RRSP’s For Dummies

I literally just googled those exact words… I have been contributing to RRSP’s at my workplace for the past 16ish months. If we would like to contribute we have to put a flat 10% into the RRSP and my employer will match 5% (I have previously asked to have mine lowered to 5% me/ 5% them but apparently we’re not allowed to customize the plan). I am happy that I’m currently used to putting away 10% of my income without noticing it, sometimes I get frustrated when I feel like friends my age are making more than me. I try to remind myself that by putting $250 a month in my retirement savings now, I’ll be happy in the future!

Here is my next dilemma… when I’m done paying down debt (and that will be a WHILE from now), do I contribute more into my RRSP’s or share the love and open a TFSA? Time to get back on Google!

I often feel like I should go into my bank and speak to a financial planner, however the last time I was there looking for help with my debt repayment strategy… I didn’t get any help at all. I got a “keep doing what you’re doing” talk from a girl who was being transferred to a new position the next day and seemed a little anxious to get out. I also feel like I haven’t made enough progress to go yet :S. Common theme this past week, not feeling like I’m making enough/ contributing enough. Hopefully a long weekend will be the trick to cheering me up!

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3 thoughts on “RRSP’s For Dummies

  1. Nice try for your full employer match! hee hee First of all, good for you doing that. You can put your extra money once debt is gone into your RRSP (assuming you have lots of contribution room) and then with your tax refund put that into a TFSA. You’re young so make sure your TFSA is not just one of those interest bearing cash ones but one that’s invested in an ETF fund so you get bigger gains on your investment.

    • Haha it doesn’t hurt to try Debs! 😛 I can’t wait to get out from under the weight of my debts and be able to aggressively save until children come along and take all my money (according to my mother kids do that…)

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