This content is provided through a paid partnership between Moving2Canada and Scotiabank.
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‘Savings guilt’ is extremely common in Canada. Many people try to do too much at once-saving for a down payment, paying off student loans and credit card debt and starting to fund retirement.
While everyone’s journey and feelings around money are unique, it’s helpful to focus on realistic goals that take your stage of life and income into account.
There are two approaches we often use to set realistic goals. If you think that either of these approaches align with your goals and suit your personality, you’re welcome to use them in your personal finance journey:
Throw everything at one goal.
This is really targeted and can help you achieve that one goal much faster. This is good for anyone who gets a lot of satisfaction from checking a to-do item off a list.
Allocate your savings efforts towards 2-3 goals and work towards them simultaneously.
We don’t usually recommend working towards more than 3 goals at one time, because progress at that point could be slow and likely demotivating.
Scotiabank is here to help.
If you’re unsure where to start with your banking or need guidance on reaching your savings goals, a Scotiabank advisor can provide personalized support and advice.
As for how much you should be saving, again, this is a personal decision.
That said, a good rule of thumb is the 50/30/20 rule.
The 50/30/20 rule provides a framework for you to manage your budget. It suggests dividing your after-tax income into three parts:
50% for needs
30% for wants
20% for savings and debt repayment.
Your after-tax income is the amount of money you take home after paying taxes and other deductions.
It’s not perfect for everyone, but it gives a clear starting point to help you stay balanced.
Why? Because the reality is that we all only have a limited amount of money to save. Saving all your income isn’t practical; for most, even saving over 20% is unrealistic. So the 50/30/20 rule can help to take the pressure off and reduce any feelings of guilt or shame, if you’re experiencing those.
The right accounts can help make hitting that 20% easier. If you're eligible for the Scotiabank StartRight® Program, you could unlock benefits worth up to $580¹. Plus, you could earn up to $700² by opening an eligible banking package alongside a Money Master Savings Account and a registered account, and completing certain qualifying transactions.
Warm wishes,
The Moving2Canada team, in partnership with Scotiabank
Legal Disclaimer
This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
1 Scotiabank StartRight® Program is available only for Canadian Permanent Residents from 0-5 years in Canada, International Students and Foreign Workers.
2Value of up to $2,300 is rounded down and calculated as follows: i) up to $583.30 first year value with the StartRightTM Program + ii) Up to $700 in chequing, savings and registered account welcome offers + iii) up to $1,098 in Scotiabank Passport Visa Infinite welcome offer, first year point earn potential and savings:
i) Value of up to $583.30 is an annual potential value for the first year based on the following benefits and savings available to StartRightTM clients as of March 3, 2026:
$203.40 in account fee savings for a Preferred Package chequing account ($16.95 monthly account fee waived for first 12 months);
$280 in fee savings when compared to in-branch Swift Wire Transfers (assumes an annual average of 7 in-branch Swift Wire Transfers at $40 per transfer);
$99.90 in fee savings for 10 free equity trades with iTRADE (10 free equity trades per year at $9.99/trade)
Actual value will depend on individual usage of the StartRightTM Program features and products. Conditions apply. All products and features are subject to change.
ii) Value of up to $700 in chequing, savings and registered account welcome offers as of March 3, 2026:
$500 for new Preferred and Ultimate Package clients who complete certain qualifying conditions. Clients who are eligible for the $500 offer can then get an extra $100 with a new Money Master Savings account and/or an extra $100 with a new eligible registered account when they complete certain qualifying transactions;
iii) Value of up to $1,098 in Scotiabank Passport Visa Infinite Card welcome offer value, first year point earn potential and savings includes the following as of March 3, 2026:
$400 in travel rewards (40,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months;
$100 in travel rewards (10,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $10,000 within the first 6 months;
$100 in travel rewards (10,000 bonus Scene+ points) when you spend $40,000 annually on your Account each year (12-months);
$134 in foreign transaction fee savings based on average annual foreign spend per account over the last 24 months (save the 2.5% foreign transaction fee markup typically charged by other card issuers);
$364 value with a complimentary Visa Airport Companion Program Membership that includes 6 lounge passes (based on a ‘Preferential’ membership valued at approx. CAD$364/USD$259). Currency conversion as at November 3, 2025.
Actual offers, savings and rewards earned will depend on individual card usage and eligibility. Conditions apply.
