One of the most important parts of your budget is saving for your future. It doesn't matter how much. The important thing is to get started. Even a few dollars saved each month can add up over time.
How do I set a savings goal?
- A standard guideline is to save at least 10% of your pay. Example: If you make $2,000 a month, try to save $200 from your pay.
- If your income changes each month, adjust your savings up or down.
- Build savings into your monthly budget. It can help you stick to your plan.
- Each year, challenge yourself to reach a higher savings goal.
- Save more if your pay goes up or you get a bonus at work.
- If you have a lot of debt, try saving a smaller amount until you?re debt-free.
Balancing saving, spending, and paying debt: Dave's story
When Dave got a new job, he wanted to buy a new car. But he also knew he should start saving some of his pay each month. To see how he balanced these goals, read Related contentDave's story .
Don't forget: saving is something you do for your future. How much you save depends on your situation. It's a question of finding the right balance for you.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.