5 Easy Ways for Canadians to Save Money

The easiest way to save money is to make it automatic.

1. Pay Yourself First

If you treat saving for your future as a regular obligation, then you’ll make that payment every single time.

Group plans can help you in a lot of ways.

2. Take Advantage Of Group Plans

Contributions come off your paycheck every time you’re paid, so it’s automatic.

When people make the minimum monthly payment, a majority of their payment goes just towards the interest.

3. Focus On Paying Off High-Interest Debt First

Focusing on paying down high-interest debt (and keeping it down) will mean less money being thrown towards debt.

Tax-deferred accounts like an RRSP are a great way to pay less taxes now, and increase your tax refund

4. Use An RRSP To Pay Less Taxes

5. Make Sure Your Money Is Working For You

Savings accounts should be renamed because far too many people believe savings accounts are good for saving money.

Money Management

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