Tuesday 5 June 2012

How to get started with a savings plan

Whether you're saving for a mortgage, to finance a trip or start your retirement, a savings plan is essential. This article from Moneyville's Robb Engen is a comprehensive guide for anyone looking to save - regardless of their savings goal.

Before diving into any savings plan, it is important to first know how much you need to save, when you will need access to the funds, and your comfort level with risk. Those with shorter term plans may have less of a risk threshold than those who are saving for many years. To ensure funds are protected, Engen suggests GICs or high interest savings accounts for short term saving. If you have a larger cushion of time, stock market investments may offer higher returns, but assessing your comfort level with potential losses is still of vital importance.

To read the full article from Moneyville, click here.

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