Transcript: CIBC Savings Solutions Video

Introduction

We all have financial goals. You probably have a few in mind right now. They may be within reach, or on the horizon or well into the future. Whatever your situation, it's definitely worth a talk.

So let's walk through a few key steps to help you achieve your savings goal. And when we're finished you'll be able to print out a personalized summary to take with you when you visit a CIBC branch, so you can feel that much more prepared.

Before we get started, it's good to have an idea of how much you can afford to save each month. If you already know you can set aside a certain amount, great, let's get started! If you are looking for an easy way to find a few more dollars each month, check out our savings tips by clicking on Helpful Hints at any time.

Ready? Let's start by choosing one of the following common goals.

Unexpected Events

Many things happen in life that you can't plan for. But building up your savings to have cash on hand is a great way to be ready for "the unexpected".

Most personal financial experts agree that the first thing you should do after meeting your basic needs is to start planning for an emergency fund. Once you've saved enough for this, you can move on to other financial goals.

So how much is enough? Well there's no one right answer.

As a guideline, an emergency fund should be equivalent to at least 3 months net pay. But keep in mind that the more people you support, the more likely you are to have unexpected or unplanned costs, so you may want to increase this.

Let's work together to determine the right amount for you. A good place to begin is to enter your net monthly pay - that's your take home pay - and the number of months worth of pay you'd like to have saved.

Now that you have a better idea of how much you need in your emergency fund, let's consider how you can get there.

For most of us, it's a lot easier to come up with smaller savings amounts over a period of time than it is to make a large, lump-sum contribution to our savings at once. For example, starting your emergency fund can be as simple as depositing $50 into a savings account each month. Contributing regularly also helps ensure that saving remains an ongoing priority.

Take a minute to think about your current financial situation. How much do you feel you can comfortably set aside each month?

Based on your information, we've calculated how long it will take you to meet your goal.

When you start to save, it's a good idea to set aside this money each month in a separate account. This helps to prevent it from being confused with the money you need for everyday expenses and makes it easier to track your progress.

To help ensure you'll have the money for your monthly savings contribution, be sure to pay yourself first. When you get your paycheque, first put away the money you want to save instead of waiting until the end of the month.

Now that we've reviewed how much you need to save and looked at some tips on how to set aside the money for your goal, let's move on to the next step.

Now that we've reviewed your situation, you may want to explore your options with a CIBC advisor. Step one is to print your savings plan. Be sure to have it with you when you call or visit a CIBC branch. You'll save a lot of time and be on the road to achieving your goal that much faster.

CIBC offers a wide range of savings alternatives, such as savings accounts, GICs and investment products. We can work with you to find a solution that makes the most sense. To learn more about the topics we discussed, simply click on Helpful Hints or to get started right away, use our Investment Selector tool to get an idea of which savings solution is right for you.

Remember, no matter what you're saving for, it's always worth a talk.

Downpayment

You're saving for a downpayment. Maybe it's for a home, vacation property or even a car. So what will you be using your down payment for?

Now let's figure out how much of a downpayment you might need to make your goal a reality. Generally, most downpayments are calculated according to a percentage of the total purchase price.

Enter the amount of your purchase and the percentage you'd like to put down.

For most of us, it's easier to come up with smaller savings amounts over a period of time than it is to make large, lump-sum contributions to our savings at once. Contributing regularly also helps to make saving an ongoing priority.

Based on your information, we've calculated how much you'll need to save each month to meet your goal. Is this a realistic amount for you to be setting aside?

Selecting Yes

If you can easily meet your day-to-day financial obligations, then we've found a monthly contribution that should satify your needs.

When you start to save, it's a good idea to set aside this money each month in a separate account. This helps to prevent it from being confused with the money you need for everyday expenses and makes it easier to track your progress.

To help ensure you'll have the money for your monthly savings contribution, be sure to pay yourself first. When you get your paycheque, first put away the money you want to save instead of waiting until the end of the month.

Now that we've reviewed how much you need to save and looked at some tips on how to set aside the money for your goal, let's move on to the next step.

Now that we've reviewed your situation, you may want to explore your options with a CIBC advisor. Step one is to print your savings plan. Be sure to have it with you when you call or visit a CIBC branch. You'll save a lot of time and be on the road to achieving your goal that much faster.

CIBC offers a wide range of savings alternatives, such as savings accounts, GICs and investment products. We can work with you to find a solution that makes the most sense. To learn more about the topics we discussed, simply click on Helpful Hints or to get started right away, use our Investment Selector tool to get an idea of which savings solution is right for you.

Remember, no matter what you're saving for, it's always worth a talk.

Selecting Not Sure

If you feel this monthly contribution might be too difficult, you may want to consider extending the amount of time you have to save or reducing the cost of your major purchase. You can recalculate your savings amount now, then move on the next step.

Once you establish the right amount to save each month, it's a good idea to set aside this money each month in a separate account. This helps to prevent it from being confused with the money you need for everyday expenses and makes it easier to track your progress.

To help ensure you'll have the money for your monthly savings contribution, be sure to pay yourself first. When you get your paycheque, first put away the money you want to save instead of waiting until the end of the month.

Now that we've reviewed how much you'll need to save and looked at some tips on how to set aside the money for your goal, let's move on to the next step.

Now that we've reviewed your situation, you may want to explore your options with a CIBC advisor. Step one is to print your savings plan. Be sure to have it with you when you call or visit a CIBC branch. You'll save a lot of time and be on the road to achieving your goal that much faster.

CIBC offers a wide range of savings alternatives, such as savings accounts, GICs and investment products. We can work with you to find a solution that makes the most sense. To learn more about the topics we discussed, simply click on Helpful Hints or to get started right away, use our Investment Selector tool to get an idea of which savings solution is right for you.

Remember, no matter what you're saving for, it's always worth a talk.