Money is often a delicate subject. Whatever your income, if you don’t know how to manage your money, you’ll likely run into problems. Here are three basic rules to abide by:
1. Make sure you earn more than you spend
2. Save as much as possible
3. Create a realistic budget and respect rules 1 and 2
Making a budget allows you to better understand your spending habits and to adjust, if necessary. Beyond structuring your finances, a budget will help you be prepared for the unexpected and save for projects that are important to you.
Do you know the four Registered Retirement Savings Plan (RRSP) strategies to pay less tax? Discover how to make the most of your RRSP.
Looking to save for a short or medium-term project? Learn about the Tax-Free Savings Account (TFSA). It allows you to grow your savings tax-free, whatever your annual income.
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