Saving is when you set aside money to use in the future. This can be done in a savings account at a bank or credit union.
You can save money by:
- Crafting and respecting a budget
- Paying yourself first by setting aside money each month
- Investing in quality, long-lasting items instead of disposable ones
- Cutting back on unnecessary spending
- Finding ways to earn extra income
There are many ways to find extra income. Some people may get a second job, start a side hustle, or invest in passive income streams. Others may look for ways to make money from home, such as through online surveys or selling products online.
I Have Money on the Side – Now What?
Some people choose to keep their savings in a checking or savings account to cover unexpected expenses or emergencies. Others may invest their savings in stocks, bonds, or mutual funds to grow their money over time. Some people may also choose to use their savings to purchase a home or pay for their child’s education.
The benefits of saving money
Saving money means having a cushion to cover unexpected expenses, being prepared for retirement, and having money to invest. Savings also give you peace of mind and a sense of financial security.
Saving vs. Paying Off Debt
The answer to this question depends on your individual situation. If you have high-interest debt, it may be wise to focus on paying that off first. If you have a low-interest rate and are able to save money each month, you may want to do both.
Can I Retire At 60 Years Old With $500k In Canada?
As Canadians, we all dream of the day we can finally kick back and enjoy the fruits of our labor. For many of us, that dream involves retiring at 60 with a comfortable nest egg to help us through our golden years. But is it possible to retire at 60 with just $500,000 in Canada?
Why Is Dollar Cost Averaging A Good Strategy?
There are a few purposes of dollar cost averaging, but the most common is to smooth out the effects that sporadic investing can have on the overall value of a portfolio. By buying small amounts of an asset at fixed intervals, an investor can reduce the risk that they will over- or under-pay for an
Why Millennials Should Be Saving for Retirement Now
Millennials – those born between the early 1980s and mid-1990s – are often thought of as the generation that has it the hardest. Many are struggling with high levels of student debt, skyrocketing housing costs, and precarious employment, all of which can make it hard to think about saving for retirement. But as a Canadian
How To I Know If An Investment Is Right For You
Your financial goals will help you determine what type of investment is right for you. For example, if you are saving for retirement, you may want to invest in a retirement account such as a RRSP. This also helps if you are trying to save for a down payment on a house, because a RRSP
What Happens To My Pension Plan If I Leave My Employer?
When you leave your employer in Canada, one of the things you may be wondering about is what happens to your employee pension plan. This is an important consideration, as your pension plan may provide a significant source of income during your retirement years. The rules and regulations governing employee pension plans in Canada vary.
8 Tips To Save Money On Taxes In Canada
Saving money on taxes in Canada can be a great way to keep more of your hard-earned money in your pocket. The year is nearly ended and the beginning of the tax season is upon us. Here are eight tips to help you do just that: 1. Take advantage of tax deductions and credits There