Open a high-interest savings account and save $1000

Before we go over all the different ways that you could save up your first $1000, decide where you're going to put it all. In "Everything you need to know about emergency funds" we talked about why you should use a no-fees, high-interest savings accounts. In short, these are three of the best options available to Canadians:

Tip: Banks often offer a signup bonus of $100-200 for new clients. Definitely take advantage of this when opening your new savings account - that's 10-20% of your goal!

Got that out of the way? Ok, now the real work begins.

If you already have $1000 on hand, then simply transfer it to your new Emergency Fund and move on to the next step.

10 ideas for saving up $1000

  1. Collect spare change at home (nothing like the joy of finding a $20 bill in the pocket of your jeans!)
  2. Anytime you make a purchase with cash and receive change, set it aside for your emergency fund.
  3. Reduce your discretionary spending for a month. This could be eating out less or deferring a non-essential purchase for another month. 
  4. Find items at home that you no longer need and can sell on Kijiji / Facebook marketplace. Things that sell well include: furniture, textbooks, sporting equipment, tools, electronics, small kitchen appliances, and gently used baby items like strollers. 
  5. If you are in the process of paying off debt, call you creditor and ask if you can pause your payments for a couple of months without a penalty. 
  6. Save any money you get from gifts, refunds, or work bonuses.
  7. Call your phone/internet provider to ask for a lower monthly fee. Of course, this works best if you've been a client of theirs for some time. But it's always worth asking. 
  8. Take an extra shift at work.
  9. Offer services in your community like babysitting, grocery shopping for elders, lawn mowing, etc.
  10. Keep a journal of every purchase. The accountability of having to track every dollar spent is often enough to make us second guess some purchases.

Funding an emergency fund is a marathon - not a sprint. But it's a lot more manageable when you break it down into small milestones. You'll be amazed at how quickly you can make progress when you're laser-focused on one financial goal at a time. 

When you reach the $1000 goal, add a comment below to share how you did it and so that we can celebrate with you.