Life gets busy—and investing money often ends up at the bottom of the list. That’s where a simple, consistent approach can make all the difference.
You may have heard terms like pre-authorized debits and credits before. A Pre-Authorized Debit is money automatically withdrawn from your account to pay a bill or service, while a Pre-Authorized Credit is money automatically deposited into your account, like your paycheck or government benefits.
Once you understand those, pre-authorized contributions are pretty straightforward.
A pre-authorized contribution combines both a Pre-Authorized Debit and a Pre-Authorized Credit. Money is automatically withdrawn from your everyday account and deposited into your savings account, or invested with a PenFinancial Wealth Advisor through Aviso Wealth.
You pick an amount of money that works for your lifestyle and goals, and set up a Pre-Authorized Contribution (PAC) to take that amount from your everyday account either bi-weekly, monthly, quarterly, or whatever fits your life.
It’s a simple way to move money into your savings or investment account automatically.
No reminders. No second guessing. No “I’ll get to it later.” Just a simple way to start, and stick with it.
Maybe you’ve heard the phrase: ‘Pay yourself first.’ It means setting aside money for savings or investments before spending on anything else.
A lot of people feel like they need a large amount of money to start saving or investing. But the truth is, it’s often the small, steady contributions that make the biggest difference over time.
Investing even just $50 to $100 per month over time can grow into something much bigger, especially when you start early and stay consistent.
Take a look at this chart:
This graph shows what investing $100 per month over 35 years could potentially look like with a PenFinancial Wealth Advisor through Aviso Wealth.
It’s not about finding the perfect time to start, or having a large lump sum ready to go. It’s about starting where you are at today and building a habit that works for your life.
And when your contributions are automated using a pre-authorized contribution, that habit becomes even easier to maintain.
Once everything is set up, it keeps working in the background—helping you build your investment account without needing constant attention.
Over time, those small steps can add up to real progress toward your goals.
Ready to get started? Make an appointment to meet with a PenFinancial Wealth Advisor to chat about your options. For a simpler automatic savings plans, you can set up pre-authorized contributions through online banking in these few simple steps:
Once logged into your Online Banking, select the ‘Transfers’ tab on the left side of the screen
Select the account you would like to transfer from, and the one you would like to transfer to, and input the amount you would like to contribute
Under ‘When to Transfer,’ select ‘Recurring,’ and choose the frequency you would like to contribute, as well as the start and end dates, and select ‘Continue.’
That’s it, you’re done! Time to sit back and watch your money grow!
Visit your local branch or call our Truly Local Contact Centre at 1-866-866-6641 to get started.
Ready to put your money to work, sit back, and watch it grow?
Either way, we’re here to help you make your money work a little harder so you don’t have to.
Note The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters. The views expressed are those of the author and not necessarily those of Aviso Wealth.
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions