RRSP CONTRIBUTION TIME IS OVER

Did you have the cash available or did you have to take a loan and incur more expenses? Most people do not have the cash available and either go the loan way or do not contribute at all, thereby forfeiting the benefits  that time and compounding can deliver.

THERE IS ANOTHER WAY|,

“ THE  PAY YOURSELF FIRST WAY”

Calculate and budget at least 10% of your net pay to be allotted for retirement or for rainy days.  Begin by setting up a monthly deposit through a PAC to be invested in your retirement fund.  Not only is this a forced saving, but through monthly deposits your money will work and grow for you.  Most financial institutions offer pre-authorized investment plans for registered –retirement plans, tax free savings accounts and non-registered accounts.

You will soon discover that getting into the habit of regularly putting money aside throughout the year is easier than finding large sums to invest.

If you don’t have the money to pay yourself first, you will have to find it. 

Figure out how much you can afford to regularly save and invest.  You do this by reviewing your monthly income and expenses, see where you can cut down in expenses  to divert more to savings and investments.

Almost anyone can make changes to free up cash.  Once a way was figured out, stick  with it.  If you are having trouble staying on track, work with your financial adviser who can show you how to boost your savings, create a cash flow and provide you with an investment potential.

If you need help to create a cash flow, please call us at 514 393-3264