My yesterday’s blog shows that you can amass $42,600 in tax free savings with only a 4% return and in just 7 years.
The difficult part for most of us is coming up with the money to contribute to our TFSA (tax free savings account). For 2015, the yearly maximum is $5,500 or about $15 a day.
$5,500 is a lot of money for most people. But $15 is more attainable. So focus on what you can save each day, instead of the huge end sum of $5,500. If you can’t possibly save $15, try $10 or even $5 a day. Any amount will work and get you started.
Put real cash saved each day into a glass jar so you can actually see it before depositing the money into your TFSA account at the end of the month. Start all over for each month. I’m certain you’ll be surprised how your TFSA will build over time.
Save $15 a day = $5,475 yearly!
Save $10 a day = $3,650 yearly!
Even just save $5 a day = $1,825 yearly!
Now isn’t this worth pursuing? And what a great way to start a January.