Saving for a Vacation

saving for a vacationThis post was sponsored by TD but, as always, opinions are my own.

I’ll just come right out and say it: I’m terrible with money. My husband and I have divvied up our finances so that all the fun stuff comes from my salary. That means if there’s any fun to be had, it’s my job to pay for it! And since we are now beholden to school commitments and a minor hockey schedule, we’re not able to be very flexible or spontaneous when it comes to travel plans. So when I’m saving for a vacation, I need to keep that money where I won’t accidentally spend it.

Enter the TFSA, or Tax-Free Savings Account.

At the beginning of each year, I receive my annual bonus from work, and then usually a decent tax return. This comprises most of our travel and vacation money for the year, and it has to last. This year I’m opening a Tax-Free Savings Account with TD, so I can easily access my money when I’m ready to book something, but it’s still safely away from my chequing account where I might accidentally spend it.

The features I like most about a Tax-Free Savings Account from TD are:

  • The ability to earn more with a tax-free investment because my savings grow tax free
  • I can earn up to 8.88% with a 3-year Security GIC Plus
  • TD will help find the right Tax-Free Savings solution for every type of investor from high interest savings accounts, term deposits, and mutual funds

Of course, having a separate-yet-accessible savings account can come in handy for other less fun expenditures like, oh I don’t know, a new furnace? Not nearly as fun as a vacation, obviously, but a warm house is a necessity in Canada. Fortunately, ours required an expensive-but-still-cheaper-than-a-new-furnace repair, so I’m grateful to have had that money close at hand and we’re keeping the remainder safe and sound in its TFSA until we can nail down our plans for a slightly scaled-back summer vacation.

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3 Responses to Saving for a Vacation

  1. Brandy at #

    Planning to take my kids too this winter. Cheers!

    • Corinne at #

      Awesome, Brandy. Would love to hear about your trip!

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