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What is the best way to save money?

Andrew Goldman

Andrew Goldman has been writing for over 20 years and investing for the past 10 years. He currently writes about personal finance and investing for Wealthsimple. Andrew's past work has been published in The New York Times Magazine, Bloomberg Businessweek, New York Magazine and Wired. Television appearances include NBC's Today show as well as Fox News. Andrew holds a Bachelor of Arts (English) from the University of Texas. He and his wife Robin live in Westport, Connecticut with their two boys and a Bedlington terrier. In his spare time, he hosts “The Originals" podcast.

The best way to save money really depends on what you’re saving for, because it will dictate how you save.

If you’re saving for retirement, you should open a SIPP, and/or an ISA, or a combination of them, since they offer amazing tax benefits that will either save you money right now, or down the road when you retire. How far away your retirement is, and how strong a stomach you have for short-term volatility will dictate how much of your savings should be invested in equities, AKA stocks, which can have wild up and down swings, versus low-risk government bonds, which are more stable, but offer less potential for growth.

Last Updated November 7, 2018

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