RenovationFind, Author at ÍøÆØ³Ô¹Ï /blog/author/renovationfind/ Free personal financial plan Wed, 15 Jan 2020 20:11:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png RenovationFind, Author at ÍøÆØ³Ô¹Ï /blog/author/renovationfind/ 32 32 Budget planning for a bathroom renovation /blog/budget-planning-for-a-bathroom-renovation/ /blog/budget-planning-for-a-bathroom-renovation/#respond Tue, 10 Sep 2019 16:36:07 +0000 http://planswelldev.wpengine.com/?p=12271 When planning renovations it ÍøÆØ³Ô¹Ï â€™s important to have a solid plan and renovation budget in place. Here are some tips for creating a budget for your renovations.

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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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