And speaking of cashola, I went and saw my RRSP person yesterday. As per my new budget, I’ve increased my RRSP contributions by $75 every two weeks. I also discovered that I could convert my Vancity VISA1) reward points to actual money that goes into my RRSP – so I got a cool $112 for free. I heart free money.
As well, I decided to convert my Tax-Free Savings Account to a mutual fund so that it will at least (hopefully) make a bit of money. Interest rates on savings accounts suck the big one, and since the “tax-free” part of TFSAs is that you don’t pay tax on any money you make from the investment, I figure I should actually make some money on the thing. I was using my TFSA as my “emergency fund,” which you wouldn’t really want to tie up into a mutual fund (as you could end up having to draw on it when the markets are down and thus lose money), but now that I’ve built up some cash in my regular savings account that can be my “emergency fund,” I can think of the TFSA as more of a long-term investment. I talked to my sister on the phone for quite a while last night so she could explain to me how she invests in stocks. I still have a lot of learning to do before I’d be confident enough to do that, so I figure mutual funds for my TFSA is a good baby step in that direction.
Tomorrow, I’m calling the bank to increase how much I pay on my student loans by $150 a month. All of this makes me happy.
And speaking of money, Nancy Zimmerman is posting money tips on her Money Coach blog every day this month. You should check them out!