Growing your money starts with simple changes that actually stick.

Saving money isn’t easy. Between rent, groceries, the odd flat tire and occasional oat milk latte, it can feel like there’s never enough left to put aside. And even when there is, it’s tempting to spend it on something fun instead of stashing it away for a rainy day.

Whether you want to upgrade your living situation, save for your kid’s activities or build an emergency fund, having money saved gives you freedom and peace of mind. The good news? With the right habits and a few smart tools, saving can become something you do without thinking twice.

Five Smart Saving Habits That Actually Work

Saving money doesn’t have to be complicated. Here are some things you can do to build momentum and make real progress, one step at a time.

1. Take inventory of your spending

Before you can increase your savings, it helps to know where your money is actually going. Go through your recent credit card and bank statements and take a hard look at your spending.

Spot any subscription charges you forgot about? Cancel those ASAP. Even $20 a month can add up over time.

Look for patterns of overspending. Notice you’re ordering a lot of takeout on weekends? Add a mid-week grocery shop into your routine.

2. Pay off your debt (strategically)

High-interest debt (like credit cards or student loans) can quietly eat away at your financial progress. If saving feels impossible, it might be because too much of your money is going toward interest.

Tackle your debt by making a plan: list what you owe and the interest rates, and come up with a payment strategy. Two common strategies are the debt avalanche and debt snowball methods.

With the debt avalanche, you focus on paying off debts with the highest interest first. This works to reduce the amount of interest you pay over time.

With the debt snowball, you focus on paying off debts with the smallest balances first, encouraging you to stay the course by showing tangible progress over time.

Either strategy will help reduce your debt, freeing up more cash to divert into savings.

3. Set up specific goals (and name your savings)

Saving “just because” is tough. Saving for something specific, like a down payment on a house, a home repair fund, or a summer vacation, is often easier.

Identify your savings goals and give each one a name and target amount. Even if you’re only adding $20 a week, it will grow if you’re consistent.

4. Automate your savings

Saving takes discipline – but the right tools can make it easier.

Intending to move money into your savings each payday is one thing, but it’s another to actually make the transfer. When your accounts are set up to automatically transfer funds from your chequing account to your savings every payday, you take the decision-making (and temptation) out of the equation.

Make sure your bank account allows you to set automatic transfers, even if it’s just a small amount. It adds up, and you won’t miss what you never saw in your account in the first place.

5. Open a Money Master Savings Account from Scotiabank

Some savings accounts are simply a place to hold your money until you need it, but others actually help you grow your money and build better habits. The Money Master Savings Account from Scotiabank is a flexible option that supports your savings goals, no matter where you’re starting from.

Here’s What Makes It Different :

In addition to no monthly account fees, earning interest on every dollar you save, and unlimited transfers to your other Scotiabank accounts, what makes the Money Master Savings Account so different is that you have access to smart savings tools designed to make saving easier, including:

Pay Yourself First

This smart savings tool lets you set up automatic transfers right from your Scotiabank chequing account to your Money Master Savings Account, only when it appears you can afford it. You choose a dollar amount or percentage you’d like to save, and the account takes care of the rest.

And here’s a neat feature: Pay Yourself First only transfers money when it looks like you can afford it. The amount it moves changes based on what’s happening in your chequing account — like your spending habits, bills or deposits — so the balance always stays within your comfort zone. After each transfer, you’ll get a notification in the Scotia app, so you always know what’s going where. You can modify your preferences anytime to make Pay Yourself First work best for you.

Savings Finder

If your income and spending change from month to month, or you’re just not sure how much you can afford to save, the Savings Finder tool can help. Once you set a monthly savings goal, it automatically moves small amounts of money from your Scotiabank chequing account into your Money Master Savings Account when it looks like you can spare it.

Behind the scenes, Savings Finder monitors your chequing account activity and transfers only what you can afford, without going over your set monthly limit. You’ll also get monthly notifications through the Scotia app showing how much you’ve saved.

Pay Yourself First and Savings Finder both offer automatic follow-through – making them powerful tools for staying on track and reaching your goals faster.

The Bottom Line : make saving easy on yourself

Saving money doesn’t have to mean cutting out everything you enjoy. However, it does mean creating habits that help you feel confident, secure and ready for whatever comes your way.

Whether you’re getting ready to retire, saving for your next vacation, or building an emergency fund, Scotiabank’s Money Master Savings Account gives you simple ways to stay consistent. You’ll enjoy watching your savings grow while still having easy access to your funds if something comes up.

How to Create Smart Saving Habits? by Samantha Kohn | Scotia Bank | RateHub.ca