I have changed my budget around and what I want to do is start saving. I recently started a new ING account. I now have $100 in savings in a TFSA, and they gave me a free $25 for a regular savings account. Woohoo! My Orange Key is 34362383S1 in case anyone would like to sign up (means $25 for you and me for free)! You just need to have a minimum of $100 deposit. More info here.
I feel like I'm late to this savings game and don't know very much about it (particularly the RRSP savings). I realize it can make a big difference to your future though. If anyone can give me some advice on how to set up RRSPs that would be great!!
My original goal of paying back the $5000 to my family by the end of February is going to be delayed (they are fine with this, said to take all the time I need/want). I would like to give them $3000 by the end of February and then the remaining $2000 by the end of May or so. All the while putting some extra money into savings (will go more into detail about what this means later, after some more research as well). I'm glad I am going to start doing this because there is a lot to save for!!
Good for you with the work on paying off your family. You're making such a great start figuring all this out. (I have a daughter in her 20s, but she's still in school, and I think you're way, way ahead of her in terms of being money savvy. I applaud you. I know there's tons of information on how to get out of debt out there, but take a look at "The Debt-FREE Millionaire" which is chock full of strategies to create good credit and retiring rich. (I know you're way away from retiring, but some of us are lots closer!) It is a great source for those looking for help with your debt, with strategies to help you eliminate all your debt even if you can't afford to make ends meet each month. I think you'll find it really helpful.
ReplyDeleteI don't understand a whole lot about the investment world myself but I do understand the benefit of RRSPs. I pretty much followed my dad's advice to get a mutual fund. He told me that mutual funds were good for people who don't understand or want to follow the market on their own. Of course, that's where his financial advice for me ends. So, I went to the bank and told them that my dad recommended mutual funds and what did they think? They walked me through it and I picked the one I wanted. It's been ok so far but I do always wonder if there is something better I should be doing...
ReplyDeleteYeah! I'm glad you're saving. =)
ReplyDeleteI know nothing about RRSPs(American here), but I learned a LOT from reading the Bogglehead's Guide to Investing. I read the entire thing in two nights I found it so interesting. I don't know how much carries over to Canadian investing but I'm sure the principles are similar.
The bottom line from the Bogglehead book: choose index funds =)