How to save money
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 saving 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.
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.
Find out how much you need to save and how long it could take to reach a savings goal.
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.
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.
Saving vs. investing
Do I save or invest?
Your Meridian Wealth advisor will work with you to define your goals and build a financial plan that works for you.