Painless Saving – Save Your Raise

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As a career long corporate employee I have an annual performance review followed by a raise for the next year. Part is performance and part is an inflation related increase. I save my raise each year and regardless of the amount it is painless saving. You haven’t gotten used to seeing it in your pay check nor have you put it in your budget.
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Reducing Taxes – Smart RRSP Contribution

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In 2017 my boyfriend and I bought a house. In order to make the down payment I sold most of my stocks and index funds and have a resulting capital gain. While obviously this is a great problem to have I don’t want to pay tax on it come April 2017 so I will make an offsetting RRSP contribution.
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Retirement – How Much Do You Really Need?

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It seems like there is a constant flow of articles and news featuring people who don’t know how much to save for retirement. It is easy to sympathize with this problem but even after reading the articles I don’t feel like there is a clear answer on how much to save. There are many ‘rules’ that all seem to have as many pros as cons. I am going to breakdown a couple rules and how I got to my retirement savings goal.
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Your Emergency Fund – Keeping You Out of Debt

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Having an emergency fund decreases my stress because I know I have money in case of an emergency and lets me stick to my savings goals even when times are tough. Even with a good budget unexpected events happen.

An emergency fund must be easy to access and large enough to support you through a short period of difficulty. This could vary from job loss to poor health to a family crisis to any other challenge that you encounter. What they have in common – they would have a negative impact on your finances. An emergency fund will reduce your financial stress and decrease your dependence on credit cards when times are tough.

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Saving for a Sunny Day – Registered Retirement Savings Plan (RRSP)

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The news has been full of the changing patterns of retirement given increasing life expectancy. Now with life expectancy well over 80, people need to plan for 20-30 years of retirement. This requires significant savings – a great first step is an RRSP. Essentially you get a tax credit for putting money away for your retirement. For most people you can contribute 18% of your salary to a maximum of $26,010.
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Want an Instant Raise?

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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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