1 / 6

Smart Savings Strategies for Financial Security

Explore the psychology of savings, reasons for saving, and tips for creating a successful savings plan. Learn about different savings options, compound interest benefits, and how to balance risk and return.

gilmorej
Download Presentation

Smart Savings Strategies for Financial Security

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Saving for a Rainy Day Part 4: Making Ends Meet series

  2. Reasons for savings • Retirement • Emergencies • Yearly expenses – insurance, shoes, clothing – seasonal, haircut • Major purchases • Gifts for others • Charity

  3. Psychology of Savings • Remember: things will not give you happiness  major purchases, money in the bank • balance your life and your bank account • Long-term saving “pennies” is trying and taxing  seems like it not going to end • Prevent unnecessary hardship and stress due to financial difficulties  Buffers for rainy days peace of mind  happiness Money is the tool, not the goal

  4. Savings Plan • Know what you are saving for and what types of saving options you have • Balance time duration with access to money • Safe saving options versus risk • Know all fees and costs of any savings plan with a financial institution. • Talk to a financial planner at your financial institution for your options

  5. Types of Savings Options • Savings Account • RRSPs • GICs • Canada Savings Bonds • Bonds • Mutual Funds • Money Market Funds • Stock Market • Balance  risk vs. return

  6. Compound Interest • Start saving early • The longer you save the better • Never too late to save • Stay the course – if you have long-term saving goals, stick to them • Let compound interest work for you

More Related