Merriam Webster defines savings as; “the excess of income over consumption expenditures.”
This is a great definition. Basically savings is doing something with the extra money you have after you have used all is needed for your expenses. But what options do you have for savings? Lets take a look.
- Principal-Protected Investments such as GICs
- Mutual Funds
- Exchange Trade Funds
- Savings Account
As you can see, there are many different options for your money that you have earmarked for savings. You may ask, which is the best option for me? Well, that depends on where you are in life. If you have young kids, RESP’s can be a great way to save for their future education. Mutual funds are a great savings for additional income streams later in life. RRSP’s are a great way to lower your tax bracket while you are working and give yourself more money for when you have finished working.
Still have questions about what savings options are best for you? Contact us with any questions you might have and our staff will be more than happy to answer them for you.