Today's economy

Should you pay down debt or save for your retirement? (Video)

By Kevin Press, BrighterLife.ca

Comments (2)

Jonathan Chevreau, Personal finance columnist for the Financial Post and author of Findependence Day, recommends both building wealth and paying down debt. How? One way is by making a contribution to your RRSP and then applying your tax refund towards something like paying down your mortgage.

For more of Chevreau’s tips on how to get ahead by following what he refers to as “guerrilla frugality,” watch:

Watch part one of Kevin Press’s interview with Jonathan Chevreau on Common mistakes people make in RRSP season.

For more retirement savings tips, check out:

The simplest RRSP primer ever
Registered Retirement Savings Plans (RRSPs) simply put (Video)
How much can you contribute to an RRSP?
Where to stash your cash: RRSP or TFSA?


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Carol@inthetrenches on

I love the saying “gorilla frugality” and reflects the sentiments I have shared in the free online version of In The Trenches – Financial Survival during times of Hardship. It is indeed a war, a war for our families and our future.

I also appreciate his review of comparing whether to pay down debt or save for retirement based on the interest paid vs. the expected interest that could be earned. The approach provides some tools for finding priorities admist what might at first seem to be overwhelming challenges.

    kevinpress on

    Thanks Carol. I love the interest paid vs. interest earned measure. It’s a quick, easy-to-understand answer to the question of whether to invest or pay down debt. We have to remember to account for investment fees of course, but otherwise it’s a useful guide.

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