The Sunny Side of Finance • Summer 2010

Sunspot • Summer 2010

Sarnia1205 Exmouth St. Upper Level

Sarnia, ON N7S 1W7519-383-0750

Corunna411 Lyndock Street

Corunna, Ont. N0N 1G0519-862-1421

Wyoming618 Broadway Street,

Wyoming, Ont. N0N 1T0519-845-3362

Wallaceburg57 McNaughton Ave.,

Wallaceburg, Ont. N8A 1R7519-627-6744

Do the right thing - and save. Green products pay off. There’s a perception out there that doing your part for the environment means shelling out big bucks for newer, more environmentally friendly products. And while it’s true that many green products often cost more initially, there are plenty of deals to be found—if you know where to look.

Did you know, for instance, that recent programs include rebates on compact fluorescent light bulbs, buy back programs for halogen lamps, as well as pickup and recycling programs for older refrigerators and freezers.

Thinking about purchasing a “green” or energy-saving product? If you’re willing to do a little research, you could save a bundle.

Let your fingers do the surfing.Planning to upgrade your furnace, retrofit your windows, or buy a more fuel-efficient vehicle? No matter what you’re buying, you should always do a little Internet research first. And don’t forget to peruse provincial and federal government websites as well. You can learn more about the federal government’s ecoAUTO Rebate program, for example, on the Transport Canada website (www.tc.gc.ca).

Read the paper.Yes, you’re busy, but take a good look at the weekend newspaper and you’ll often

find information about special savings events at your local home improvement store. Special coupons or buy-back programs are common, but may only be offered on certain dates, at certain locations.

Ask your retailer.Sometimes you won’t get if you don’t ask. When you’re ready to put a more environmentally friendly product in your cart, or drive one off the lot, take a moment to ask a salesperson if there are any additional incentives or rebate programs for your purchase. Often sales collateral like posters or coupon dispensers go missing from store shelves. Take the initiative to ask what’s available and

you may be surprised at what they tell you.

Consider the season.Finding a deal on LED lights or programmable thermostats in July is unlikely at best. But in November, your chances increase dramatically. If you can time your purchase to coincide with

the buying season, you’ll find increased savings options.

Sign up for an email newsletter.Many environmental organizations

and non-profit groups track savings opportunities for you. Sign up for a local email newsletter or bulletin and you may find local deals delivered right to your inbox.

Rebate programs

Wallaceburg Grand OpeningThe following are photos from the Grand Opening Celebration in Wallaceburg on Thursday, May 13, 2010. Proceeds from the BBQ were donated to Wallaceburg Community Living.

Sunspot • Summer 2010Sunspot • Summer 2010

Stick with one credit cardThere is no reason your student needs more than one card. It is easier to pay one bill at the end of each month. Using one credit card to pay off another is a dangerous practice that you don’t want your clever offspring to even think about.

Pay in full every monthIt’s a good idea for your student to get in the habit of paying the balance-in full-each month. Use graphic examples to show how quickly the interest charges become insurmountable when you pay only the minimum amount due.

Pay on timeHave your child set up an Internet account with their financial institution and emphasize the importance of paying the bill on time. If paying by mail, post the payment several days, or even a week before the due date. Late penalties are costly and some companies increase the interest rate after one or two payments are late.

Avoid cash advancesMake sure your student understands that interest is charged on cash advances, starting at the date of withdrawal. Sometimes, the rate of interest is higher on advances than on purchases.

Protect your credit historyEven if your child isn’t studying history, he or she is creating a personal credit history by using a credit card. Late payments or non-payments will affect the child’s

ability to rent an apartment, get a job, or buy a car. It takes a long time to repair a damaged credit history.

Don’t exceed the credit limitPenalties are imposed if the credit limit is exceeded. If there is an emergency, your child will be unable to use the credit card. A $2000 credit limit does not mean a $2000 monthly balance.

Review statements carefullyCredit card fraud is too common. Tell your child to hold on to the receipts for every purchase and check them off against the statement. Immediately notify the company of any discrepancies or unrecognized purchases.

Report a lost or stolen card immediatelyEncourage your child to keep a copy of the credit card number and the financial institution’s name and telephone number in a secure place. If a missing card is not reported, your child may be responsible for purchases he or she did not make.

Protect personal informationA credit card is not for sharing with friends, even best friends. Unless your child initiates a telephone or online purchase, the credit card number should not be revealed to anyone.

Don’t let your student leave home without a credit card education...

ExmouthBBQFriday, August 20th

Proceeds going to Support our Troops, Red Friday and Hero to Hero.

Corunna BBQFriday, July 23rd

Proceeds going to Optimist Club of Moore

Teaching Post-Secondary Students about Credit Cards

A prerequisite for leaving home Before your first-year university student even unpacks, he or she may be offered two or three credit cards. Financial institutions and credit card companies are eager to introduce students to Credit 101. Parents should home-school their children in the basics of credit card education, and set some ground rules for credit card use. Instead of a degree, your child could graduate with a backpack full of debt.

Not my childIf you think your child will resist the temptation of a credit card, think again. A student age 18 and with no income, can get a credit card without a parent’s signature-and more than a handful do. According to a report by Leger Marketing on credit card trends, 56 percent of Canadian

students have a credit card. In the US, 95 percent of all college students have credit cards.

Used responsibly, credit cards can be helpful in an emergency and for establishing a credit history. But you and your child should be clear when the card will be used and who will be paying the bill. Think of the tips listed below as a course outline. You are the teacher and your child is the student. Make sure your child makes the grade before obtaining a credit card.

Be aware of teaser ratesCredit card companies sometimes offer low introductory rates to attract students. These rates typically last for only a few months, and then jump to 18 percent or higher. Encourage your child to compare offers before selecting one card.