By Emma Marshall on April 6, 2010 Estimated reading time: 1 minute
Personal finances are no joke
By Emma Marshall on April 6, 2010 Estimated reading time: 1 minute
Five resolutions for how to stay on track in 2010.
This article is 12 years old. Some details may be outdated.
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This is no April Fools joke: the Bank of Montreal released five resolutions for Canadians in order to avoid being fooled by their finances in the coming year.
Here’s a biggie — don’t get tricked into thinking you don’t have to take personal responsibility for your retirement. Opening up an RRSP and contributing to it on a regular basis is one of the easiest ways to save.
Canadians are also being urged to pay more than the minimum monthly payment on credit card balances, to set up a life insurance policy, to diversify investments, and to choose a shorter amortization period for mortgages. You can save up to $53,000 if you reduce your period from 35 to 25 years.