Saving for major life milestones may seem challenging at first, but with a good plan and consistency, you’ll save for that life milestone in no time. Whether you’re saving for a trip, to buy your first home, or enjoy a comfortable retirement, setting money aside early can make a big difference. Here are three steps to saving for major life milestones:
1. Set a Clear Financial Goal for What You Want to Save For
The first step is to decide what you’re saving for and estimate how much you’ll need. Having a clear financial goal gives you something to work toward and helps you stay on track. Once you have a number in mind, create a budget to understand where your money is going each month. You may be surprised to find small expenses that can be reduced or avoided altogether. Those small expenses can add up to money that can go towards your financial goal.
2. Create a Budget and Save Consistently (Even if it’s a Small Amount)
It’s also a good idea to save a little every month, even if it’s not a large amount. By setting up a budget to reach your goal, your savings will add up and grow, especially if your savings earn interest. Saving consistently is more effective than saving large amounts occasionally, and regular savings add up over time. If you need help setting up your budget, visit the Government of Canada’s budget planner and set up a new budget for your goal there: https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner.
Also try to build a ‘rainy day’ fund or emergency fund. This can help cover unexpected expenses without affecting the goal you’re working towards. If you want to learn more about saving for a rainy day, read our article here: https://teibas.com/saving-for-a-rainy-day/.
3. Track Your Progress and Reach Your Goal!
Check your savings regularly to make sure you’re on track. If your income or financial goals change you can always adjust your budget and savings plan as needed. Monitoring your progress will help you reach your goal or milestone with confidence.
Remember, you can also check out your Member Assistance Program (MAP) – Telus Health which has resources on financial wellness and can help you find a financial planner if you’re looking for one. Your MAP is available 24/7/365: call the Care Access Centre toll-free at 1-866-289-6749 and indicate that you are a member of the IBEW Local 353. Or visit one.telushealth.com | Username: canadalife | Password: telus1
Another helpful resource that is available to you as a member of the IBEW Local 353 is Smart Path. Smart Path is Canada Life’s Canadian group retirement and savings plan education website. Canada Life offers additional financial well-being resources such as budgeting and how to save for your future.
TEIBAS TIP: Sign up for upcoming TEIBAS webinars or financial wellness webinars. Upcoming webinars are always posted on TEIBAS’ website at teibas.com.
Questions? We’re here to help! You can email us at members@teibas.com or call us at 416-637-6789 (toll-free 1-800-267-0602) for assistance during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.).