The foundation for building solid financial stability is savings. Whether your goal is to save for a trendy condo downtown or to live comfortably once retired, savings are the way you’ll meet your goal.

So, what are some ways to increase savings? Here are five tips to get you going.

1. Track your spending

You may have heard the saying, “take a picture, or it didn’t happen.” Writing down what you spend (or tracking it via an app) is a great way to reduce spending because it gives you a clear picture of where your money is going. It’s easy to forget you’ve already spent $300 on shoes this month if you’re only keeping mental notes (and most of time, we aren’t even doing that much). Writing down every cent spent puts the reality of your spending habits right in front of your face. And seeing that you spend $30 on lattes every week may encourage you brew a pot at home instead.

2. Go on a cash only diet

Resorting to plastic often can be dangerous. Besides the terminal fees charged for debit purchases, the fact that money is moving virtually as opposed to physically, gives the impression that you aren’t spending as much as you actually are. Using cash also naturally limits to amount of money you can spend. Let’s say you’ve given yourself $100 cash to spend in a week – having limited funds on hand prevents you from making impulse buys because you simply can’t. A cash only diet forces you to make real-time decisions about how you’re going to spend your money.

3. Pay off your credit cards

Most people use credit cards for two main reasons: the convenience of purchasing something without actually having the cash at the moment, and building a credit history. But remember, when you buy something on credit you will have to pay interest on that purchase if you don’t pay it off by the time the credit card bill is due. Depending on how long you take to pay off your credit card purchases, you could end up spending significantly more for those purchases due to compounded interest. Save your money and pay off your credit cards sooner than later.

4. Consolidate debt at a lower interest rate

This isn’t the answer for everyone in debt, but in some cases, consolidating debt can be beneficial. You don’t need to contact the debt the counselors you’ve heard about on TV either. Consolidating debt can be as simple as using your line of credit with a lower interest rate to pay off credit cards with higher interest rates. This could lead you to debt freedom faster, allowing you to free up more cash for savings sooner.

5. Tap into your RRSP for bigger purchases

Once upon a time, Registered Retirement Savings Plans were left alone until retirement. But these days, RRSPs are often used for major purchases like a down payment on a home, or for financing continued education. One of the reasons RRSPs have become a popular vehicle for savings is because the funds are tax-deferred, which leave you with more cash in the here-and-now. Under the home buyers plan, first-time home owners can withdraw a maximum of $25,000 from their RRSP, and have 15 years to pay it back before getting hit with taxes.