How to save for your financial goals

It takes effort and discipline to make saving a habit. But it pays off quickly--and you'll hardly feel the financial pinch.

Angela Iermieri* | Financial Planner | Desjardins Group

Whether you have your sights set on a big trip or a smaller purchase, you need to pay for it.But how?

By saving. I’m sure you’re thinking: easier said than done!

Like anything else, it takes effort and discipline to make saving a habit. But it pays off quickly—and you’ll hardly feel the financial pinch

Here are 5 tried and true methods:

1. Focus on one goal at a time

In a perfect world, you’d be able to afford everything your heart desires.

But in the real world, you need to pick and choose your priorities, set realistic goals and work toward them. This is true no matter your goal:

  • Going out
  • Taking a dream vacation
  • Buying top-of-the-line sports equipment
  • Paying off debt
  • Buying a home

2. Set priorities based on your personal and financial situation.

You can’t do everything at once.

What are you saving for? To buy a car? Pay off your debt? Contribute to your RRSP?

Everyone has different goals and priorities.

3. Keep an eye on your spending

If you don’t track your spending, you have no idea where your money is going. You have no way of knowing what’s a want and what’s a need.

If you keep a close eye on your spending, you’ll probably realize you need to make some changes. Figure out where your money is going and what can be cut so you can save.

Using the tool My budget available on AccèsD and on the mobile application can help you get a clear picture of your situation and help you manage your expenses.

4. Make saving automatic

Just like paying off a loan, if you make saving automatic, you’re unlikely to forget or be tempted to spend your money on other things.

Automatic savings is a great way to stay on track. You decide how much you want to put aside and how often, depending on your financial situation. You won’t even realize you’re saving! Slowly but surely, your savings will grow and you’ll be one step closer to achieving your goal.

5. Meet with a financial coach

Some people work with a coach to help them train for a big race, master their backhand, get ahead in their career or find happiness.

So why not get guidance from a financial coach? Your financial advisor can help you choose the best strategy for you and help you stay on track to achieve your goals. Studies show that people who work with a financial planner save twice as much as those who don’t.

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* Financial Planner and Mutual Fund Representative for Desjardins Financial Services Firm Inc.

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