Summertime has finally arrived! This is the perfect time to take a moment to think about your short-, medium- and long-term projects! Are you planning a move or renovations? Looking to build an emergency fund? Have you reached a stage in life where you’re hoping to accelerate your retirement plans? Whatever your situation, you can keep all your projects on track this summer.
Some projects are more motivating than others. When your goals are well defined, all you need is an action plan to achieve them. What are your goals? Maybe you want to go back to school, buy a new car, or take that dream vacation. Make your dreams a reality by setting realistic savings goals and sticking with them. Automatic transfers are a great way to help you achieve the things that matter most to you.
As retirement approaches, your budget often changes: some expenses decrease, while new priorities emerge. In this context, it can be helpful to review your savings tools to maintain flexibility. Thanks to its tax-free withdrawals, the TFSA can be part of that reflection. Here are three reasons to consider it before — and during — retirement.
Creating a budget can feel restrictive at first. In reality, it’s simply an effective way to better understand where your money goes and regain some control over your finances. By taking a close look at your income and expenses, you gain useful reference points to make informed decisions and, at your own pace, develop healthier spending habits. Here are three practical tips to help you build a budget that truly works for you.
Wondering what to do with your tax refund this year? What if it became a lever to make your plans come true?
Of course, you can always treat yourself or spoil your loved ones. But reinvesting your refund—in a TFSA or your RRSP, for example—could significantly increase your savings’ value.
An RRSP is a tax-deferral tool that helps you save for retirement. A TFSA is a savings tool that you can also use for retirement, as well as the other projects you have going on. In other words, we have two plans with two different sets of goals. Choose the one that best suits your needs and goals or combine them to maximize their benefits.