A&B Financial Planning Blog

Determining how to save money can be challenging, with so many necessities and wants competing for your cash. These are just a few tips that could make that task easier.

1. Spending less than you earn may sound like a no-brainer, but if can learn to do this as early as possible then reaching your financial goals will likely be much simpler.

2. Having part of your pay cheque deposited directly into a savings account may help remove the temptation to spend it on things you don't really need.

3. Tracking your purchases can help see where you stand too. You may discover you're spending too much on groceries, entertainment or dining out and need to cut back in one - or all - of those areas.

4. Once you're paying too much on rent or a monthly mortgage, it can be difficult to free up money in other areas of your budget. Renting or buying only what you can afford is a useful thing to keep in mind.

5. Responsible spending is the foundation for financial health. To get a sense of how much to spend on what is the starting point to wealth creation. Now is the best time to start.