Alex Brocklebank is the manager of our Woodgrove branch in Nanaimo. We caught up with Alex to find out how he personally saves to reach his financial goals.
What is your number one savings tip?
You need to create a budget. Saying you want to put away 10% or 20% is a start but until you do up a budget and know exactly what your disposable income is you’re just shooting in the dark.
What are some of the processes you’ve automated?
I can’t think of a single bill that I pay manually. They’re all automatically paid to my credit card which I then check and pay off every paycheque.
Is there a habit that you changed that transformed the way you started saving?
I have the amount I want to save per paycheque automatically transferred out of my account the day my paycheque comes in. When I check my balance in the morning, it’s what I have left after meeting my savings goal.
What are some of the goals you're saving for now and how are you saving towards those?
Right now I have two primary goals: a down payment for a home and a new vehicle. My down payment will come from my RRSP and I’m pretty well there. For the last 3 years I’ve participated in my employer’s defined contribution plan where they contribute to my RRSP if I do. I’ve also been directing any and all bonuses I receive to my RRSP.
For the new vehicle, essentially all of my disposable income is going towards saving for that. Once I had $5,000 in my savings for emergencies, I started directing all of my auto savings transfers to a secondary savings for this purpose.
How do you save for a vacation?
I use my credit card points for my vacations. I put all of my spending through my Island Savings Mastercard and get 2% cashback on everything. Once I have enough in points for a trip, I go!
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