Weekend Reading: TFSA Snowball Edition [Video]

I’ve been toying with a savings concept that I’m tentatively calling the TFSA snowball. It’s a play on Dave Ramsay’s “debt snowball” method (his one positive contribution to society) where borrowers pay off their smallest loan balance first, then roll those freed-up payments into the next smallest balance. Rinse and repeat until debt free.

Related: I prefer the debt avalanche where you tackle the highest interest rate balance first.

While it’s rare for my clients to be that heavily indebted, many of them are striving to catch-up on unused TFSA contribution room. After all, money is finite and we can’t do everything all at once. Heck, my wife and I are on our third game of playing TFSA catch-up in the last 15 years!

Indeed, you might have a period of income interruption from a parental leave or career change. Maybe you financed a vehicle and had to temporarily pause TFSA contributions. Perhaps you just had …