Avoid unnecessary purchases. Do you really need to replace that barbeque now?
- Pay down and then avoid high interest debt, e.g. credit cards balances
- Invest as early as possible, so that your money will have more opportunity to grow, and invest additional money whenever possible. Automatic plans make saving and investing easier.
- Invest your money based on when you expect to need to withdraw it. Review your needs annually and make adjustments to reflect your changing circumstances.
- If you need to withdraw some money from your investments, take it from an investment that does not impose a penalty for early withdrawal.
The Alberta Securities Commission has developed a Budget Worksheet to help you see where your money goes each month. The Budget Worksheet will help you figure out how to set aside some of your money to put it to work for you.