A Registered Education Savings Plan, or “RESP” since people love using acronyms when talking about personal finance, is a savings account that can be used to save for a child’s post-secondary education. How does it work, and what is the benefit? Money going in (contributions) do NOT generate a tax deduction (similar to a TFSA). […]
Category: Saving
Financial Coaching the Average Canadian Household (Part 5 of 6)
Part 5: Constructing a Savings and/or Debt Paydown Strategy This is the fifth post in a series of six that walks through a theoretical exercise of me financially coaching the Average Canadian Household (as defined by Statistics Canada data) to see how we could improve their financial situation. In the first post, we did a […]
What has COVID-19 done to personal finances in Canada?
Over the last week or two, I have been preparing a series of upcoming posts where I will walk you through a deep dive into the average Canadian household’s personal finances. During my research, I stumbled upon an interesting tidbit that I figured warrant a short post. The Canadian household savings rate in the second […]
Pay Yourself First
This is a very simple concept, and therefore a very short post! Pay yourself (save) first, before you have a chance to spend all of your money. Although it is simple, most people don’t do it. Prioritizing your savings (before your discretionary expenses) is all it takes to successfully start saving money! A few notes: […]
The #1 Factor of Financial Independence Success
Let’s start by talking about pensions! It may sound boring but this is an important place to start the conversation about savings since the type of pension you have have (if you have a pension at all) has a huge impact on your future savings plan. Years ago, people relied on Defined Benefit Pension plans […]