Paid off your debts?

What to do when you’ve got extra cash…

Wouldn’t we all love to have this dilemma! Where do you allocate that extra cash, when you have money left over at the end of the month? While it’s tempting to go on a shopping spree, The Credit Union’s Financial Advisors offer their top suggestions.

• Pay down your mortgage.
  With an increase in monthly payments or an annual lump sum payment, you can pay it off much faster and save thousands on interest charges.
  
• Maximize your RRSP contributions.
  Start sooner and take advantage of tax deductions and tax sheltered interest growth sooner.
  
• Open an RESP.
  Secure your child’s education and get the bonus of a generous tax grant.
  
• Expand your investment portfolio to include non-registered money.
  Talk to our Financial Planners about your options.
  
• Keep your credit cards under control.
  Always pay off your balances monthly.
  
• Get a low rate line-of-credit from The Credit Union for large purchases
  instead of using high interest credit cards, so you never pay an 18%-28% interest charge again!