Your March Financial To-Do List

Take a look at your TFSA, take stock of your finances and do a check up on bank fees

Ruth Saldanha 8 March, 2021 | 4:28AM

 

 

Ruth Saldanha: Welcome to Morningstar. I'm Ruth Saldanha. Each month, we discuss specific financial areas on which you should focus, and this is your March financial to-do list. Now that the RRSP season is past us, it's time to start looking at your TFSA. Now, all the money in there is tax-free, meaning all your gains are yours to keep. This year, the limit is $6,000. If you can, it makes sense to put some money into your TFSA, but don't just leave it in cash. Make sure you invest it according to your goals, risk tolerance and duration.

Also, take stock of your finances. The documents you're stashing away for tax season hold valuable information about your earnings and investment habits. Look at your T4, for example. If your salary has increased, have you also increased your savings rate, including your contributions? And with spring in the air, you can also do some spring cleaning in your financials. This might also be the month to start comparison-shopping for the various services that you use – internet bills, gym memberships, well, if you haven't cancelled since the lockdown and other subscriptions. Go through all your recurring subscriptions and either negotiate lower or cancel those that you don't use.

Finally, if you're up for it, also look at whether the bank accounts that you use are the best value for your money. It might be $5 here, $10 there for all the services. But as I personally discovered, I ended up paying my bank nearly $40 a month in various fees, which I managed to whittle out to zero with an online bank.

So, until next month, good luck.

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About Author

Ruth Saldanha

Ruth Saldanha  is Senior Editor at Morningstar.ca. Follow her on Twitter @KarishmaRuth.

 
 
 

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