A Money Coach in Canada

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Just a quick headsup: February is the month of love! Wednesday’s posts will be about our relationship with money and Saturday’s posts will be about relationships and money.
If you have questions you’d like me to answer in a post (anonymous!) please e-mail me at moneycoachcanada at g mail dot com.

And of course, check back on Thursdays to be Savvy about current $ news, Fridays for frugal ideas, and Mondays for some gentle images about Contentment.

About the Author

Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com


  1. et

    I noticed you have an ING Direct ad in your sidebar.
    What do you think about
    – branchless offices vs local employment?
    – large international banks vs smaller banks/credit unions?
    I have chosen to keep my banking local (with a brick and mortar office) because empty offices and unemployed neighbors hurt communities.


    nancyzimmerman Reply:

    *totally* good points. And they’ve given me pause. I do a lot of my core banking with a credit union, because “I’m a believer” but with a lot of inconvenience since there isn’t one up here nor are there any bank machines associated with credit unions up here.
    I don’t think smaller credit unions are going to survive, frankly (and sadly), for a variety of reasons. But neither do I think it’s a zero-sum game; hanging on to bricks and mortar offices doesn’t have to translate into unemployed neighbours. It could lead into new paradigms and new (green and digital) economies which rely more on creativity than on traditional business models. My hope had been that Citizens Bank of Canada (online bank owned by Vancity credit union) would be a trailblazer in that regard but alas, it has been shut down.


    et Reply:

    I remember reading that smaller banks & credit unions in the US have done better in mortgage crisis than large banks. Why don’t you think smaller institutions will survive?

    Perhaps you could ask one of them to advertise here?


    nancy (aka moneycoach) Reply:

    @et I hope they do survive, but economies of scale are important, and increasingly we are moving away from bricks and mortar (I loathe standing in lineups and I think most folks share that view). Does that have to mean neighbourhood economies and employment tanks? I hope not. Your neighbour could be developing a “killer app” for the iphone in her spare time for which she will need to employ folks. I don’t generally advertise on my site but I truly do think ING has done a good thing for Canada hence the advert (which I may take down in a couple weeks in any case). I’d be delighted if a credit union approached me to advertise, in fact perhaps I wouldn’t even charge, *but* my readers are mostly Canadian and from all across the country, so unless the credit union has a mechanism to handle applications from far and wide, I don’t know how effective it would be. My hope is the credit unions reinvent themselves based on the fundamentals of cooperative finance but without relying on the physical buildings.
    ET -= if you’re ever interested in submitting a guest post on why Credit Unions rock, I’d love to post it.

    Feb 04, 2011
  2. I think ultimately when you take away the cost of running a bricks and mortar bank as well as all the staff to operate it we’ll all be better off. People don’t trust big banks anymore, I am disappointed to hear that you think credit unions won’t survive, I know that there was a movement in the us to move money to the credit unions after the economic downturn. The banks proved to be all about themselves and their own survival even as their customers lost their homes due to foreclosure.


    nancy (aka moneycoach) Reply:

    @hope Agreed re: banks. And as I mentioned to et, I very much hope credit unions reinvent “how they show up” in the marketplace. We still have plenty of room for member-owned cooperative finance, just without the $$-draining physical branches. In Canada, there was an awesome experiment called Citizens Bank of Canada, an online bank-owned-by-a-credit-union, but regrettably its parent company (a credit union) pulled the plug.


    Feb 07, 2011
  3. et

    Here’s what CU themselves say:
    Why Should You Switch to a Credit Union?


    Feb 10, 2011

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