A Money Coach in Canada

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anituqebank1.jpgDespite the fact that I work for Canada’s best-kept-secret bank that usually gives the highest interest in Canada, each paycheque I carve off a chunk and send it over to that big orange-coloured online bank.

Why do I do it? Because my day-to-day banking is at Citizens, and if I keep my savings at the same financial institution I know me: I’ll spend it.

Something crucial will come up –

The Fleuvog shoe sale

The Apple store opening

An unexpected expense (read: daschund trip to the vet emerg, or my demonic dishwasher)

and my savings for christmas, vacation will be plundered.

And yet I know that those expenses, if not planned for and funded, will kaibosh me when the time comes, so I am committed to protecting them from, well, myself and the daschunds.

By keeping them in the “other bank”, it puts a brake on high-pressure temptation. They don’t get plundered.  The hassle factor of finding my online access code, going to the site to transfer the funds and knowing it will take three business days – meh. Not worth it anymore.

Christmas, vacations and a handful of other priorities are accounted for.

Readers: do you have any tricks or tips that help you protect your money from seemingly impossible-to-ignore opportunities to spend?

ps: don’t tell my employer about this.

About the Author

Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com


  1. Would it help your relationship with your employer if you tell him I’m contemplating opening an account there for the same reason you bank at the big orange-coloured bank?


    Jun 08, 2008
  2. I have accounts at multiple online institutions for the same reason. Big O for savings and a grocery store for free chequing. Since your employer’s bank is not my day to day institution, I will soon switch from Big O to yours.


    Jun 08, 2008
  3. similar to freezing your credit cards, huh?

    i have a bit of the opposite problem: i have some money sitting here that i’m supposed to blow and i come up with all kinds of procrastinations not to do it.


    Jun 08, 2008
  4. Mistress to the big Black hound

    Oh how I value your honesty. I am the worst person in the universe if we/I have it, it must be spent. My answer, hand all my financial decision’s over to my Mother in Law …. you see ladies and gentlemen it’s better to be money savvy than to have to account for your expenses to your MIL every 23rd!

    I have learn’t a very painful lesson – but worth it – keep it safe because you will need it one day and “Mr Visa” isn’t the answer!

    I now put a significant amount in a lock away savings!!! EVERY MONTH


    Jun 08, 2008
  5. Multiple accounts, extracting RRSP moneys long before it gets anywhere near me, and attempt to hide other moneys in accounts, but I have learned where they are, so that does not seem to be working too well right now.

    Michael James talked about creating artificial shortages as a way to do this as well, don’t know if I agree with this, but it is another way of doing it.


    Jun 09, 2008
  6. angela

    Errk… I’ve just transferred my saving account from the big-orange bank to the best-kept-secret bank. My chequing account is with PC Financial. I have the same problem as yours. PC Financial also offer not so bad saving account interest rate. But I would rather keep my saving accounts in a different insitution.

    I keep less than $10 cash in my wallet at all time. I used to spend a lot of money at Tim Horton’s although I get to drink free coffee at work. By keeping a low cash balance in my wallet, I find that I spend less.


    Jun 09, 2008
  7. I recently switched my savings to my local bank from ING simply because of the hassle. But I agree, now it means I see it every time I log in and there is greater ease and temptation to move the money. I am going to try and keep it that way for a bit, but I may go back to ING if it doesn’t seem to be working 🙂


    Jun 09, 2008
  8. I do the same, for the same reason 🙂 I just HAVE to keep myself financially afloat!


    Jun 10, 2008
  9. @eden bless you -yes, it might 😉
    @al and of course a very warm welcome to you
    @isabella I’m comin’ over.
    @mistress lol, yeah, I’m a money coach not because I’m naturally good with money, but because I’m not, and have had to learn all the tricks and tips to keep myself on solid financial ground. MIL – yup, that would be motivating! tx for dropping by 🙂
    @BCM great minds think alike!
    @angela for me, coffee is as much about getting a little break from the office as the coffee itself. I need to find an alternative to coffee shops. But an alternative with free wifi. yeah, right.
    @wooly woman errr … ummm… you know your always welcome at the you-know-where bank too if the temptation proves too much. (c’mon, I can’t not say that!)
    @Raul I knew we had a lot in common besides blogging … (now let’s see if that comment get some gossip going in the blogosphere…tee hee)


    Jun 11, 2008

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