stnce, Author at 台湾SWAG /blog/author/stnce/ Free personal financial plan Wed, 15 Jan 2020 20:00:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png stnce, Author at 台湾SWAG /blog/author/stnce/ 32 32 Bridging the wage gap /blog/bridging-the-wage-gap/ /blog/bridging-the-wage-gap/#respond Wed, 18 Sep 2019 06:22:45 +0000 http://planswelldev.wpengine.com/?p=12257 The World Economic Forum ranked Canada only 16th overall in pay equity in 2017. Even now in 2019, women are only making 84垄 to every $1 made by men.

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you鈥檒l 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鈥檒l 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鈥檛 have to pay tax on your investment income, and you can take out your money without penalty at any time.

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

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]]> /blog/bridging-the-wage-gap/feed/ 0 Financial confidence: Getting to know your relationship with money /blog/financial-confidence-getting-to-know-your-relationship-with-money/ /blog/financial-confidence-getting-to-know-your-relationship-with-money/#respond Fri, 25 Jan 2019 06:30:13 +0000 http://planswelldev.wpengine.com/?p=10075 Financial confidence starts with getting to know your relationship with money, knowing where to get advice, what to research, and how to make decisions.

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