Added to the TFSA

 The more I about how my parents' RRSP and RIFs went down after their passing, the more I am in favour of TFSAs.

 

Mom and dad invested well and invested a lot. When they passed far far too much money went to the Government for tax purposes. They worked so hard for that money and they would have been sick at how much went away. 

I do place blame on their investment manager. He should have been advising them to withdraw the maximum, without penalty, each year in their last 5-7 years. This would have reduced the tax bracket they were in and greatly reduced how much they paid for taxes. They could have spent it on themselves, put it in a TFSA, or heck, put in under their darn mattress. The amount they 'gained' having it in investments was completely obliterated by the tax penalty.

I added a tiny bit to my TFSA at the end of last week. $1000. Not anything life changing, but a little bit to add to what I have tucked away. This money was mostly through loose change over the past 8 or so months. Amazing how it can add up if you buy something with a $5 or a $10 and put the change in a jar.

I will try to do another $1000 before year end.

Do you lean towards TFSA or RRSPS (or your country's equivalent?)

Change this month

I haven't been able to go to the bank in person since I signed off our mortgage papers in early April.

I also didn't spend a lot via cash and didn't have a lot of change to take care of.

Today I deposited

• 1 roll toonies
• 1 roll loonies
• 1 roll quarters
• 3 rolls of dimes

The $100 will go towards my TFSA savings. Time to get back at my other goals now that the LOC is done.

June change

I took my change into the bank yesterday. $100 of lovely coin to add to my TFSA/EF.

Not close to even the thousand dollar mark which is the bare minimum I would like to add, but getting closer each month.

I am grateful for this no stress way of adding money to one of my goals without having to carve something else out of the budget.

TFSA

I finally got around to adding $ to the Tax Free savings account. I think it's actually been a couple years. I KNOW I didn't last year.

I went to the bank to transfer the money and they said it can now be done online. I appreciate the ease of that but every time they transfer another ability for us to not need to go into the bank, increases the possibility they will cut hours, employees and days open at the brick and mortar. I saw it happen with my other bank and now I  rarely can make it there in person to do anything during the school year.

I added $1000 to it and will work on doing the same next year.

While a small goal, it was nice to actually hit something for a change.

June change

...actually went into the bank earlier this month.

It was $100 in change and will go towards my TFSA. It now stands at $600 so only $400 to go before I have met this goal for the first time in a few years.

It's a good way to put passive savings towards a good goal.

September change

My change for September was rather predictable but nevertheless, appreciated.

$100

• 1 roll of toonies - $50
• 1 roll of loonies - $25
• 2 rolls of quarters -$20
• 1 roll of dimes - $5

It goes towards my TFSA 2018 goal

August change

August change was pretty good. Most of it came from the change when I went grocery shopping with cash. Anytime I go to Walmart or the Coop they try to encourage me to use the self check line ups. My response is - I am paying with cash and you can't use cash at the self check.

As I walk away I hear one clerk mutter to another - Who pays with cash these days?

me

mostly

For groceries anyways.

1 roll of toonies - $50
1 roll of loonies - $25
2 rolls of quarters - $20
1 roll of dimes - $5

Total of $100

This will be the first $100 to go towards TFSA 2018

A good start.

College, LOC and TFSA, oh my!

So most of my money goals for the year have been met. Plates (insurance), RRSP, Christmas is almost done, Summer etc.

The only goal I haven't started yet is my TFSA savings of $1000. Interest on this is paltry. Super paltry.

Interest on my college LOC however, is not paltry.

I was putting $500 a month down on the LOC, and saving a comparable amount for College. My LOC is close to being maxed out. Yes they would give me more, but I really don't want it to come to that.

This is DS1's last year of college. It will cost. Money will be needed. Usually I am putting  a chunk on my LOC and a chunk into college savings, along with a chunk that goes to my rotating money goals (see First paragraph).

I really really really want to avoid putting more money on the LOC. I would rather jiggle the amounts around to put a base amount on the LOC and a larger amount into College (and the dreaded Canadian to US dollar conversion).

The dollar is at about 77 cents right now which is not great but better than the 71 cents it was earlier this year.

I think I will drop the worry about the $1000 TFSA goal and focus instead on the college/LOC for the rest of 2017.

My change jar $ was going towards my Back to School fund and that is now met. Thank goodness. I start in 2 weeks.

For the rest of 2017 I will put my change jar $ towards TFSA 2018. This is a pretty low stress way of slowly building it.

I know...It's a lot of thinking out loud. But that's my plan for now. for now. Til Murphy or someone finds me and whaps me upside the head.

May change

It was a lean month for change here.

A few rolls to go to the bank with some $ I had snowflaked off grocery and gas.

1 roll of quarters - $10
1 roll of dimes - $5
2 rolls nickels - $4
2 rolls of pennies - $1

The pennies were waiting for a 'just need a dollar more to make things even' month.

Total $20

I also did four half periods of noon supervision which netted me $5.50 for each half period. That gives me another $21.


This $40 got me enough to meet me $200 mini goal. I took it to the bank  yesterday and I now have met my $2000 goal for TFSA for 2015.  I will formally apply it to my TFSA  in July when I have time to go in and do the paperwork.

Yeah mini goal.

A new mini snowflake goal

I am pleased with the success of my last snowflake goal of $180. The best part was this renewed focus and a bit of zip in my step. It was badly needed in the wake of all the unplanned expenses for DS2's car and the ' I don't even want to think about college money' mind phase.

My next goal is for $200 in snowflakes. Goal deadline is before the end of June.

At the end of May I will have $1800 set aside for my TFSA (EF). My goal for 2015 was $2000.

Each month I (try) to put $250 towards this goal.  I know that if I didn't make a mini goal, my money at the end of June paycheque would get me there.

There is just something, though, that wants me to try to get there before.

I know there are tons of other expenses, known to me and unknown, that will come my way in the next 7 weeks. I can't control those.

This little tiny mini, I can.

And I seem to need to feel like I have a bit of money control these days.

So mini goal it is :-)

Tomorrow is jar filling day, as I 'create' four paydays each month when I really only get paid once a month. Unless something comes up between now and tomorrow morning, or I lose total will power, I will have $50 in grocery snowflakes to go to that goal.

Let it snow! (figuratively, please.)