{"id":3227,"date":"2013-05-06T10:42:58","date_gmt":"2013-05-06T17:42:58","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=3227"},"modified":"2020-05-28T14:02:22","modified_gmt":"2020-05-28T21:02:22","slug":"how-to-start-saving","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/how-to-start-saving\/","title":{"rendered":"How to Start Saving"},"content":{"rendered":"

Maybe you\u2019ve read the news stories about how few Canadians currently have savings, or you\u2019ve decided to accumulate savings as part of an overdue New Year\u2019s resolution.\u00a0 Whatever the reason, having savings has major benefits \u2014 and here are some easy steps you can take to get yourself started:<\/p>\n

Decide what the savings are for<\/b>:\u00a0 They could be for an emergency fund, in which case you can plan to leave the funds alone. (And hopefully you won\u2019t need them!)\u00a0 If you\u2019re saving for a holiday then you\u2019ll know how long you\u2019ll need to achieve your goal.\u00a0 If the money is for long-term plans like retirement or post-secondary studies then the time frame for accessing your savings will be important.<\/p>\n

Shop around<\/b>:\u00a0 There are a variety of savings accounts and plans available to you so ensure you\u2019re setting up an account that works for your particular savings plan.\u00a0 \u00a0Canadian Tax-Free Savings Accounts have been around for a few years now but recent reports show that the majority of Canadians aren\u2019t yet taking advantage of their perks or don\u2019t know how they work.\u00a0 There are also no-fee bank accounts available that will pay you interest while your cash is sitting.\u00a0 Do your homework thoroughly and pick something that best suits your needs.<\/p>\n

Work saving into your budget<\/b>:\u00a0 Simple right?\u00a0 But so important!\u00a0 If you don\u2019t budget to have a portion of your paycheque go towards savings chances are it won\u2019t happen.\u00a0 To further resist the tendency to spend your savings, set up an automatic withdrawal so funds are moved to a savings account for you.<\/p>\n

Set savings goals<\/b>:\u00a0 Break down how much you\u2019ll need to save and the time you\u2019ll need to get there, keeping it realistic and attainable so you don\u2019t set yourself up for discouragement.\u00a0 Even if you start small, watching the dollars grow will be a great motivator to keep with it!<\/p>\n

Check your progress<\/b>:\u00a0 Periodically review your goals and accounts to see how you\u2019re doing.\u00a0 You may find after a few months you\u2019ll want to ramp up your savings and readjust your budget.\u00a0 Or if you find you\u2019re struggling, don\u2019t get discouraged.\u00a0 \u00a0Try to pinpoint where the hurdles are so you can shift your focus.<\/p>\n

Now that you\u2019ve set yourself up on the savings track all you\u2019ve got to do is\u2026well, save!\u00a0 Keep an eye out for the second part of this post, \u201cSmall and Easy Ways to Save<\/a>,\u201d if you\u2019re looking for ideas on how to find a little extra to put away.<\/p>\n

To arrange a free, confidential debt consultation<\/a> in one of our local BC offices please contact us<\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Maybe you\u2019ve read the news stories about how few Canadians currently have savings, or you\u2019ve decided to accumulate savings as part of an overdue New Year\u2019s resolution.\u00a0 Whatever the reason, having savings has major benefits \u2014 and here are some easy steps you can take to get yourself started: Decide what the savings are for:\u00a0 […]<\/p>\n","protected":false},"author":8,"featured_media":6444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[261],"tags":[38,39,44,37,35,54],"class_list":["post-3227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-free-living","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-sands-associates","tag-savings"],"acf":[],"yoast_head":"\nHow to Start Saving | Sands & Associates BC Trustees<\/title>\n<meta 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