Even if money is tight, you don’t have to choose one or the other. These tips will help you meet both current and future needs and stay on budget.
No sooner does a Canadian student graduate from college or university (with an average student loan debt of $28,000), than the pressure starts to save for retirement. Add those not-insignificant monthly student loan payments to other essential budget items – rent or mortgage, groceries, childcare, utilities, et cetera – and it’s easy to see why saving for retirement can look like an impossible dream.
The good news is you don’t have to choose between saving for retirement and paying off your student loan. With a little planning and dedication, you can make room today for tomorrow’s golden years.
Here are 5 simple steps to get you started: