Updated Savings Tips

Updated Savings Tips

Merriam Webster defines savings as; the excess of income over consumption expenditures.”

Basically savings is doing something with the “extra” money you have after you have allocated what is needed for your expenses. What options do you have for investing your savings? Lets take a look.

  1. GICs
  2. Mutual Funds
  3. RESP
  4. RRSP
  5. TFSA
  6. 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 option is best for you? Contact us with any questions you might have and our staff will be more than happy to answer them for you.

Disclaimer: This article provides information only and is not intended to confer financial advice or opinion. If you have any further questions please consult a Financial Planner. Please note as well that many of the statements herein are general principles which may vary on a case by case basis.