Jump Start Investing

One time setup for investing accounts and products

  1. Pay off any credit card debt or line of credit as they typically have higher interest costing you than any returns from investments.
  2. Keep 1-month's budget cash fluid in your chequing account so you are not cash constrained for your next momth's budget, or end up paying chequing account fee.
  3. 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.
Advanced investing

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.

Diclaimer: I am not a financial advisor (for legal purposes :p). Information presented is merely a suggestion.

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