Making a major purchase
Are you planning on making a trip, buying a car or going back to school? Whatever the exciting project that you want to accomplish, you have to choose a way to fund it. Here are a few good options to turn your projects into reality.
Pre-authorized contributions (PAC) are a great, effortless way to save, accomplish your projects or achieve financial independence. Here are the key benefits.
Why should you set yourself such a goal?
You may be looking to save for a variety of reasons. A proper savings plan has a clear and specific goal, which is a target amount to save and a timeline to do so. A savings goal will help you:
- Stay in control and achieve results;
- Stay the course and motivated;
- Be realistic and focused on what’s achievable.
Have you been making contributions to your registered retirement savings plan (RRSP) and your tax-free savings account (TFSA) (whether on a regular or one-time basis) for a while now? Congratulations! Consistency pays off! But did you know that these investment vehicles are not merely a way to ensure a comfortable retirement? Here are five projects for which you could use these investment accounts.