GET YOUR SAVINGS ON TRACK

“I’d like to save more, but there’s just nothing left at the end of the month.”

I’ve heard that refrain so often over the years that I’m thinking of writing a hurtin’ country song based on it.

I know saving can be tough in this consumer-oriented world, but really all it takes is a little discipline and some technical help from your financial institution.

Every bank and cred- it union offers automatic savings plans that deduct an amount you specify from your account each month. Have the money directed to an RRSP or a TaxFree Savings Account (TFSA) and instruct the bank to invest it in no-load mutual funds. You’ll be amazed at how quickly it builds.

For example, if you allocate $100 a month to an RRSP at an annualized return of six per cent, you’ll end up with more than $100,000 after 30 years. And all your contributions will be tax-deductible. If you can stretch the monthly contribution to $200, you’ll have almost $201,000 at the end of that time. You can check out how much your savings will grow at www. getsmarteraboutmoney.ca/calculators/ rrsp-savings-calculator.

Chances are that, after the first few months, you won’t even notice the money is being put aside. It’s the easiest way I know of to reboot your financial savings strategy.