No matter the state of your finances, it’s always helpful to take time to assess your financial priorities, so you can be better prepared for the future.
Here are three easy ways to get started:
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1
Build a plan.
Start by thinking about where you are now, where you want to be and how much you’ll need to get there. Consider different savings strategies for specific purposes. For example, if you want a retirement fund to prepare for life after your career, there’s the tax-deferred Registered Retirement Savings Plan (RRSP). Or if you’re looking to maximize your savings by keeping them tax-sheltered, then a Tax-Free Savings Account (TFSA) may work best for you. In any case, build your assets in a way that suits your needs.
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2
Get organized.
Once you’ve determined how best to organize your finances, the next challenge in reaching your savings goals is staying on track. For help, you may want to use an online tool to manage everything more easily. A spreadsheet can give you an overview of your financial progress and ensure your money’s only going where you want it to. It can help calculate how much you’ve spent and how close you are to your goals.
To help organize future funds, you could also try setting up automatic transfers between accounts, such as for bills and savings.
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3
Keep your money safe.
Now you’ve done the work, and everything is where you want it—how do you make sure your money is safe? You can find out how your deposits are protected through online tools like our online calculator. We protect eligible deposits in the event of bank failure. There are several coverage categories, including RRSPs and TFSAs, and deposits in each category are separately protected for up to $100,000, per member institution.
Budgeting and ensuring your finances are protected makes for a strong financial plan, building a financially confident future and greater peace of mind.
Find more information on deposit protection or how to calculate your coverage.