I've always thought juggling multiple credit cards would be confusing and a quick way to get myself into debt. But now that I have a stable salary and can budget, I'm wondering if I should join the credit card collectors club. How many credit cards should a person have?
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Dear Peak Money,
I recently secured a new position that bumps me into a higher tax bracket, and my bank just offered me an RRSP loan. I haven’t been able to regularly contribute to my RRSP, focusing on my TFSA every year instead.
What are the advantages of an RRSP loan?
Am I eligible for the Federal Home Accessibility Tax Credit and the Multigenerational Home Renovation Tax Credit to help mitigate some of the expenses?
Dear Peak Money,
I thought I would never be able to own a home, but now that prices are falling, I’m feeling a bit more hopeful. Is a FHSA the best savings tool if I want to purchase it in the next 3-5 years?
Dear Peak Money,
I’m new to money management and keep reading about non-registered accounts. This might be a dumb question, but what are they? Is it just money sitting in my personal bank account?
Sincerely,
Chequing and Savings
Dear Peak Money,
I was recently laid off from my job. My spouse and I expected it to happen, so we've been preparing. My nine-year-old daughter overheard us discussing family finances the other day, and when she started asking questions, my wife told her not to worry about it.
But I think she's old enough to understand the situation and why we need to cut back on some of our "fun" spending for a little while.
What's the right age to start introducing kids to responsible money management?
I have about $9,000 of Federal Student Loans to repay that aren’t accruing any interest. My monthly payment is $300, but I have enough savings to clear the debt right now. A financial advisor told me I should continue just making the monthly payments since it isn’t costing me anything—but I don’t like having debt hanging over my head.
Should I pay off my 0% interest loan ASAP?
Dear Peak Money,
Over the last few years, I've racked up quite a bit of debt over three different credit cards. I'm doing my darndest to pay it off, and while reading up on the topic, I came across credit card protection insurance. Is it just another way for companies to make a few bucks off of me, or is it something I should consider? Would I have to pay for insurance on each credit card?
A group of friends and I have plans to celebrate NYE in NYC. We booked the flights and hotels four months ago, and I have been saving since then. Unfortunately, my employer cut back my hours in October, so I haven’t been able to stack as much cash as my friends working full-time.
How can I budget and set boundaries without asking everyone to change their plans?