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Life: The Sequel - Step 5

Become a Saver in Less Than 10 Minutes

Bet we know what you’re thinking. Saving money? Now? Craziness. With student debt, a first-job income (or less), and so much to see and do at this time in your life, who has money left over to save? Guess what – you do.

You can literally start saving money in 10 minutes (we weren’t exaggerating). The easiest way to commit to a regular savings plan is to arrange for pre-authorized transfers from your chequing account to a savings account. All you have to do it specify the amount and how often you want the transfers to take place — for example, once a week, every two weeks or once a month. And we’re not talking millions… or even thousands or hundreds. We’re talking $5 a day, $25 a week, $100 a month, or whatever you can manage. The important point is that you’ll start saving money, even if you don’t have a lot to spare. So go ahead and try and argue with us – we’ve heard it all. But there’s no point – you CAN start saving now.

And remember, the best part about saving is that you will have money to pay for things that are important to you later – whether that’s a vacation with your friends, a new car, or even a house down the road.

Tips to start saving money 
  • Think of saving as something you have to do, like paying your bills or your rent. You’re more likely to start – and continue – saving if you approach it this way
  • Open a dedicated savings account – such as a high interest eSavings account, Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). Learn more about these savings plans to figure out which one is right for you now. You can also see how small savings can add up over time by using our TFSA calculator.
  • Take advantage of any company savings plans and matching benefits that may be in place for you at work. It’s a great way to accelerate your savings.
  • Set up automatic transfers from your chequing to your savings account.
  • Set up an emergency fund so you have savings in case you need quick access to cash for something unexpected.
  • When money gets a little less tight, put more away on a regular basis. Once you get started, you’re creating strong savings habits that will hopefully last a lifetime!
"Go ahead and try and argue with us – we’ve heard it all. But there’s no point – you CAN start saving now."