What should your priority be: to pay down debt or grow your savings? It depends on your situation. Take a look at yours and see what works best for you. Advantages of paying down debt By paying off your debt more quickly, there’ll be less interest to pay and the repayment period will be shorter. Advantages of saving for retirement It’s no secret: the earlier you start to save, the more time your money will have to grow. What’s more, by contributing to a registered retirement savings plan...

According to the 2019 Canadian Financial Capability Survey conducted by the Government of Canada, “about 1 in 6 Canadians (17%) say their monthly spending exceeds their income, while 1 in 4 (27%) say they borrow to buy food or pay for daily expenses.” To stay on track with your financial goals, a budget is an indispensable tool. It allows you to keep track of how much money you have coming in and going out, to identify unnecessary expenses and to help you set aside money for your personal...