Can you say yes to bottomless mimosa brunches on Sundays, Tate McRae tickets, and your daily oat milk latte and still build a future with financial freedom? Absolutely! 

This isn’t about cutting all the fun or shaming your spending habits. It’s about realizing the power of starting small, because a few low-effort moves now can snowball into over half a million dollars by the time you retire. Seriously. 

As Sonny Nielsen, a Vancity and Aviso Wealth Advisor, puts it: “If you invest $500 a month from your early 20s to your early 30s (assuming seven per cent growth and 10 years), then stop contributing and let it grow until retirement, you could end up with over $650,000. That’s the power of time.

Mistake #1: Thinking you can’t afford to save. 

When your paycheque has to stretch across groceries (Hello, the astronomical cost of fruit.), rent, gas, or bus pass, and your monthly student loan payment, saving can feel like a luxury for Future You. Future You, who presumably owns property and meal preps. 

It’s easy to put saving off for Future You when it feels like you’re constantly playing financial catch-up. But saving any amount isn’t about perfection. 

And here’s the truth: you can start now. Even if it’s just $25 per paycheque. Even if you have student loans looming. “It’s not one or the other. It’s both,” says Sonny.​​  

“And here’s the truth: you can start now. Even if it’s just $25 per paycheque. Even if you have student loans looming. It’s not one or the other. It’s both.” – Sonny Nielsen, Vancity and Aviso Wealth Advisor​​

The key is to make it automatic.  

Set up a recurring transfer to your savings for the day you get paid. And do it before the money wanders off to fund late-night bubble tea or that cursed algorithm-generated ad for “buttery-soft loungewear.” It’s called paying yourself first, and it’s like sending Future You a little thank-you card. With compound interest. 

And don’t talk yourself into waiting until all your debt is gone to start saving. “You need to find the right balance between paying down debt and building your future,” says Sonny.  

One way to strike that balance is to understand your opportunity costs. Opportunity costs are just another word for what you give up when you choose one option over another—not just in money, but in potential. It’s the hidden cost of a decision.  

Sonny has a great example of what this looks like in real life.  

“A lot of people are debt-averse, so they’ll use their savings to pay for a car loan with a two per cent interest rate. But if your savings account is earning five per cent, that might not be the best move.” In this hypothetical scenario, the opportunity cost is the three per cent net loss in growth. By using your savings, you gave up the chance to earn five per cent interest. 

“It’s not black and white,” says Sonny. “It’s about finding the smartest strategy for your situation.” 

Try this:

• Use a budgeting app to see where your money actually goes. You might be surprised.  

• Set up automatic transfers so saving isn’t a conscious decision; it just happens. Like a subscription to Future You.  

• Park your savings in a high-interest account that lets your money grow over time. Reach out to your financial institution today to set one up if you don’t have one.  

Small moves now = way less stress later. And honestly? Future You deserves that. 

“Small moves now = way less stress later. And honestly? Future You deserves that.”

Mistake #2: Spending more as you earn more.  

You got a raise? We love that for you. But before you treat yourself, let’s talk about lifestyle creep.  

Raises can spark a feeling of deservedness, “I’ve earned this, so I should spend it.” That’s valid. It’s your money and your hard work. But satisfaction doesn’t only come from buying more stuff. It also comes from security, options, and long-term wins. 

Sonny says, “Don’t get used to your income. It’s easy to sacrifice tomorrow for today’s gratification.” 

While enjoying your money isn’t a crime (please do!), it pays—literally—to pause before every upgrade.  

“Your income goes up, and your spending rises to match,” says Sonny. “But if you can resist the urge, just a little, and funnel that extra cash into savings, you’ll thank yourself later. A good lifestyle indicator is that at the end of the month, you still have a little bit left over for your savings.”  

Here’s the move: instead of letting your expenses balloon with your income, anchor your spending to your values. Want to backpack through Southeast Asia? Buy a place with in-suite laundry? Retire young? Cool—build your budget around that. 

And you don’t need to spend hours agonizing over every dollar. Sonny recommends this approach: “Don’t spend just two minutes or two whole days. Just spend enough time on your budget to get it about 90 per cent there, and that might not even take two hours. Check your credit card statements and bank account withdrawals. Those two spots usually tell most of the story and give you what you need to course-correct.” 

Try this:

• Redirect some of your raise to savings. You’ll still enjoy the glow-up, but so will Future You. 

• Write down how you want your life to be. Map out your big travel goals, where you want to live, and what you want to spend your time doing in the future. Then, budget so you chip away at those big-picture goals.  

• You deserve nice things, just don’t let those nice things cost you your future lifestyle.  

“You deserve nice things, just don’t let those nice things cost you your future lifestyle.”

Mistake #3: Not using what’s already available. 

You might be walking past free money without even realizing it. 

Lots of employers offer Registered Retirement Savings Plan (RRSP) matching, but only if you actually opt in. The same goes for those dusty benefits packages, which often include perks like financial planning support or discounted banking tools. Yes, unfortunately, you should read those emails from HR. 

“RRSP matching! What a fabulous thing that so many people don’t take advantage of,” says Sonny. “Or profit-sharing programs. People often just leave those benefits sitting on the table.” 

Sonny’s advice? Don’t try to decode your work benefits solo. Honestly, they’re boring, and you could miss something valuable. “Bring in your welcome package,” he says. “We know what to look for. Those contracts can be boring, but there’s usually real value hidden in there.” 

And it’s not just your employer that’s pitching in. Government programs like the First Home Savings Account (FHSA) can help first-time buyers get ahead faster. And your bank’s website probably has a whole toolkit of financial calculators just waiting to be clicked. 

“Financial calculators are like little 30- to 60-second snapshots,” says Sonny. “Not just ‘how much mortgage can I afford?’ but also ‘how much do I need to save?’ They give you a 30,000-foot view. And when you’re ready to go deeper, that’s when you come in and sit down with someone.” 

What to check out:

• Employer RRSP matching—it’s as close to free money as it gets.  

• The First Home Savings Account (FHSA) is a government tool designed to help you save for a down payment faster. 

• Free online goal-planning calculators.  

• No-fee savings accounts that actually earn interest.  

Avoidance often comes from overwhelm. It’s not that you don’t want to make good decisions; it’s that the info feels too dense or confusing. That’s normal. And that’s why tools and advisors exist—to break it down.

Mistake #4: Not building an emergency fund.  

Your car breaks down. You chip a tooth on a popcorn kernel. Your roommate’s ferret chews through your laptop cord (seriously). Life has a flair for the dramatic. And when it flips a table, your credit card shouldn’t be the only safety net. An emergency fund can save your bank account.  

Emergency funds feel unsexy. They don’t spark joy like a vacation deposit or a new outfit. But they do offer peace of mind. Which, honestly, is priceless. 

“Emergency funds feel unsexy. They don’t spark joy like a vacation deposit or a new outfit. But they do offer peace of mind. Which, honestly, is priceless.”

“Three to six months of expenses is ideal,” says Sonny. “And it should be somewhere accessible, but not under your mattress. More like somewhere you can pull it out without a penalty, like a high-interest savings account.” 

If that number sounds ridiculously high, don’t sweat it. Start small. Aim for $500. Then, next year, $1,000. The trick is to treat it like a recurring bill (Remember how we talked about automating your savings? That applies here, too). Future You will be very grateful when that dentist invoice rolls in. 

Think of it as a financial seatbelt. You hope you won’t need it, but you’ll be glad it’s there if life decides to slam the brakes. 

Don’t wait to start, even if you’re starting from zero. A Vancity expert can help (for free).  

You don’t need to be debt-free, rich, or a financial expert to start saving. You just need to start. And if you need help, speaking to a pro is the easiest win of all. On the phone, virtually, or in person, a Vancity advisor will walk you through your finances for free, without judgment or jargon. 

Ready to build a plan that works for you? Book a one-to-one meeting with a Vancity advisor today in person or virtual. 

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article is from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is not intended to be investment, tax or other advice and should not be relied on without seeking the guidance of a professional to ensure your circumstances are properly considered. Please see our Terms of Use.