How to Educate Young Minds About Finances

How to Educate Young Minds About Finances

Ask an adult, what is one thing that they wished they had learned sooner? Most adults say that they wished they had learned about finances sooner. Finance is quite a prominent subject. The usual way a person learns about finances is by making mistakes. However, the mistakes that you make in your teenage years and the mistakes you make in your 30s impact your life differently.

As many finance experts say, the sooner you start, the better. As a kid, your mistakes will be limited and won’t be hard on your pocket. However, in the later stages of life, your one mistake can hit you and your family hard. That’s why you need to avoid, or rather, cannot afford to take risks.

So, the best time to learn about finance is right now. You may have learned about finances the hard way, but that shouldn’t be the case for your kids. So in this article, let us provide you with some simple, practical tips to help teach your kids about finances. Of course, you are free to customize it according to your needs and preferences.


What is financial literacy?

Financial literacy is different from being literate. You may be literate but not necessarily financially literate. Financial literacy is a greater understanding of financial matters, such as e-transfer loans with no credit check, credit cards, investing, budgeting, and making smart decisions to avoid financial problems.

A financially sound person never runs short of money and can manage money efficiently, regardless of the amount they possess. But achieving such a level of financial literacy is no easy game. It takes a long time and a lot of mistakes to understand how money work.


Why is financial literacy important?

Poor financial literacy is the reason why young adults struggle with money unless they come from a strong financial background.

Financial literacy is important:

  • To keep you from going broke.
  • To never run out of money.
  • For a secure future and easy retirement.

As an adult, you must have also made some financial mistakes that you must tell your children so that they can avoid making them. But teaching finances to a child is not easy, especially if your child hates math. Because for them, numbers mean math.

So teaching children and young minds about finances is difficult but not impossible. However, there are certain ways to make it more fun and enjoyable. Let’s have a look at some of these ideas.

How to educate young minds on finances?

Explain fundamentals of money with practicality

  1. Ask yourself, will you remember the word “Football” better by word or physically, seeing, touching and by playing with it? You got the gist, right?
  2. Teaching doesn’t necessarily have to be theoretical. If finances were all theory, the school curriculum had probably already included it in the studies. But as most of it is practical, teach your children by showing them practical examples of handling finances and letting them feel the power of money.
  3. Show them what all things it can buy. Giving them pocket money is another important step that you can start to teach them about finances.


Show them how to save money

    • After the power of money, teach them how to save it. Life is unpredictable, and you may require money to deal with some unwanted situations. And unless you have some portion of your money saved, facing immediate issues can be difficult.
    • Of course, they won’t save money in younger times, but teaching them the discipline of saving will reap your children’s life-long benefits.


Involve them in finance-related matters

    • Children learn better when they see their parents handle money matters. So often, there’s a belief that says children should not be involved in money matters when they are young because you may risk spoiling them. But it isn’t true. Children are the product of their environment. You should teach them the right and the wrong way before they learn it from some other unreliable source.
    • Real-life experiences are the best way to teach children about finance. Involve your children while making a budget for the home. Explain to them how you manage money and budget everything.


Make talking about money normal

    • Many people don’t like talking about money as if it were taboo. This behavior often leaves children thinking and believing talking about money is wrong in public.
    • Talk to them about money openly and make it normal to talk about money, so that later on they can converse with other people about money comfortably and put their opinion with confidence.


Let them earn money

    • There’s one saying that goes like, “don’t let them earn money,” and when you ask them why, you will hear numerous lame excuses. The world is not in books, finance is a subject that people learn practically and not by theory.
    • So let your children earn money. This will teach them how money is exchanged for any valuable item or service. In addition, this will slowly prepare them for the upcoming adulthood.


Address their mistake, but don’t scold

    • They will make mistakes when learning about finances. But don’t scold them because they lost money over something. Instead, help them understand why it happened and let them work through it.
    • Losing $10, $20, $50, or even $100 is no big deal in learning. Money comes and goes, but make sure you help them see why the money went away.


Be transparent with your finances

    • Often parents hide their income or the total income of the house from their children. Yes! You guessed it right. It’s because of the same ridiculous reasons. But you don’t have to be like that.
    • Tell them how you manage finances and what problems you face. If you are struggling with finances, let them know.
    • If you are applying for an e transfer loan with no credit check, let them know and show them how you do it. Tell them the pros and cons of the loan so that later when they are adults, they have a pretty good idea of how to take loans.

Finance is one of the most important parts of a person’s life, and practical financial habits will determine the security a person will have in their life. So for the safety of your children’s future, ensure you teach them about finances and important matters such as loans, budget, credit score, and no credit check e transfer loans to prepare them for the upcoming life.

6 Important Elements of Financial Literacy

6 Important Elements of Financial Literacy

There’s no doubt Canada is one of the world’s leading nations with the most financially literate adults. These stats show more than 65% of Canadians are financially literate. In addition, 56% of young adults (18 years to 35 years) have started to increase their financial literacy. So, if you are one of them, pat yourself on the back!

As more and more Canadians understand the importance of financial literacy, they need to learn from a good source. At PrestoCash, we have been in the finance business for several years. Through our experience and observation, we came across 6 important points that people tend to miss when learning about finances.

Well, it’s also quite natural. For example, what would a person search when he needs a loan on the same day and have a poor credit score? Most likely “How to get same day e-transfer loan in Canada.” Because, in difficult times, people often lose sight of the future and try to fix the present as fast as they can. And it’s not wrong, but to be financially literate, you have to train your mind to stay strong in difficult times.

As Robert Kiyosaki said, ‘If you are not disciplined with your finances, you are at the mercy of your circumstances and creditors.’

The Internet is filled with information, and finding relevant content to help finances can be tricky as no content is shown in proper order. So if you have stumbled on this post, make use of this as best as you can. In your journey to become financially literate, here are 6 important elements you must understand to manage your finances better.

6 Financial Literacy Elements


  • The basic principle of budgeting means to allot budget to different aspects of your life. For example, set a budget for your needs, wants, investment, charity, or emergency. How you want to set the budget is entirely on your income and how well you manage your money.
  • But, it is a good place to start. Many people who start budgeting have seen a positive change in their finances. These habits make a lifestyle shift and allow you to manage your money better.


  • Do you also scratch your head when it comes to taxes? Like, how in the world does it work! There is income tax, TDS, then filling a tax return, and how many taxes to pay? What are tax rebates? These all can be frustrating. We know it seems a lot, but after reading this, it won’t!
  • Taxes are normal, and everyone has to pay them someday. However, just because your income doesn’t come under any tax slab, you should not keep it for the future. Taxes are important, and unless you are from a commerce background, wrapping your head around it can be difficult but not impossible.
  • There are two main types of taxes direct and indirect. Direct: which you pay directly to government and indirect: which you pay via goods and services, for example, dine in a fancy restaurant and check the bill, the final amount has tax added on the total bill, that’s indirect tax.
  • The most important for you right now is the income tax. Below are Canada’s federal tax rates as of 2022.

Income (Annual) Tax rate

  • Below $50,197 15%
  • $50,197 – $100,392 5%
  • $100,392 – $155,625 26%
  • $155,625 – $221,708 38%
  • More than $221,708 33%
  • These are the tax slabs for the citizens of Canada. You have to pay taxes based on the slab your income falls under. The taxes are paid at the end of the financial year. You can calculate your taxes using any tax-calculator website and pay them online or in the taxation department. The following image is of a standard tax calculator.
  • If you are a job person, you get charged with TDS (Tax Deducted at Source). This is because the company you are working for deducts your tax from your income and pays to the government on your behalf. At the end of the year, you can show your income slip to tax officers as a proof of tax payments.
  • If you are a business owner or self-employed, you have to pay taxes on your own. However, you can calculate taxes on a tax-calculating website and pay between the allotted dates. To know more, you can consult a chartered accountant.


  • Credit is a major part of our financial literacy. It’s the same as what makes or breaks you. Every person takes credit at least once in their life, and if you don’t know how to use it wisely, you are one step away from getting into a debt trap.
  • Credit has many forms, such as loans, credit cards, postpaid payments or bills, and more. In addition, as you grow older, you will need a vehicle, home, may be planning for a trip or have to fund your or your children’s education, and the most common of all is emergencies, add a bad credit score on top of it.
  • Getting a loan with a poor credit score can be difficult. Moreover, a bad credit score reduces your chances of getting a loan in the future. Although, financial institutions such as PrestoCash offer Fast e-transfer loans in Canadawithout a credit check to help you deal with emergencies.
  • Indeed, we do not check your credit score. However, we also do appreciate financially literate clients. That’s why we write content along with providing loans to improve your financial knowledge and contribute to the nationwide effort to improve financial literacy among citizens.
  • A poor credit score is the reflection of poor knowledge of loans. Although there are many things to learn about loans and managing credit, below are short points that you must consider.
    • Do not use more than 30% of your total credit limit.
    • Do not gamble with your loan.
    • Start taking small credit and improve your credit score.
    • Learn about the types of loans and why they are required.

Planned Investing

  • Like other parts of finance, investing is subject to market risk. Many people refrain from investing because of its volatile nature. You must have seen many rich people say, ‘you must start investing as soon as you can’but never understood how.
  • Investing is similar to buying an item for yourself. The only difference is the items you buy here increases in value, whether you buy real estate, business, stocks, bonds, or any other asset.
  • However, you should understand that taking a risk and taking a calculated risk are two very separate things.
  • At first, you may not understand how a company or a real estate would perform in the next 5 years, but there are many indicators and factors help you check the history and current performance of the business, analyze the market needs and based on that help you take a calculated risk on the future trend and growth of an investment.
  • Losing a few hundred is no biggie if you are new to investing! But keep a note on why it happened and how you can improve it.

Risk Management

  • Risk is everywhere. If you invest, you risk losing your money. If you don’t, you risk devaluating your money. So managing risk is important for financial confidence. And to take a risk, it takes courage.
  • You don’t have to take the risk of losing $100,000 but start with a small amount and as you gain confidence in your financial knowledge, take a bigger risk.

Goal Setting

  • Goal setting is the most important part of financial knowledge, and probably everything unitl now is futile if you don’t have a goal.
  • For example, how would you know when to take out your investments? Setting a goal helps you understand your financial targets and when you reach that target, take out your money for your needs. For example, maybe you need to buy a car or house or anything with your investments.
  • Setting a goal is how you achieve that goal. So set financial goals for the next 2 years, 5 years, 10 years, 20 years, or plan your retirement with it.
  • Decide your goal and begin your journey. Goal setting gives direction to your financial knowledge and helps you find possibilities; otherwise, you would have skipped.

These are the 6 important elements to improve financial knowledge. Over time, you will be able to take greater risks and manage your money effectively. But, of course, falling short on cash is normal, so whenever you need an extra hand to manage your finances, get the same-day e-transfer loan in Canada from us.

6 Things You Should Never Do With A Loan

6 Things You Should Never Do With A Loan

Have you ever considered taking a loan? Maybe or maybe not! Chances are the younger you are, the more distant you are to loan and the older you are, the more involved you are with loans. In Canada, middle-aged people owed the most loan in 2020. And as time passes, these stats are nowhere to get lower.

The debt problem is still a persistent problem that many households face in Canada. More often, such problems are due to the poor financial knowledge of people.

Many people in their younger days do not take time to learn about finances and how to manage money because they believe it’s not the time to learn about finances; its time to enjoy, party and later when they reach their late 20s and begin to shoulder responsibilities, poor financial knowledge knocks them off the ground. Only 33% of youngsters are financially literate in Canada.

In these times, the most common and popular way to manage difficult times is to get instant cash loan in Canada. Of course, taking a loan comes with risk, but your family, relatives and friends will suggest you take a loan, so why not go for it. However, a loan may help you get over your immediate financial difficulty, but it won’t improve how you handle money. So first, educate yourself about the loan.

Nevertheless, a loan can become a necessity in certain situations, but spending it on unnecessary things can adversely affect your life and lives dependent on you. Therefore, it is essential for you to learn more about the loan and use them effectively.

Although you may have read many articles and blogs on ‘How to take a loan’ or ‘How to use a loan the right way?’ in this blog, let’s not discuss the right, but the wrong ways to use or things you shouldn’t do with loan.

It is important to learn how to use a loan, and it is equally important for you to learn how not to use a loan to avoid using it the wrong way.

What you should not do with a loan

  1. Do not change jobs 
    • It feels amazing to resign from your old, life-sucking job and it sounds even more thrilling and pleasing to start a business and be your own boss. But guess what? Don’t do it! At least when you owe a loan.
    • Starting a business and making it successful are two very different things. You already know business is a risky bet, and just because John has started a business (hypothetically), you should too. If a job is your only source of income, you should probably stick to it and focus on creating more income source.
    • If you change and things don’t go the right way, banks won’t listen to your explanations because they expect you to pay the money on time, and if you fail to do so, it can affect your credit score and be troublesome.
  2. Gamble 
    • This goes without saying. Using the loan money in gambling can hit you hard. One thing that you must realize is you do not own the money you loan; a person or business has lent you the money with some conditions an you are obliged to pay it back. And gambling, where the chances of winning and losing are 50-50 can be a tough bet.
    • Many states have rules regarding gambling, and it’s illegal to do if the government does not manage it. So despite whatever reasons you may have, gambling with your loan is not advisable.
  3. Owning multiple loans
    • This one is what you must avoid doing. Many people take loans to settle loans! For example, a person has two credit cards and an outstanding amount of $300. Each month he pays the bill with a credit card. And the next month with another credit card.
    • This may seem smart, but unfortunately, it will hurt your credit score, and the credit is only revolving from one account to another. It will not end this way. This is a sure way to get into a debt trap and negatively impact credit score.
  4. Do not skip or default on payment
    • After talking about it, you should not take multiple loans; it’s even more important not to skip on the payments.
    • A single missed payment can decrease credit score by 150 points. And talking about a default, it can rob as much as 350 points straight from your credit score. So it can be disastrous and will impact your future probability of getting a loan.
    • Avoid defaulting and skipping payments; bring the habit of budgeting into your finances and set a portion of your income to pay your monthly EMIs. Be disciplined about your finances.
  5. Forget about the documents 
    • After you get a loan, you will also receive some documents regarding the loan. These documents will contain information related to your loan amount, interest rate, tenure, personal details, EMI plan and other important information.
    • Ensure you go through these documents thoroughly and rectify any error by contacting the lender. Any wrong information may lead to later on confusion.
  6. Choosing a wrong tenure period
    • A wrong tenure period can either make your loan extend unnecessarily long, taking more money from you as interest or too short with big monthly payments, making you struggle with everyday expenses.
    • So while choosing the right tenure period, consider other important factors, such as groceries, rents, bills and payments and check what tenure will fit the best in your budget.
    • But of course, if you can afford to make huge payments, you can, but if you cannot, then adjust the EMI plan and choose the best for you.

Wrap up

So these are the things that you should avoid while getting a loan. Whether you want a loan to purchase a car or finance your home, the above factors play an important role in the type of loan you will choose and impact your financial life.

As a general rule, you must keep learning about anything before getting into it. Of course, you cannot be 100% ready for anything, but having an idea about a particular topic will help you better understand.

So whether you are applying for easy fast loans in canada, these tips will help you avoid bad credit habits and improve your financial knowledge.

Top 5 Ways to Get Out of Debt As Soon as Possible.

Top 5 Ways to Get Out of Debt As Soon as Possible.

Many people in Canada find the need to borrow funds at some time or another. Financial emergencies can hit at any time, and when they do, you need immediate funds to deal with them. You may believe that your savings would protect you in the event of a financial crisis, but the truth is you never know when or how much an emergency will cost.

Online loans are the best ways to cover financial emergencies because they are easy to secure, and you’ll get the funds in just a few hours. Several online lenders offer the best online e-transfer loans in Canada.

 An e-transfer loan is a type of personal loan that can be secured via the internet. These loans provide instant access to funds and require little to no documentation, making them extremely convenient for borrowers.

How do instant loans assist you?

Money is the last thing in your thoughts when you’re in a bad circumstance. Instant e-transfer loans in Canada are one of the options available to cover your financial issues. If you’re eligible by the lender, you’ll get the funds in a few hours.

These loans come in handy when you need money fast and don’t have time to go to the bank. You can secure funds in a matter of a few taps.

But there are many people in Canada who are unable to pay their loan amount on time. It’s because of their personals or business reasons. They find it extremely difficult to cover their debts on time. If you’re one of those persons: Don’t worry: PrestoCash is here to help you out.

How to get out of the debt?

You can get out of debt as fast as you can. All you have to do now is make some fundamental changes in your lifestyle and create a get-out-of-debt plan.

At, we will help you get out of your debt situation as soon as possible. So, don’t wait to take back control of your life again. Instead, follow the below steps and get out of debt as quickly as possible:

  • Track your spending:

The first and foremost step in getting out of debt is to keep track of where your money goes. You can’t make budget cuts if you don’t know how much money you spend in a day and what things you’re spending the most on. Keeping a comprehensive record of things will allow you to see what unnecessary expenses you are spending on a regular basis and what you should eliminate from your daily routine. Don’t forget to include your loan’s monthly installment in your list.

There are a vast number of ways to track your money spending. The following are some of the most prevalent methods:

  • Keep all of your receipts.
  • Make use of a budget worksheet
  • Keep notes of your daily spending
  • Use app trackers for banking.

Whatever approach you choose, be sure it’s one you’ll remember to use every day and that will allow you to receive a complete picture of your spending.

  • Stop Borrowing money:

The second step to paying off your debt on time is to stop taking or borrowing money from others. Until your first loan is entirely completed, stop taking more short-term or long-term loans. Wait for the first loan to get over, and then go for the next one.

Correcting your attitude towards money spending is most important. In order to get yourself from a small hole of debt, don’t dig yourself into a big one. You have to understand that you’re already in debt and have to stop making extra expenses like shopping or parties that are unnecessary.

  • Pay more than the minimum payment:

If your main goal is to get out of debt as soon as possible, you should set aside as much money as you can each month to pay off your debt. Then, if you have any additional money or income, try to make higher payments on your debt to get closer to a debt-free status.

When you make your budget list, set a minimum amount that you’ll submit every month to pay your monthly installments. It should be more than 20% of the total income. Of course, any chance to add more will help you get closer to your objectives faster. Whatever your circumstances, it’s important to pay your installments on a time and regular basis to avoid unnecessary blunders.

  • Create a family budget:

It’s not uncommon for one family member to be in charge of the entire household’s money. Unfortunately, this frequently means that no one else in the house is aware of the situation. If you want to be successful, you’ll need a rigid budget to pay off the debt that everyone in the family is aware of.

Tell your partner and family members the truth. If they don’t know your complete debt status, you’re on your own. Tell them about your debts and your goal to pay them off quickly, and gain their support for your repayment plan. If you live with someone who spends without regard for the home budget, no amount of saving will help. Therefore, you must include them in this process and ensure everyone is on the same page. Their contribution can help you come out of the situation smoothly.

How to Plan a Budget If You Are a Single Parent

How to Plan a Budget If You Are a Single Parent

Parenting isn’t an easy task, especially if you are a single parent. You have to consider many things to ensure a secure future for your child. So if you are a single parent, in this article, we will discuss how you can prepare a budget for your family and secure a good future. In 2021, 40% of marriages in Canada ended in divorce, with money being the top reason for divorces, followed by cheating and other stuff. We understand divorce can be difficult to deal with and often can lead to serious traumas and makes life difficult. As a single parent, you often need to deal with a plethora of emotions, yet you have to take care of your child and tell them everything will be okay! Often at the starting, it may feel like a mountain of responsibilities on your shoulder. Still, for the sake of your child, you have to keep up with all the responsibilities and make sure you provide them with all the necessary things essential for their well-being. Moreover, you also need to take care of your health. Of course, as parents, you are self-sacrificing, but you also need to be in a healthy condition to take care of your child. We may not be able to help with other factors in your life but can surely assist you plan a budget that will help you secure your family’s future. Step-by-step process to create a budget Analyze your financial position Before starting with any budgeting, analyze your current financial standings. Understanding your current income and expenses is important to create a budget. You can write all your expenses in one place and income opposite to it and check the money flow. In accountancy, a balance sheet is often used to display assets and liabilities together, which gives companies a brief, clear idea of their finance. Below is a standard format of the balance sheet you can use to list all your incomes and expenditure.
  1.       Income/Investments      Amount        Expense      Amount
01               XXX             XXX                   XXX                         XXX Total                XXX                                              XXX This will help you analyze your income and spending and give you a clear idea of your current financial standings. The income side of the sheet consists of all the information related to your income and investments, such as salary, mutual fund, emergency fund, or miscellaneous income. At the same time, the expense column will contain your mortgages, groceries, bills, and other forms of payments. Once you are clear on your total income and where your money is going, proceed to the next step. Strikeout unnecessary spendings After analyzing the above chart, look for expenses that you can strike out. For example, drinking coffee at home rather than in a fancy outlet, ordering from a restaurant, buying new clothes every month, and many more. Strike them out and use that money for other necessary purposes. Have emergency savings Let’s just admit; a smooth life is never guaranteed. You may face any difficulty anytime in your life without any warning. We can neither avoid it and certainly can never predict it, but we can surely prepare for it. Therefore, you must put part of your income as emergency funds. It will help you deal with emergencies effectively. In these times, loans from online lenders are also a great choice as they offer no credit check e-transfer loans, which makes them easy to get approved for. Invest a portion of your income for future Saying you may face an emergency is still hypothetical. It may happen anytime, but you and your children have a long life. Eventually, they will grow and get into universities or go abroad for higher studies. These things require a huge chunk of money. Therefore, you must plan, not just for now but also for 10 or 20 years ahead. Invest a part of your income in mutual funds, NFTs, stock or similar financial instruments (make sure you learn about them before investing). Then, grow your money to meet the demands of the future. Additional tips for Budgeting
  • Increase sources of income
This one’s obvious! You must do all you can to increase your income sources. There are thousands of ways people make money. Find a few to invest your time in and expand it to generate extra income. For example, rent out your garage, buy machinery, rent them out, or have an online business.
  • Get an Insurance
Insurance is a must for your and your family’s security. As we discussed earlier, life is unpredictable, so insurances act as an emergency deposit for you in case something happens. There are many types of insurance available that you can apply for, such as term life insurance and health insurance. Understand this with an example, a parent took an education loan for their children to study but met with an accident and couldn’t make the loan payments. The burden to pay the loan will be shifted on the children’s shoulders. But if the parent has opted for life insurance, the loan amount can be easily paid back with it. This removes the burden of paying a loan from the child. This is why getting insurance acts as a protective shield against emergencies.
  • Tax benefits
There are many tax benefits you can opt for as a single parent. This will help you save some on the tax that you pay to the government.
  • While paying taxes instead of “Single,” file as “Head of Household.” You may be able to earn a higher standard deduction if you meet the criteria.
  • You can claim child benefits for each child.
  • You can claim the unused tuition fee if your child is in post-secondary school.
  • The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free payment that helps low- and moderate-income families balance all or part of their GST or HST payments.
  • Get help
Lastly, you may have taken care of everything. Still, some things can go the other way. Therefore, to cover the minute expenses, you can take a no credit check e transfer loans to pay these bills. Other than that, credit cards are also a great way to earn extra rewards to get discounted payment options or use the credit points to get an item for free. But if you have a poor credit score, you can get no credit check e transfer loans in Canada from  online loan lenders. Bottom line Creating a budget is no problem, but following it and sticking to it is the real challenge. However, you can suit and allot the budget as per your needs. Hopefully, this article has given you an idea of how you can plan a budget as a single parent.