My #RoomRescue #SavingsJourney: Before & After
by Amber Mac on March 26, 2018
We all have mini savings goals and home projects that we dream about starting. Last fall, my family and I decided it was time to tackle the upstairs “Purple Room” that desperately needed some decor love. This room has been our 9-year- old son’s play space since he was a toddler. Now that he’s quickly on his way to double digits, we wanted to do something affordable but professional. This is where my work as a Scotiabank ambassador came into action.
To kick off the #SavingsJourney, we signed up for Scotiabank’s innovative Momentum PLUS Savings Account. The big benefit of this account is that you can earn a higher premium interest rate the longer you save if no withdrawals are made. It allows for flexibility and choice with your savings. You can save for multiple goals in one account, like a small home project, and select a savings period (90, 180, 270 or 360 days) that works for you. You can track all the progress online and the account has no minimum balance or monthly fees. We set our budget of $5,000 at the start of our savings journey and were rewarded with interest throughout the process.
In typical social media fashion, in November I logged on to Instagram to hunt for a good local designer at the start of this savings journey. Within hours, Becky Freeman’s @the.property.stylist name appeared as a recommendation. We started working together immediately to make this little dream for our new space a modern reality. As a busy mom and entrepreneur, having a realistic #SavingsJourney and #RoomRescue goal was key to this whole process. I also learned from many of you throughout the process, by reading your shared comments like this one:
jtet5 — “Great goal for education. We had 3 kids in 36 months which led to 3 in university in the same year which led to lots of hamburger consumption! Fixed costs are easily predictable but we found we were “thousanddollaredtodeath”, just as you thought you could breathe, a deposit was required for next year’s lodgings, a laptop would break or RESP funds were delayed! Scotiabank was our lifeline!”
Most importantly the renovation was an excellent project to reinforce the following four steps for better financial planning.
- Set a savings goal (Be realistic about what you can commit to and don’t
- Open up a savings account to manage this money (with the Scotiabank
Momentum PLUS Savings Account, I’m saving more with a higher interest rate)
- Identify all expenses
- Schedule payments to your savings account on a regular basis
Throughout the #SavingsJourney and #RoomRescue design process, we had to make choices about furniture, accessories and materials to stick within our budget. Becky (thankfully!) provided affordable options (sure, there are some beautiful $5,000 couches, but we needed to stick to a $1,000 couch to stay on track). Plus, as you can see from the photos, she was able to add some gorgeous finishing touches to the space.
I hope these before and after photos inspire you to start your own #SavingsJourney and save smarter with a high interest savings account that can maximize any goal. Whether it’s a #RoomRescue or any other goal, good luck!
Amber Mac is a proud Scotiabank ambassador