Set something aside

Marie-Christine Daignault | Desjardins Group

Saving is all about making small, day-to-day changes. Insignificant? Not really!

We’ve all heard that buying a coffee a day adds up to $800 a year. But therre are lots of examples of unnecessary expenses! That’s why we suggest you take on a new challenge so you can develop new micro-habits. Without even realizing it, you can save a lot of money—and often faster than you think!

Your challenge: start (or replenish) an emergency fund.

Step 1: Calculate your monthly expenses for 3 months to determine your savings goal. As a general rule, you should set aside enough to cover 3 months of expenses.

Step 2: Create an “Emergency fund - unexpected expenses” goal in My Savings Plan or an account in the Hop’n S@ve app.

Step 3: Find ONE good opportunity to save every day. For inspiration, here’s a list of the 5 most common tips for successful savings shared by our members.

Step 4: Calculate your savings every day and transfer that amount as often as possible toward your savings goal.

Step 5: Stick with it—it takes 21 days to form a new habit.

4 points to consider

The fewer monthly expenses you have, the smaller an emergency fund you’ll need:

  1. Reduce your debts or organize your finances.
  2. Limit your expenses bu acknowledging your weaknesses and avoiding impulse spending traps.
  3. Choose what to spend on (sometimes painful, but it really pays off).
  4. Take advantage of student discounts.

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