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Advice for the Impulse Spender

Impulse Spender


Right now it looks like you’re more of a spender than a saver. But if you pair up your newfound motivation to start saving with the right tools and objectives, it shouldn’t be to hard to get you into some new and better habits.


Take a look at your income and expenses to determine how much you can afford to set aside each month. Set a goal to work toward as a way to motivate yourself. Then open an account and start saving.


Set a savings goal

This is arguably the really fun part of saving – together with watching your savings grow. You probably won’t have any trouble coming up with goals on your own, but here are a few idea starters:

  • Vacation – Tired of “staycations”? Why not choose somewhere special to escape to?
  • Emergency fund – It may not sound very exciting compared to the other options, but experts agree: everyone should have one!
  • Home improvement – Make your home more inviting, comfortable and valuable.

Of course you can change your goal any time; right now getting into the habit of saving is the most important thing.


Choose the right savings account

Once you’ve identified a goal that you’re saving toward, it’s time to open a savings account. An ideal dedicated savings account should offer high interest with no monthly fees – so your money has an opportunity to grow. For example, the RBC High Interest eSavings® account offers you high interest on every dollar with no monthly fee and no minimum balance.

The RBC High Interest eSavings account also lets you set up automatic online transfers through the Save-matic™ Program, so that transfers are made automatically from your RBC® banking account at a regular time, such as just after your paycheque is deposited. You can even give your account a name that will inspire you to save – call it “Caribbean Getaway Account” or “My New Gas Stove”!


Those little things can really add up over time!

Discover how much you’sre spending on everyday items with the Spend-o-meter.


How much do you have to save?

Find out in minutes using the Easy Budgeting Tool.


Learn more about:

Saving can be easy. The RBC High Interest eSavings® Account. No minimum balance. No monthly fees.


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