Save? You can do it!

Are you having trouble putting money aside? Changing a few habits can make all the difference.

Saving can help you meet your objectives and react when something unexpected comes up. To succeed though, you need a financial plan. Once you have a plan, you should put your money to work for you in various ways. Have you ever heard the expression "it takes money to make money"?

To make your savings grow, you should avoid hoarding all your cash in your chequing account for 2 reasons. First, your savings will earn more if you invest it, and second, you will be less tempted to use your savings for purposes that are not in line with your real goal.

There are various investment vehicles Investment vehicle: Any financial product (RRSP, term savings, investment fund, etc.) that allows you to invest an amount of money and make it grow.   with different return potentials, depending on the risk level involved. Investors should choose the ones that best suit their needs and personality. There is a whole range of savings products that can help you put aside money regularly by incorporating your instalments into your budget Budget: Complete list of all the estimated spending and income of a business or an individual. .

Note that some term deposits are redeemable at any time without penalty. If the need arises, you can withdraw all or part of your initial investment at no charge and without delay.

Ultimately, the best savings method is the one that is best suited to your lifestyle. For tips on how to save, contact an advisor at your Desjardins caisse. And remember that, when it comes to investing, time is money!

This column was written by Mélanie Lefebvre, Youth Focus Advisor at the Caisse populaire Desjardins de Mont-Tremblant.