Investing - Saving to Invest
Completion requirements
UNIT 4
SAVING FOR INVESTMENT
In order to start investing you need money to invest. Some ways you can save this money are:
1. Pay Yourself First: Save a reasonable amount of money right after you have paid your monthly bills and before you start spending money on extras like new clothes or entertainment.
2. Participate in an Elective Savings Program: You can talk to your employer about having part of your paycheque automatically put into a saving account. It's easier to put money into a saving account than it is to take it out.
3. Make a Special Savings Effort One or Two Months Each Year: Participate in a no spend challenge a couple of months each year and put the money saved into a saving account for later investing.
4. Take Advantage of Employer-Sponsored Retirement Programs: Many employers match RRSP savings. RRSPs are a form of investment.
5. Take Advantage of Gifts, Inheritances, and Windfalls: Any money that you are given or receive unexpectedly can be put into a saving account for later investment.
1. Pay Yourself First: Save a reasonable amount of money right after you have paid your monthly bills and before you start spending money on extras like new clothes or entertainment.
2. Participate in an Elective Savings Program: You can talk to your employer about having part of your paycheque automatically put into a saving account. It's easier to put money into a saving account than it is to take it out.
3. Make a Special Savings Effort One or Two Months Each Year: Participate in a no spend challenge a couple of months each year and put the money saved into a saving account for later investing.
4. Take Advantage of Employer-Sponsored Retirement Programs: Many employers match RRSP savings. RRSPs are a form of investment.
5. Take Advantage of Gifts, Inheritances, and Windfalls: Any money that you are given or receive unexpectedly can be put into a saving account for later investment.