borrowell.com, Author at ̨ÍåSWAG /blog/author/borrowell-com/ Free personal financial plan Thu, 16 Jan 2020 20:35:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png borrowell.com, Author at ̨ÍåSWAG /blog/author/borrowell-com/ 32 32 Why monitoring your credit score is a good idea /blog/why-monitoring-your-credit-score-is-a-good-idea/ /blog/why-monitoring-your-credit-score-is-a-good-idea/#respond Wed, 21 Aug 2019 06:49:19 +0000 http://planswelldev.wpengine.com/?p=11806 Your credit score is an important piece to your financial well being. Let’s take a look at common mistakes you can make when you don’t monitor your credit.

The post Why monitoring your credit score is a good idea appeared first on ̨ÍåSWAG.

]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

The post Why monitoring your credit score is a good idea appeared first on ̨ÍåSWAG.

]]> /blog/why-monitoring-your-credit-score-is-a-good-idea/feed/ 0 Why having a good credit score is important – and how you can improve yours /blog/a-good-credit-score-is-important/ /blog/a-good-credit-score-is-important/#respond Wed, 06 Jun 2018 19:05:57 +0000 http://planswelldev.wpengine.com/?p=4370 Do you know your credit score? Many Canadians are still in the dark when it comes to the importance of monitoring their credit score.

The post Why having a good credit score is important – and how you can improve yours appeared first on ̨ÍåSWAG.

]]>  

 

The post Why having a good credit score is important – and how you can improve yours appeared first on ̨ÍåSWAG.

]]> /blog/a-good-credit-score-is-important/feed/ 0