How to start saving no matter your salary
Saving no matter your salary – If not earning enough money is among your top reasons for not saving, think again.
A recent survey from CIBC revealed that the most Canadians admit they could get by with less each month — on average $360 less — before feeling the pinch. What’s more, almost two-thirds get roughly $2,300 of extra money each year as cash gifts, employer bonuses and tax refunds.
The problem is that few of us put the money away before we have a chance to spend it.
“People think it’s too hard to save or feel they can’t save, but it really just boils down to shifting your mindset and getting into the habit of saving regularly,” says David Nicholson, vice president at CIBC.
The trick is to make saving a priority, not an afterthought, by automating your contributions just as you would your bill payments, he says.
To start building your savings today, simply set a goal, decide how much you can cut back, make it automatic and frequent, and keep your spending and credit in check.