borrowell.com, Author at ÍøÆØ³Ô¹Ï /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 ÍøÆØ³Ô¹Ï /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 ÍøÆØ³Ô¹Ï â€™s take a look at common mistakes you can make when you don ÍøÆØ³Ô¹Ï â€™t monitor your credit.

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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 ÍøÆØ³Ô¹Ï â€™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 ÍøÆØ³Ô¹Ï â€™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 ÍøÆØ³Ô¹Ï â€™t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there ÍøÆØ³Ô¹Ï â€™s a program in place that allows you to , it ÍøÆØ³Ô¹Ï â€™s not recommended to withdraw money from your RRSP to fund a renovation. You won ÍøÆØ³Ô¹Ï â€™t get the contribution room back and you ÍøÆØ³Ô¹Ï â€™ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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]]> /blog/why-monitoring-your-credit-score-is-a-good-idea/feed/ 0 Why having a good credit score is important ÍøÆØ³Ô¹Ï â€“ 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.

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