How much to save is always a tricky question? What are you saving for always comes into play, and where to save is always an issue. Many times, people become overwhelmed, don’t know who or where to invest, and just do nothing, and live from pay check to pay check. This is the worst possible thing you can do! The best rule is to live off half of your income. That means half of your income should be put away every month. However, many experts to suggest you save a minimum of 20% of your pay check every other week. That’s a minimum of 20% that should be going into your TFSA and RRSP, until it is maxed out. If you are saving for a house, that number should be higher than 20%.If you own a house and want to pay off your mortgage faster, that number should be higher than 20% (This goes for most large goals in general). Hopefully you’ve put together some plan yourself or with your advisor, and you’ve already gotten in the automatic habit of saving every single month!

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