Whether it be for a particular purchase or in case of an emergency, having a savings plan, even if starting out small, can provide peace of mind.

Knowing where to start is the key. According to Max Thompson, head of GICs&Savings at RBC, you will be amazed at what you can accomplish with the right motivation and advice.

Some may think saving means making sacrifices and forgoing of any entertainment or joy. But this is not the case. It's about making choices. You'll be surprised how much those daily coffees or frequent dinners out can add up.

"It's not that difficult to save money, it just takes discipline and determining what works for you," said Thompson. "If you've got a savings plan to help you focus, you're well on your way." He offers six simple tips to save wisely:

- Set a goal. You will be more likely to save consistently if you have something to save for.

- Have to plan to save. A step-by-step plan will provide financial milestones to strive for, and make you more likely to continue saving if the going gets rough.

- Make savings a habit. Set up automatic online transfers to your savings account, to help you save a portion of each paycheque.

- Know yourself. Figure out what you actually spend by keeping track of how much you pay for little things like coffee and lunches away from home.

- Do some research. Find out when sales are happening or do some comparison shopping to ensure you get what you want at a price that is right for you.

- Pay yourself first. This is the golden rule of saving. Get in the good savings habit of setting aside some money from each paycheque.

For more tips on saving visit www.rbc.com/savingsspot