Through the parable that Jesus taught in Luke 10:30-37, we can learn a lot about the proper handling of money and the importance of saving money. It’s interesting to note that the good Samaritan was able to help the injured man on the side of the road by using money he had available.

In order to help our families, friends and even ourselves in times of need, we must develop an emergency fund of cash reserves. Most Financial Advisors recommend that you save the equivalent of one to three months of your gross income in a savings account or in an investment that is easily cashed.

By being wise stewards of our money, we can become more of a blessing to those around us and a testimony to the world.

Answer: Yes! Let’s say for example that you are in a 42% marginal tax bracket and are saving $2400 annually.

By putting your savings into an RRSP you will receive approximately $1000 as a tax refund. This money could be used used to reduce debt or build up your RRSP.

A second advantage to RRSP’s is the ability to have tax deferred growth within your RRSP. When you deposit money into an RRSP you do not have to pay tax on the growth of your investments until you withdraw it at retirement.

A Second Thought