as it’ll be easier to digest. Full disclosure: I have no background in finance – this has all just been ingrained on me since I was 18 (by a very knowledgeable pop) & if I can ever help one person save some bank fees of budget better, then amazing. Everything is expensive and every $ counts.
However, before we get into credit cards, lets chat about banks. Choose one, choose two, hell I’ve got three banks - that all serve a different purpose. I’ll chat a bit about why I’ve gone with each one, and why I like them.
I’m a huge fan of online banks for my everyday stuff. If you own a smart phone, you literally never need to go into a bank for any daily banking needs. For this reason, my bulk of accounts is with Tangerine. I have 6, yes SIX accounts with Tangerine. However, none of my CC’s are with Tangerine.
1. Personal account – this is where my payroll is deposited to.
2. Business – where all my business money goes to from FTS.
3. Bills – the bills i don't share with J come out of here - My car insurance & cell phone bill – each paycheck the amount I need to cover this goes in there so I know my bills are always paid before I dip into disposable.
4. TFSA – Currently this is just a lump of money I had left over from selling my house. It will eventually be going into stocks or bonds, but until I have a firm plan for that a TFSA is gaining interest without me needing to pay taxes on it
5. Emergency fund – (mostly a car breakdown fund loll) - $125 each paycheck will be going into this every 2 weeks to reach my goal of $1000 by Feb 1st. (technically your emrg. fund should be three months pay, but really who can do that in todays economy? One step at a time.)
6. Vaycay fund - $65 every 2 weeks for whenever we decide to go away.
Scotia – our joint account, joint VISA, my LOC (line of credit) and my AMEX. TD – My very first Visa card which is still active. (we’ll get into that later.)
I do not have any accounts with TD. I used to, and closed them when I switched to Tangerine. Scotia, we have our joint account with them and the very minimum account plan – and even that costs $4/m. Small amount, but can add up! However, our mortgage is with Scotia and it just made payments way easier if the account is with them.
Why did I choose Tangerine? Because cliché as it sounds, I work damn hard for my money and I should NOT have to pay fees for it to exist in some digital void. The average regular bank account fee is about $15, unless you keep a minimum in your account which is usually $2500 or some boloney like that. I have saved at least $780 by being with Tangerine. With so many accounts I can separate my bills, from disposable, etc etc, and not worry about being charged for it.
Tangerine app is also great. It lets you see your goals in percentages, organizes your transactions (you KNOW you’re spending too much on McNuggets, but wait till you see the number come to life.) – essentially it helps you keep track of what and where you are spending.
TD also has this as well, but I don’t have checking accounts with them so I haven’t been able to utilize it. I haven’t however, found anything with scotia like this yet.
Tangerine does not have physical storefronts, but use scotia’s ATMS if you need to deposit money, withdraw, etc. This does not bother me one bit as I literally have zero need to go into a bank. If this sounds like your jam, you can use my Orange key to sign up: 41987525S1 If you deposit $100 before Jan 31st in the account, we will each get $50 as a referral credit. DO NOT FEEL OBLIGATED TO SIGN UP IF THIS ISN’T THE RIGHT BANK FOR YOU. But if it sounds peachy keen, then hey – free money.
Essentially, DO YOUR RESEARCH, before committing to products! Find what works for you.
If this has helped you even the tiniest, let me know! I will do a few more posts to cover a bit more basic info about managing your money. Leave a comment if you have questions or feedback, and I will try to answer! 😊