Saving money isn’t always easy. What motivates one person to save doesn’t motivate another. Perhaps you’re encouraged by seeing steady growth in your savings account. Or maybe if it’s harder to access your money you’ll think twice about spending it. Here are 10 strategies to help you get into a savings habit.

1. Pay yourself first. Arrange for an automatic transfer funds from your chequing account to your savings account each month.
2. Check with your employer about plans that allow you to contribute with automatic withdrawals from your paycheque.
3. Make your money a little less accessible. Open an account that you can access at the bank or online but not with your debit card. This will stop those impulsive purchases.
4. Open a savings account that only allows one free transaction per month. High transaction fees on subsequent withdrawals will make you think twice about withdrawing the money. Plus these accounts usually have the added bonus of higher interest rates.
5. Stop using credit or debit cards for daily purchases. If you don’t have available cash on you, you can’t make the purchase.
6. At the end of each day put your pocket change into a jar or piggy bank. When the jar is full, roll up the coins and deposit them into your savings account. >
7. Once you pay off a debt keep putting that payment money into a savings account. You were living without it before so you shouldn’t notice the difference.
8. If you get a raise at work, put that extra money into a savings account each month.
9. Change your habits and pocket the change. For example, if you usually buy a latte every morning, buy a regular coffee (or make coffee at home) instead and tuck the difference into a jar. At the end of each month, or when the jar is full, add up your savings and make a deposit.
10. Put your money into a term deposit/GIC rather than a savings account. You will only be able to take the money out on the maturity date.