In this brief document, the authors offer tips for achieving goals by saving over a relatively long time frame.

They use as an example a couple whose current monthly spending includes a large amount for dining out and entertainment. They want to maintain part of this lifestyle, and save for their children’s education, a big vacation, and their retirement.

The authors’ tips for this couple include finding expenses to cut in their budget; establishing Registered Educational Savings Plan (RESP) accounts for their children; setting up Registered Retirement Savings Plan (RRSP) accounts for themselves; and saving for a trip by taking advantage of Canada Savings Bond deduction programs at work.

The document was prepared by Money Mentors, a not-for-profit credit counselling and money management organization based in Alberta.