How to Save More Money From Salary in Canada?

How to Save More Money From Salary in Canada

One question that makes all of us worry: How to Save Money While Working in Canada? And another one of how to save more money from salary in Canada, then this blog right here is for you!

How much do Canadians Save Money

According to the data from Statistics Canada, an average house in Canada can save around almost $9,900 in a year.

Now, all of us try to save money in one way or another. While for some of us savings come easy, a few people do struggle with finding ways to save money. For those people, we have got this article for you. Why don’t we start talking about ways on how to do so. First, let’s look at some quick tips for saving money.

Savings Depend On?

It is a fact that we cannot save everything we earn. Now, there are some factors that determine our savings. Let’s take a glance at those factors below.

  1. The retirement age: The age you wish to retire does play a role in how much savings you have.
  2. Working after retirement: Another factor that determines your savings is if you would be working in your retirement years or not.
  3. Lifestyle: One of the main factors that determines the digits in your savings money is how you live your life. If you are living lavishly, then of course, your savings nest would have some sort of effect. However, if you spend considerably, then the chances of having a good retirement plan and the money to carry it out increases.
  4. Debt: It matters a lot if you have debts or loans to pay.
  5. Supporting family: Do you have family members dependent on you? Then, yes, this is another factor on which your savings depend on.

Tips for Saving

  • Track expenses
  • Cut cost on unnecessary things
  • Have a savings account
  • Make good investments
  • Set achievable savings goals
  • Make priorities
  • Try saving more and more each year

Saving Money According to Age Group

Below, we will talk about how much money you should have in your savings nest in Canada but make it according to age groups.

  • Under 35:- $90,500
  • 35-44:- $220,500
  • 45-54:- $437,400
  • 55-64:- $645,500
  • 65+:- $514,800
Niyati Chaurasia

Niyati Chaurasia

Niyati’s specialty lies in Canadian immigration matters along with crafting helpful, user-oriented content.

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