Know what you want

Today I am going to share with you my number one tip, I call this tip, the power of perseverance, and staying focused on your goals. Where attention goes energy flows.

When you know what you want you set a goal. Then you do whatever is legal to bring this goal to fruition.

On my financial journey, I developed many tips to enable me to meet my financial goals.

I discovered very early in my adult life that owning only one savings account did not work for me. You noticed I said for ME that meant it could work for someone else but just not for me. It actually felt uncomfortable owning one saving account. In my mind that one savings account became a big pot of Irish stew. Everything is in there and no ingredient is able to hold its flavor. Sometimes you could taste the carrots or the potatoes and so on but generally it was that unique stew taste. It was important to me that each category of savings be distinct one from the other. In one account, this was not happening for me.

I began to search for ways to make each project separate one from the other. It was imperative for me to know how much exactly I had to spend on a particular project. Now in order to accomplish this, I realized it would require having several accounts.

While listening to the news one day, the minister of finance spoke about special accounts with very distinct names. They were: Registered Retirement Saving Plans, Home Buyers Plan, Canada Pension Plan and Unemployment Insurance. I had a moment of clarity. I realized from hearing him speak that these all have a name for a specific purpose. They are unique and had different objectives.  This method is not one pot fits all. How can I accomplish that I thought? We want a house, a car, and an annual vacation etc.

I had to be very resourceful during my journey of learning to manage my money successfully. I had to jump through many hurdles. One of those was the banking system. It had not yet come to terms with women making financial decisions on behalf of their family.   The push back was difficult to deal with when it came to interacting with men working at those financial institutions. The women working in similar positions were worse. They thought that we were breaking our marriage vows if we came to the bank with any financial plans without our husbands. My husband detests going to the bank.

Empowered and focus with this new information I marched into my bank ready to open five new savings accounts.

When the bank officer approached me and I told her what I came in the bank to do. She looked at me like I had three heads and told me that I did not need another savings account one should be sufficient, especially since I did not have lots of money. I tried again to explain to her my purpose for wanting those accounts, but she was not having any part of it. She then said after looking at my hand does your husband know you are doing this? I don’t know I replied, my husband does not speak, he can’t see and he can’t hear. She sat there starring at me with an opened mouth. I calmly stood up with a smile on my face and left.

Dejected, I felt a little bit down but not defeated. I went home and thought what would the nuns do? The nuns taught me from the age of three, one of their strongest lesson was never to give up, when the door shut try a window, or when you face a wall stop, look at the wall until you find a chip or crack and then start to dig. So I started to wonder what I could do. After three days of intense contemplation I had this idea.   What is stopping me from opening one savings account at all five major banks or trust companies? With that thought I became hopeful and energized.

The following Friday, I choose the intersection of St Clair avenue west and Yonge Street, close to my office. All five banks were at that intersection. I walked in bank one, opened an account and off I went to the other banks. I made it to the fifth bank at 2 minutes to six and left at 6:15pm. Now I had my five accounts. Mission accomplished.

With the accounts now opened it meant I had to visit five banks every week to get my deposits done. Sometimes it was at lunchtime or Friday evenings. It was a little time consuming. When my balances began to grow I felt amazing, I would skip to the banks look at my passbooks and smile.

Eventually when the banks became more competitive they started letting you hold more than one savings account.   Also, automatic transfers gained popularity. I moved them all to one bank. Set up automatic transfers. Life was easier. No more walking across to do my banking.

Over the years, I have shared my method of purposeful savings with many, many others. I am thrilled to report I have witnessed hundreds of success stories.

Sometimes I do get a story from someone who has had a similar experience with someone at his or her bank. The most popular questions the bankers ask, is why do you need more that one savings account. I am pleased to say that some bankers when they hear the reason and purpose they in turn have introduced this method to their clients.

If you ever encounter someone with all the reasons why you do not need another savings account, thank them for their opinion and move on to another bank.

To be financially successful you must never give up. Look and learn from everyone. Most importantly, stay focus on your goal.

Thanks

Tessa-Marie

Tessamarieshillingford46@gmail.com