Ladies it's time to become the CFO in your household

Northern Credit Union
News Release

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In an effort to support and improve financial literacy in the north, Northern Credit Union is encouraging women to become CFO's for their households.

"Our Wealth Consultants see almost equal numbers of men and women managing household finances. We continually strive to find creative ways, from financial boot camps to newsletters http://www.northernpursestrings.com/profiles/blogs/the-stiletto-2011-spring, to provide everyone in our 23 communities the tools to take on this CFO role with confidence and success," said Al Suraci, CEO of Northern Credit Union.

Earlier in the year, Canada's Task Force on Financial Literacy made public its report to the federal Minister of Finance http://www.financialliteracyincanada.com/eng/documents/canadians-and-their-money.html, recommending urgent action on a national strategy to strengthen Canadians' financial literacy.

Northern Credit Union offers these first steps to women looking to take on the role of household CFO:

Be aware- Even if you are not currently involved in the household finances, get involved in the financial planning. Take time to understand how much money is coming in, where that money is going, and what investments you have.

Pay yourself first- With each pay cheque, set up a regular transfer of money to a savings account or personalized pension plan such as an RRSP. Saving money now will help ensure you have enough money to cover living expenses during retirement.

Have an emergency fund- Have a rainy day fund that can cover about three to six months of expenses in case of an emergency. Temporary loss of job or unforeseen expenses can happen to anyone. Having some money tucked away provides extra security to help get through difficult times.

Be aware of the investment vehicles available- Take time to learn and understand what is going on in the markets and what investments can do for you. A financial advisor can help you build a portfolio based on your risk tolerance and comfort level.

For further information on NCU's financial literacy initiatives, go to www.northernpursestrings.com. To register for a boot camp please call or visit a Northern Credit Union branch.

Serving 23 communities stretching along the Canadian Shield in northern and eastern Ontario, Northern Credit Union is a full-service, locally-operated financial institution offering personal and commercial banking and financial planning expertise to more than 47,000 member shareholders. For more information on Northern visit www.northerncu.com.

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