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Tip Sheet: Saving

Start Saving Now!

  • Start early- there is no better
          time to start saving than now
  • Starting early and saving
          regularly will help to increase
          your total saving potential
  • Find a savings plan that works
          for YOU
  • Create, follow and stick to
          your budget
  • Make sure to include savings
          in your budget

A Budget Will Help You:

  • Gather a clear picture of your
          finances
  • Create a savings and spending
          guideline
  • Avoid wasteful spending
          and impulse purchases

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Your personal financial plan begins with your budget and it will continually change and evolve to best suit your goals. Your budget is the best tool to help you plan for all of your future financial endeavors. Your budget should fit your current financial situation, but be adjustable to any changes that may occur. The whole purpose of a budget is to have an understanding of how your money is working for you. This way you can manage your funds and be better prepared for the future.

Here are some tips to help you better understand how to save.

Setting a Goal - Set a goal on an item you want to purchase and then determine how long it will take to reach that goal by fitting it in your budget.

Fixed and Flexible Spending - A fixed expense is anything that has a set amount and won’t alter from month to month. A flexible expense can change its amount and frequency of when it is due.

Identifying Your Wants & Needs - Items like a mortgage and utility bills are all needs, while entertainment and non-essentials are wants. Place your needs at the top of your budget followed by your wants.

Stay on Target - Practicing good spending habits, maximizing the value of your investments and honing your saving techniques can sometimes be a long term process. But as time goes by you are strengthening your financial plan and mastering your money. There is no such thing as budget failures, only constant readjusting and regular maintenance.


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Creating a Budget:

  • Add up total income - make
          sure to use take home (net)
          pay, not gross pay
  • Estimate expenses - track all
          expenses for at least one
          month
  • Subtract total expenses from
          total income
  • Track your budget - to check
          your progress
  • Stick to it - as close as possible
  • Rework your budget - if you
          are having trouble, don't
          worry, take your time and find
          the balance that works for
          YOU