We know that managing money isn’t always easy, especially when life feels expensive. If you’ve ever looked at your budget and wondered how you’re supposed to save for the future with so many financial pressures, you’re not alone. For many of us, juggling bills and unexpected expenses means saving money for retirement often falls to the bottom of the priority list. It’s easy to tell ourselves we’ll start saving “someday” instead.
But even the smallest steps you take now can make a big difference down the road, especially if they’re consistent. Setting up automatic monthly contributions lets you save without giving up control of your finances. You can start with an amount that feels right for you*, then adjust it whenever life changes.
Why make your savings automatic?
Setting up automatic savings helps you build for the future and keep control over your finances:
Simplify your savings
Automatic contributions mean one less thing to think about. Your savings grow in the background, with no extra effort on your part.
Make your savings work harder
Thanks to compounding interest, your contributions earn returns, and those returns earn their own returns, so your money keeps building on itself.
Pick an amount that fits your life
Start with any amount you’re comfortable with (there’s no minimum amount*) and increase, decrease, or pause your contribution anytime if things change.
Stay on top of your budget
Regular, predictable savings actually makes budgeting easier.
Reach your goals faster
Small, regular deposits can grow into something bigger over time.
Feel good about starting
You don’t have to overhaul your finances, you just have to get started and watch your savings grow.
*Must have available RRSP room. Past performance does not guarantee future results.
Don't wait for the "perfect" moment
There’s always a reason to put off getting started. Setting up automatic contributions now – even with a small amount – sets you on the path to reaching your goals, no matter what else is going on. You can always change the amount later, or pause contributions if you need to.
How to set up automatic monthly contributions
Complete the SPP pre-authorized contribution form.
You can also transfer-in funds from other unlocked, registered investments, such as other RRSPs, RRIFs, RPPs, and DPSPs, giving your SPP savings an extra boost whenever it works for you.
Alycia joined SPP as a Member Service Representative in January 2019, and has since guided members as a Retirement Officer before stepping into her current role as Pension Benefits Officer. She enjoys connecting directly with members and finds it rewarding to help members feel confident and informed as they make important pension decisions.
When she’s not helping people make the most of their retirement, Alycia can be found spending time with friends and family, or unwinding with a cup of coffee and a good book.
Calla McLean
Calla joined SPP in 2014 and started her journey in our Accounting Department before moving to Member Service in 2023. Now, as a Senior Member Service Officer, she enjoys connecting with members and helping them save for their future.
When she’s not at work, you’ll find Calla on the pickleball court, in the garden, trying out new baking recipes, or spending time with her family.
