Can’t believe it’s already been six months since I started my Scotiabank #SavingsJourney. My goal with was to save up $5,000 CAD in 180 days by using the Scotiabank MomentumPLUS Savings Account. This money would allow me to buy a used vehicle to explore my new backyard in British Columbia. After moving here last year, I quickly realized that I would be needing a vehicle if I wanted to spend as much time as possible adventuring in the mountains, by the ocean and anywhere my heart desired.
The reason why I chose the Scotiabank MomentumPLUS Savings Account is because it allows you to earn more by offering a higher interest rate the longer you save. You can select a savings period of 90, 180, 270 or 360 days. A longer Premium Period allows me to earn a higher Premium Interest Rate, with regular interest paid monthly and the Premium Interest paid at the end of the Premium Period. I was able to track the progress of my savings online and the fact that there was no monthly fee and no minimum balance was a bonus.
With the account, my 6-month #SavingsJourney started off on a great note. Throughout the fall, I was able to make regular contributions to my savings account because I was working quite a bit as a fitness instructor and also via this very website. What I enjoyed is being able to monitor my progress online whenever I wanted and making adjustments by adding either a little more or a little less to my contributions in order to stay on track.
Things were going swimmingly until I received a letter in the mail, just a few days before the holidays. The letter came from the CRA and was requesting that I pay $4,000 in income taxes within the next two weeks. Last year was the first year that I worked as a full-time freelancer and when it came time to do my income tax return, I went to the first place I could find in Vancouver, after just having moved to the city. Little did I know, the woman who completed my tax return wasn’t experienced with self-employed clients and didn’t do my return right. As a result, I had to send all the money I had been saving up for a car to the government.
I was gutted to say the least but when I came back from my holidays in January, I was confident I could still reach my goal in time because of the high potential to earn interest in my account. However, the reality of being self-employed is that some months are a lot slower than others. January and February are notoriously slow months for creatives. So although I’ve been working extra since the beginning of 2018 to compensate for the money I had to access in my savings account, I unfortunately was not able to make back the money I had saved up in time for the end of my determined savings period. That said, this journey has taught me a lot. Even though things didn’t go according to plan, I am really thankful that I had a high interest savings account to get me out of a bind. Seeing my savings grow has made me more determined than ever to keep working toward my goal of buying a vehicle, just a bit later than planned. It has also taught me the importance of planning ahead as well as putting aside a little extra money in case of emergencies (like mine in December!) and also making sure I get a good accountant!
I’m happy that the Scotiabank MomentumPLUS Savings Account allows me to have flexible savings periods. Because of this I have gone ahead and increased my savings period to 270 days to replace what I used and save up enough in time for the nicer weather that is right around the corner. I have already started planning some of the hikes, camping weekends and surf spots I want to hit up in British Columbia when the warm weather returns, so I’m now more excited than ever to make my #SavingsJourney a success. I’m definitely not letting this little bump in the road stop me from achieving my goal.
I hope to see you out on one of my adventures this spring and summer!
This post was written in collaboration with Scotiabank, but all opinions are my own.