Take 3 small steps to start saving
Ideally, you want to put at least 10% of your gross salary each month into savings. If that number is too difficult for you to manage, don't panic - do a little something rather than nothing. Here are some easy places to start.
- Open an account. With the right accounts in place, it's easier to save: you can stash a little into your savings account or Tax-Free Savings Account (TFSA) whenever you have some extra money; arrange for automatic deposits; or make Retirement Savings Plan (RSP) contributions more easily. You can do all this and more at a TD Canada Trust branch, online with EasyWeb or on the go with the TD mobile app.
- Keep the toonies. Do you habitually empty your change into a jar? Even small savings like that can make a difference. If you were to set aside just $2 a day, or $60 a month, starting at age 25, into an account earning 5% annually, you'd have almost $87,000 by the time you're 65. See for yourself how small savings can add up:use the RSP Savings Calculator. The website myfirstrsp.com has more tips on how to get started.
- Make it automatic. Whether you can put aside $200 a week or $20 a month, use a Pre-authorized Transfer Service. It will help you keep on track with your savings plan - and after a couple of months, you probably won't even miss the money.
Learn how even small savings help - and how you can get started.