Want an Instant Raise?

a picture of a dollar sign versus a cents sign

Who doesn’t want a raise? It could be a lot easier than you think! Many companies offer employer matched savings plans. This is essentially ‘bonus’ money as a result of you saving some of your pay cheque. Two commonly offered matching plans are RRSP contribution matching and stock purchase plans.
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The Lazy Way to Save – Automatic Savings Plan

Step by step increases on a graph showing time and money

Setting up an automatic savings plan is a simple one-time step that will change your saving habits forever.

Do you have the goal of saving every week or month? Does the end of the month come around with a lot of bills and not enough to save? Setting up an automatic savings plan places your future self first – not last. Always pay yourself first. By paying your bills before yourself you are putting your current spending before your future self and sabotaging your saving goals.
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Everyone Needs a TFSA

The letters T F S A - how else would you draw that one?

What is a TFSA?
It is a Tax Free Savings Account – in other words it is an investment account that doesn’t have taxes charged on the gains (the money you make). This means any investment income made above the original sum is yours – rather than yours and the tax man’s. Each year you can contribute $5,500 and part or the whole amount can be taken out at anytime so it is an exceptionally flexible savings account.
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Paying Someone Else – Management Expense Ratio

You could be paying someone thousands of dollars a year and not know it!

What is MER?

It’s the ‘management expense ratio’, or how much money you’re paying the bank to manage your investments. This is usually declared when you read about the fund but you’ll never see it on your online or paper statements. It’s considered a management fee that is taken out before your return is calculated (aka the amount you see in your account). This makes it sneaky.
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