Week 10 Summary for MoneyMasterClass
In the latest instalment of the Money Master Class, newcomers are offered a wealth of resources to help them kickstart their financial journey. This includes a collection of Gail's tweets, weekly recaps, introductory material, and recaps for previous weeks.
Gail, the class's mentor, emphasises the importance of starting small and being consistent when it comes to savings. She also advocates for simultaneous debt repayment and savings, a strategy that has proven effective for many.
As for High Interest Savings Accounts (HISAs), the interest rates in early 2020 were significantly lower than current rates. For instance, on March 6, 2020, Tangerine, Simplii, and EQ Bank offered rates below or around 1%, reflecting the pre-pandemic prime rate of 3.45%. However, exact numerical rates on that specific date are not available from the search results.
Fast forward to 2025, and the picture is quite different. Tangerine now offers a special 4.50% promotional rate for 5 months for new clients, while EQ Bank's latest Notice Savings Account rate is approximately 3.0%. These figures indicate that savings account rates have increased substantially since 2020.
In terms of personal progress, the individual participating in the class managed to save $196.49 in January and February. This was achieved by using coupons to keep the grocery budget lower, a testament to the power of smart spending.
Despite the savings, there were 16 days in February when the individual spent money. Recognising this, Gail advises that savings accounts making less than 1.5% interest are not working hard enough.
In an effort to further cut down on expenses, the second task of the week is to choose one day of the week to be a no-spend day. The author's chosen no-spend day is Monday.
In addition, the author is challenged to offer praise to every person they interact with, even if they are unpleasant. This is part of Gail's ongoing mission to maintain a positive attitude, a trait that the author has struggled with, as evidenced by a past encounter with an unhelpful bank teller.
The focus for the upcoming week is finding the best HISAs. With the increased interest rates, it's a great time to re-evaluate current savings accounts and consider switching to a more profitable option.
Lastly, the author poses a question to readers: how they keep their energy positive in the midst of negativity. This is a common challenge faced by many, and finding strategies to maintain a positive outlook is crucial for overall well-being.
In the Money Master Class, Gail encourages users to find the best High Interest Savings Accounts (HISAs) for improved saving, as rates have increased substantially since 2020, such as Tangerine offering a promotional rate of 4.50% for new clients. Simultaneously, Gail advises that personal savings accounts earning less than 1.5% interest are not working hard enough.
