Make it easier to save

It pays to make saving a habit. Look for easy ways to build saving into your life and to make it automatic.

4 ways to make it easier to save

1. Pay yourself first

Use online or mobile banking to set up your own monthly savings program. Make an automatic transfer from your chequing accountAccount An agreement you make with a financial institution to handle your money. You can set up an account for depositing and withdrawing, earning interest, borrowing, investing, etc.+ read full definition to your savings accountSavings account A bank account intended for depositing funds. Pays interest and lets you withdraw cash at any time.+ read full definition on your payday. That way your savings is taken care of before other discretionary spending.

You can change the amount you transfer each payday, as your budgetBudget A monthly or yearly estimated plan for spending and saving. You work it out based on your income and expenses.+ read full definition changes.

Setting up automatic payments helps create default financial decisions that work in your favour.

2. Make a savings plan for your tax refund

If you’re expecting a refund at taxTax A fee the government charges on income, property, and sales. The money goes to finance government programs and other costs.+ read full definition time, this is an opportunity to make a significant contributionContribution Money that you put into a savings or investment plan.+ read full definition towards a savings goal. Consider putting it into a TFSATFSA See Tax-Free Savings Account.+ read full definition, an RRSPRRSP See Registered Retirement Savings Plan.+ read full definition or an RESPRESP See Registered Education Savings Plan.+ read full definition.

You can also top up your emergency fund to prepare for a rainy day.

3. Check for savings apps

Your online banking may include apps for budgeting and saving as part of your services. Some debit cards also round up transactions to put the remainder towards your savings.

Make sure you’re comfortable with the privacy settings of any app or automated savings steps.

4. Join a savings plan at work

Find out if your workplace offers a savings plan. With this type of plan, your employer would take money from your pay each month. With some plans, your workplace might contribute to your plan each month. The money may go into a savings account, or it may be used to buy mutual funds.

Learn more about workplace pension and savings plans.

It pays to make saving a habit

Even small savings add up over time. See what happens if you set aside just $10, $20, $50 or $100 a month.

If you save this much each month  You’ll have this much in a year
$10 $120
$20 $240
$50 $600
$100 $1,200

Learn how your savings can grow with compound interest.


  • Make saving automatic
  • Save your tax refund
  • Use savings apps
  • Join a plan at work


Try the Spending Habits Calculator. See how even small reductions in nonessential spending can add up over time.

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