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Originally Posted by Greenstoner
Is there a difference between Saving account or Tax free saving account ?
If there is a difference, should I be opening a tax free saving account then ?
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Tax free savings account is one where you use the money to invest, and any earnings on that money is "Tax free" hence the name.
What you want is a regular savings account, unless you do plan on investing with that money.
Another thing to consider is that some accounts charge fees if you have below XXX amount of money. If you have 2 or 3 accounts that charge $6.95 per month, you can possibly spend $250.20 in service fees in one year.
One trick that I do is have a spread sheet and mark down where you spend your money each month. Seperate it into different catagories like gas, car payments, etc. These are things that you will budget yourself.
Then there are things you might spend on. Food, clothing, etc.
Lastly, and the lowest priority, things you want to spend on. Hookers, drugs.
Use this budget and try to keep yourself within the budget.