This week included a lot of talk about different types of savings–from retirement savings to saving for children’s education.
Saving for Retirement
The week started off talking about saving for retirement. One important point that stood out to me was that saving for the future means that you are caring for your future self. Living for the moment is important, but so is preparing for the future.
Questions About Retirement Savings
How much do I save?
When do I start saving?
There was a lot of discussion about RRSPs and retirement savings this week. How much you need to save will be dependent on how old you are and how much you already have saved, but Gail talked through a few scenarios this week.
Curveball Account and Emergency Fund
Gail introduced the Curveball Account in Week 14 as a small fund to have accessible for life’s missteps. It is different from the Emergency Fund because that is for big emergencies, such as a job loss.
The next Question of the Day was about maxing out your registered savings plans.
Registered Education Savings Accounts (RESPs) are set up to save for a child’s future education. For more information, including information on Canada Education Savings Grants, check out the Government of Canada Webpage for RESPs.
Gail talked a bit more about RESP’s back in Week 11.
Gail Vaz-Oxlade’s Books
And one more reminder that you can send your money questions to Gail by email. She’ll answer in real time to you and post some of the Q & A’s anonymously next month.
Missed last week? Check out my recap here: Week 42
New to the Money Master Class? There’s still time to get started!
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Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
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