Your household budget questions – answered

Chatelaine magazine held a Twitter chat last week with financial guru Gail Vaz Oxlade under the hashtag #savingmadesimple. Below are a few household budgeting tips that Gail shared with the Twitterverse:

If you’re wondering how much money you should be setting aside annually for home upkeep or renovations, aim for 3% of the value of your home.

A few tips about RRSPs: Never, ever, ever pull money from your RRSPs to pay off debt. And never take out an RRSP loan from your bank (it’s just a way for them to make money with little benefit to you).

When budgeting, most people tend to underestimate how much they spend on food, clothes, entertainment and interest costs. Keep that in mind the next time you pull your budget together.