Saving for retirement may not be number-one on your list of 2012 intentions, however it's important to start saving as early in the year -- and your lifetime -- as you can.
"Canadians who haven't yet set up their retirement savings can help secure their financial future by making this the year to begin saving in earnest," advises Amalia Costa, head, Retirement Strategies, RBC Royal Bank.
"Saving money isn't about giving up what you enjoy when you are young; it's about planning wisely so you can afford the lifestyle you want in the future."
Costa suggests the following tips to help you save for your retirement easily and effectively.
Determine your goals: Consider building a plan that highlights your short- and long-term goals and priorities.
Contribute regularly to your RRSP: Consider weekly, bi-weekly, or monthly contributions -- this may be easier for you to do than making one large annual contribution.
Go automatic: Consider taking advantage of an automatic RRSP contribution program or other regular investment program -- this is a good way to establish a savings habit.
Manage your debt wisely: Liberate funds for your savings goals by reducing your total interest costs -- for example, consider paying down highest interest debt first, such as credit card balances.
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