{"id":97488,"date":"2026-04-16T14:49:41","date_gmt":"2026-04-16T18:49:41","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=97488"},"modified":"2026-04-16T15:50:09","modified_gmt":"2026-04-16T19:50:09","slug":"how-to-save-money-and-create-a-proper-budget","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/how-to-save-money-and-create-a-proper-budget\/","title":{"rendered":"How to Create a Budget that Actually Helps You Save Money"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\"><p>Budgeting and saving work together to protect your finances, helping offset inflation and turning long-term financial goals into achievable plans<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>Start by defining clear savings goals (short-, medium-, and long-term) and match them with appropriate accounts like HISA, TFSA or RRSP as a way to help maximize growth and flexibility<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>Track spending and apply a simple framework like the 50\/30\/20 rule to balance needs, wants and savings while building consistent financial habits<\/p><\/li>\n<\/ul>\n<\/div><\/div><br>\n\n\n\n<p>Creating a budget is one of the most effective ways to take control of your finances and start building meaningful savings. By setting clear goals, tracking your spending and following a simple budgeting framework, you can make your money work more effectively for your future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-is-it-important-to-start-saving-money-and-create-a-budget\">Why is it important to start saving money and create a budget?<\/h2>\n\n\n\n<p>Saving money and creating a budget are&nbsp;<strong>the cornerstones of financial health<\/strong>&nbsp;and the primary way to help ensure your financial goals come to fruition. Both tactics working in tandem can maximize the amount of money you\u2019ll be able to grow in your financial accounts. No matter what your plans are for the future, saving money and having a budget ready can help at the very least get you through any turbulent financial times.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-protect-your-purchasing-power\">Protect your purchasing power<\/h3>\n\n\n\n<p>Inflation can creep up on your financial stability by acting as a hidden tax on your savings. <\/p>\n\n\n\n<div class=\"wp-block-group has-cool-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-lg-font-size\">In 2020,&nbsp;<a href=\"https:\/\/www.officialdata.org\/canada\/inflation\/2020?amount=100&amp;endYear=2025#:~:text=Value%20of%20$100%20from%202020,year%20between%202025%20and%202026\" data-dig-id=\"LP-97488-e27bcc2b\" data-dig-label=\"$100&nbsp;Canadian had the&nbsp;same buying power&nbsp;as&nbsp;$118.14\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\"><strong>$100<\/strong>&nbsp;Canadian had the&nbsp;<strong>same buying power<\/strong>&nbsp;as&nbsp;<strong>$118.14<\/strong><\/a>&nbsp;in 2025. Year to year, on average, one dollar today buys only 98 per cent of what it could just one year ago. So, if you have&nbsp;<strong>$100<\/strong>&nbsp;in a savings account earning 1% interest ($101 after a year), but inflation is at 2%, you will need&nbsp;<strong>$102<\/strong>&nbsp;just to maintain your original buying power.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Rather than playing catch up with your money, a proper plan for your earnings and savings (by way of a budget) would help close that gap left by rising costs of inflation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-maintain-financial-health-habits-and-turn-goals-into-reality\">Maintain financial health habits and turn goals into reality<\/h3>\n\n\n\n<p>To help keep your finances in peak shape and hit those milestones, you\u2019ll need a plan of action that you\u2019ll need to work at on a daily basis. Much like your physical health, you need to evaluate your choices and make sure that they\u2019re for the best of your overall health and longevity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-time-is-your-biggest-advantage\">Time is your biggest advantage<\/h3>\n\n\n\n<p>Time is the most critical factor in saving and earning money, through compounding interest. While the amount by which your money grows will largely depend on the market, the possibility for exponential growth gets larger with time. You can start at any age and at any time \u2013 it\u2019s never too early and never too late.<\/p>\n\n\n\n<p id=\"h-retirement-savings-scenarios\"><strong>Retirement Savings Scenarios*<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block is-style-table-striped\"><thead><tr><th scope=\"col\"><strong>Starting Age<\/strong><\/th><th scope=\"col\"><strong>Total Contribute<\/strong>d<\/th><th scope=\"col\"><strong>Final Balance at 65<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Age 25<\/td><td>$240,000<\/td><td>~$1,745,000<\/td><\/tr><tr><td>Age 35<\/td><td>$180,000<\/td><td>~$745,000<\/td><\/tr><tr><td>Age 45<\/td><td>$120,000<\/td><td>~$295,000<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p class=\"has-text-sm-font-size\"><em>* Assuming an 8% annual return on a $500 monthly investment until age 65<\/em><\/p>\n\n\n\n<div class=\"wp-block-group has-cool-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-lg-font-size\">Plan out your savings and see how your money could grow over time using the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/savings-interest-calculator.html\" data-dig-id=\"LP-97488-9861a5a0\" data-dig-label=\"RBC Savings Calculator\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">RBC Savings Calculator<\/a>.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-identifying-your-savings-goals\">Identifying your savings goals<\/h2>\n\n\n\n<p>The first part of creating a roadmap is knowing where you want to go. What are you saving for and how long it will take to achieve these goals.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><strong>Short-term goals<\/strong>: Establishing an emergency fund, paying off credit card debt or saving for a vacation. These plans should be accomplished within a year. The focus is on liquidity and stability to manage emergencies.<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Medium-term goals<\/strong>: Buying a car, funding a wedding or a down payment for a home. These exciting personal goals are usually achievable within a 5-year span.<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Long-term goals<\/strong>: These are the goals that will wind up mattering later in life, like retirement planning, paying off your mortgage or saving for a child\u2019s post-secondary education. While you\u2019re looking at several years, pinning down a precise timeline is more difficult because it aims for wealth accumulation and growth.<\/li>\n<\/ul><br>\n\n\n\n<p>No matter the goal, just getting started matters most. Even a small amount may snowball into something sizeable that can hit your targets. Here\u2019s the trick: know how to make the most out of the money you set aside. Matching your money and goals to the right savings vehicles could help in the best way possible. Three of the many savings options available through financial institutions include\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/high-interest-savings-account.html\" data-dig-id=\"LP-97488-d790f96f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"High-Interest Savings Account\u00a0(HISA)\" class=\"rbc-link-format\"><strong>High-Interest Savings Account<\/strong>\u00a0(<strong>HISA<\/strong>)<\/a>,\u00a0<strong>Tax-Free Savings Account<\/strong>\u00a0(<strong>TFSA<\/strong>), and\u00a0<strong>Registered Retirement Savings Plan<\/strong>\u00a0(<strong>RRSP<\/strong>). Here\u2019s a breakdown of which options may suit which goal, but you should consult a financial advisor to tailor this to your specific situation.<\/p>\n\n\n\n<p>Budgeting for Your Saving Goals*<\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block is-style-table-striped\"><thead><tr><th scope=\"col\"><strong>Goal Term<\/strong><\/th><th scope=\"col\"><strong>Savings Vehicle<\/strong><\/th><th scope=\"col\"><strong>Primary Benefit<\/strong><\/th><th scope=\"col\"><strong>Example Goal<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Short-Term<\/strong>&nbsp;<br>(&lt; 1 year)<\/td><td><strong>HISA<\/strong><\/td><td><strong>Safety &amp; Liquidity:<\/strong>&nbsp;Fast access to cash with zero risk of losing your principal.<\/td><td>Emergency fund, vacation, new laptop.<\/td><\/tr><tr><td><strong>Medium-Term<\/strong>&nbsp;<br>(1\u20135 years)<\/td><td><strong>TFSA<\/strong><\/td><td><strong>Tax-Free Growth:<\/strong>&nbsp;No tax on investment gains; flexible withdrawals for major purchases.<\/td><td>Home renovations, wedding, new car.<\/td><\/tr><tr><td><strong>Long-Term<\/strong>&nbsp;<br>(5+ years)<\/td><td><strong>RRSP<\/strong><\/td><td><strong>Tax Deferred:<\/strong>&nbsp;Lowers your current taxable income; ideal for long-term compound growth.<\/td><td>Retirement or buying a home.<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p class=\"has-text-sm-font-size\"><em>*These are just some savings options, speak with a financial advisor to find a plan that specifically suits your goals and needs.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tracking-your-spending\">Tracking your spending<\/h2>\n\n\n\n<p>Tracking your spending is not only one of the healthiest financial habits to have, but it can help ensure your plans come to fruition.<\/p>\n\n\n\n<p>Monitoring the ins and outs of your bank accounts will keep you on top of any major errors or redundancies in your finances. With that information, you can calculate your discretionary spending through a budget. You can do so through&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/ways-to-bank\/online-banking\/index.html\" data-dig-id=\"LP-97488-37d40717\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Online Banking\" class=\"rbc-link-format\">RBC Online Banking<\/a>&nbsp;or your&nbsp;<strong>RBC Mobile App<\/strong>, which can provide the information you need to spot unusual or unauthorized transactions and send you notifications on any type of spending.<\/p>\n\n\n\n<p>Reviewing your bank and credit card statements regularly will provide valuable insight into where your money goes most frequently.&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mobile\/feature\/nomi\/index.html\" data-dig-id=\"LP-97488-36d6852e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"NOMI Insights\" class=\"rbc-link-format\">NOMI Insights<\/a>, available within the RBC Mobile app, can analyze your monthly cash flow and categorize your spending habits. This can show you where your money is going and where it will be needed for in the near future.&nbsp;<strong>NOMI Insights<\/strong>&nbsp;can also predict if you won\u2019t have enough money in your account to cover a regular upcoming expense.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-money-should-you-save-each-month\">How much money should you save each month?<\/h2>\n\n\n\n<p>Though the amount of money you should save each month should be proportional to your earnings and financial goals, financial experts suggest that a good range is around 15% to 20% of your gross income. This way it won\u2019t overburden you financially and it can help your savings grow steadily. You can find the blueprint for this in the 50\/30\/20 budgeting rule.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-50-30-20-budgeting-rule\">The 50\/30\/20 budgeting rule<\/h2>\n\n\n\n<p>The 50\/30\/20 rule is a simple budgeting framework that divides your after-tax income into three categories: 50 per cent for needs, 30 per cent for wants and 20 per cent for savings and debt repayment. The percentage division can be flexible depending on several factors like family size, income amount and lifestyle. Think of the 50\/30\/20 budgeting split as a baseline and personalize it to fit your situation. The three main pillars are what matter most \u2013 Needs\/Wants\/Savings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-identify-your-needs\">Identify your needs<\/h3>\n\n\n\n<p>Your needs are dictated by what you need to survive \u2013 food, rent, utilities, transportation and anything else required for your basic standard of living. When creating a budget, you\u2019ll have more wiggle room to add to this portion because these items are non-negotiables. Just keep in mind that as the budget size for your needs increases, one or both of the other pillars must adjust for the change.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-identify-your-wants\">Identify your wants<\/h3>\n\n\n\n<p>Wants aren\u2019t essential but provide joy and enrichment. Examples include entertainment (concerts, streaming services, movie theatres), dining out and any kind of luxury purchases (clothing accessories, latest gadgets and high-priced cars). This budget doesn\u2019t want to force you to cut everything fun out of your life, just decide which are most important. Vacations also fall into this category, making the decisions a little more difficult for the budgeter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-calculating-your-savings\">Calculating your savings<\/h3>\n\n\n\n<p>In the 50\/30\/20 budget rule, the third and final part represents the portion strictly dedicated to savings and debt repayment. Despite being the smallest amount, it will do much of the heavy lifting in your life to come. This 20 per cent is focused on your future financial security and reaching long-term goals \u2013 the main objective of even creating a budget. Beyond building a retirement nest egg, these consistent savings serve as a reliable safety net for emergencies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-budgeting-and-saving-money-on-a-low-income\">Budgeting and saving money on a low income<\/h2>\n\n\n\n<p>You can enhance your budget plan, allowing you to save additional money even on a low income. All it requires is a series of&nbsp;<strong>small changes to your usual cash flow<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Set aside a small amount of money from each paycheck. You can build your savings by diverting the cost of a single cup of coffee each week.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/compare-chequing-accounts.html\" data-dig-id=\"LP-97488-a353c538\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Compare chequing accounts\" class=\"rbc-link-format\">Compare chequing accounts<\/a>&nbsp;to find the ideal set of features that work for you.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider switching to one of&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/index.html\" data-dig-id=\"LP-97488-382936c1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC\u2019s low-fee bank accounts\" class=\"rbc-link-format\">RBC\u2019s low-fee bank accounts<\/a>&nbsp;which are designed specifically to minimize costs while you build savings. Once you\u2019ve selected the right account, you could put your savings on autopilot. Setting up a recurring deposit on payday helps your savings grow before you\u2019re even tempted to spend.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Doing an audit of your recurring expenses lets you know where you\u2019re wasting money on redundancies.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Eliminate any paid subscriptions<\/strong>&nbsp;that you don\u2019t use regularly, especially if you can find free streaming alternatives. Another way to increase savings is to call your service providers and negotiate better deals on phone, internet or television \u2013 even by way of getting a bundle deal.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Leverage any government benefits available to you. Check eligibility for Canada Child Benefit, GST\/HST credit or any other provincial supports depending on your circumstances or status.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Community resources could be of great use, such as food banks and free community programs. You could also benefit from library services as you can learn new skills at no cost.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Increase income incrementally by&nbsp;<strong>taking on side gigs in your free time<\/strong>. Or if you want to make the most out of your current employment, consider asking for a raise or seeking professional development for higher-paying roles.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Schedule a free consultation with an RBC banking advisor who can help you access government benefits, optimize your banking fees or offer the best&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/index.html\" data-dig-id=\"LP-97488-57bc44ac\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"savings account\" class=\"rbc-link-format\">savings account<\/a>&nbsp;for you. Find your&nbsp;<a href=\"https:\/\/maps.rbcroyalbank.com\/\" data-dig-id=\"LP-97488-93712d2c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"nearest RBC branch here\" class=\"rbc-link-format\">nearest RBC branch here<\/a>.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Building a budget and committing to regular savings can help you stay in control of your finances while working toward both short-term and long-term goals. By starting small, tracking your spending and making consistent adjustments over time, you can create a financial plan that supports your future with confidence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-about-saving-money\">Frequently asked questions about saving money<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title36658e12\" class=\"collapse-toggle collapsed\" data-target=\"#accordion36658e12\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-36658e12\" aria-controls=\"accordion36658e12\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is it better to save money or pay off debt?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is it better to save money or pay off debt?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion36658e12\" role=\"region\" aria-labelledby=\"accordion-title36658e12\"><div class=\"collapse-inner\">\n<p>Prioritize high-interest debt (credit cards), then build an emergency fund in parallel, then tackle lower-interest debt. But be sure to make all debt payments.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlea09fd9eb\" class=\"collapse-toggle collapsed\" data-target=\"#accordiona09fd9eb\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-a09fd9eb\" aria-controls=\"accordiona09fd9eb\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How can I save money faster?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How can I save money faster?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiona09fd9eb\" role=\"region\" aria-labelledby=\"accordion-titlea09fd9eb\"><div class=\"collapse-inner\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Increase income (side gigs, asks for raises)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Cut unnecessary expenses<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Automate savings transfers<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider high-interest savings accounts<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Use the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/savings-interest-calculator.html\" data-dig-id=\"LP-97488-a933f544\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Simple Savings Calculator\" class=\"rbc-link-format\">Simple Savings Calculator<\/a>&nbsp;to see how your savings may grow over time<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlecc2e2e1c\" class=\"collapse-toggle collapsed\" data-target=\"#accordioncc2e2e1c\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-cc2e2e1c\" aria-controls=\"accordioncc2e2e1c\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What's the best savings account for beginners?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What&#8217;s the best savings account for beginners?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordioncc2e2e1c\" role=\"region\" aria-labelledby=\"accordion-titlecc2e2e1c\"><div class=\"collapse-inner\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/high-interest-savings-account.html\" data-dig-id=\"LP-97488-29f00422\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"HISAs\" class=\"rbc-link-format\">HISAs<\/a> offer higher interest rates which is ideal for building your first emergency fund. Easy access when you need funds.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title3b4aea61\" class=\"collapse-toggle collapsed\" data-target=\"#accordion3b4aea61\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-3b4aea61\" aria-controls=\"accordion3b4aea61\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I access my TFSA or RRSP if there's an emergency?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I access my TFSA or RRSP if there&#8217;s an emergency?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion3b4aea61\" role=\"region\" aria-labelledby=\"accordion-title3b4aea61\"><div class=\"collapse-inner\">\n<p>While you should generally leave these accounts to grow, you can access your funds if an emergency arises:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">TFSA: Yes, withdraw anytime with no penalty. If you\u2019ve already maxed out your contribution room, you cannot recontribute until the following year when it is reset.<\/li>\n    <li class=\"wp-block-rbc-list-item\">RRSP: Yes, but withdrawals are taxed as income and subject to withholding tax (20 to 30 per cent). Treat as a last resort<\/li>\n    <li class=\"wp-block-rbc-list-item\">Better option: Build a separate emergency fund in a flexible savings account to preserve tax-advantaged accounts<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title8ab87526\" class=\"collapse-toggle collapsed\" data-target=\"#accordion8ab87526\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-8ab87526\" aria-controls=\"accordion8ab87526\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How does inflation affect my savings?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How does inflation affect my savings?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion8ab87526\" role=\"region\" aria-labelledby=\"accordion-title8ab87526\"><div class=\"collapse-inner\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Inflation erodes purchasing power \u2013 one dollar today is worth less tomorrow<\/li>\n    <li class=\"wp-block-rbc-list-item\">Keep emergency funds in a flexible savings account earning competitive interest<\/li>\n    <li class=\"wp-block-rbc-list-item\">For long-term savings, consider investments that may outpace inflation (TFSAs, RRSPs with growth investments)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Revisit savings rates annually; adjust if inflation changes significantly<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlec6eae633\" class=\"collapse-toggle collapsed\" data-target=\"#accordionc6eae633\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97488-c6eae633\" aria-controls=\"accordionc6eae633\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is it too late to start saving if I'm in my 40s or 50s?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is it too late to start saving if I&#8217;m in my 40s or 50s?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionc6eae633\" role=\"region\" aria-labelledby=\"accordion-titlec6eae633\"><div class=\"collapse-inner\">\n<p>No, it is not too late. Many Canadians reach their peak earning potential in that age range, creating a valuable opportunity to accelerate savings.<\/p>\n\n\n\n<p>In case you feel behind, you have several options to \u201ccatch up\u201d:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Your RRSP contribution room carries forward. During your high-income years, making large contributions can significantly lower your current tax bill while rapidly building your retirement fund<\/li>\n    <li class=\"wp-block-rbc-list-item\">Redirect any new income like bonuses, tax refunds or salary raises straight into long-term savings accounts like a TFSA or RRSP<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn how you can properly budget and save money to reach your short to long term financial goals.<\/p>\n","protected":false},"author":90,"featured_media":97489,"parent":57314,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,48],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[509],"rbc_difficulty_level":[33],"rbc_mmm_category":[318,367,304],"class_list":["post-97488","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-savings","rbc_content_type-article","rbc_lob_group-accounts","rbc_difficulty_level-beginner","rbc_mmm_category-banking-basics","rbc_mmm_category-budgeting","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"Why is it important to start saving money and create a budget?","url":"#h-why-is-it-important-to-start-saving-money-and-create-a-budget"},{"title":"Identifying your savings goals","url":"#h-identifying-your-savings-goals"},{"title":"Tracking your spending","url":"#h-tracking-your-spending"},{"title":"How much money should you save each month?","url":"#h-how-much-money-should-you-save-each-month"},{"title":"The 50\/30\/20 budgeting rule","url":"#h-the-50-30-20-budgeting-rule"},{"title":"Budgeting and saving money on a low income","url":"#h-budgeting-and-saving-money-on-a-low-income"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - 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