I figured out what I’m going to do with my 3% raise! I am so stoked about this one. When I started with the company I’m working for right now, there was no contribution matching for money you put into the company RRSP accounts. They used to have it, but it was discontinued when the economy took a face first nose dive off a cliff a couple years back. The company I left had a very generous plan. They automatically gave you 4%, and matched dollar for dollar up to 6% of your own contributions. That meant that in order to put in the maximum 18% allowable savings every year, you only had to put in 8% of your own money. Losing that, plus taking a pay cut when I left there, severely hampered my savings ability.
The matching is back! It’s not fully reinstated yet, but given the fact that the economy appears to be stabilizing the company directors have reinstated part of the contribution matching program. If I put my 3% in, the company will match me with another 2%-3%. That’s an automatic 67%-100% increase in my savings! I’d love to see a savings account with that rate of return. Heck, I’d love to see a savings account with a 10th of that rate of return. Then come tax time it goes against what I owe (or towards what they owe me). There’s another 20-25%. So just by putting it in this account (which stands a solid chance of growing), I’ll be getting a return of 87%-125% without lifting a finger. I can’t argue with that.
Oh yeah, and the university head honchos gave me permission to take two courses at the same time which I otherwise wouldn’t be allowed to do. I wish all Wednesdays were this good J