Saving without a second thought

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2 min.

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Are you more of a spender than a saver and have trouble putting money aside? Here are a few tips to help you save and grow your savings effortlessly.

Set up periodic contributions

The easiest way to save? Automate it! From My Client Space, or by contacting your advisor, you can program periodic contributions to your RRSP, TFSA, FHSA or RESP. It’s simple. You choose the time, frequency and amount that best suit your budget and you’re done. Saving small amounts is easier than having to invest a large sum all at once, and the earlier you save, the more effortlessly you’ll grow your savings!

In fact, many employers offer you the option of having amounts deducted directly from your pay to contribute to a group savings plan or to purchase shares, for example. This makes it easier to manage your budget by helping you see this money as unavailable, since it’s saved at the source, rather than as additional income to be spent.

Adjust your savings to keep up with the cost of living

Think about boosting your contributions as the cost of living and inflation rise. That $50 monthly deposit you set up a few years ago doesn’t go as far today. By slowly increasing your contributions, you’ll keep your savings power strong and stay on course to reach your financial goals. The best part? You can update your contributions anytime in My Client Space for your RRSP, TFSA, FHSA, RESP, or non-registered account.

Use technology to help you save

There are several mobile apps that can monitor and categorize your monthly spending. Check these apps regularly. You may be surprised to see where your money is going and which categories you could be spending less money in. These easy-to-use tools can also link to all your various accounts and credit cards.

Reward yourself for saving

One way to develop good habits is to deposit money that you’re saving into your savings account immediately. For example, if you decided not to buy your usual five-dollar Friday latte, put that unspent money aside right away. You “pay yourself” for making the right decision. You’ll start to enjoy seeing these little amounts accumulate and grow. You’ll also get to see the real impact that small, seemingly insignificant purchases, like treats, can have on your budget.

Whether you’re dreaming of travelling, becoming a homeowner, saving for your children’s education or just preparing for a rainy day, all of these small actions can help you get closer to your goals every day. Take the first step now and sign into My Client Space or contact an advisor.