--- title: 4 Saving Money Questions You’ve Definitely Asked Yourself description: We want to make sure we answer all of your “money-saving” questions so that you can be confident in making the most of your money and handling finances! image: https://blog.accesscu.ca/hubfs/Blog_MoneySavingQuestions_MomChild_1280x720-1.jpg --- #003B49 [![AccessCU\_Horizontal\_Colour\_pws-1](https://blog.accesscu.ca/hs-fs/hubfs/AccessCU_Horizontal_Colour_pws-1.png?width=199&height=50&name=AccessCU_Horizontal_Colour_pws-1.png "AccessCU_Horizontal_Colour_pws-1")](https://www.accesscu.ca/) Open main menu Close main menu [Investing](https://blog.accesscu.ca/tag/investing) [Saving](https://blog.accesscu.ca/tag/saving) [Financial Literacy](https://blog.accesscu.ca/tag/financial-literacy) # 4 Saving Money Questions You’ve Definitely Asked Yourself ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Share this blog post on Twitter](https://twitter.com/intent/tweet?text=I+found+this+interesting+blog+post&url=https://blog.accesscu.ca/10-things-to-consider-when-choosing-a-home-1) [Share this blog post on Facebook](http://www.facebook.com/share.php?u=https://blog.accesscu.ca/10-things-to-consider-when-choosing-a-home-1) [Share this blog post on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.accesscu.ca/10-things-to-consider-when-choosing-a-home-1) ![Budgeting Family Photo ](https://blog.accesscu.ca/hubfs/Blog_MoneySavingQuestions_MomChild_1280x720-1.jpg) ### Successful saving starts here! Being a credit union, we get tons of questions on the best tips, tricks, and strategies for saving money. So, we’ve decided to compile a list of the most frequently asked questions for all to see. Check them out below.   #### 1. I'm a beginner at saving money. How do I start? The good news is, it’s never too late to start saving money. If you’re a beginner, here are a few easy ways you can start pinching your pennies (sometimes without even knowing it).  **Just start + devise a plan** If you’re new to the world of saving money, simply starting can be half the battle. A good place to begin your budgeting journey is by implementing the 50-30-20 rule.      - 50% of your income should go to needs (like food, housing, transportation and bills.) - 30% to your wants (hobbies, dining out, or shopping. Anything FUN!) - 20% into your savings. It’s a great idea to automate your savings by setting up an auto transfer to your high interest savings account. Then watch your interest grow each payday! **Platinum Savings** The Access Credit Union [Platinum Savings account](https://www.accesscu.ca/en/personal/saving) is a great account option for people that want to dip their toes into the world of saving money. The Platinum savings account has no monthly fee and isn’t locked in; the money you put in can be withdrawn at any point. We encourage you to keep money in your Platinum savings by only offering one free withdrawal a month, but you’ll want to keep your money in once you see how much money you’re earning in interest! The Platinum savings account offers highly competitive interest rates, and the interest gets paid out monthly! Many of our members open multiple Platinum savings accounts, and label them for their specific savings goals (examples include family vacation, school, first house, etc.). #### 2. I've never invested before, what should I know? Naturally, investing and saving go hand in hand. Before you begin investing, determine the following: - Discover your what: - What is your overall goal? - What are you saving for? Why are you investing? - Your ideal timeframe. - Your risk tolerance. Once you’ve put some thought into the above, it’s probably time to visit with a member of Access’ wealth advisory team to discuss and create your investment portfolio. You’ll be on the path to investing and saving money in no time. We help make it simple!                                             [![Let's Talk About Investing!](https://hubspot-no-cache-na3-prod.s3.amazonaws.com/cta/default/20752134/146798e1-e892-4156-9cc4-15c40cbe28d4.png)](https://hubspot-cta-redirect-na3-prod.s3.amazonaws.com/cta/redirect/20752134/146798e1-e892-4156-9cc4-15c40cbe28d4) #### 3. How does a TFSA help me with saving money? A TFSA (or tax-free savings account) allows you to set money aside, and earn interest tax-free! Your money and investments generate interest, plus, you’re not penalized if you decide to take your money out.                                             [![Learn about Access TFSAs](https://hubspot-no-cache-na3-prod.s3.amazonaws.com/cta/default/20752134/6ee7e631-c151-4a4c-8fb8-0b5e2233cfbe.png)](https://hubspot-cta-redirect-na3-prod.s3.amazonaws.com/cta/redirect/20752134/6ee7e631-c151-4a4c-8fb8-0b5e2233cfbe) Interested in finding out about your TFSA contribution limits? Members can call the Tax Information Phone Service (TIPS) at 1-800-267-6999. #### 4. What is 'lifestyle creep' and how to I avoid it? If you’re serious about saving money, being aware of lifestyle creep (and how to combat it) is important to a successful savings plan. Lifestyle creep is when your standard of living improves as you do better in the workforce. In other words, when your salary increases, you begin to spend more, and former luxuries start to become necessities. We all think that once we start earning more money, it’ll be easier to save more money, but that’s often not the case. If you fall victim to lifestyle creep, saving money can become a thing of the past. Here are some things you can keep in mind when trying to avoid lifestyle creep: **Save your new money** Once you understand what lifestyle creep is, you need to try to actually save the new money you are now making. A good rule of thumb is to save 70% - 90% of every increase in salary or pay. **Create a budget** Maintaining a budget will help keep spending and finances on track. If you’re new to the world of budgeting, check out [“Budgeting for Beginners”.](https://blog.accesscu.ca/budgeting-for-beginners?hs_preview=SzctCglY-82697227153) **Choose your hobbies & recreation wisely** If your salary increases by 10K and you suddenly find yourself taking up skydiving as a hobby, you may want to re-evaluate your priorities. If it’s something you’re really passionate about, we say go for it, but stick to your budget. --- ### Need more information on saving and investing with Access?                                                          [![RRSPs vs TFSAs](https://hubspot-no-cache-na3-prod.s3.amazonaws.com/cta/default/20752134/75e1cc3a-5690-481c-805e-e1463163915e.png)](https://hubspot-cta-redirect-na3-prod.s3.amazonaws.com/cta/redirect/20752134/75e1cc3a-5690-481c-805e-e1463163915e)   ## Related Articles [![](https://blog.accesscu.ca/hubfs/Nine%20activities%20to%20do%20for%20free.jpg)](https://blog.accesscu.ca/saving-money-here-are-nine-activities-you-can-do-for-free) [Saving](https://blog.accesscu.ca/tag/saving) [Tips & Advice](https://blog.accesscu.ca/tag/tips-advice) [Budgeting](https://blog.accesscu.ca/tag/budgeting) ### [Saving Money? Here are Nine Activities You Can Do for Free!](https://blog.accesscu.ca/saving-money-here-are-nine-activities-you-can-do-for-free) Saving money can be difficult these days. There are seemingly endless places where you can spend your money, but what can you do for free? ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/saving-money-here-are-nine-activities-you-can-do-for-free) [![](https://blog.accesscu.ca/hubfs/9_OpenTFSA1200x628.jpg)](https://blog.accesscu.ca/how-to-use-laddering-to-grow-your-tfsa-or-rrsp) [Investing](https://blog.accesscu.ca/tag/investing) [TFSA](https://blog.accesscu.ca/tag/tfsa) [Retirement Savings](https://blog.accesscu.ca/tag/retirement-savings) ### [How to Use the Laddering Approach to Grow Your TFSA / RRSP Savings](https://blog.accesscu.ca/how-to-use-laddering-to-grow-your-tfsa-or-rrsp) ### You have the right accounts, now it's time for the right strategy. ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/how-to-use-laddering-to-grow-your-tfsa-or-rrsp) #### Connect with Access Credit Union Follow Access Credit Union on social media for financial advice and news from our member community.  [![facebookwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/facebookwhite_64x64.png?width=45&height=45&name=facebookwhite_64x64.png)    ](https://www.facebook.com/AccessCreditUnion) [![linkedin](https://blog.accesscu.ca/hs-fs/hubfs/linkedin-6-64.png?width=45&name=linkedin-6-64.png)       ](https://www.linkedin.com/company/access-credit-union)[![instagramwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/instagramwhite_64x64.png?width=45&height=45&name=instagramwhite_64x64.png)](https://www.instagram.com/accesscreditunion/)