Which is better: pay down my mortgage or save in an RRSP?
When it comes to deciding whether to pay down your mortgage or save in an RRSP, there are a few things to consider.
First, think about your current financial situation. How much debt do you have? How much can you afford to put towards debt repayment or savings each month?
If you have a lot of debt and are only able to make the minimum payments, it may be a good idea to focus on paying down your debt first. This will help you save money in the long run by reducing the amount of interest you pay.
If you have a bit more flexibility in your budget, you may want to consider splitting your payments between debt repayment and savings. This way, you can work towards becoming debt-free while also building up your nest egg for retirement.
Ultimately, the decision of whether to pay down your mortgage or save in an RRSP comes down to your personal financial situation. Consider your goals and priorities, and make a decision that makes the most sense for you.
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