2.1.7 Banking for your future
Financial institutions help you manage your money with basic services, and they can also help you meet your financial goals with more advanced services. Most can offer you financial advice to help you save, and they can also help you invest your money. (But remember to get advice from a variety of different sources and choose an investment that meets your needs. See the Investing module for details.)
One important tool your financial institution can offer you is an automatic transfer to your savings account.
- For many people, the hardest part about saving is simply not spending money when they have it. When there is money in your account, it's tempting to spend it on things you want today—whether on small things like an afternoon coffee, or more expensive things like a new music player.
- When you transfer money out of your chequing account into your savings account, it's easier to keep it for long-term spending needs, like buying a home or paying for an education.
- Your financial institution can set up an automatic transfer so that you put money into your savings account or an investment account every month. Your savings will grow, and you won't have to choose between saving and spending.
Banking for my future
In the space below, write your average monthly income. Then write how much you could put into a savings account each month, considering your monthly expenses. (Some financial experts recommend saving 10 percent of your monthly take-home pay, after you have paid off high-interest debts.) Consider having your financial institution set up an automatic transfer to your savings account.
For more information about saving for your future, refer to the Saving module.
Page details
- Date modified: