Zumper, Author at ÍøÆØ³Ô¹Ï /blog/author/zumper/ Free personal financial plan Mon, 29 Jul 2019 18:26:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Zumper, Author at ÍøÆØ³Ô¹Ï /blog/author/zumper/ 32 32 10 ways to save money while renting /blog/10-ways-to-save-money-while-renting/ /blog/10-ways-to-save-money-while-renting/#respond Mon, 05 Aug 2019 06:30:12 +0000 http://planswelldev.wpengine.com/?p=11671 Living paycheck to paycheck and feel like you ÍøÆØ³Ô¹Ï â€™re never getting ahead? Save money by following these tips to stretch your pay packet further.

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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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