There is no time like the present to start saving. If there’s one lesson we want you to take from this entire series, it’s this: Just. Start. Now. Right now. Make a plan to pay yourself first and start saving.
The idea of saving is daunting to many of us, and why wouldn’t we be? About 1 in 6 Canadians say their monthly spending exceeds their monthly income (FCAC, 2019), so of course many of us don’t even know where to start when it comes to saving.
But in Robert Brown’s Wealthing like Rabbits, we’re told to get over this fear and start saving immediately. The sooner you start saving, the better! Even a small amount—like five bucks every pay cheque—makes a difference. Sure, five dollars isn’t a lot, but the larger point is that you’ll be starting a habit of saving. And our habits can make or break our financial futures.
Okay, I’m ready to start saving. How do I do that?
The first thing you need to decide is WHERE you’re going to save your money. If you’re just starting out, Cashco has some great savings account options. We can help you out with two of our special accounts, the Mom’s Match Savings Account and the Jumpstart Savings Account.
- Our Mom’s Match Savings Account asks you to put away just $10 every month for 12 months, and when you do, we’ll match 100% of your $120 contribution at the end of the year. That’s a free $120 you could put towards your savings goal.
- If you’re not a mom, why not consider our Jumpstart Savings Account. We called it that because as soon as you open it, we’ll jumpstart your account by throwing ten bucks into it! We won’t do a credit check, and you won’t have to fill out an application. Just start saving, and you know what else? No fees—this account is 100% free.
The second thing you need to decide is HOW you’re going to save your money. We recommend setting up a Pre‑Authorized Debit to your savings account! This means that your account does the work for you: A pre-set amount will automatically be deposited into your savings account. Reach out to one of our team members to make it happen!
RRSP vs. TFSA
We at Cashco also recommend you set up a Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) for your longer term savings goal. Wealthing like Rabbits teaches us the magic of compound interest and walks us through the differences between these accounts.
If you want to read this phenomenal book and find out if a TFSA or RRSP is right for you, then we suggest you sign up to be a member of The Village. We’ll give you a complimentary special edition of Wealthing like Rabbits!