5 Tips to Become a More Disciplined Saver

If you struggle with saving money, here are five simple tips to become a more disciplined saver.

It's so much easier to spend your money and to satisfy your whims than to save. Saving money is an important part of insuring your financial future. If you struggle with saving money, here are five simple tips to become a more disciplined saver.

1. Set up a separate savings account

   The first way to become a more disciplined saver is to put your savings into a separate account. Consider a Member Advantage, if you want your funds accessible and to earn some interest. Or, if the temptation is too great and you want to save easily, set up an EKC Accumulator, where money is automatically deposited every pay day into the Accumulator account and you don’t have easy access to the funds, while earning some interest. Funds in an Accumulator can be held as a Tax Free Savings Account or an RRSP. These two accounts can help you become a more disciplined saver and help boost your savings in a big way.

2. Budget Your Money

   Setting a budget and sticking to it is one of the best ways to stop overspending. With a budget, it becomes easier to set realistic saving goals and to know when you're spending too much money. A budget will make you accountable to your plan and a more disciplined saver. A good budgeting tool can be found here.
   
   

3. Learn the Value of Interest

   If you are currently struggling with credit card debt, you probably understand how powerfully interest can work against you. Now imagine if interest was working for you instead of against you. When you have interest working in your favor, you have returns that build on your past returns, which will grow your wealth exponentially. This is the benefit of growing your savings - your money will make more money for you.
   
   

4. Track What You Spend

   By tracking where you spend your money, you will be surprised how quickly that daily coffee adds up over a week or a month. Those small purchases can really add up, and if you're not aware of this, you can end up spending a lot more money than you intend to. Keep track of where your money goes and figure out where you're wasting your money and stop it!
   
   

5. Adopt New Spending Habits

   Think about the friends and family you are closest to. Chances are that your spending habits are very similar to theirs. This can be a good thing or a bad thing depending on how well your friends and family members spend and save their money. If you recognize that you have a poor relationship with money, and find yourself in debt, now is the time to take an active role in changing your spending habits.

Next Step

To discuss further, contact EKC at 1.866.960.6666 or book an appointment.
We’re happy to help!