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These days, the demands on our finances are ever-growing. We’re paying for conveniences that were unheard of a generation ago (remember, the phone used to be attached to the wall). Point being, it’s understandable that many of us feel overwhelmed, and often avoid taking a long, hard look at our spending (sound like someone you know?). But we shouldn’t use this as an excuse not to save! Especially not when saving can be downright easy, rewarding and allow you to achieve multiple goals.
A long, hard look
So let’s return to the idea of the ‘long, hard look’. All this requires is sitting down with a few months’ worth of bank statements and looking for patterns in your spending.
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Are you regularly purchasing impulse items you could easily live without?
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Do you pay more for things, just for the sake of convenience?
These are the sorts of questions you need to ask when evaluating your spending. The answers will show you exactly where you could start saving money. (i.e., Do you really need gel nails? Could you space your hair appointments 10 weeks apart instead of every 8 weeks?) Even if all you can shave off of your spending is $25 a week, over the course of a year, that will add up to $1,300! Not too shabby...
Watch your balance grow
Now let’s look at how one simple savings account can help you achieve multiple goals. Say you want to save for a holiday, a home entertainment system and put money away - just in case. Consider these 3 easy steps:
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Decide how much you can afford to save each week.
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Prioritize your savings goals, and allocate what percentage of your overall savings will go toward each goal.
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Open a dedicated savings account and set up memorized, automatic transfers.
Once you’ve got this established, all that’s left to do is watch your balance grow. How easy it that?!
Learn more about the RBC High Interest eSavings® account here →
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