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The benefits of saving go beyond your wallet

Saving money regularly has big benefits that go beyond your finances. Having a plan to start saving, or to save more every month, not only helps your financial situation, it improves your confidence and overall sense of well-being. A happy relationship with your money can make for a happier (and healthier) you.

How to start a savings plan

Create a budget

Figure 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.

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.

Learn how to budget in 7 steps

Child deciding which labelled jar to drop her coin inside

A couple paddle boarding together

Set a goal

What do you want to save for? Larger goals, like a down-payment on a house, are important, but small, achievable short-term goals are important too.

Plan for some attainable goals, and enjoy the reward. Saving $50 per paycheck over a year could be your next vacation!

A 21-year old’s journey to financial independence

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.

Transfer money between your Meridian accounts online

Save faster with pre-authorized contributions

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.

Money saving tips

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.

Explore money saving tips

Helpful tools

Colourful lotus flower with a dollar sign

Financial Resilience Survey

Take a quick survey to get your financial resilience score and learn how you can improve.

Take the survey

Two horizontal bar graphs, one is a dark to light blue gradient and, the other is a darker yellow to light yellow gradient

Compare interest calculator

Compare Meridian savings options and find out how much you could save in one year.

Compare and calculate

Saving vs. investing

Do I save or invest?

Your goals and timeline will help you determine the approach that makes sense for you.

Saving versus investing

How interest rates work

Investment options

A well diversified portfolio includes various types of investments, from GICs to mutual funds.

Mutual funds

Meridian Class A Shares

Guaranteed investment certificates

Expert advice

Your Meridian Wealth advisor will work with you to define your goals and build a financial plan that works for you.

Meridian Wealth Management

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.