Hello to everyone. Ok here is my situation and I will try to included everything.
I am 40 with a full time job @38k$ a year. My wife just finished a three year program to become a Dental hygienist and landed a job @36k she's 29 and we have no kids.
Liabilities:
Credit card: approx 1500$
Line of credit: 3600$
Assets:
Mine: Rrsp 40$K(not maxed) No contribution (yet)+ Lira 16K$+ pension fund(from work)5K$+ appr.50$ a month contribution=61 000$
Wife: Rrsp 7k$(not maxed) +50$ a month contribution..Going to increase between 100$ to 150$ a month.
Joint: ING savings accoun. 2000$+restarted a 1000$ a month contribution.
bank account 5000$, but will be depleated in a month or two. (Personal reasons)
Budget: I have done a quick calculation of expenses and they roughly come to 3100$ a month(It should be less but I overpriced a few items). We clear roughly 4000$ a month.
We are currently renting and looking to buy a home in a year or maximun 2 years. Planning to start a family in one year.
Plan of action:
-rebuild the ING account to around 6months living expenses.
-Start contributing to my rrsp.
This is where I need help, should we instead in putting money into ING savings account, place it in a TSFA? Bring the TSFA to 5000$ and then start saving into ING? WE are not looking at the TSFA for a place to hold stocks or mutual funds, just a place to save money.
ANy thought, suggestions.
Thank you.
I am 40 with a full time job @38k$ a year. My wife just finished a three year program to become a Dental hygienist and landed a job @36k she's 29 and we have no kids.
Liabilities:
Credit card: approx 1500$
Line of credit: 3600$
Assets:
Mine: Rrsp 40$K(not maxed) No contribution (yet)+ Lira 16K$+ pension fund(from work)5K$+ appr.50$ a month contribution=61 000$
Wife: Rrsp 7k$(not maxed) +50$ a month contribution..Going to increase between 100$ to 150$ a month.
Joint: ING savings accoun. 2000$+restarted a 1000$ a month contribution.
bank account 5000$, but will be depleated in a month or two. (Personal reasons)
Budget: I have done a quick calculation of expenses and they roughly come to 3100$ a month(It should be less but I overpriced a few items). We clear roughly 4000$ a month.
We are currently renting and looking to buy a home in a year or maximun 2 years. Planning to start a family in one year.
Plan of action:
-rebuild the ING account to around 6months living expenses.
-Start contributing to my rrsp.
This is where I need help, should we instead in putting money into ING savings account, place it in a TSFA? Bring the TSFA to 5000$ and then start saving into ING? WE are not looking at the TSFA for a place to hold stocks or mutual funds, just a place to save money.
ANy thought, suggestions.
Thank you.