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TFSA snobbery is a thing. It thrives on mockery of people for using tax-free savings accounts for – gasp – savings. The snobs argue that the best use of a TFSA is aiming for much bigger tax-free returns by investing in stocks.

In a certain wealth bracket, it would certainly make sense to keep your emergency savings in a non-registered high-interest account and use your TFSA for long-term wealth building with stocks. But if you only have modest amounts to contribute to a TFSA and don't have a sufficient emergency fund, then using a TFSA for savings is sensible.

In fact, TFSAs can be used for a wide range of purposes. This point is captured nicely in a blog post by blogger Mark Seed of My Own Advisor. Mr. Seed lays out his favourite ways to use a TFSA, and they're basically all savings-focused. Examples: save for retirement, save for a rainy day, save for your children's post-secondary education if you're already maxed out on registered education savings plans. One point I'd add to the list: save for a house down payment.

Some people have had monumental investing-success using TFSAs for aggressive speculating on stocks – kudos to them. But let's not let the snobs make people feel bad for using TFSAs as a plain old parking spot for savings. The beauty of TFSAs is their versatility. Something for everyone.

Curious about how much your TFSA could be worth? Check out this Globe TFSA calculator I built with my colleague Michael Pereira.

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Rob's personal finance reading list…
How to save big time on a kitchen reno

Okay, trick headline. What we have here is a bunch of cheap and cheerful ideas here on how to appreciate your kitchen without actually renovating.

Mom-and-dad time is worth it
A woman writes about the value of a short vacation she and her husband recently took without their young kids. A veteran financial planner from St. John's once told me how important she thought it was for couples to take even a quick trip together once a year to recharge.

40 life lessons from a women whose husband died at 34
Lots of good thoughts here, including several of a financial nature. I like the mix of "live for the day" and "plan for the future."

Facebook and your finances
An argument made in this article is that Facebook is all about our addiction to social comparison – how am I doing compared to other people? The author says the endless comparisons enabled by Facebook make us miserable. I'd add that these interactions can also make us poorer if we feel we have to spend money to keep up with the exploits of friends and family.

Today's featured financial tool
The federal Financial Consumer Agency of Canada has created at financial goal calculator to help people manage their debt and savings goals.

Ask Rob
The question: "What advice would you give a 16-year-old whose parents are rich, but won't give him any money for university? How can I convince them to help me?"

The answer: "Explain to them that you're willing to work and earn as much of the cost of tuition as you can, but you'll need help to cover the full cost of tuition plus other school-related fees and books. A rough estimate of this cost over four years would be $32,000. Government student loans may not be available to you, with high income parents. So that leaves you at the mercy of student lines of credit from banks, which have tougher repayment terms than government student loans. Parental help in covering your tuition costs would allow you to graduate debt-free and start saving money for the future when you start working. You will achieve financial independence sooner. Another compromise you can offer is to attend university in your hometown, thereby eliminating the considerable additional cost of residence."

Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.

Featured Video
Watch this CBC report if you justify heavy spending on clothes by donating your unwanted garments to charity.

What I've been writing about
- Investing giant Vanguard launches 'one-ticket solution' ETFs
- RRSPs are getting a bum rap as a tax trap
- Conservative investors, check out this parking spot for your money (for Globe Unlimited subscribers)

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