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    Is Your Savings Plan Fit For The New Year?

    Scotiabank's saving tips for 2012

    TORONTO, Dec. 28, 2011 /CNW/ - Post-holiday cheer may still be in the air, but it's time to get New Year's resolutions in place for 2012. Making a savings plan should be in your top five resolutions so you can make the most out of the next year - Scotiabank financial advisors are happy to help.

    When Canadians think about saving, many have a specific goal in mind. Scotiabank reached out on its Facebook page asking customers to share the first thing they ever saved money for.

    The answers were as unique as the individuals across the country, with people saying they first started saving for a vacation, a car, or for one adventurous soul, a skidoo. But whatever you want to save for to make your 2012 unforgettable, Scotiabank experts offer their tips on how to make it happen.

    "People can tend to go a bit overboard with their holiday spending- but right now is the time to get back to good habits that will lead you to your financial goals," says Jolene Laing, ScotiaMcLeod Wealth Advisor. "Investing and saving doesn't need to be a daunting process if you take simple steps to move yourself onto the right path to get where you want to be."

    Five tips for savings for your dreams:

          1)      Create a financial plan. Where do you see yourself in five years? Whether retired, traveling, or buying your first home, it all starts with having a financial plan. Think about creating a five year plan with short, medium and long-term goals to help keep yourself accountable.
          2)      Make your goals measurable. If you want to create a $5,000 emergency fund on top of your other savings plan, put a plan in place to get there in a set amount of time.
          3)      Commit to saving. Effective saving isn't something that happens directly before a big purchase. Your planned savings should be just as important, and non-negotiable, as your mortgage payment each month.
          4)      Take a close look at what investment options work for you. There are many investment choices out there, it can seem overwhelming. Tax Free Savings Accounts and RSPs are a good foundation for your investment portfolio that can put you on a right path for building the money you need for your future.
          5)      Ask for Help. Going to a financial advisor gives you the opportunity to get a second opinion about your current plan or help to create a plan from scratch. Scotiabank offers Canadians the opportunity to come in and create their own Five Year Plan so that they can start building the savings they need to live their lives the way they want to.

    "Remember to celebrate your successes. Once you have reached your goals, acknowledge it," says Laing. "Enjoying your savings victories will help you stay on track as you look at what you want out of the next five years."

    To learn how to build a personalized 5 Year Plan that works for them, Canadians can come in and speak to a Scotia advisor at a branch near them.

    About Scotiabank:
    Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 75,000 employees, Scotiabank Group and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $575 billion (as at October 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

    For further information:

    For more information or to book interviews with Scotiabank experts, please contact:

    Diana Hart
    Scotiabank Media Relations
    416 866 7238
    diana_hart@scotiacapital.com