Sometimes saving can seem overwhelming – but it doesn’t have to be. Creating a savings plan is an easy way to turn your dreams into reality.
Just answer the following questions and voila! Your very own customized savings plan.
- What are you saving for?
Whether it’s a travel vacation, a down payment on a home, retirement or whatever your heart desires, select a focus.
- How important is this goal to you?
Assign a priority level to your goal. High priority goals are one’s you’re less willing to compromise on, whereas low priority goals maybe aren’t as pressing.
- How much will you need to save to reach your goal?
Select your savings goal. Not sure how much you should save? Use one of our mortgage, loan, retirement planner, TFSA, RESP or savings calculators to help you decide!
- How often should you contribute?
Choose when works for you. Often, the more frequently you contribute, the smaller your payment will be. For example, putting away $500 once a month is convenient for some, but $250 every two weeks may be easier to manage for others. To make it even easier, set up automated deposits to your savings account on days that align with your pay days.
- What’s your payment amount?
To calculate how much your payments should be, take your savings goal and divide it by how often you’ll contribute. For example, if you have a savings goal of $5,000 and want to contribute bi-weekly, your payments will be $192.30 every two weeks.
Congratulations! You’ve just made a financial plan and now you’re on your way to achieving your goal!
Next, which account should you put your savings in? Depending on what you're saving for, there are few options to choose from.
Can’t decide? Let one of our advisors help you choose the best option for you. Call us at 1.866.863.6237 or visit an advice centre near you.