Quote:
Originally Posted by GGG
The column is incredibly boring anyway, but I think there is lots of interesting stuff to look at
You could look at peoples spending. Rob and Nancy have 3k in credit card debt. And $100 per month phone plans and 4 streaming services and still have cable so Kevin can watch sports. If they cut cable and 2 two of the streaming services and go to a BOD phone plan with their terms are up they can save $200 per month. They can switch to the low interest version of the credit card and give up the points they currently collect and save $120 per year in interest. Buy doing this in 2 years they will have the credit card paid off and have a reasonable emergency fund and can begin saving
They should use the TFSA rather than an RRSP as their current and future tax rates are likely equal. If their annual incomes approach cut offs for plans then using an RRSP contribution to reduce net income and stay eligible would be prudent in those years.
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“Cut all non discretionary spending”