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2018

Christmas Treats, RESPs, The Markets and Polkas and #MoneyTalk

With Advent upon us, it is not much time until Christmas will be here (and then gone). Did you realize there is actually a Financial Advent Calendar on this very site? You can consult it here.

With interest rates slowly rising, is it time to rethink short term savings? A good example is your RESPs for your kids. Should you be thinking about using GICs to ensure the money grows slowly but safely? Can you even use GICs in your child’s RESP? All good questions. Now you can get GICs with interest rates above 2%, maybe you should at least be putting your kids’ Grant money and put that in  there? Remember it is near year end, if  there is room still left you should  put a top up to get to your $2500 yearly maximum payment to the RESP.

My view of the Stock Market is it is currently having a shart. If you are unclear on what a shart means, please clock on the link. This shart might become something worse soon, given the trade stupidity going on, but for nice it is a mess caused by someone thinking they were only letting off gas.

Are planning on playing the Christmas Money Polka this season? It’s a simple game where you have bought many things on credit, and when the bill arrives in January, because you didn’t budget well you take the cash you got from family and pay off some of those bills. The money just goes round and round, and at the end of it you feel sick (just like a Polka), and broke.

Did you start your Emergency Fund with the idea that you were going to pay off Christmas with it? That’s not an emergency fund, that is a Christmas Fund. Maybe you should have both? Remember starting to plan for Next Christmas can start before this Christmas. You will have a better Christmas perspective now, than in July next summer.

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