What I’d tell my 18-year-old self about money (Part 2)

by Achieva Financial
Nov November 21

This year, Achieva Financial is celebrating a milestone. We’re turning 18 years old! 

Eighteen is a milestone year in most young Canadians’ financial lives as well. New options like TFSAs and credit cards open up; university and all its bills are about to start; and many teens are taking full control of their financial lives for the first time. For many of us, it’s also the start of at least a few financial lessons learned the hard way.
So we asked our team at Achieva Financial – if you could talk to your 18 year old self right now, what’s the one piece of advice you’d give yourself about money and saving? 

Here's part two with a few more of the most important lessons our staff would pass on if they could:



“Automation will be your best friend”

I wish I’d set up an auto-transfer sooner!

Having a separate account just for my savings and automating them has been my biggest help in saving – it’s easy to transfer in automatically, and at times I really forget about it. But when I want to withdraw, I have to take that one extra step to go into a different account and transfer my money out, and it makes me stop and think a little bit more. Do I really need this? Enough to dip into my savings? That helps me keep my eye on the big picture – getting a house and keeping savings around for any reality checks that might come my way!



“Less on beer, more on saving”

Time is money! It’s true in business and in savings. You can try to chase after a slightly better return here or there, but the reality is, the longer you’re invested and the longer you’re compounded, the better you’ll do.

Most people get overwhelmed by savings at the beginning. At 18, I wish I’d known that if I could just stick to a plan, as small as it is, that would have taken my savings a long way. So what would I tell myself? Spend less on beer, more on savings! It doesn’t have to be complicated – this can actually be simple. The discipline is what’s important at the beginning - stay on course, and then over time you can develop your money skills, you get savvier, learn about diversification, and start trying different products. But start simple, start early.