Saving Without a Second Thought

Saving without a second thought

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, you can program periodic contributions to your RRSP or TFSA. 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 can even make the deduction directly from the source. When the money is directed into your savings automatically, you won’t think about it as being available and may even forget it’s there. You won’t miss it, because you’ll get used to making your budget with the pay deposited in your 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 saved money into your savings account immediately. For example, if you decided not to buy your usual $5 Friday latté, 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, renovating 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 contact a financial advisor.

This post was originally posted on the Investia Financial Services Inc. blog, the original post can be found here.

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