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(Nikola Bilic/iStockphoto)
(Nikola Bilic/iStockphoto)

Budgeting

Make it easier to save Add to ...

Three ways to save automatically

1. Join a savings plan at work

Find out if your workplace offers a savings plan. Your workplace will take an amount of money off your pay every month. With some plans, your workplace might contribute to your plan each month. The money may go into a savings account, or it may be used to buy Canada Savings Bonds or mutual funds.

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Learn more about workplace pension and savings plans.

2. Set up an automatic deposit to your savings account

Use online banking to set up your own monthly savings program. Make an automatic transfer from your chequing account to your savings account on your payday. If you don’t use online banking, ask your bank to take money out of your chequing account each month, and put it into a separate savings account. You may pay a fee for this service, but at least you’re making saving a habit.

3. Save your tax refund

Think of your tax refund as money you can save each year. Consider putting it into a TFSA, an RRSP or an RESP.

It pays to make saving a habit

Even small savings add up over time. See what happens if you set aside just $10, $20, $50 or $100 a month.

If you save
this much
each month
You'll have
this much
in a year
$10$120
$20$240
$50$600
$100$1,200

 

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

 

 

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