Update on Our Savings Goal for Maternity/Parental Leave
Posted by Canadian Dream on January 11, 2008
I felt it was time I updated you all on my previous posts about saving for our maternity and parental leaves in the spring. We are currently only missing just over $2200 of our savings goal.
We plan to finish this difference mostly from a third paycheque I get in Feb ( I get paid every two weeks) and our tax refunds. Then with the new tax changes on my TD1 form and a salary increase for me it is looking like we should easily exceed our saving goal now.
So the question becomes, what to do with the extra cash? At first I had lots of ideas of how to use this money, but in the end I’m going to just hang onto it as cash for now. I rather like the idea of having a little extra stored away just in case things don’t go according to plan. If it turns out I don’t use the money I can always dump it into an RRSP account later on.
That’s a good approach. Whenever I have extra money it’s easy to think of lots of ways to use it that would feel good – of course I mean paying off debts and investing, not buying a new tv
I usually decide within a week instead of months, but I always start by looking at the deadlines for each option so I know how long I have. If the tax savings of the RRSP do more for you than a year’s investment returns you have lots of time to decide.