Financial updates

This afternoon we are going to the financial planner at the credit union. This is the first time either one of us has been to see someone whose job is devoted completely to financial planning. Previously we both had relied on personal bankers, which has been adequate, but I am looking forward to talking to someone about the larger financial picture.

On Friday the appointment at the credit union- Coast Capital Savings (for Krystal)- went well. Unlike the Lending Officer, the personal banker is very organized and reasonable. I had met her before and she was the one who had helped convince me to switch.

We opened up 4 accounts: a joint chequing, a joint short-term savings, and a personal account for both of us. Previously, because of the service fees at CIBC, we had gone without our own accounts, and both of us were missing this freedom to track our own personal spending money each month. All accounts are free.

Also, we qualified for overdraft on all accounts, so put $1000 on all but the savings. We currently have $1000 on our CIBC chequing, and I like to have it as a back up in case an automatic payment comes out before a paycheque goes in. I am still wondering how we can qualify for the overdraft, and not any other lending (according to the Lending Officer). I may ask this afternoon, we'll see.

We have a more steps to do- including transferring over all our automatic payments. We switched the business account earlier in the week so this is all set up. I hope to have it all done by the end of the month to avoid more CIBC service fees.


  1. krystalatwork said...
    I've heard great things about Coast Capital! I would have gone there instead of PC Financial, but at the time I thought I was going to be moving to Alberta after graduation.

    Am excited to hear about what the financial planner has to say!
    Matthew said...
    I spoke with a financial advisor today. He was pretty cool and I love hearing other people's opinions (I might sound cocky on my website, but I'm really a humble person).

    I'm going to meet with him again next week.

    mariam said...
    Ahh, personally, I hate doing all this paperwork. It certainly impeded my financial progression because I didn't want to deal with it. Procrastination is costly so good for you for sorting it out!

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