1. Look for options that pay higher interest
You may be tempted to put your money into a savings account and then forget about it. You may not lose money this way, but you could make it grow faster somewhere else. Here are some options to consider.
2. Only buy products you understand
Choose options that you feel comfortable with. Look at the reasons for or against each choice, then make the decision that’s best for you.
3. Understand the fees
There’s usually a cost involved in saving or investing money. Find out about any fees you’ll have to pay and compare them with other options. Don’t pay for any services you don’t need.
4. Make sure you can access your money if you need to
If you’re saving for emergencies or for other short-term goals, make sure you can get at some of your money quickly and easily. Ask if you’ll be charged any fees or penalties if you decide to take your money out earlier than you expect.
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