​​Remember, when you need to withdraw your savings,

  • If your savings account is at the same bank as your chequing account, you can withdraw cash or make a debit purchase directly from your savings account. Select 'savings' when making a purchase / withdrawing cash.
  • If your accounts are at different banks, transfer money to your chequing account. You can withdraw cash at an ATM / with a tellar or make a purchase with your debit card.

If you have regular income, like a weekly allowance or regular paycheque, you'll want to transfer a portion of each payment from your chequing to your savings account.

  • Since you know exactly when you'll be receiving money, you can set-up pre-authorized transfer (which would take place the next day) to automatically transfer a portion of your income to your savings account. 

If you have irregular income, like gifts or irregular paycheques:

  • If you receive money as a direct deposit or e-transfer, transfer part of it from your chequing to your savings account.
  • If you're getting cash or a cheque - deposit what you've put aside in your savings account (at the teller / ATM).
  • If that's not possible, deposit it in your chequing account and transfer to your savings.


save part of your income

Whenever you receive money, save part of it. 

Even if you're not saving for anything specific, put aside at least 20% of your income - it's a good habit and you'll be surprised how quickly everything adds up. 

It's okay to save more than 20%, especially if you're saving for something specific or something you really need.

  • Some purchases are more expensive than others - college tuition costs much more than a new phone.
  • There's no such thing as saving too much - don't feel obliged to spend your income if you don't need/want to.

You can calculate how long it will take you to save an amount you need. For example, if you wanted to buy a $280 bike and managed to save $40 every two weeks from your part-time job, it would take you 14 weeks to save enough (without interest). Could you wait that long? If you don't think you could, consider saving or working more. You could also consider purchasing a cheaper or used bike.

Once you've decided how much you're saving,​​

Independent budgets consider your entire financial set-up.

What's next?