schmidtjas
Recycles dryer sheets
I have several items that I am saving towards with a medium time horizon in Canada. We have a combined room in our Tax Free Savings Accounts of 7500.
The first is a new vehicle in 5 years time that I put away $400 a month towards. I have $2000 already saved.
The second is college tuition for my wife which will be needed in 1.5 years. I have $2000 already saved.
I'm thinking using the room in the TFSA makes the most sense to tax shield the growth, but I'm not sure what vehicle I should use. I don't think I want to expose the money to equity market risk, but I would like a return that at least beats inflation.
What do you do for your 'savings towards' cash?
The first is a new vehicle in 5 years time that I put away $400 a month towards. I have $2000 already saved.
The second is college tuition for my wife which will be needed in 1.5 years. I have $2000 already saved.
I'm thinking using the room in the TFSA makes the most sense to tax shield the growth, but I'm not sure what vehicle I should use. I don't think I want to expose the money to equity market risk, but I would like a return that at least beats inflation.
What do you do for your 'savings towards' cash?