How do I save for the future while building one for others?

Good Money™ understands that saving for the future isn’t always easy. Particularly if you’re interested in building a better future for others while you do.

Here are some frequently-asked questions about saving, along with some more information about our Jumpstart® High Interest Savings Account, a flexible savings tool which supports members and the community too.

Q: I know I need to save. But how do I start?
A: The first step is to calculate your income. That includes employment income, rental income, investment income, government assistance, student loans, disability benefits, retirement pensions or money from other sources.

Q: What about spending?
A: That’s the second step. Determine where you’re spending your money by reviewing your financial records—a financial diary might help here. Once you see your spending patterns, you’ll be in a better position to make adjustments to certain expenses. Give our a try—it can help you spot areas where you can save money.

Q: OK, I know how much is coming in and going out. What next?
A: Establish a list of the goals you wish to achieve. These can be long-term goals like purchasing property or funding your retirement. Or they can be short-term goals such as home improvements or car maintenance.

Q:  But how can I put money aside . . . things just seem to “come up” every month!
A: What you could try is paying yourself first. Set up a Pre-Authorized Contribution (PAC) plan: every month, you automatically withdraw a pre-set amount from your chequing account and contribute it to savings plan. You can set up a separate savings account for infrequent but anticipated expenses, such as property taxes, vacations, automobile insurance or car maintenance. Our Jumpstart® High Interest Savings Account is specially designed for these types of savings plans.

Q: High interest savings? Tell me more…
A: Our Jumpstart® High Interest Savings Account is a good choice for savers. It earns our highest posted daily savings rate. Plus, you support a non-profit program that helps low-income families develop money skills. Depending on how you use your savings account, Jumpstart may be the ideal savings account for you.

Q: So how can my savings help build a better future for others?
A: Vancity funds education programs in the community which teach concrete money management and asset-building skills. Simply by opening an account, saving for a specific financial goal, or managing your money, you're doing good things for your financial future, while making the place you live even better.

Q: Saving sounds good – but what if my financial circumstances change?
A: No doubt they will. Remember, a budget is only a guideline. At the end of each month, you should re-evaluate your budget and your savings goals. Compare your actual expenses and income to your budget and make appropriate adjustments.

Looking for more savings tips? is here to help. When you’re ready, call 604.877.7000 or toll-free at 1.888.Vancity (826.2489) and we’ll be happy to discuss how you can meet your savings goals.

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Jumpstart® High Interest Savings Account is a registered trademark of Vancouver City Savings Credit Union.
The response set out above is for your information only and is based on general assumptions. While our goal is to offer current, accurate and clearly expressed information, Vancity does not warrant the accuracy, adequacy or timeliness of this information. Changes to the assumptions or facts or to any applicable laws or regulations could affect the validity of this information.  The information is not intended to be investment, legal, accounting, tax or other advice and you should not rely on it without seeking the advice of professional advisors to ensure your particular circumstances are properly considered. Vancity is not responsible for loss or damage that results from reliance on this information.