Oaken Update – January, 2014

New year, new look

The New Year is a great time to take a fresh look at your strategy for savings. After all, every financial plan starts with saving a little today so that you can live comfortably tomorrow. Of course, that’s easier said than done. Here are some tips for saving:

Use your TFSA. You can contribute up to $5,500 to your TFSA for 2014—and up to $31,000 if you’ve never contributed before. This is a great savings vehicle for short –term and long-term plans, like saving to renovating your home or building your income security.

Contribute to your RSP. A great vehicle for your long-term retirement goals. The RSP deadline for 2013 contributions is March 3 of this year; you can contribute 18% of your eligible income from 2013, up to a maximum of $23,820. Plus you can you can take advantage of any unused contribution room to lower your income taxes even further.

Join a regular contribution plan. You can do so through your employer or directly to your Oaken Savings Account. By paying yourself first, you’ll make it easier to reach your savings target.

 


 

New year, new events

We’re going to be at the Vancouver ZoomerShow from February 22 to 23rd. Come visit us at Booth 105 and, enter for a chance to win a $500 GIC! For more information on the ZoomerShow visit zoomershow.com.

 


 

New year, new insights

For more tips on on staying on how to stay on track this year we’d like to share two great articles with you!

3 Tips to Stay on Track: Financial blogger Gail Vaz-Oxlade shares three easy tips that can help you save.

Rob Carrick’s six tips to help you build wealth in 2014: The Globe and Mail’s personal finance columnist provides a wide range of advice for financial success.

This post is intended for informational purposes only. It is not to be considered financial advice. Always do your research before making any investment decisions.

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