Whether you’re focused on saving for a major milestone, looking to do more with investing, or searching for new ways to earn more income—the way you grow your money should be based on your financial goals. From boosting your savings and investing for the future, to thinking outside the box when brainstorming ideas to earn more income, here are a few ways to help you grow your money based on your goals.
1. Boost your savings with high-interest accounts
Saving money is an essential part of any financial plan, but choosing the right savings tools can make a big difference in how quickly your money grows. Instead of keeping extra cash in a low-earning account, consider options that allow your savings to accumulate more over time.
- A High-Interest Savings Account (HISA) offers a competitive interest rate, while keeping your money accessible when you need it. It’s a great way to set aside funds for an emergency, a vacation, or a major purchase.
- For longer-term savings, a Guaranteed Investment Certificate (GIC) provides a secure, predictable return over a fixed period. GICs can be an effective way to grow savings that you won’t need right away, while protecting your principal from market fluctuations.
Using the right mix of savings accounts ensures your money is both accessible and growing, so you can meet your financial goals faster.
2. Bolster your investments with Registered Accounts
One of the best ways to grow your money is by making the most of Registered Accounts. By investing within accounts that reduce or defer taxes, you keep more of your earnings, helping your savings grow faster over time. Two of the most popular options are:
- Tax-Free Savings Accounts (TFSA): A TFSA allows you to invest in mutual funds, stocks, GICs and other assets while keeping all investment earnings completely tax free. Whether you’re saving for a major purchase or looking to build long-term wealth, a TFSA helps your money grow without tax penalties when you withdraw funds.
- Registered Retirement Savings Plan (RRSP): An RRSP is designed to help you save for retirement while lowering your taxable income today. Contributions are tax-deductible, meaning you could pay less in taxes now while your investment grow tax-deferred until you withdraw them in retirement.
By taking advantage of these accounts, you’re reducing the amount of tax you pay on your savings, allowing you money to accumulate more efficiently over time. Even small, regular contributions can make a significant impact when paired with tax-free or tax-deferred growth.
3. Increase your earning potential by upskilling
One of the most effective ways to potentially grow your income is by investing in yourself. Expanding your skill set or pursuing professional development can open doors to higher salaries, career advancement, or even new business opportunities. With today’s evolving job market, upskilling has never been more valuable. Whether you’re looking to:
- Enhance your existing skills to qualify for a promotion;
- Learn something completely new to pivot into a growing industry; or
- Gain certifications that help increase your earning potential
Coast Capital’s Elevate Chequing Account provides free access to Coursera’s professional development courses1, allowing you to upskill at your own pace. You can learn more on our website here: Coursera | Coast Capital Savings
The bottom line: Small steps can lead to big financial growth.
Financial growth doesn’t happen overnight, and it doesn’t look the same for everyone. The most important step is knowing what matters to you. Whether that’s increasing your income, building savings, or making smart investments for the future – your financial path is your own, and the right choices today can create more opportunities down the road. No matter where you’re starting from, small, consistent decisions can set you up for long-term success.
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This article is provided for general information purposes only. It is not to be relied upon as financial, tax, or 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, fees, and other investment factors are subject to change without notice and Cost Capital Savings Federal Credit Union 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 Coast Capital Savings Federal Credit Union does not guarantee accuracy or reliability of such sources. Readers should consult their own professional advisor for specific financial, investment, and tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
1Coursera is an online learning platform offering multiple continuing education opportunities from leading universities and institutions. The products offered by Coursera can, but do not guarantee to, help users advance, relaunch, or improve their earning potential in their careers. As a bonus on their Coast Capital Elevate Chequing Account, a primary account holder will receive one (1) free Coursera for Business license for the account holder’s personal use. This license will be associated with the primary account holder’s email address on Coast Capital’s records. The license can only be used with the associated email address to open a Coursera account. The license will be valid for the period the primary account holder maintains a Coast Capital Elevate Chequing Account in good standing. The license has a monetary value of $538 CAD per year or monthly monetary value of $79 CAD as of January 1, 2024. Limit of one (1) license per primary account holder. No substitutions will be allowed. Coast Capital may allow, at its sole discretion, transfers of the license to another individual as decided by the primary account holder. The license may be subject to content, course, and program exclusions or limitations at the sole discretion of Coursera. The use of the license will be exclusively subject to Coursera’s terms, conditions, and policies. Details regarding Coursera’s products, terms, conditions, and policies can be found at https://www.coursera.org/
2 Source: CMHC Refinance for Building Secondary Suites |CMHC
