Ever feel like saving money is an uphill battle? We get it! With bills, daily expenses, and tempting purchases, saving money can be tough. This blog gives tips on how you can become a savvy saver, even in the midst of life's hustle and bustle.

In the complex landscape of personal finances, the concept of savings is often easier said than done, however, the significant of savings cannot be overstated. It serves as the cornerstone of financial stability, providing a safety net in the face of unexpected expenses and a foundation for future endeavors. Juggling bills, managing daily expenses, and resisting the allure of new purchases can be a formidable challenge.

In this blog we embark on a comprehensive journey towards measuring the art of saving. From liberating yourself from the 'End of the Month Trap' to instilling enduring savings habits, we dive into actionable strategies that pave the way to lasting financial security. Read on to uncover the key to savings.


The “End of the Month” Trap

We've all been there, haven't we? That familiar pledge, "I'll save whatever's left at the end of the month. Of course, I will!". But the truth is, for most of us, this strategy rarely pans out.

You need to build your savings into your budget, and they need to come off your paycheque first, or after essential bills. Put that money somewhere that isn’t your chequing account. Most credit unions and financial institutions offer automatic savings programs you can set up so that you don’t even have to remember to save, it just happens. If you set it up so that the money comes out of your account the same day you get paid, it’s like it was never there at all.

How much should I save?

A good amount to start with is 10% of your monthly earnings at least once every three months. So, if you make $2,000 per month after tax, you should be saving $200 every three months (about $67 each month or $17 each week). If you can save more, that’s great – but this is a great jumping off point that can help you get started with good savings behaviour.

What type of account should I save my money in?

Choosing the right savings account hinges on your specific financial goals and circumstances. If you're saving for short-term goals like a vacation or an emergency fund, opt for an easily accessible account with a competitive interest rate such as a traditional savings account or Tax Free Savings Account. On the other hand, if you're aiming for long-term goals such as retirement, you may want to consider investment options like a Registered Retirement Savings Plan. To help you understand the options that may be best for you, we recommend contacting a financial advisor for advice.

Find your motivation

Consider aiming for an emergency fund, a financial cushion that can be a lifesaver in unexpected situations. Strive towards accumulating three months' worth of living expenses, so that if something unexpected occurs you'll have peace of mind knowing you can still support yourself. Remember, every contribution, no matter how small, contributes to building a solid foundation of security. So, don't shy away from starting with modest steps towards your financial well-being.

Keep it visible

Ensure that your savings are easily visible, whether in a dedicated savings account or another investment account. Seeing the balance grow over time is a powerful motivator, even if your monthly contribution is smaller.

When should I start?

The best time to start saving is today! Open a savings account or make an appointment with a financial advisor to open an investment account. Make saving a habit and you’ll be rewarded with lower stress and a comfortable future where you can handle a lot more with your financial safety net.


The journey to savings is a commitment, one that requires diligence and determination. From setting clear goals like an emergency fund to envisioning a future bolstered by three months of living expenses, every stride counts. Remember the key lies in choosing the right savings account tailored to your aspirations whether short term or long term. And to make it easy on you, consider scheduling automatic transfers each pay day into your account.

Ready to take the next step towards a more secure future?

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