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The Money Management Newsletter: Savings
Setting up a regular savings/investment plan

One of the best way to buy mutual funds or any savings program is by making automatic purchases every month. Regular investing has three important advantages:

You pay yourself first. Despite your good intentions to put money aside, other expenses always seem to get in the way. But if you have the money automatically withdrawn from your financial institution regularly, it will go to your investments before you have a chance to spend it on anything else

It's painless. If you have a reasonable amount of money withdrawn from your account regularly, you'll find you never miss it because you never see it in the first place. And that's a lot less painful than writing a big cheque for investments once or twice a year .

You get the advantage of dollar cost averaging. By investing a fixed amount regularly, you end up buying more units when the price is low and fewer units when the price is high. Over time, this can reduce the aver age cost of your units

To help you get these advantages, Certain institutions have created Regular Investment Plans. A typical plan lets you invest through regular pre-authorized payments from your bank or trust company account. You select the amount of the payments and you can split your payments among two or more funds.

You can normally have the transaction processed on any day(s) of the month and also choose the frequency of the payments.

They can be: Weekly, Every two weeks, Twice monthly, Monthly, Every two months Quarterly, Semi-annually or Annually.

You can continue a Regular Investment Plan as long as you wish, and you may change or cancel the plan at no charge.

Setting up a Regular Investment Plan one of the best ways to start saving for that dream, buy mutual funds, retirement planning or RESPs, It' all easy available by making automatic purchases every month.


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