Feeling the RRSP overload? Set up an automated monthly RRSP contribution plan. An automated plan can help in a variety of ways – it can help your wallet and it can help your anxieties. Here are three ways an automated RRSP plan can benefit you.
The immediate benefit of automation is the reduced stress of keeping on top it manually. During RRSP season, you can breathe easy knowing that everything is taken care of properly – no more last minute panic. Automation can also free up more time to think about other financial planning avenues such as TFSAs and other portfolio investments.
A big benefit to automation is the security knowing you will never miss out on a rebate again. By planning ahead, you can completely eliminate this stress altogether. Eventually, the automated contributions will be no burden to you at all, and with a guarantee on a rebate around holiday time, you and your family can rest easy knowing cash is on the way.
Finally, by setting up for automatic RRSP contributions, you’re giving your money more time to wiggle forward. It’s simple – the longer your money is invested the better it does. Don’t just wait until the end of the year to invest, be sure to keep putting drops in the bucket on a consistent basis.