12/14/2016 12:54 EST

RRSP? TFSA? RESP? What These Acronyms For Saving Plans Mean

No matter which one you pick, it's best to start early.

Saving money can be tough considering Canadian consumer debt is worth around $1.702 trillion, but for those willing to learn, Jeffrey Schwartz has a few pointers.

For starters, the financial expert says Canadians should get to know what savings plans are at their disposal and what works best for their needs.

Are you a student looking to save part of your paycheque? A TFSA might do the trick. Perhaps you've entered the workforce and want to be better positioned for a comfy retirement. Consider an RRSP. Maybe you've got kids you want to send to university or college. We've got four letters for you: RESP.

But no matter what plan you consider, it doesn't hurt to start contributing early. For more on Schwartz's advice on saving, check out the latest episode of "2 Minutes To Transform" in the video above.

"2 Minutes To Transform" is your guide to small but meaningful changes for a better you. Experts share their tips to transform your life at home, in the office or while you're on the go -- all in under two minutes.

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