The working years can be extremely hectic. Here are some tips to help you manage your finances during this stage of life:

• Set a budget for yourself to help keep your spending in check and stick to it. The Government of Canada has tips to help you create a budget and a budget calculator. Many budget apps today help you track and think about your spending.
• Avoid unnecessary spending and taking on debt. It could be tempting to spend a lot right in the moment, but think about whether the purchase is something you really need, as opposed to something you want. Saving as much as you can for later years will serve you well.
• Invest the money that you are saving so that it can earn interest and grow. Do some research or speak to a financial advisor to figure out what type of investment would be best for you. Consider registered savings plans and their benefits.
• Choose your investments based on when you will need to withdraw your money. If you would like to invest for a short period of time, you might choose to invest your money in a fund that is designed to preserve your capital. If you are investing over a longer time, keep in mind that a low-risk fund might not grow as much over a longer period compared to a higher-risk (more volatile) fund. Find out more about considering how much to invest and where.
• If you are saving for your first home, think about the option of withdrawing from your RRSP as part of the Home Buyers’ Plan (HBP).
• Be sure to learn about the plans that your employer offers, such as insurance and pension plans. Many employers match employee pension contributions, letting you build your savings even faster.

Learning about your options will enable you to handle your finances effectively during your working years. Your investment advisor can help you make informed decisions about investments that are best suited to your needs.