Amanda Stanhaus

Tag: rrsp

New Year’s Resolutions

Whizz! 2013 flew by.

Yikes! 2014 is almost here.

I have lots of big dreams for 2014…I’m not ready to broadcast them yet…they will be reality soon enough!

But in regards to mundane money management—and growth— I’m going to have fun with it!

Organized by category, here are my realistic—yet fun—New Year’s resolutions.

Essentials

The ideal is to pay my credit card in full each month. I’m going to break it down and pay off my balance each Sunday. If successful, I will celebrate by going out for a Sunday nightcap!

Milestones

I’m still saving up for my Vespa. In addition to my automatic saving system, whenever I walk somewhere, the public transit fare I saved will be placed in a jar for safe keeping. The more I walk, the sooner my Vespa will be mine!

Investing

Reading in full my monthly investment statements is no easy task. Eating coconut creme cookies constantly is the easiest task I can imagine. So I am going to mix the two. I will treat myself to coconut creme cookies once a month when I read the investment statements.

Insurance

While I am still on my parents health insurance plan since I am pre-26, I do want check out these exchanges everyone is talking about.  Not that I want to buy my own health insurance until I’m 26…so I will religiously attend weekly family dinners.

Oops

Just like I am able to spot my friends’ future husbands (unfortunately, only my friend’s, not mine), I want to spot my oopses before they happen..  If the potential oops has to do with being frugal, I will ask myself, what would Warren Buffett do? And If the potential oops has to do with being fabulous, I will ask myself, what would Helen Gurley Brown do?

Convo (By: Birdie)

Just like Bettie is making financial literacy fun, I am going to break the mold of the grumpy academic economist and be the world’s first PR-perfect conversational economist. I’ll build my fan base here by translating the economic news of the week into key takeaways to provide a bird’s eye view!

O Canada (By: Belle)

Inspired by Bettie, I will do a monthly review of my RRSP while eating maple creme cookies. And when the review is fini, c’est fini avec the cookies!

Happy New Year! Best of luck with your realistic resolutions!

(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)

RRSP

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A registered retirement savings plan (RRSP) is what Canadians need to set up if they want a become a snowbird in retirement. Can’t wait for my then-wrinkly skin to soak up le soleil!

(click on the bold-faced vocab words:))

RRSPs are so cool! My contributions reduce my taxable income. Yah, more $$ pour moi!

Plus, the $$ grows without the government taking a cut. Only upon withdrawal does the government get any of my $$.

Just like 401(k)s, unfortunately Porsche’s don’t count as an investment vehicle. Instead, I can fill my RRSP with stocksbondsGICs, shares of mutual funds.

RRSPs are available at banks. Single ladies, prepare yourself to check the “individual” box on the sign-up form. As usual, there are perks for those coupled up. And for those who like to be in control, there is a self-directed plan.

I’m planning to open a self-directed plan. No one else decides my ensembles, so why would I have someone else pick my investments?

I have a few more books to go before I take on the responsibility. My fave read so far has been The Wealthy Barber by Dave Chilton.

(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)

Belle

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Belle, my bestie north of the border in Montreal, was annoyed to see my 401(k) post without any mention of what she is to do about retirement savings.

She’s decided to join my fabulous & frugal journey!

Belle’s canadian-centric posts will be archived in the new category—O Canada—up top.

Welcome to my world, Belle!

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(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)

Registered Retirement Savings Plan

RRSP. Canadian’s tax-friendly way to save for retirement.

(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)