Money makeover – Small changes for big results
This post is sponsored by RBC.
Taking charge of your finances doesn’t mean changing every one of your habits. Small, steady adjustments can do a lot of heavy lifting for your long-term wealth – and the right bank account can support you in making effective changes that stick.
Here are some steps you can take to help save more, track spending without stress, and put automation to work for you.
Step 1: Set a clear savings goal and automate it
Before worrying about the best savings account or high interest account options, get clear on why you’re saving. A goal gives your money direction. Common financial goals include an emergency fund, replacing a phone or laptop, or saving for school or future plans.
A helpful rule of thumb is to save 10 to 20% of your income. If that sounds like a lot, start smaller. Even $25 a week adds up, especially when it’s automatic. Set a rough timeline for your goal so you know what you’re working toward.
Automation makes this easier. The idea is simple: Pay yourself first. By setting money aside before you spend it or pay other bills, saving becomes a priority instead of an afterthought. Look for products with built-in automation to make forming this habit even easier. For example, RBC’s Save-Matic can automatically move money from your chequing account to savings when you get paid or pay a bill. You choose the amount and timing, then let it run quietly in the background.
Step 2: Decide how to structure your savings accounts
It’s common to wonder how many savings accounts you really need. Some people prefer to have one main savings account and track goals mentally. Others like separate savings accounts for things like emergencies, travel, or buying a car.
There’s no perfect number. The right setup is the one that keeps you organized and motivated. If multiple accounts help you stay focused, use them. If they feel overwhelming, simplify.
When comparing the best savings accounts in Canada, look at interest rates, access to funds, and how easily you can move money. While high interest account rates matter, consistency matters more than chasing the absolute best interest rates Canada offers.
Step 3: Increase your automated savings over time
Once automatic savings feels normal, build on it gradually. Increasing your savings amount by about 5% is often enough to make progress without feeling painful.
This approach works because your spending tends to adjust naturally. Automated savings strategies that grow slowly are easier to maintain than big changes made all at once.
Step 4: Track your monthly spending for 30 days
Saving is only half the makeover. Understanding where your money goes each month helps you make better choices without guesswork.
For one month, track every purchase. That includes small purchases like snacks and drinks, online subscriptions, and cash spending. Choose one method and stick with it, whether that’s a spreadsheet, a notebook, or a digital spending tracker.
If you’re searching for apps to track spending, start with the tools already built into your bank. RBC’s NOMI Find & Save tracks your spending right within your RBC banking app, so you don’t have to download anything new. It learns your transaction patterns over time, finds extra dollars that it thinks you won’t miss and sets them aside for you automatically, so there’s no need to manually add information or sync external apps.
Step 5: Categorize spending and set realistic limits
After 30 days, group your spending into three categories: needs, wants, and savings. Needs include essentials like housing and groceries. Wants cover things like dining out and entertainment. Savings is what you’ve set aside intentionally.
Setting realistic limits for wants keeps your budget sustainable. Cutting out all discretionary spending rarely works long term. A balanced approach makes it easier to stay consistent.
With RBC’s spending tracker tools, categories are pre-selected and can be adjusted if needed.
Step 6: Check your spending and savings regularly
Quick check-ins help you stay on track. A short weekly review shows how you’re doing, while a monthly review helps you adjust limits or savings amounts.
Using digital tools to track monthly spending makes these reviews faster and more useful. Instead of guessing, you can see patterns clearly and make informed decisions.
Step 7: Set longer-term goals and plan your next steps
Once saving and tracking feel manageable, connect those habits to bigger goals. RBC’s MyAdvisor lets you set savings and investment goals, track progress over time, and see how today’s choices affect future plans. Goals can be added directly through online banking and updated as your life changes.
If you’re unsure how savings fits into investing or long-term growth, MyAdvisor also offers access to both digital and in-person advice, helping you plan with more confidence.
The bottom line
A money makeover isn’t about perfection. Small actions like automating savings, tracking spending, and checking in regularly can lead to meaningful results over time. Whether you’re comparing the best savings account options, using a spending tracker, or building automated savings strategies, consistency matters more than complexity.
Start small, stay steady, and let those habits do the work.