François Bégin

By François Bégin

February 9, 2017


Saving: Who’s It For, Why and How

Article revised on 18 December 2017

In my recent articles, I discussed the importance of making a budget and sticking to it. I also gave you a few tips on how to get out of debt and create your own emergency fund. Now it’s time for the next step: saving. Keep reading, I promise you’ll find it useful!

According to a public opinion poll conducted by Chartered Professional Accountants of Canada, 30% of polled Canadian households said they had no wealth. In other words, one of every three families is not saving any money. That’s a scary number, because 100% of those families will need money for their retirement.

For who?

When you think of saving, you probably also think of your retirement. So you’re saving for yourself!

Here’s an exercise you can do as proposed by my friend and trainer, Michel Villa.

francois_beginDownload the AgingBooth app on your smart phone and see what you would look like when you’re 70. I tried, and here’s what I look like.

The strength of this exercise can be summed up in a few questions that you can ask yourself as you stare at your future self.

  • When I retire, will I be rich or poor?
  • Will my retirement be filled with financial independence and freedom? Will I have the money to cover any health care issues?
  • Will my actions today contribute to my dream retirement?
  • What actions can I take today to avoid suffering financially in retirement?

Are you happy with your answers? I’m very pleased for you. You have probably already taken several steps and made decisions that allow you to feel confident about your future.

If you’re unhappy with your answers, don’t worry, you still have time to act and consult your financial security advisor. When? Now! The sooner the better, your future depends on it!


We live in a fast-paced society. Credit is more readily available than ever and it’s easy to buy now and pay later.

However, when you buy something now, or treat yourself, you’re often doing it for your own benefit. You’re living in the moment. It’s a concrete action in the present that satisfies us in the present. But it can come at a price, and have ramifications on your future.

In this context, did you perhaps overlook the opportunity to save, or start a nest egg?

Try doing things differently from now on. If you wish to splurge a little, plan ahead and put the money aside before you purchase or resort to using credit. You’ll enjoy it even more when you do buy it!


There are many savings vehicles to choose from (TFSA, RRSP, non-registered investments) based on your risk tolerance.

What’s important is to take concrete action. Start by discussing your options with your financial security advisor whose job is to guide you toward the savings vehicle that’s right for you, and to implement a savings strategy as soon as possible so that you can live more comfortably in the future.

There are ways to make your life easier, including placing your savings on “auto pilot.” Stay tuned for my next article which will explain how to automate the process of saving your money.

Wanna grow your savings? Discover the La Capitale High-Interest Savings Account!

Find out more

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