RenovationFind, Author at 黑料大湿 /blog/author/renovationfind/ Free personal financial plan Wed, 15 Jan 2020 20:11:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png RenovationFind, Author at 黑料大湿 /blog/author/renovationfind/ 32 32 Budget planning for a bathroom renovation /blog/budget-planning-for-a-bathroom-renovation/ /blog/budget-planning-for-a-bathroom-renovation/#respond Tue, 10 Sep 2019 16:36:07 +0000 http://planswelldev.wpengine.com/?p=12271 When planning renovations it鈥檚 important to have a solid plan and renovation budget in place. Here are some tips for creating a budget for your renovations.

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you鈥檒l be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you鈥檒l need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don鈥檛 have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there鈥檚 a program in place that allows you to , it鈥檚 not recommended to withdraw money from your RRSP to fund a renovation. You won鈥檛 get the contribution room back and you鈥檒l pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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