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Many of us put off saving because we equate it with sacrifice. But regular saving can be a satisfying experience! Paying yourself first – as in, having cash to buy those things we really need or want - means we enjoy those things all the more, no?!
You see, establishing a goal is important because it helps us stick to a plan. And your goal doesn’t even have to be a specific item (though a trip to Italy would be nice!); it could be a dollar amount, or simply the peace of mind in knowing there’s money there when you need it.
A little bit goes a long way
Consider how saving even the smallest amount regularly can add up quickly. For example, saving just $25 a week adds up to $1,300 a year. That’s a nice chunk of change to have on hand should the latest gadget, gown or half-price all-inclusive getaway start calling your name...
Getting Started
Remember: Saving is not about sacrifice, it’s about prioritizing. Start by looking at previous bank statements to see where you’re spending your money. Ask yourself where you could trim and decide on an amount to reallocate for saving. Case in point: The few changes we’ve recently made to our discretionary spending habits have really helped grow our just-in-case fund. (Bye-bye pricey gossip rags, we’ll just go online!)
Make it easy
So, here’s how to successfully pay yourself first: Open a dedicated savings account and then schedule an automatic payday transfer. (This way, you won’t notice the money leaving your account.)
Or break it down into these 4 simple steps:
1. Analyze your spending and make saving a priority;
2. Open a dedicated savings account;
3. Set up an automatic payday transfer of just $25;
4. Watch your savings grow!
The end result
Before long, you’ll have saved a nice nest egg without feeling like you’ve sacrificed. Because really, sacrifice is so over-rated. But satisfaction…now, that’s a guarantee we can stand by!
Learn more about the RBC High Interest eSavings® account here →
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