Not sure how to make a savings plan? Read on…
Latest News
Tax refunds 2026: How to make every dollar count + MORE Apr 22nd
For many Canadians, a tax refund feels like a bonus—a bit of extra cash that shows up each spring. In reality, it’s your own money being returned after a year of overpaying taxes, and how you think about it often determines how far that money goes.
The difference comes down to mindset. When a.... More »
The best travel credit cards that aren’t travel credit cards + MORE Oct 31st
If we’ve learned anything from the pandemic, it’s that things can change quickly. In 2019, travel was a major spending category for Canadians. But in 2020, we were grounded by the COVID-19 pandemic. So, it’s understandable if earning travel rewards aren’t at the top of your priority list. At.... More »
Amar earned $117,799 last year. But he is a freelance photographer with an unpredictable income. How can he sock away more savings? + MORE Oct 17th
Amar is 31 years old and lives in an affordable shared apartment. How can he increase his savings when his monthly income is never the same?.... More »
Can you make RRSP contributions after age 71? + MORE Apr 23rd
Ask MoneySense
My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?
—Bob
Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »
How segregated funds can help protect your nest egg in a volatile market + MORE Sep 20th
For older Canadians afraid of having their savings wiped out in a market downturn, segregated funds could be an effective option, writes Gordon Pape..... More »
Failing to Plan is Planning to Fail: Do You Have an Emergency Savings Fund?
– ratesupermarket.ca
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…
