Maybe you’ve gotten into the habit of going for a run at lunchtime or maybe it’s virtual yoga first thing in the morning. After all, you want to live a long and healthy life. However, a longer life means saving enough money so that you can enjoy it. With the money you may be saving from your gym membership, consider using that money to save for your later years and your retirement.
“Get into the habit of investing with as little as $25 per month,” says Vandenberg. “Over time, the automated contributions will compound and could help you reach your financial goals sooner.”
For an idea of how much you’ll need at retirement, and how to get there, you can use our Retirement Calculator. Your retirement plan should be developed with a personal banker who takes into account all the potential streams of income you’ll have during retirement, how much you can save, and how you will be taxed. Your streams of income could include government income, a company pension and personal savings like those in your RRSP, TFSA or other investments.
With the help of a financial professional, you can find savings and investments options for your time horizon, risk tolerance, and financial goals. Even if you think there's no extra money in your budget right now, speaking with a personal banker may help you identify ways to help you save towards your financial goals.