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Put $50 a week into my TFSA for 6 months and forgot about it, then checked and saw $1,340
Turns out auto deposits plus some dividend payouts did more in half a year than the $2,000 I sat on in my chequing account for 2 years, so now I'm wondering if I should bump it to $100 a week or spread it into an RRSP instead.
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linda_dixon4923d ago
Heard a guy on a podcast say the $2,000 sitting in chequing is the real problem here, not whether it goes to TFSA or RRSP. Money that just sits there does nothing, and you already saw that play out with your own two accounts. On the TFSA versus RRSP thing, it mostly comes down to your tax bracket now versus later, so if you are in a low bracket the TFSA usually wins. Six months is a really short window though, so dont expect that same jump every time, some of that was probably just good timing in the market. Bumping to $100 a week sounds fine if your budget can handle it, but I would not split it into two accounts just for the sake of it. Pick one, keep it simple, and let the auto deposits do the work.
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