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A little goes a long way

Whether you're saving for retirement or a down payment on a home, making regular contributions to your RRSP makes a lot of sense. The price of mutual fund units fluctuate throughout the year and by taking advantage of dollar-cost averaging, otherwise known as investing the same amount at regular intervals regardless of share price, you will be able to maximize your annual contribution to your RRSP. Consider setting up a monthly pre-authorized purchase plan which allows you to make direct contributions to your RRSP from your bank account each month. Even a contribution of $100 a month will make a big difference.

Concerned that you do not have an extra $100 a month to invest? Here are a few easy ways from TD Mutual Funds to save $100 a month so that you can start making regular contributions to your RRSP:

Skip the movies and rent a DVD

  • Cost of a movie and snacks for a family of four: $60
  • Cost of DVD rental and snacks: $10

Savings per month: $50 Just one night brings you half way to your $100 target!

Skip the take-out coffee

  • Daily coffee on the way to work each month: $36
  • Fill a thermos from home: $10

Savings per month: $26 If you bring your own java to work.

Bring your lunch to work

  • Sandwich and a drink from the local deli: $7
  • Bring your leftovers: $0

Savings per month: $140 Even bringing your lunch a few days a week will help to meet your savings target each month.

Visit for retirement planning tools and further information.