Keep track of your income and expenses

First, you need to get real about your finances. That means figuring out where your money goes every month by creating a budget. Put the numbers into a simple spreadsheet or try this free budgeting tool from the Government of Canada.

Find room in your budget to save

Once you’ve figured out how much you spend each month, add a “savings" category to your budget, and plan to allocate a certain amount to it regularly. Start small with as little as $25 and you’ll be surprised at how quickly your money grows.

Get creative about spending less

Once you dive into what you’re actually spending, you’ll find that there are lots of ways to cut back. Even little things like coffees, take-out lunches and other non essentials can really add up.

Set a savings goal

What do you want to save for? Setting long term goals, like a down-payment on a house for example, are important, but small, achievable short-term goals are important too. Plan for some attainable, smaller goals—and enjoy the reward you’ve saved for- it will keep you motivated and positive. Saving $50 per paycheck over a year could be your next vacation!

Decide where to put your savings

Where you put your money will depend on your goals, but a high interest savings account or a GIC (guaranteed investment certificate) are great places to start.

Pay yourself

Making automated transfers to your savings account will help you build savings faster. Transferring a set amount every two weeks or every month takes your mind off of saving, and reduces the temptation to spend the money instead.

If you’re already a Meridian Member, you can set up an ongoing transfer (or a pre-authorized contribution or a “PAC”) to your savings account in online or mobile banking. Learn how to transfer money between your Meridian accounts online.