This year I managed to max out what I thought would be $36,500 in TFSA contribution room. I’ve been squirreling away cash into my TFSA since I was 19 and this is the second year since then that I’ve been able to hit the contribution limit. After checking earlier today that value of my TFSA is sitting at about $46,500, or about $10,000 higher than the “2015” cap, which means I’ve enjoyed a 27% return in my TFSA since I’ve started to aggressively invest in the stock market a couple of years ago. Now I know the TFSA contribution limit has increased for the 2015 fiscal year, so technically once the budget has been passed I could throw another $4,500 in the account. I really do love the TFSA, I think it’s a great savings tool for individuals of all ages. And while some people aren’t happy that the increase is happening, because our generation typically doesn’t save very much, maxing this savings vehicle out is a great goal for individuals of any age. I’ve been very fortunate that I’ve been able to put away as much as I have into my TFSA, but I have to say a lot of it has been due to hard work and sacrifice. That is to say for the past few years when I received any sort of cash windfall whether it be a birthday gift, graduation gift, extra-income from side hustles or my tax return, the vast majority of that money has gone straight into my TFSA, on top of my regular contributions. I’ve also implemented three tactics that have helped me grow my TFSA to its current state and I hope to continue to use these to grow it even larger in the future:
At this point I’m sure most of you know that I’m on the Board of Directors for Her Success. A not-for-profit start up that focuses on empowering women both financially as well as professionally.I’ve been with the organization since May 2014, just a few months after inception.
While I don’t live in Edmonton anymore I absolutely adore being part of such an inspiring group of ladies and one day I’m hoping Her Success will have events across Alberta. Above that I’m really enjoying building something from the ground up. I’ve never worked with start ups before and so far I’m finding it very interesting. If you follow me, or Her Success on Twitter you will know that Her Success recently received a makeover and that we are gearing up for our next event!
I personally love managing my money, to the point where it may seem excessive to some. I enjoy tracking every penny I save, spend and invest and even more than that I enjoy investing my money to grow into even more money. I think that’s the draw to investing, you put money into something that will hopefully give you back more money than you put in, you just have to be patient. Over the past few years, I’ve been very lucky and I’ve enjoyed some great returns on different funds as well as returns in my handpicked stock portfolio. I’ve picked blue-chip stocks, ETF’s/Index funds and some riskier holdings and while I’ve had a few losses all in all I’ve done pretty well for myself… which is something I’m very proud of.
Over the past couple years I’ve gotten on the ETF bandwagon. My interest in these funds started to peak back in 2013 when I had a friend in the banking industry write a little something on how these funds work. Up until this point I had always just invested in Index Funds to ensure I was properly diversified in the market. Index funds are great, and up until a month ago I was using the TD e-series funds and had a lot of great returns with them. However, over the past few years I decided to also add ETF’s to my investing portfolio with Questrade, I think they are great investments for new investors and for investors with hundreds of thousands of dollars… because let’s be honest, there aren’t that many people that are capable of beating the market.
Ah the post I’m sure so many of you have been waiting for. I apologize it has taken me this long to get my act together. I think this is an interesting post to write, not because it’s finance related but because both sets of our parents have decided to contribute to our wedding and as such I kid of feel weird sharing the exact numbers of everything because it isn’t 100% our money and I’d like to be respectful of them. I don’t know whether they would care about us sharing our numbers or if they would be horrified… so to be safe you are only getting percentages… and for that I’m truly sorry!
As of March 1st we have officially started to “live” of one income. I put the word “live” in brackets because my paycheque is basically just sitting in a savings account earning a small sum of interest. My day job plus all my freelance work and extra income is being socked away for the summer as we have some big expenses coming up. I guess by expenses I mean substantial periods without pay… and because of this we are trying to plan ahead so we aren’t caught in the middle of a dwindling bank account an bills that are forever growing.