98 The Beach

98 The Beach

Friday, January 4, 2019

Resolving To Pay Down Debt

Regional | by Catherine Thompson  

If you have resolved to tackle your debt this year, here are some small steps you can take.

If you have resolved to tackle your debt this new year, you can take small steps.

Edward Jones Financial Advisor Lisa Dekeyser says it's always best to consult your own financial advisor, but a good idea may be to make a contribution to a RRSP and then use the tax refund money to pay down your debt.

Dekeyser also suggests that instead of using your Christmas money to buy something for yourself, make a contribution to your Tax Free Savings Account, to your child's education in their RESP (Registered Education Savings Plan) or to your own Registered Retirement Savings Plan.

Any extra money can also go towards paying down your credit cards.

Dekeyser says something to be aware of this new year is that the TFSA limit has gone up from 55 hundred to six thousand dollars.

It is also RRSP season and Lisa Dekeyser says it is a good idea to re-evaluate your contribution amounts and your retirement saving goals at least once a year, if not twice.

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