Émilie Tremblay * left home at the age of 17 and she has always managed to cope alone without the financial support of his parents. After returning to school for 26 years, which forced into debt, followed by a lean period, she took over. It occupies a good job in industrial relations, liquidated the balance of his credit card and a dream to build a better future, but does not know where to start. "I wonder if I should make contributions to RRSPs or TFSAs and how I should put a month," said the young woman of 32, who wants to access the property in the next three to five years.
Resident of Quebec, Emilia earns 45,000 dollars a year and already has several financial obligations. She repaid his student loan 20 thousand dollars at a rate of 148 dollars per month and will have until August 2018 to bail out its student line of credit with monthly payments of $ 279. It also has an auto loan of 11,000 dollars, which inflation erodes him 248 dollars a month until August 2019. Its assets is limited to a bank account in which rely 5000 dollars without bringing interest.
Despite its debts, financial position Émilie Tremblay is not bad, says François Langlois, advisor to Manulife Securities. "The good news is that Emily has eliminated the debt of credit card and she continues to fulfill its financial obligations flawless, but has managed to put aside $ 5000. This demonstrates that it has already made good thrifty habits
Now is the time to accumulate wealth. The specialist suggested he set aside 10% of its annual income, or 4500 dollars per year, in a registered RRSP or TFSA. "These savings must be the number one priority Emilia, before repayment of its debts. As they say in the trade, we pay first. Otherwise, we risk succumbing to impulse purchases and not having money to spare at the end of the month, "he said.
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