5 easy ways you can supercharge your savings in 2025

Posted: 29 April 2025 9:00 pm

News

Saving for the future is important for everyone. So how can you get ahead? We show you some simple tips to help you get your savings sorted.

Sponsored by Scotiabank. With the Scotiabank Money Master Savings Account, you can build wealth with a range of smart saving tools, including Pay Yourself First and Savings Finder. You’ll also have access to your money at any time.
Visit Scotiabank to learn more.

Looking to give your savings a boost in 2025? Here are some key ways to get started.

1. Pay yourself first

One of the big challenges people face with saving is waiting until they’ve paid everyone else.

But it’s important to pay yourself first.

That is, make sure your savings are taken care of before you pay any other expenses.

Sorting out a savings plan and creating a budget can help with this process.

Scotiabank also has a smart savings tool called Pay Yourself First that can help with this, too.

This is a feature that Money Master Savings Account holders can access if they also have an eligible chequing account.

Pay Yourself First with Scotiabank

Pay Yourself First with Scotiabank tool that automatically moves a portion of your regularly recurring deposits, like payroll, from your Scotia chequing account to your Money Master Savings Account.¹

💵 Just choose the dollar amount or percentage of your income that you want to save each month.

💵 Pay Yourself First then monitors your spending patterns, expenses and incoming funds.

💵 Based on an analysis of your account activity, Pay Yourself First automatically transfers funds to your Money Master Savings Account.

It’s a way to grow your savings without hassle.
Start saving with Scotiabank

2. Set a goal

For many people, saving is significantly easier once they have a specific goal in mind.

Whether it’s a short-term goal (like a holiday) or a long-term goal (like a house), having a goal in place can give you a focus on saving.

Think about how much you can save vs how long it would take to achieve your goal.

Scotiabank’s Savings calculator can help you determine how long it would take to hit a specific savings target.

3. Make a budget

Once you’ve determined what your savings goal is, having a budget in place can help you stay on track.

Budgeting basically comes down to looking at your income vs your expenses. Common expenses include:

Rent
Groceries
Eating out
Clothing
Transport
Entertainment (e.g. movies, streaming services, concerts)
Medical expenses
Hobbies

Taking a closer look at these costs can help you free up more money for saving.

You can find a Budgeting calculator on Scotiabank’s website to help you with this process.

4. Look for hidden savings opportunities

Saving isn’t always about cutting back ruthlessly! Sometimes it’s about spotting overlooked opportunities.

Savings Finder is another smart savings tool that can help you spot small, extra sources of cash.

This tool works best if you have fluctuating income. Over time, this can add up to big savings.

Find extra cash for yourself with Savings Finder

Savings Finder is a smart savings tool that looks at your spending habits to identify savings opportunities.²
💵 You set your monthly savings target, and Savings Finder will do the rest.

💵 No transfer will be more than $75, and funds won’t be transferred more than three times a week.

💵 You’ll receive a notification in the Scotia app once a month letting you know the total amount that was transferred, which will never exceed your monthly savings target.

Get your debt paid off

Nothing cuts into your savings quite like unpaid debt!

Looking for ways to get it paid off sooner can:

Free up cash
Help you establish better savings habits for the future

You can find more information on getting out of debt on Scotiabank’s website.

Get started saving with Scotiabank today

Conditions apply. Bonus interest will be calculated daily and payable monthly.
The bonus interest rate is an annual rate and is subject to change with or without notice. Visit the Scotiabank website for the complete terms and conditions.
1. 1. Based on an analysis of your transaction activity (including spending patterns, expenses, and incoming funds) in your designated chequing account over the three-month period prior to the transfer and the default balance limit for the Pay Yourself First tool of $400, or the limit you have chosen. For example, if your designated chequing account balance is below the default limit of $400, then the tool will not initiate the transfer. Click here for full terms and conditions.
  ↩
1. 2. Based on an analysis of your transaction activity (including spending patterns, expenses, and incoming funds) in your designated chequing account over the three-month period prior to the transfer and the default balance limit for the Savings Finder tool of $200, or the limit you have chosen. For example, if your designated chequing account balance is below the default limit of $200, then the tool will not initiate the transfer. The range of amounts and frequency of such transfers is set by Scotiabank and may be amended from time to time, without prior notice to you. For more information on the current ranges and frequencies please refer to the FAQs section in Scotia Smart Money by Advice+ on the Scotia mobile app. Click here for full terms and conditions.
  ↩