3.1.5 Emotions, habits, behaviours and your money
- 3.1.1 Reasons to save
- 3.1.2 What are you saving for?
- 3.1.3 Case study: Saving for their future
- 3.1.4 Why people don't save
- 3.1.5 Emotions, habits, behaviours and your money
- 3.1.6 How to save
- 3.1.7 Video: Why you should save and how
- 3.1.8 A savings calculator
- 3.1.9 The rules of saving
- 3.1.10 Summary of key messages
Although many types of factors can affect your decisions, when you are aware of them you can take steps to overcome them. For example, an automatic saving plan is a good step for most people. Most financial institutions will automatically transfer an amount from your chequing account to your savings account every month. When your financial institution does it, you don't have to think about it or make any decisions—and if a portion of your money is transferred to your savings account before you spend it, you won't think of using it.
- You can have your bank transfer money from your chequing account every paycheque to your savings account so you don't forget.
- When you get a raise, set aside part of the money into your savings account every month.
The most important thing is to recognize when these factors affect your choices, and to take steps to put good choices in place. Take a few minutes to think about the worksheet below. When you fill it in, you will be taking the first step to managing your savings.
Check off any steps below that would help you make—and stick with—better financial decisions.
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