No two ways about it, the cost of living is high these days!
An online survey indicates half of working Canadians are living paycheque to paycheque.
Sandra Hanna of RetailMeNot.com says it’s difficult for many people to put money away for retirement, especially when living this way.
However, she is reminding everyone who is getting a tax refund this year to use it wisely.
“That’s not free money coming to you, that’s your money coming back to you,” says Hanna. “So if you can put that towards your savings for your retirement and give yourself that little boost.”
She suggests contacting a financial advisor to help you create a financial strategy which could include putting money into retirement funding vehicles like RRSPs and TFSAs.
“This time of the year is the perfect time to start those contributions and ramp them up,” says Hanna. “The more we can do that, the better off we are all gonna be.”
Hanna says the high cost of housing is a major reason people don’t have leftover money after payday.
