When trying to figure out how much you need to retire, there are many different rules of thumb you could follow. While I’ve previously discussed the 4% rule and the rule of 20, which both calculate your likely income at retirement, the most common calculation on how much to save up to retirement may be…
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Category Archives: Saving
New Year’s Resolutions For Your Personal Finances
While we all hope to have our personal finances in order all year long, a new year can give us a fresh start to change some of the areas that need improvement. This first post of the year should give you some ideas of what you can do to make 2010 the best year yet,…
Save Money Buying A Used Car, But Be Prepared For Repairs
Buying a used car is a great way to save money. Buy 2 or 3 years old and you’ll avoid the big hit of depreciation, plus the car will still be reliable and under a warranty. Keep in mind though that once the warranty is up you should have a plan to cover any repairs…
How Long Will It Take To Double My Money? The Rule Of 72
The Rule of 72 is a simple calculation to determine how long it will take to double your money at a specific interest rate. For example, if your were expecting a rate of return of 7% you would divide 72 by 7, which tells you it would take about 10.3 years to double your money…
Build A Guaranteed Investment Certificate (GIC) Ladder
Guaranteed Investment Certificates (GIC) provide a guaranteed form of income provided you lend your money for a set amount of time. There is a way to increase the flexibility of when you can withdraw and decrease the risk of investing at a low interest rate. GIC laddering involves splitting up your investment into separate terms….
What Are Guaranteed Investment Certificates? (GIC)
Guaranteed Investment Certificates, or GICs, are a form of investment where you agree to lend money to a bank for a set amount of time. The bank agrees to pay you a certain percentage of interest to borrow this money. The amount of time might only be 90 days or as much as 10 years….
How To Build An Emergency Fund
So you’ve paid off all your debt and want to start to build your savings and investments? Before you start working on building up your RRSP, your first savings priority should be an emergency fund. I’ve mentioned previously that I don’t believe an emergency fund makes much sense if you still have debt. By paying…
