Financial experts advise that there are two things we all should do as part of a good personal financial plan. First, they advise that we should save up to 10% of our earnings as part of a “pay yourself” habit. And second, they say that a portion of those savings should be set aside as an emergency fund.
The good news for CEIRP members is that you can open a Tax-Free Savings Account (TFSA) through the plan and then you can set up regular transfers through your banking as bill payments.
- By automating the transfer, you will barely notice that it’s been reallocated.
- Also, you’re able to take advantage of Canada Life’s funds, low fees and your savings will grow tax free.
- All this means that your emergency fund will grow quickly and you’ll be ready in case of an emergency.
Click here to learn more about the TFSA. And click here to go to Canada Life’s Smartpath Now website to learn more about emergency funds.
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