Some projects are more motivating than others. When your goals are well defined, all you need is an action plan to achieve them.
What are your goals? Maybe you want to go back to school, buy a new car, or take that dream vacation. Make your dreams a reality by setting realistic savings goals and sticking with them. Automatic transfers are a great way to help you achieve the things that matter most to you. Read on to learn more.
1. Free up your time
Saving is simple when it’s automatic. We could all use one less thing to think about, so take the guesswork out of saving and set up automatic transfers in just a few quick steps. No matter how much you want to save, it’s always easier when the money is taken directly out of your everyday transaction account and—even better—on payday.
When you automatically transfer money to a Tax-Free Savings Account (TFSA) for example, you’re saving yourself the temptation of spending it on small purchases here and there, which can really add up over time and slow down your progress.
2. Make it a habit
Routine and the snowball effect are a winning combo: your new resolution will be second nature in no time! A lot of people struggle with routine, but when it comes to your finances, it’s your best friend. Consistency is key for getting your new savings habit to stick. Saving regularly will get you closer to your goal, transfer by transfer. And once you’ve met your first goal, you’ll only want to do one thing: set a new one and start again!
3. Go further faster by increasing how much you transfer
Once you’ve got the habit down pat, why not challenge yourself and aim a little higher? You’ll reach your goal faster if you increase the transfer amount a little.
If you save the amount you need faster than expected, then you get to choose: stick to your original plan, or build on it and add to the list.
4. Make your dreams come true
You’ve watched your savings grow thanks to regular transfers. You’ve reached the finish line, and you can bring your idea to life. It’s time to reap the rewards of your savings resolution!
Setting up automatic transfers to help you save is a great strategy to reach your goals. Once in place, it’s easy to keep up the habit and it pays off quickly. Just one more reason to dream big!