TORONTO — One of Rebecca Clancey’s friends suggested she put $400 a month into an RRSP. Another urged her to store all savings in a tax\u002Dfree savings account.
“It’s just constant anxiety around money all the time and you just never feel like you know enough. There’s always so many words and numbers flying around and you just feel totally lost.”
“Sometimes you see, especially with younger people, they almost get kind of paralysis with it because it’s so much to take in and understand and you don’t know how all these accounts work together.”Article content Further complicating matters is the sheer number of options available these days, said Whiteland, with the choice of contributing money toward a registered retirement savings plan , tax-free savings account , or the new first home savings account .Article content
She said it’s important to figure out individual goals and circumstances before deciding which options are best suited for you. Olson-Lepage said another big factor to consider is whether it’s better to pay off debt, such as student loans, before saving money.
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