Tag Archives: tips

Helpful tips from BMO Bank of Montreal

Take it or toss it? Six ways to decide what goes or stays before you move

Packing is a great opportunity to purge.

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iStock

Squeezing all your belongings into boxes may not be a fun way to spend your free time before you move. But, packing can provide the perfect chance to weed out any extra belongings, and start fresh.

Before you wrap up a single cereal bowl or framed photo, try the following tips to avoid moving a ton of unnecessary items into your new home. Continue reading

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The savings ladder

Here’s a strategy to maximize your savings that requires minimal effort over a two- to three-year cycle.

Sophie Sylvain recommends using the savings ladder, a strategy to maximize your savings that requires minimal effort over a two- to three-year cycle.

Here’s an example based on an annual income of $55,000. You can do the same thing with a smaller amount.

  • 2013: You invest $3,000 in Capital régional et coopératif Desjardins (CRCD).
  • 2014: You put your $1,350 provincial tax credit in your RRSP (45% credit) right away.
  • 2015: Your RRSP contribution gets you a tax refund of about $518, which you put into your TFSA.

Result: The $3,000 investment is now worth $4,868, not counting the return on your investments.

CRCD shares too risky for you?

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iStock

Start building your ladder with a $3,000 contribution to your RRSP, then put the tax refund ($1,151) in your TFSA. In two years you will have $4,151.

Slight variation: Instead of contributing to your TFSA, put it all in an RESP to take advantage of government grants.

To find out more about savings, visit https://www.desjardins.com/ca/personal/savings-investment/.

Gilles Drouin | Journalist
Source:
www.desjardins.com/co-opme

Photos: iStock

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Wine cellar and wine cave

Wine is suitable for all seasons, but during the rigours of fall and winter, it provides a warmth that is unique to it. During these times, it has the gift of reconciling us with life. Not surprising that lovers of good wine reserve a specific place for it.

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ISTOCK

Some people store it in their closet. Sacrilegious? Not at all. Good bottles of wine can be stored anywhere, as long as it is cool, devoid of light, has an ambient temperature between 10 and 15 degrees and 55% to 80% humidity. Warning! All these conditions must be respected to the letter, all year long. Wine is delicate and sensitive to changes in temperature. It needs stability. The slightest change can alter it.

To ensure this stability, some wine enthusiasts resort to a mini-air conditioner, a humidifier, a wine cooler, and other devices after having consulted a wine specialist.

There are two other mandatory conditions: the wine must be free from any vibration and the air it breathes must be pure. Therefore, you should avoid storing it in the garage. Continue reading

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Helpful tips from BMO Bank of Montreal

Buying your first home as a couple? Check out these six tips.

Become a savvy home-buying duo.

Are you and your partner gearing up to be first-time homebuyers? You aren’t alone.

With real estate prices on the rise, taking on a mortgage payment as a couple may be more realistic than attempting to buy independently.

You may also find the process intimidating ― but fear not. Take note of these six tips that will help you and your partner be properly equipped to make the biggest purchase of your life: Continue reading

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Helpful tips of the month from BMO

Start preparing a safety net for unexpected expenses.

Life happens.

Your washing machine breaks. You have a leaky roof. You lose your job. Your child gets sick.

No matter how well you plan, you simply can’t predict if and when unexpected expenses are going to arise — and inevitably they will. Your pay cheque may only go so far towards covering costs, and you’ll want to avoid going into debt or dipping into your retirement or long-term savings.

So what can you do to prepare?

Start saving now.
Open a separate savings account for emergencies, and get into the habit of depositing a weekly or monthly amount, even if it’s just $10 or $15. That may mean one less meal out, but it will add up over time. A great way to get started is to set up automatic savings. Once you’re in the habit of automatically setting money aside each month and adjusting your spending habits, you can gradually increase the amount. Continue reading