David Chilton said in his book, "The Wealthy Barber", to pay yourself first. What that means in the life of us, the working class people, is to save a portion of money from each pay check before paying our bills.
I was recently reading his second book, "The Wealthy Barber Returns". He still sticking to this idea.
To pay ourselves first, we have to set up a savings account. I will say we can start a TFSA for this purpose.
Put may be $100 each month in this account. When it turns like $500 0r $1000, see your options. May be buy an ETF or place in a GIC at least. Some banks have high interest GIC for the TFSA . My motto is to invest one dollar at a time to get riches.
Once that $100 is deducted from the bank account, we have to figure out our spending with rest of the money. To keep that in money invested, we must have strong control over ourselves. Can you do that????
To me, if I buy a GIC, I will not touch it. Buying a share or ETF also does the same to me.
Once you need to log into the account and transfer the money to the checking account can help you not to spend it on that Kate Spade handbag.