(NC) If you’re like many Canadians, you may not find it easy to set aside additional savings. You may not even know if you have anything extra, after monthly payments and purchases.
Here are some tried and true tips to help you start saving:
Before you make a purchase, ask yourself “why?” Is this something you need or something that’s just caught your eye? Hot trendy items can easily grab your attention; don’t let them grab your money too.
Pay yourself first. Every payday, put some money aside before you take care of your other expenses. Even if you start small, this helps you get into the habit of saving regularly.
Save separately. Let your savings build up separately from your spending money. You may have the very best saving intentions, but if you mix your savings in with your everyday cash, it can be very tempting to dip into those savings for in-the-moment spending. To make it even easier to stick to your savings plan, you can set up automatic transfers between your chequing and saving accounts.
You can also try a new way that makes saving money easier than ever before. Artificial intelligence (or AI) is a technology that’s already familiar to us in many areas of our lives, including through appliances and home entertainment systems.
AI technology works by learning customers’ transaction patterns, finding extra money in their bank accounts and then automatically saving that money for them in a separate account.