Sep 14, 2017

Putting financial security within reach

One of the biggest financial misconceptions we see when it comes to saving, is people thinking they need to get there quickly.

As Motive Financial’s Division Manager, Adam Skoreyko firmly believes that everyone can get a jumpstart on their financial well-being through saving – even if it’s just a few dollars every month. “The earlier you can start, the better,” says Adam. “Saving is something that should be done as early as possible where it becomes a habit to set aside a certain amount of your income per month.”

For quite a few years now, Adam has been giving advice on how to improve one’s financial health – along with heeding it himself. He credits his deep interest in strategic development as what first drew him to banking and is gratified in helping people be more financially successful. “I enjoy working in an industry that’s so foundational to people, in regards to their money,” says Adam. “You get to help people through providing them with greater economic security. And I find that to be another rewarding aspect of my job.”

As a division of Canadian Western Bank (CWB), Motive Financial shares the same high level of commitment when it comes to client service. “Finances are very important to people and can be very confusing, as it’s not always clear what the best option is sometimes,” notes Adam. “But we’re working to provide better solutions for our clients – all within the comforts of their own home.”

One of the biggest misconceptions Adam sees when it comes to saving is people thinking they need to get there quickly. “We live in a world of instant gratification, and our future selves are much more optimistic than our current selves,” remarks Adam. “Saving requires delayed gratification and discipline as there’s no easy quick fix – everything good comes to those who wait, as the old saying goes.”

Adam can’t stress enough the importance of saving as early as possible with as much money as you’re able. “Compound interest is the eighth wonder of the world,” says Adam. “However, you need a long enough timeline to see the dramatic impact it can have on your savings.” He adds that saving doesn’t have to take up a large portion of your income but can build in increasing amounts over time where it becomes part of your routine.

When asked what advice he would give his 25-year-old self, Adam says he would advocate refraining from buying big ticket items that seem important in the immediacy of the moment but don’t lead to personal satisfaction over the long-run. Conversely, small sacrifices can also go a long way. “I used to buy coffee more than once a day from a local shop,” notes Adam. “However, switching to drinking coffee provided at the office ended up saving me almost $1,500 a year from unnecessary spending.”

Motive Financial is an Edmonton-based online personal bank, founded in 2008 under its previous moniker of Canadian Direct Financial. Adam highlights their aim of making saving money easier for you by offering better rates and lower fees – all at your fingertips online or by phone.