Tips on Saving, Pay Yourself First
How to Save: Strategies for Saving Money Each Month
The Traditional Methods
There are many tried and true ways of how to save money each month.
Every day put all of your loose change into a jar. Every once in a while deposit the money in your savings account. In time the money will grow into a little nest egg.
Try to set aside a certain amount of money each month or each paycheque for your savings. People have been doing this for years, but it takes discipline.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.
ReplyDeleteGenerally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year (1/15 of the total amount you withdrew) until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.