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Unexpected life events or expenses can get in the way, causing you to stall or interrupt your investment plans. Or, you may be in your peak earning years, haven’t saved diligently, and feel that you’ve fallen behind before you’ve even started. Don’t be discouraged – it’s never too late to start investing and you can catch up.

Below are five simple and effective ways to get started or get back on track with your investments.

Savings Strategies

• Start small: Set aside small amounts on a regular basis.

• Automate it: Consider setting up automatic contributions, using, for example, our RSP-Matic^® or TFSA-Matic^® and pay yourself first.

• Grow your savings tax-free: Open a Tax-Free Savings Account (TFSA) and pay no taxes on your investment earnings. You can contribute up to $5,000 per year and withdrawals are tax-free. Check your most recent Notice of Assessment.

• Use up your contribution room: Consider an RRSP catch-up loan to maximize the RRSP contribution room you have available. Also try to contribute the maximum allowable amount to your TFSA every year.

• Plan and prioritize: Gain perspective by deciding what you want your future to look like. Then decide which financial goals you’d like to tackle first and make achieving these goals a priority.

This is an excellent time to speak with an RBC advisor. They will assess whether your savings are on track and suggest ways to build your financial security.