Money saving tips: for young adults

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 Hey gems, 

Since we bought our house I've been getting tones of questions about how we did that at the ages of 24 & 25. I was raised to talk about money and savings openly, to ask all the questions and learn. So here are some of my biggest tips for all of you saving for either a home, large investment, or simply growing your saving account. 

1. Know your accounts and what they are for: Depending on where you live some of these may vary, but TFSA is a key for all round adults and of course saves you from being taxed. This is my #1 priority to fill every year and from there I go to my second savings such as RRSP and others. RRSP is a huge priority for me as I have no pension at my job, those who do, may not feel the need to invest this way, but it is essentially saving for the long haul. Every day checking accounts for me are my spending money, I move anything needed away from them because knowing me- it won't be there long!

2. Auto transfers: Automatic transfers are my best friend. I never have to worry about adding to my savings because it happens automatically. For instance, my pay comes in and right away the bank has instructions to move certain amounts to my TFSA, mortgage, RRSP, car payments, etc. So the money is being saved without me having to take actions. 

3. Set your 0: One of the many things that change when you are an adult and no longer a student is account fees. Learn them by heart and set your own 0. For instance, if your account fee is charged to you when your total dips beneath $1000, then use your account as if $1500 is your "0". Your fees will never be charged and as a bonus, you have an extra cushion if ever you do need to grab some emergency money. 

4. Ask questions: I have come to notice so many people our age don't know about investments, savings, etc. due to not wanting to ask questions. A lot of people are raised where money is hush hush, which it can certainly be private, but researching and asking those around you for tips and tricks is never a bad idea. Just remember to take everything with a grain of salt, and chose what makes you both comfortable and happy. 

At the end of the day, these are all tips that work for ME, they may not work for you, try some different options and remember that money and payments change, you may be saving a tone now, and scrambling in a a few months. This is why preparation is KEY!

Comment any questions you may have below!

Tia

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