This content is provided through a paid partnership between Moving2Canada and Scotiabank.
Hi {{ first_name | default:there }},
Did you know that saving 20% of your income can have a big impact on your life?
For example, someone bringing home $45,000 after taxes who wants to save for a vehicle and retirement could save $9,000 annually. Contributing $4,500 each year to retirement from age 30 could grow to around $367,000 by age 67 (depending on account type and investment returns), while the remaining $4,500 could go toward short-term goals, like buying a vehicle.
The right accounts can help make saving 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.
How To Save 20% of Your Income
These are our top tips for getting your savings rate up to 20% of your earnings.
Tip 1: Automate Your Savings
Set up automatic transfers to your savings accounts.
By automating contributions, you reduce the risk of spending the money and adapt your spending to your new budget more easily.
Setting up automated contributions can be straightforward, depending on who you bank with. With Scotiabank, it is as easy as setting up Pre-Authorized Contributions (PACs). You just choose how much you would like to save (it could be as low as $25/month) and how often you want the transfers to take place.
Tip 2: Track your spending
It is important to understand where your money is spent each month.
Using a tool like the Scotiabank Money Finder Calculator can provide a holistic picture of your spending with visual charts and an estimate of how much you should have left over each month, helping you determine how much can be allocated to automated savings.
Need to cut costs to hit a 20% savings rate?
Take a look at your spending and compare it with what you really value. Looking through this lens can really put things in perspective.
Common areas people overspend include:
Housing
Subscriptions
Eating out or convenience food
Vacations.
Tip 3: Take Time to Celebrate Milestones
Celebrating your progress and feeling proud of yourself for making changes and meeting milestones is an important step in all of this. In fact, celebrating your milestones is key to staying motivated in the long run.
Scotiabank is here to support you with your savings goals. For personalized advice on reaching your them, find your nearest Scotiabank branch and book an appointment with an Advisor.
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.
