.The Canadian Saver

Last week we discussed steps you can take to actively change your mindset about money and cultivate healthier financial habits.. Today, let's dive deeper into the remaining 30 practical strategies to help you on your journey to financial stability and freedom.

Welcome to the wonderful world of money mindset, where our beliefs about money shape our financial reality. But fear not, because we are about to unravel this mystery together. First things first, what exactly is a money mindset? Think of it as the lens through which we view money. Some see it as a source of stress and worry, while others view it as a tool for creating freedom and abundance. Which group do you fall into?

For a lot of people, owning a home has been a lifelong dream. However this dream is becoming harder and harder to reach. Unless you have been living under a rock, you might have heard about the Canadian housing market and the fact that home prices are reaching higher and higher levels every day. When the pandemic hit, the prediction was that the economy would take a hit and home prices would drop. The predictions were right on one point, the economy did take a hit. However, the same can’t be said for home prices in Canada. After a drop in residential sales activity a few months into the pandemic, the Canadian real estate market has rebounded nicely. A little too nicely, actually.

Inflation measures the overall impact of changes in price for different types of products and services. It allows for a simple value representation of the increase in the price of goods and services over a period of time. Simply put, inflation is the rate at which prices of our goods and services rise. This means that what you could buy with $100 before will need to be increased in order to buy the same products and services today.

An RRSP loan is just as the name suggests. It's a loan you can contract for the purpose of investing in an RRSP. Essentially, an RRSP loan allows you to get a loan in order to save for retirement. But what would drive someone to get a loan in order to save for retirement? When does it really make financial sense to get a loan for the purpose of retirement saving?

As you can see from today's title we will discuss whether you should save or pay off debt. Let's verify these different scenarios together Saving and paying off debt are both very important goals when it comes to personal finance. But when you are tight in your budget, you don't have enough to spare for debt payment and for Savings. So which one should you prioritize? This will depend on your situation and on a few other factors.