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Saving. It’s actually good for you


Maybe you hadn’t thought about it this way, but saving money regularly is good for your financial health and well being. Having a plan to start saving, or to save more every month, will not only put you in a better position financially, but it will improve your sense of well being over all.

A happy relationship with your money can make for a happier (and healthier) you.


Getting started


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.

The graph illustrates the power of saving various amounts regularly over time, at a fixed interest rate of 1.75%. If you save $25/week you would have $2,644 in two years, $6787 in five years, $14,195 in ten years and $51,243 in 30 years. If you save $50/week, you would save $5288 in two years, $13,575 in five years, $28,391 in ten years, and $102,486 in 30 years. If you save $100/week, you would save $10,576 in two years, $27,150 in five years, $56,782 in 10 years, and $204,972 in 30 years.

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.


Avoid impulse spending

Take a five-minute pause before clicking the “buy” button on your next online purchase. Ask yourself, do I really need this?


Save every time you spend

With Meridian’s Auto-save feature, you can put up to $5 towards your savings on every debit purchase. Learn more


Add up the little things

It may not seem like much at first, but spending $2.70 per coffee over 270 days costs $729!


Save when you shop

Meridian’s Price Drop service checks your receipts against prices from popular retailers. If we find a lower price, you can get money back. Learn more


Review your Insurance policies

Rather than renewing your policies automatically, shop around and see if you can find a better deal.


Save on energy costs

Use a programmable thermostat and save up to $180/year on your energy bills.


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.


Compare your savings options


Let’s compare these three options and calculate how much you could save in one year.


High Interest savings account

Unlimited, free transactions, and a great place to build an emergency fund.

Learn more


1-Year Cashable GIC

A short-term investment with a great rate, and the option to access your money anytime.

Learn more


3-year Raise the Rate GIC

A longer-term investment with a higher rate that you can increase if Meridian rates go up.


Compare

Your Savings Options

Compare options and calculate how
much you could save in one year.

 
 

Competitor details

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i
i

Interest earned on $30,000
investment in a year

 
High Interest Savings Account (HISA) @0.5%  
 
1-year Cashable GIC @1.40%  
 
3-year Raise the Rate GIC @1.80%  
 
Competitor rate @ 

Find the GIC that suits your investment style.
Learn More about different types of Meridian GICs

Piggy bank with dollar bills

In just one year on a $30,000 investment, you can earn

$150.37 interest from a HISA

$450.00 interest from a 1-year Cashable GIC

$630.00 interest from a 3-year RTR GIC

interest from a competitor account

Get in touch

If you’d like to learn more about saving and investing our advisors can help. Give us a call or find a branch and book a meeting.