Mortgage News
A lesson in savings for a TFSA
With all the benefits that investing in tax-free savings accounts can bring, it’s no wonder experts advise Canadians to start saving early and often.
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Whether you're saving for a vacation, the down payment on a new home, or simply saving for the future, saving can be overwhelming. Many Canadians will have the best intentions when starting a savings plan, but may see it as less of a priority when life gets in the way.
Saving doesn't have to be an epic undertaking. As we learn in this Financial Post article featuring Gail Vaz-Oxlade, starting small can lead to big rewards down the road.
- Start small, and start early. Every little bit counts, and the sooner you start, the more interest you will accumulate.
- Make saving mandatory - set up an automatic transfer into your savings account to occur on each pay day. Start with a smaller amount, and increase it when you are able to. You'll be surprised how fast it grows.
- Budget and track your spending to hold yourself accountable.
- Invest 'found' money, like your yearly tax refund, in your TFSA.