Online resources to help you save

The problem with the Internet is not quantity, it’s quality. So here are a few places for online information that will help you become a better saver and smart spender and investor.

Saving basics:

Getsmarteraboutmoney.ca: When the Ontario Securities Commission takes enforcement action that results in financial penalties, some of the money goes to a non-profit agency called the Investor Education Fund (IEF). The IEF’s mandate is to improve investor education and financial literacy and getsmarteraboutmoney is a treasure trove of practical information.

There are two main areas. One is “managing your money,” which runs from budgeting and saving, to investments, wills and estates. Its other main section is “life events,” which explores such topics as finding and losing jobs, marriage, divorce and retirement.

Financial Consumer Agency of Canada: The FCAC’s role is to protect and inform consumers about financial products and services. The site has some similarities to getsmarteraboutmoney, offering basic money management information as well as investing tools. One of its more popular tools is a credit card selector. You choose your preferences — fee vs. no fee, loyalty vs. cashback, etc. and it narrows down the card that best suits.

Canadian Securities Administrators: The CSA is an umbrella group of Canadian stock market regulators and under the investor tools section of their site are resources to help you take an informed role in your investments

Miscellaneous:

For mortgages:Ratehub.ca was started by Queen’s University grads and I like the simplicity and ease of use of their mortgage calculators. You can test various assumptions compare rates and find a broker. Also check out our calculators atMoneyville.ca/financial calculators. .

For saving & borrowing: Oakville’s Fiscal Agents has been supplying The Star with the best rates for loans, GICs and mortgages for more than a decade. Fiscal collects the data from hundreds of hundreds of banks, insurance companies and credit unions, to provide the latest ratest. Its learning centre helps explain investments and its money centre offers up to date rates.

How much to retire? How much one needs to live on in retirement depends on many things. Mutual fund manager Franklin Templeton has a very simple calculator that can tell you how you need to save to reach your goal. As investment writer Gordon Pape said in a recent column, it’s “a real eye-opener.”

The TMX Group operates the Toronto Stock Exchange and the TSX Venture Exchange. Its TMXmoney.com site is full of how-to resources and calculators. Accounting firm Ernst & Young has some simple calculators for determining tax rates and how much you get back for RRSP contributions. I’ve usedInsurancehotline.com twice to find cheaper car insurance and it’s worked both times.Kanetix.ca offers a similar service.