It's Financial
Literacy Month!
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November is Financial Literacy Month. It’s the perfect time to brush up on your money smarts and take some extra time to examine where you’re at with your financial goals. That can not only help you finish the year on a high note, but give you a jumpstart on planning for next year and the tax season ahead.
This month, we’ll focus on two areas: smart saving strategies and how to budget like a champ. Let’s dive in!
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We all know how important it is to save. But actually doing it isn’t nearly as simple. There’s always an unexpected expense or a little ‘treat’ begging for a bite from your wallet. Here are some simple tips to help build effortless savings habits.
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Treat Savings Like a Subscription
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Instead of a vague monthly goal, set up an automatic transfer that feels like a Netflix bill – small, regular and non-negotiable. Even $20/week adds up to $1,000+ a year.
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Most Canadian banks now let you round up debit purchases to the nearest dollar and sweep the change into savings. It’s a painless way to stash hundreds over the year.
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Flip Credit Card Points Into Savings
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Rather than a points card that redeems for products or travel, trade it for a cash-back card that funnels rewards directly back into your account as cash.
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Reframe “Extras” as “Savings Fuel”
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Got a bonus, tax refund or birthday money? Pretend it’s invisible income. Stash at least half before you even touch it. This makes windfalls work harder for your future self.
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Top up your SPP*, even with small amounts. A few extra dollars here and there adds up, increasing your returns and providing much more value than leaving it in chequing.
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Build a Micro-Emergency Fund
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Even $500 tucked aside shields you from dipping into high-interest credit during life’s hiccups. Start small, celebrate hitting milestones, then ladder it up.
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Time Your Bills Around Payday
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Shift due dates (credit cards, utilities) to land right after payday. This helps you see exactly what’s left for saving instead of spending first and hoping to save later.
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Audit Subscriptions Quarterly
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It’s not just Netflix and Spotify. Apps, gym passes, meal kits, software… it all adds up! Put a recurring calendar reminder every 3 months to review and cut dead weight.
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Creating a budget (let alone sticking to one) can feel overwhelming. With a few simple tricks, though, budgeting can become a regular habit that happens without even having to think about it.
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Budget by “Buckets,” Not Categories
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Instead of obsessing over 20 line items, group spending into 3 or 4 big buckets (Needs, Wants, Future, Fun). Fewer moving parts = easier tracking.
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Try a “No-Spreadsheet Budget”
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If spreadsheets make you glaze over, use an app that connects to your bank and auto-categorizes. Your job becomes reviewing, not micromanaging.
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Budget Around “Non-Negotiables”
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Love takeout or hockey tickets? Don’t cut them, plan for them. Protecting joy makes the rest of your budget easier to stick to (and reduces budget resentment).
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Use the “24-Hour Rule” for Extras
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When you feel like splurging, give it a day or two. Most impulse buys fade, but the ones that stick are the things that are probably worth budgeting for.
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Reverse-Engineer from Savings Goals
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Flip the usual “save what’s left” approach. Start with what you want to save for (vacation, house, retirement) and work backward to decide what’s left for spending.
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Set a “Surprise Bill Buffer”
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The average Canadian spends $200-$400 on unexpected expenses each month (car, pets, home repairs). Budgeting a few hundred each month means it’s no longer a “surprise.”
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Go “Zero-Based” Once a Year
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At least once annually, rebuild your budget from scratch. It forces you to question old habits and align with your current reality, not last year’s assumptions.
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Track Effort, Not Perfection
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Budgets fail when they feel like diets. Focus on consistency — even rough tracking of 80% of expenses keeps you ahead of 90% of people.
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Make the most of your pension. Take advantage of SPP’s 8% long-term average rate of return**, low MER† and flexible contribution options.
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Set up automatic payments, contribute via credit card or pay by online banking. The choice is yours!
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Transfer funds in from unlocked registered savings to help all of your investments benefit from the advantages of SPP.
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Make sure you’re signed up for MySPP for instant access to your account information, tax slips and to monitor your progress.
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* Must have available RRSP room. Funds locked in until age 55.
** Past performance does not guarantee future results.
† Management Expense Ratio (MER) targeted at less than 1%.
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1 (800) 667 7153
info@saskpension.com
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