Make it Untouchable
Picture this:
You have a budget and you stick to it, which allows you to put some money into a savings account. You’ve had a long week at work, so you go for lunch with friends and then decide to go browse some stores. While you’re there you see a new pair of boots that you NEED to have. You check your account balance on your app, and see that you don’t have enough money in your chequing account to purchase them, but it’s okay, you will just transfer some money over from your savings account to cover the cost.
Wait a minute!
It’s a “savings” account… not a “back up sum of cash for unnecessary shopping” account! This situation is all too familiar for our members. We’re not saying that you can never treat yourself here and there, but you’ll never reach your long-term savings goals if you don’t actually save your savings.
Besides having to exercise extreme self control, how can you do this?
Make it untouchable.
By placing your savings into a TFSA or RRSP, you’ll not only get a greater return on your investment than your standard savings account, but it will also prevent you from being able to transfer the funds into your chequing account yourself. A lot of the time, just by not having immediate access to your money, it will cause you to really think about how much you want something and stop unnecessary impulse purchases. It’s important to note that you still can access your money, but you’ll need your Investment Specialist to do so. In addition, you will be taxed if you pull money out of an RRSP, which may further dissuade you from using your savings for some purchases. Don’t worry, your Investment Specialist will work with you to decide the best vessel to put your savings in so that it works the best for your situation.
Just as the saying goes, your money will be out of (immediate) sight and therefore out of mind… but in the best way! You’ll be quite surprised how quickly your savings will add up when you’re automatically contributing to it every month and not dipping into them weekly or monthly.
Ready to get started? Great! Contact me and I can work with you to establish your investment savings and make them untouchable!
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Christina Clarance
Christina Clarance, Investment Specialist Fort St. John is a community that Christina and her family are proud to call home. Having lived in Fort St. John for 9 years, raising her children here, and having her immediate family and friends nearby, she has developed strong and steadfast roots to the region. Christina joined the credit union system in 2019 and felt an immediate connection with the values and support she experienced within the credit union.…
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