Contrary to popular perceptions, saving money isn't just about "penny-pinching". It's about being smart with your money and using tools that are available to you, like a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). With these tools, monthly budgeting, investing, and working with a financial planner, you will be on track for financial prosperity. In fact, statistics show that those who work with a financial planner end up with an average of 3.9 times the assets than those who don't.
Here are some things you can do to save more money that you may not be doing already:
- Routinely review your expenses to see where you may be spending money you don't need to. This way, you can cease unnecessary expenditures.
- Categorize your expenses based on whether they are a "want" or a "need" and use that information to live within your means.
- Cut up your tempting credit cards so you can only spend money you actually have.
- Calculate any purchases you expect to have to make through the week and only carry enough cash on you for those things to help you avoid impulse purchases.
- Set aside at least 10% of all of your earnings for savings.
- Set up automatic money transfers so part of your paycheck goes straight into a secondary savings account, TFSA or RRSP. This can be a very useful "out of sight, out of mind" approach while you live off of the savings in your primary account.
We would love to help you get the most out of your money. Book your free consultation today.