A tool to help you save for your downpayment

Tuesday Apr 03rd, 2018


We all have money goals, like paying off our credit card or saving for a trip down south. But all too often, we find ourselves having a tough time sticking to these objectives without a realistic plan in place to guide us.

If this sounds like you, the Financial Consumer Agency of Canada (FCAC) has a free online tool that can help. The Financial Goal Calculator will help you create a realistic plan to get out of debt or save for the future. The tool is a customizable calculator that you can use to figure out payment amounts, frequencies and the length of time it will take to meet your goals.

It takes several variables into account, and multiple debts or savings goals can be calculated at the same time. That way, you can develop a plan that addresses all your financial needs.

For example, you can input credit cards, lines of credit, and mortgages and other loans, like the one for your car or post-secondary school. With this information, the calculator will give you a comprehensive picture of what your potential savings or debt payment plan could look like. Then, it's up to you to stick to your plan.

Get started today online at canada.ca/financial-tools.


Tags: downpayment

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