Jordan Lavin of RateHub, Author at 51³Ô¹Ï±¬ÁÏ /blog/author/jordan-lavin-ratehub/ Free personal financial plan Thu, 16 Jan 2020 19:53:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Jordan Lavin of RateHub, Author at 51³Ô¹Ï±¬ÁÏ /blog/author/jordan-lavin-ratehub/ 32 32 Tips for financing a home renovation this Spring /blog/tips-for-financing-a-home-renovation-this-spring/ /blog/tips-for-financing-a-home-renovation-this-spring/#respond Mon, 13 May 2019 06:26:39 +0000 http://planswelldev.wpengine.com/?p=11019 Home renovations are expensive, and money doesn’t grow on trees. Fortunately, there are plenty of options available to homeowners to pay for these renovations. Are you aware of them all?

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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]]> /blog/tips-for-financing-a-home-renovation-this-spring/feed/ 0 Becoming a homeowner? Here’s why you should boost your emergency fund /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/ /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/#respond Tue, 29 Jan 2019 06:13:05 +0000 http://planswelldev.wpengine.com/?p=10079 First-time homebuyers face a lot of financial pressures such as down payments, legal fees and moving costs which is where your emergency fund can help.

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]]> /blog/becoming-a-homeowner-heres-why-you-should-boost-your-emergency-fund/feed/ 0 How to make the homebuying process less stressful /blog/how-to-make-the-homebuying-process-less-stressful/ /blog/how-to-make-the-homebuying-process-less-stressful/#respond Tue, 30 Oct 2018 06:49:44 +0000 http://planswelldev.wpengine.com/?p=8695 Buying a house is stressful, there's no questioning that. Here's a few tips to help you prepare for the homebuying journey and make it less stressful.

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]]> /blog/how-to-make-the-homebuying-process-less-stressful/feed/ 0 What you should look for in a bank account /blog/what-you-should-look-for-in-a-bank-account/ /blog/what-you-should-look-for-in-a-bank-account/#respond Tue, 11 Sep 2018 15:39:39 +0000 http://planswelldev.wpengine.com/?p=7596 Whether you’re getting a bank account for the first time, or you’re thinking about making a change, here is what you should look for in a bank account.

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