The year is underway! Some of us might have already given up on our resolution(s) and many of us have yet to start. Maybe our resolutions were too strict, not realistic, or we just need to revise them a touch. Regardless, we can all agree that there is always room for improvement!
Not surprisingly, some of the most common resolutions and goals are financial ones: to pay off debt, build savings, invest, and get organized before tax season. But where to start? And, what should we make top priority when it comes to our finances?
Consumer debt should be the first thing on the priority list as Canada’s consumer debt is at an all-time high. Paying off our mortgages should also be a priority as the OSFI (Office of Superintendent of Financial Institutions) increased the Bank of Canada’s Interest rate three times in the past year. Economists predict that it won’t be stopping there, therefore, this is a critical time to pay off debt.
That said, A common question that we are asked as Mortgage Brokers is, should I Invest in an RRSP or focus on Paying Down My Mortgage?