Justin da Rosa of RateHub, Author at ÍøÆØ³Ô¹Ï /blog/author/justin-da-rosa-ratehub/ Free personal financial plan Fri, 26 Jul 2019 13:49:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Justin da Rosa of RateHub, Author at ÍøÆØ³Ô¹Ï /blog/author/justin-da-rosa-ratehub/ 32 32 How to build healthy money habits as a recent college or university grad /blog/how-to-build-healthy-money-habits-as-a-recent-college-or-university-grad/ /blog/how-to-build-healthy-money-habits-as-a-recent-college-or-university-grad/#respond Wed, 31 Jul 2019 06:36:49 +0000 http://planswelldev.wpengine.com/?p=11665 Now that you've earned your degree and that expensive piece of paper, it's time to start building healthy money habits that'll set you up for success.

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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/how-to-build-healthy-money-habits-as-a-recent-college-or-university-grad/feed/ 0 How FOMO impacts your finances and how you can fight it /blog/how-fomo-impacts-your-finances/ /blog/how-fomo-impacts-your-finances/#respond Thu, 27 Jun 2019 06:25:37 +0000 http://planswelldev.wpengine.com/?p=11415 Giving into your financial impulses is a good way to go broke quickly. That's why it's important to be more mindful of the impact FOMO has on your finances.

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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.

The post How FOMO impacts your finances and how you can fight it appeared first on ÍøÆسԹÏ.

]]> /blog/how-fomo-impacts-your-finances/feed/ 0 Here ÍøÆØ³Ô¹Ï â€™s why it ÍøÆØ³Ô¹Ï â€™s smart to change up your financial providers /blog/heres-why-its-smart-to-change-up-your-financial-providers/ /blog/heres-why-its-smart-to-change-up-your-financial-providers/#respond Tue, 12 Mar 2019 06:02:07 +0000 http://planswelldev.wpengine.com/?p=10514 Canadians are generally pretty loyal when it comes to their banks. But should they be? Here's why it's important to change up your financial providers

The post Here ÍøÆØ³Ô¹Ï â€™s why it ÍøÆØ³Ô¹Ï â€™s smart to change up your financial providers appeared first on ÍøÆسԹÏ.

]]> The post Here ÍøÆØ³Ô¹Ï â€™s why it ÍøÆØ³Ô¹Ï â€™s smart to change up your financial providers appeared first on ÍøÆسԹÏ.

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