Where should I park my extra cash?
January 28, 2013 9:39 AM Subscribe
I'll soon be debt free. How do I make the most of it?
posted by futureisunwritten to work & money (5 answers total) 7 users marked this as a favorite
In a couple of months my student loans will be paid in full and I will be debt free. I'll be beefing up my emergency fund once this happens, but after that, I'm kind of at a loss over how to proceed with regards to savings and investments.
I live in Canada and take home about 4k a month after taxes. I am in a long term relationship (7 years) and we have no plans for a wedding or kids. My own fixed expenses (rent, utilities, phone/internet, car payments, car/tenant insurance, gas, fitness classes) total about 1,600/month. Although we're certainly open to home ownership in the future, it is not a priority for us in the next few years. We're happy in a small space and have everything we need or want.
I read lots of personal finance blogs (especially ones with a Canadian context) but I'm still not sure what my next move should be. I have a TFSA already and am depositing into that. Should I be contributing to an RRSP as well? Is the Home Buyer's Plan likely to help me a lot down the road if I do want to buy a home? In short, where is the best place for me to park my extra money?
Answers to these questions would be appreciated, as would suggestions of additional resources (books, blogs) to help me learn to save wisely.