Questions about saving
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Questions about saving
| Wed, 07-22-2009 - 8:34am |
I have read in many places that you should aim to save about 10% of your paycheck. Is this retirement savings or savings in general?
The reason I ask is I have several "savings" accounts (and by several I mean 7, lol). They are all free (ING and PC Financial) and I use the system to organize myself. But they really aren't savings accounts. They are more like mini efunds for expenses that aren't monthly, but are regular. Do these count towards my savings or should the 10% be on top of this??? Where does my pension fit in?
Here is what I have:
Efund - Currently $1015 not adding to this until debt gets paid off
Tuition - $15 a paycheck

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Thank you everyone for your advice.
I agree with all who said that the mutual fund account is my only "savings" account. The rest are just budgeted spending.
I don't worry too much about retirement yet. I have the pension plus a locked in account from when I left my other job.
I can't really contribute much to RRSP's as my pension takes up the RRSP room. I have a LONG time before retirement anyway (sigh - 40 years or so, lol)
The mutual fund is in a balanced account. It if was solely for retirement I would have it in a much more risk taking account, but its purpose is to be determined, lol. The optimist in me is "hoping" it will be used to fund a wedding in a few years, lol. But who knows!
So I think my plan is to hold the status quo for now until the debt is gone, and then fully fund an efund.
Thanks everyone!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
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