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Why Save - and How You Can Save

 

Saving money: it all adds up

When you save money, you can do things that matter to you. Often people save money to:
  • Pay for expensive things - like a big TV, a new car, or a vacation
  • Handle surprises - for instance, to pay the bills if the car breaks down or you lose your job
  • Buy a home - likely the largest purchase you will ever make
  • Retire - in case you don't have enough income from a pension at work or Canada Pension
  • Pay for education - your own, or education for your spouse or a child.
What you save for depends on what matters most to you.  
 

Five steps to saving money

Not sure how to start saving? Follow these five steps:
  1. Set a savings goal. Ask yourself: How much money will I need? How soon? Be realistic.
  2. Decide how much you will save from your pay. Put aside money to save first, then spend what's left.
  3. Track where you spend your money. This will help you find ways to cut your spending if you need to.
  4. Build a budget and stick to it. If you spend too much one month, try to spend less the next month.
  5. Reward yourself when you reach your goal.
Remember: when you save, you will have more choices. And you will likely have fewer money worries. That can be the best reason of all to get into the saving habit.