We’re LIVE with the Mac’s Money Show.

Today we meet with Scott Robinson, the MSU’s vice president of finance, to talk about money and entertainment, including managing a side hustle to balancing your budget.

Visit money.mcmaster.ca to find out how to keep your entertainment goals on track with our online budgeting tools. Our money coaches are here to help! #mactalksmoney

Mac’s Money Coach Terry Bennett meets with CFMU’s Brian Zheng to speak on: budgeting, credit, debt, and taxes for students.

Students entering their formative years of university are exposed to many new financial experiences. For many students, this will be the first time they have taken out a loan, put a credit card in their name, and as a result, accumulated debt. Although debt while pursuing a tangible goal can be beneficial, it is always important to manage your debt wisely.

“We’d really want to help students be a little more conscious about what money they have to spend… is their spending intentional? Without a budget, it’s hard to know when you should stop tapping your credit card.” -Terry Bennett.

One of the biggest misconceptions is that students think their finances are going to be hard because they need math skills. In truth, money skills are relatively simple. By booking an appointment with Mac’s Money Coach, you will learn how to utilize the online tools that help make budgeting, credit comparison, and investment calculations that much easier. If you want to learn more about finances, be sure to register on OSCARplus for events during Financial Literacy Month.

This year, our theme for Financial Literacy Month is “Dream BIG”. Although money can’t buy you sleep, it can buy you a bed. First and foremost, money is a tool to achieving your dreams and ultimately, your goals. Look online to see our list of FREE events and workshops throughout the month of November.

Select to view the Twitter thread! 

Financial Literacy Month is a national movement that encourages Canadians to invest in their financial well-being. At Mac’s Money Centre, we hope students will take advantage of our services and resources to help build a budget, learn how to properly file their taxes, guides to investing and saving, as well as financial advise for when students finish university.  

Every other Tuesday, Mark will be speaking with someone new from the Student Success Centre to discuss topics that are most relevant to YOU! Some of these discussions will include topics on studying abroad, financial literacy, effective studying tips and much more!

You can catch brand new episodes of Talking Student Success on the MorningFile on the following dates:

October 11th

October 25th

November 8th

November 22nd

December 6th

December 20th

NEW! February 14th

NEW! February 28th

NEW! March 14th

NEW! March 28th

Missed one live? No worries. All episodes will be uploaded to our SoundCloud page as well so you can revisit any topics most relevant to you.

Click here to listen to the CFMU podcast. 

Originally posted on October 31, 2016 by CFMU

This  week on Common Cents, Tyler sat down with Gina Robinson of the Student Success Centre at McMaster and talked about taxes and what students can do to prepare for and conquer tax season. Click the play button below to hear the whole conversation and check out the links below that for helpful

Click here to listen to the CFMU podcast. 

As it turns out, most are not very successful. Only about 10% of people meeting their new year’s goals. Also interesting, the overwhelming majority of resolutions are about health/fitness or personal finance. In order to help you beat the odds financially Tyler Welch, the host of Common Cents on Monday’s at 1:30 p.m. is giving some resolutions worth making and tips for success. Check out the info below or click the Mixcloud link to listen to the whole New Year’s episode of Common Cents.

Before getting started

Most people’s resolutions fail because they are not specific enough or your will power is not strong enough. Keep these in mind before setting up your goals for the year:

1) Don’t make fluffy, vague resolutions
A resolution like ” I want to save more” or “I’d like to spend less”. It too wishy-washy and you’ll likely fail. Instead make your goals specific. Say something like “I’ll put away $5000 by the end of the year”. Then create your monthly plan to make that goal possible.

2) Take willpower out of it: automate your habits
If you’ve got a savings or debt-based resolution, it can be difficult to be diligent every month. Don’t less a potential lack of will power ruin your strategy. Automate your paycheck or bank account to put your savings into the right account every month. It will do it without you even thinking about it and won’t give you a chance to spend the money.

Now, some great resolutions to think about

1) Set up an emergency fund
This is one of the most crucial things you can do to set on the path to financial success. Get yourself a savings account with $1000 dollars or one month’s expenses (whichever is higher). This way, when something happens, it’s only one emergency and not one emergency plus a financial one. Having an E-fund frees you up to pay down tons of debt, saving junkloads of money for the future, or spend on things like travel and degrees.

2) Draw up a budget
Do it! A monthly budget is the plan for everything you do with your money. Do you like debt-free life? Enjoy houses, cars or boats? Like travelling, retiring early or give to charities? All of these great things come from a monthly plan. Get on it.

3) Leave the credit card at home 
Make the choice to migrate your credit card from your wallet/purse to dusty drawer somewhere at home. Keeping the credit card out of reach when you’re out shopping will curb your impulse, out-of-budget purchases and could grow you to a place where you can just cut it up. Goodbye high-interest debt! \

4) Start thinking about (and saving for) retirement
I know, you’re young. Life is breezy, full of possibilities and lacking in worries. What business does 22-year-old you have worrying about 67-year-old you? Right? Wrong. Most experts estimate that you need to amass about 20 times what you’d hope to live off of annually as a retiree. If you’re hoping to live off of $75,000 a year, you’ll need to save up $1.5 million before you can retire. That going to take a while. Start early, save the headaches later.

Click here for a link to the CFMU podcast. 

Originally posted on January 6, 2015 by CFMU