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Money Saving Tips

Wednesday, 7 January 2015 at 05:46

If your new year's resolution was to save money, there's no time like the present to get started.

OXFORD COUNTY - Every time you make a purchase in cash and are handed back change, put it away in a secure location and don't touch it.

That's just one of the tips being suggested to help you save more money this new year.

Financial Advisor at the Investment Planning Council Melissa Pike says the first step is to know where your money is going and how you spend it. "What you need to do is really compare how much is coming in versus how much is going out. By doing this it may provide you with some opportunities to adjust your spending habits and perhaps reallocate some of those funds into a savings plan."

Pike says it's also important to open an emergency account and contribute a little each pay so that you will have money should a home or auto repair come up that you cannot cover with what's in your everyday bank account.

"You don't necessarily need to have a lot of money to begin investing or even for that matter to begin a savings plan, you  just need to get started and to do something regularly. Set up a regular contribution into your investment or into your savings plan and really, there's no time like the present to get started with that."

"A great way to help eliminate your debt faster is to increase your regular payment this year. For example, maybe bump up your mortgage payment by $20 this year to help pay it off faster and that $20 really does go a long way in making a difference in paying your debt down faster."

Pike also recommends determining a minimum balance for your bank account, something other than zero and strive to never go under that amount in order to prevent going into over draft.

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