Jordan Lavin of RateHub, Author at ÍøÆØ³Ô¹Ï /blog/author/jordan-lavin-ratehub/ Free personal financial plan Thu, 16 Jan 2020 19:53:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Jordan Lavin of RateHub, Author at ÍøÆØ³Ô¹Ï /blog/author/jordan-lavin-ratehub/ 32 32 Tips for financing a home renovation this Spring /blog/tips-for-financing-a-home-renovation-this-spring/ /blog/tips-for-financing-a-home-renovation-this-spring/#respond Mon, 13 May 2019 06:26:39 +0000 http://planswelldev.wpengine.com/?p=11019 Home renovations are expensive, and money doesn ÍøÆØ³Ô¹Ï â€™t grow on trees. Fortunately, there are plenty of options available to homeowners to pay for these renovations. Are you aware of them all?

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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/tips-for-financing-a-home-renovation-this-spring/feed/ 0 Becoming a homeowner? Here ÍøÆØ³Ô¹Ï â€™s why you should boost your emergency fund /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/ /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/#respond Tue, 29 Jan 2019 06:13:05 +0000 http://planswelldev.wpengine.com/?p=10079 First-time homebuyers face a lot of financial pressures such as down payments, legal fees and moving costs which is where your emergency fund can help.

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]]> /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/feed/ 0 How to make the homebuying process less stressful /blog/how-to-make-the-homebuying-process-less-stressful/ /blog/how-to-make-the-homebuying-process-less-stressful/#respond Tue, 30 Oct 2018 06:49:44 +0000 http://planswelldev.wpengine.com/?p=8695 Buying a house is stressful, there's no questioning that. Here's a few tips to help you prepare for the homebuying journey and make it less stressful.

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]]> /blog/how-to-make-the-homebuying-process-less-stressful/feed/ 0 What you should look for in a bank account /blog/what-you-should-look-for-in-a-bank-account/ /blog/what-you-should-look-for-in-a-bank-account/#respond Tue, 11 Sep 2018 15:39:39 +0000 http://planswelldev.wpengine.com/?p=7596 Whether you ÍøÆØ³Ô¹Ï â€™re getting a bank account for the first time, or you ÍøÆØ³Ô¹Ï â€™re thinking about making a change, here is what you should look for in a bank account.

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