3.1.1 Reasons to save

From: Financial Consumer Agency of Canada

Personal saving is always a good step. It will help you to meet your goals and provide a cushion for the unexpected. Your savings plan gives you the ability to meet your own goals and provide for your own future.

Saving means taking a longer-term view of your life. You might be perfectly happy with your life today. You might even have a little left over at the end of the month, which you can save for purchases like that big-screen television or a vacation in the sun. But if you look ahead, are you prepared for your future? Are you ready to:

  • plan for short-term items, like purchases that you don't have in your monthly budget?
  • plan for mid-term items, like buying a home, getting more training or education so that you can get a better job, or investing for the future?
  • plan for the long term, like paying for your children's education or getting ready for your retirement?

Unplanned events can happen, too. If you suffer an injury and can't work, it may be months before you receive insurance or other compensation. If your home needs repairs, your only alternative to savings may be an expensive loan—if you can get it.

Here are some important reasons people save. Check the reasons that are most important to you.

Reasons people save

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: