Trick yourself into saving more
Set up automatic transfers
Remember that time when the bank kept hounding you to set up automatic deposits into your savings account? Or when they were persisting you should set up a service like TD Canada Trust’s Simply Save program? Simply Save is a service that transfers a set amount of money to your savings account every time you use your debit card. These services are a great idea. The hardest part of saving is having the money in your chequing account and then having to manually move it to your savings. If you can avoid that step and have your bank do the hard work for you, you are one step closer to building up your savings.
Name your savings accounts
Open a no-fee savings account for each savings goal you have. For example, accounts for your education, your spring break trip and your Christmas gifts. Then name each one of these accounts for the savings goal you are working towards. It is going to be a lot more difficult to pull money out of your savings account for a night out if it is titled Cuba 2016.
Keep your change
Get a piggy bank or make yourself one out of any old container that you have. People always have change – and most people find change annoying. When you get home for the day get in the habit of taking all your change out of your pockets or wallet and drop it into your savings jar. It will help you work towards your goal without you feeling the pinch of actual savings. You could also use this tactic to help you break bad habits. Create your own swear jar if you’re trying to cut back on using profanity. Put a dollar in a jar every time you go out for a smoke. It could help you save as well as break your bad habits.
There are so many debit cards out there now that offer rewards just for using them. There is no point in having a debit card that you don’t get anything out of. You could get the Scotiabank Scene debit card where you earn free movies, the RBC Shoppers Optimum debit card where you can build up your Shoppers points or the PC Financial debit card where you earn PC points that you can use towards free groceries. Don’t miss out on the extra benefits of using your debit card and save money by being rewarded.
Saving is challenging for most people but with these tips you can minimize the challenge while you increase your savings account.