It is important to be thoughtful about how you are going to save for things like your retirement. By using a Tax-Free Savings Account (TFSA) and/or a Registered Retirement Savings Plan (RRSP), investing what you can, and working with a financial planner, you will be on track for financial prosperity. In fact, statistics show that the average household with an FA for 15 years or more had asset values 131% higher than an average “comparable” household without a financial advisor.
Here are 6 money-saving tips you may not have considered:
- Routinely review your expenses to see where you may be spending money you don't need to. This way, you can cease unnecessary spending.
- 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 maximize your assets. Book your free consultation today.