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Saving money should always be a top priority with your daily routine. This does not mean you are being cheap, but rather, you are smart with spending money. In addition, saving money is easier said then done; it takes time and effort to really pull it off.

This is where one of the basic concepts of economics applies, the concept of opportunity cost. It is up to you to realize the point at which the value you a receiving is worth the effort in pursuing. This is where we can help. After conducting some online research, we have curated a list of some of the best methods to help you save money.

Saving Money Techniques

Budget: when creating a budget, you need to layout your daily, weekly, and monthly expenses. This allows you to see exactly how much income is required to meet your basic needs. Once your necessary expenses have been accounted for, you will be able to see how much discretionary income is available to spend or save.

Set goals: if you do not know what your looking for, will you be able to find it? This method is strictly psychological but has proven to be a great motivator. When a goal is set, progress can be easily measured, which allows you to know exactly what is required to reach that goal.

In addition, it is important to take into account the size of the goal. Goals that are to big might not be realistic and can cause a big disappointment if they are not reached. Goals that are to small might not offer the necessary motivation to achieve the main objective.

Automate Savings: this is a method that requires persistence and consistency. There are many different ways of automation that can make saving money easy. One way is to collect and not spend all of the coins you receive. You can also hold on to your tax return and place it in a savings account each year. The most difficult, yet most effective way is to designate a certain percentage or amount of each pay cheque to be placed in a savings account.

What to do With a Large Debt

This information can only help prevent you from getting into debt.  Therefore, for those that carry a significant debt, it is in your best interest to seek a finance professional for help.

We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.

If you need help, contact us by emailing info@dodicklandau.ca or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.

Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.