1010147_49469385(NC)—Pay yourself first: We’ve all heard it, but how many of us really do it? By planning ahead and sometimes giving up small perks along the way, you can painlessly save for important long-term goals, such as retirement.

Taking control of your finances creates a sense of empowerment. But how do you discipline to pay yourself first? Carol Bezaire from Mackenzie Investments offers these tips:

1. Consider using an automatic investment plan, which is easy to set up through your financial advisor. Each paycheque, a set amount is moved to your investment account, RRSP or TFSA. Start small and build up as you earn more. Quick rule of thumb is 10% of your gross salary in a year.

2. Review your spending habits. Do you indulge in a latte every morning? Do you have monthly services that you don’t use? If so, there is room to improve your saving habits.

3. The amount isn’t as important as the persistence.  If you pay yourself before the bills, you will quickly get comfortable with the new routine. Savings will mount and you’ll be pleasantly surprised at the end of the year.

Working with a financial advisor, you can determine which budget best suits your needs and how to invest your savings to ensure you reach your financial goals.

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