Jump Start Investing
One time setup for investing accounts and products
- Pay off any credit card debt or line of credit as they typically have higher interest costing you than any returns from investments.
- Keep 1-month’s budget cash fluid in your chequing account so you are not cash constrained for your next month’s budget, or end up paying chequing account fee.
- Put your remaining surplus cash in the flexible savings account till you figure out what investment account and the investment product you want to use.
|Monthly savings or surplus cash ($)||Suggestions for investments after fundamentals|
|0 – 500||Transfer the rest into flexible savings account.|
|500+||Top up your mutual fund in your registered account while not exceeding the annual contribution limit.|
If the surplus cash is consistent every month, consider setting up automatic contributions. It is possible to top-up a mutual fund with as low as $25.
Disclaimer: I am not a financial advisor (for legal purposes :-). Information presented is merely a suggestion.
Start over with a new savings goal