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Saving for a big purchase

Whatever your dreams, let us help you plan for what matters most to you

Saving for a big purchase

It can be hard to know how the changes in your life can affect your savings plan. Graduating school, getting married, having children and even advancing in your career can all have impacts on the financial planning and goals you have for your future. It's always best to first talk with a CWB Account Manager on how to best keep your savings in track, but we also have a few tips to help keep your savings rolling

Hints and tips

  • Savings grow slowly. Patience and perseverance are key to working towards your savings goals and even saving a little at a time is better than saving nothing at all.
  • Create a budget that includes regular automatic withdrawals to a Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). Setting aside that money for your savings will make a big impact.
  • Figure out where you are spending extra money unnecessarily and redirect that money into your savings. Purchases like daily coffees and snacks at the movie theatres add up fast and reducing those expenses can make real impact. But don't convince yourself you have extra money now to spend on other things — plug that extra money into your savings and see how fast you can reach your financial goals.

Your tools for success