Not sure how to make a savings plan? Read on…
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack.... More »
Q: I recently transferred my pension from Bombardier to Sun Life. I completed all the documentation and expected the fund to be transferred to an RRSP “Fidelity Clear Path 2035 Port Seg Fund” with around $70,000. Instead Sun Life has put the funds into a LIRA with the same account allocations .... More »
Q: I’m 27 years old with a relatively healthy income of around $125,000. I’m aiming to get on the early retirement track with any luck and retire around the age of 45. I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a bal.... More »
At this time of year, it seems like the financial world is awash with information on what is a Registered Retirement Savings Plan (RRSP), the benefits of having one, and how to start one. But there are still a few planning points that Canadians either aren’t aware of or don’t know how to fully .... More »
The Financial Umbilical Cord: 48% of Canadian Parents Still Supporting Children in 30s + MORE Mar 15th
A recent poll from RBC shed light on an interesting dilemma that many Canadians are facing: trying to save for retirement while financially supporting adult children. The poll found almost all parents (96%) with children between the ages of 18 to 35 said they have financially supported their adult .... More »
If 2019 is the year you promised to stop your bad spending habits in their tracks and ensure your savings go untouched, then maybe the old proverb “failing to plan is planning to fail” hits home for you. But what about the things that don’t make it into the plan? You know, those expenses that just pop up and need to be taken care of immediately?
It’s not uncommon to walk up to your car and find a parking ticket perched upon your windshield, or for your hot water tank to break down suddenly in the middle of winter, or to find yourself frantically looking for flights to visit a sick family member.
But since you don’t usually account for parking tickets in your monthly budget, what’s the plan? These things happen all the time, so it’s also time to expect the unexpected – big or small – and make an emergency savings fund.
What is an emergency savings fund?
An emergency savings fund protects your regular savings account from those unexpected costs like a parking ticket, an overnight visit to the vet, death/illness in the family, or even prolonged unemployment…