It is important for young adults to get into the habit of setting aside an emergency fund to handle living expenses for a given period as it also gets them in the mindset of being prepared for other, bigger problems such as home repairs.
It is bound to be awkward, but if kids expect their parents to be forthcoming with financial assistance, the parents need to have an idea of where their children are financially. Simply laying out their student-loan totals to demonstrate how poor they are isn’t enough information. You and the children need to figure out their overall financial situation. It cannot be a simple single question, “Here’s how much I need for my goal, can you afford to pay it?” Continue reading
From January 2009, Canadians over the age of 18 can save up to $5,000 a year in a Tax Free Savings Account (TFSA). There are some potential issues you should know about regarding your TFSA and your will. Continue reading