Do you struggle with putting aside some extra money at the end of each month? Read our tips to help you increase your savings without putting yourself under too much financial strain.
Set Up Auto Saver
Most banks have the option to automatically put aside a certain amount of money each month. Whether you have a savings account or a TFSA, it’s an easy way to ensure that you’re adding to your savings each month. Some banks even offer the option to move a dollar into your savings account every time you make a transaction.
Give Yourself a Savings Goal
Whether it’s 5 dollar or 50, come up with an amount of money that you will make sure to set aside every single month. Whether you put it in a physical savings account/TFSA or put cash into a piggy bank, having a concrete goal to focus on will help you be proactive.
Remind Yourself Why Saving is Important
Focus on the big picture. Think of every potential emergency situation (car repairs, vet bills, medical emergency, school tuition increase etc) that could require some extra money being available.
On the opposite end of the spectrum, remember all of the positive benefits that can come from being a good saver; vacations, buying a new car, putting a down payment on a home, splurging on a new phone or some new shoes you normally wouldn’t be able to afford etc.
Be a Realist
Make sure that you’re realistic about your goals. If you’re barely able to scrape by each month as it is, give yourself permission to only put aside what you can absolutely afford. If you can’t afford to put anything aside that month, that’s completely fine too. Taking care of yourself and making sure your bills are paid, that you have a roof over your head, and that you have food to eat are the most important things you can spend your money on.
Need help with your savings goals? You can apply online right here!