Treat Yourself and Be Wise
The tips below are standard reminders EXCEPT I suggest you take 5-10% and treat yourself or your family. It's easier to make wise decisions if we have addressed our need for freedom and "no accountability".
Add the money to the down payment for your next vehicle purchase so you can borrow less.
Add it to a child or grandchild’s registered education savings plan.
Add it to a first home savings account FHSA to benefit from tax-free compounding in the account.
Add it to your registered retirement savings plan to benefit from tax-free compounding in your RRSP over the years.
Buy a one-year guaranteed investment certificate at 5% in your tax-free savings account TFSA to grow your savings faster and sleep at night.
Pay down credit card debt which is at 20% or your line of credit which is typically at 7.7%. You will be debt-free faster!
Start or build an emergency fund to cover times when you aren't working because of illness, job loss, or accidents.
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