It's the beginning of a New Year, and that means it is a great time to sit down and figure out what your savings goals are for the coming year. Long term may be to increase retirement savings or education savings for your children. Short term may be a vacation, a new vehicle, home renovation or major purchase (new tv, appliances, new furniture etc).
For us, this year we have 2 savings goals (in addition to our regular RRSP and the education savings for the kids bank accounts) We are saving for a Disney vacation, and we are trying to increase our "rainy day" fund.
For the Disney savings, I am using the 52 week saving challenge to add to what we have already saved and for our rainy day fund I have automatic deductions set up from my chequing account, similar to the TD Automatic Savings Plan. I found that if I had to transfer the money myself, I often forget to do it or find something else that the money can go toward. Having the deductions set up leaves me with no work to do - the money transfers over the same time every week - and I can sit and watch the account growing!
Even if you only have $5.00 a week that you can take from your budget, you would find an extra $260.00 at the end of the year - it may not seem like a lot, but every little bit helps ($260 is approximately what I spend on groceries for the month).
Are you a saver? What do you find the best way is to save money for your family?