How can I start saving money?

3 minute read

The phrase “expect the unexpected” exists for a reason, and although we hope it never happens, how ready are you for a financial emergency? Whether its peace of mind when that emergency comes up, or for giving you the wriggle room to make larger purchases without borrowing, saving your money is the right thing to do!

There are lots of reasons why saving should be a priority. First, saving allows you to make larger purchases without borrowing—like that new media system or bikes for the family. Also, saving offers you peace of mind when an emergency comes up—it could be anything from unexpected home repairs to a sudden job loss.

How do I start saving money? While we can’t plan for everything, saving does allow us to prepare for uncertainty, and it feels good because we know we’ll be able to take care of our responsibilities. Now, most of us don’t like the idea of being in debt, but when we spend without a plan, it’s easy for that to happen, and it’s really important to remember that access to a line of credit doesn’t replace saving.

Spending your money as it comes can make you feel like you don’t have enough to save. That’s not true! Saving can be easy with good habits. When you set aside money every payday with automated transfers, your savings add up almost without noticing! And, when you keep your savings separate from your day-to-day spending account, it makes saving easier and it gives you a sense of accomplishment as you watch your new account grow. Saving also helps you build for your future, like starting a business or planning for your retirement.

One way to help you get motivated is to set a goal that you want to work towards. Start with your emergency savings account and, once you reach your goal, you can start saving for large purchases. As your savings grows, you can begin to think of investing to boost your returns and save for the long-term.

You can do this. Speak with a member of Kindred’s Wealth and Investment Team today to start planning and jumpstart your savings. You can ask us anything!

Paul Arsenault

Paul Aresenault, CFP®, PFP®, RIS, CKA® is Director, Wealth and Investments
Branch Compliance Manager, Qtrade Asset Management Inc.

Paul has a wealth of experience helping members achieve their goals as a CERTIFIED FINANCIAL PLANNER® professional. He coaches Kindred’s Financial Planning Team and acts as our compliance manager for Qtrade Asset Management Inc. In addition, Paul is passionate about sharing his knowledge around RDSPs with members and organizations.

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