Or, are you just trying to put money aside for the future and not having any luck building up your savings?
The Golden Rule of Saving Money Is: Pay Yourself First.
Get in the habit of setting money aside from every salary. It’s easier if you think of it as something you have to do – like paying your mortgage or your rent.
A simple way to pay yourself is to set up automatic transfers between your chequing and savings accounts. Figure out the amount you want to save, and how often you want to transfer the money — it could be once a week, every two weeks, once a month… whatever you want.
If your salary is deposited directly into your bank account, schedule the transfers for the same or next day – that way you won’t even miss the money. If you bank with RBC, you can set up your transfers with RBC’s Mobile or Online Banking. By regularly paying yourself first – even if it’s a small amount each time – you’ll reach your goals for saving faster than you think!
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.