The 'Pay Yourself First'
Resource Library

How saving a little can go a long way

The 10% rule

Savings tips for Millennials

Other great tips on 'Paying Yourself First'

 

Welcome Canadian Payroll Professional to your resource library that will help you educate your employees on the importance of paying themselves first on Pay Day.

These resources include:

Savings Tips for Millennials

Do you have millennials that you would like to inspire to save – gamify it!
The 10% Rule

Tom Drake of the Canadian Finance Blog provides a few scenarios and calculations regarding the age-old method of saving 10% of your paycheque and putting it into savings.

10% may not seem like a lot, but this year's National Payroll Week Employee Survey shows that 47% of those surveyed only save 5% or less of their pay.

Read Tom's 10% Rule blog post here.

Copyright © 2016 Avanti Software Inc.

5 Ways to Turn Saving Money Into a Game

1. Go on a Spending Fast

2. Take a One Percent Challenge

3. Turn Your Budget Upside-Down

4. The Sneaky Savings Game

5. Tip Yourself

Read the full post from Co-Op Credit Unions here.

How to 'Gamify' Your Savings Strategies

1. The $5 Game

2. 52 Weeks

3. Laundry Jar

4. Save the Savings

5. Keep Making Payments and Save the Raise

Read the full post from Transamerica here.

Graph It!

Use a graph to show employees how saving a little can add up to a lot.

Source: J.P. Morgan

How much are your employees putting away each paycheque?

Save and Still Enjoy Your Latte

Saving money outside of brown bag lunches and homemade coffee
Further to the previous point, Joe Snyder of Tangerine talks about how skipping those double doubles and making your own lunches, although noble steps towards saving money, might not reap the financial benefits you're employees are seeking. Joe covers 3 other options that might yield even better savings, and one that is epecially in the realm of paying yourself first
  • Reducing investment fees
  • Neogitating a lower mortgage rate and accelerating your payments
  • Taking advantage of employer RRSP matching programs (if your organization doesn't have one available, think about who you can work with to help make a program like this, or another type of ASP, possible)

 

Saving a Little Each Day to Get More Stuff

 

If you saved $5 a day for a month, you would have $150. With that money you could do the following things:

  • You could buy a new smart phone.
    
  • You could buy a new bike.
    
  • You could buy a brand new outfit.
    
  • You could buy a really expensive pair of shoes.
    
  • You could have a nice day at the spa.
    
  • You could purchase birthday gifts for 5 friends or family members.
    

If you saved $5 a day for six months, you would have $900. With that money you could do the following things:

  • You could take care of a home or car repair.
    
  • You could pay for a month of rent.
    
  • You could go on a holiday.
    
  • You could pay for your gas for 3-5 months in cash.
    
  • You could finally start that emergency fund.
    
  • You could pay off your credit card.
    

If you saved $5 a day for a year, you would have $1,825 dollars. That amount of money could get you the following items.

  • You could go on a really nice vacation.
  • You could put a down payment on a car.
  • You could donate it and make a difference to a charity of your choice.
  • You could help out with your kids college tuition.
  • You could fully fund an emergency account.
  • You could finally see the Leaning Tower of Pisa.
  • You could buy a really nice watch.
  • You could pay for 2-3 months of rent in cash.

 

Show your employees how to achieve some attainable savings goals.

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