Savings Strategies: What You Need To Know

Financial education can transform your life to wandering through your bank account to empower and make intentional choices with your resources. Despite the crucial importance of financial education, we never learned it in school and often stumbled across it after deciding there has to be a better way.

If you’re struggling with your finances, or just want to improve your handle on money, you’re not alone. According to a recent Investment Executive article, 53% of Canadians say they’re living paycheck to paycheck. The good news is it’s never too late to take control of your financial education and take steps in the right direction. Here’s how to get started.

Forgoing savings indefinitely in favor of splurging directly impacts your ability to cover an emergency, which could spiral you into unexpected debt. Loans Canada suggests saving 20% of our income, but probably isn’t the final answer. Depending on their cost of living, some millennials can save even more to amplify their savings rate to retire early and find more financial security. Others can only set aside a small percentage of their income over the course of a year.

However, you approach your savings, make sure to allocate a portion of your budget to it. Freelancers with periodic paychecks or those working on commission can allocate financial windfalls to their savings accounts a few times a year. Whatever your career choice, launching a side hustle to fund your savings can help consistently set aside more money.

Start with a budget and slowly add in these financial strategies to lay a foundation for success. Want to learn about more savings strategies? Email us today at: