No matter where a person works or lives, everyone feels the ups and downs of the economy and saving money seems like an impossibility.
Living cheque to cheque and having credit cards at a maximum balance is a daily stress that can be overwhelming.
Michelle Toews from Chinook Financial in Hanna gave her advice on how to avoid that stress.
"Having a plan and tracking what you are doing is usually very helpful for people. Once you see where the money is going, you can start to make changes."
Saving effectively and being knowledgeable about interest rates with your credit card or a long term loan is essential to keep your savings on track. Toews goes on to say that having an emergency fund is always a good idea.
"Having an emergency fund, everybody has heard that before, save that 3 to 6 months of expenses for emergencies." She goes on to say, "I think it's the small things. You look at that spending then track it all, we usually can find a place where you can start to put money away for that. Wants versus needs. That's always a great first place to check ourselves on whether that sale is something we actually need."
Those daily drive-through coffees or midnight runs to the local convenience store can add up. A person doesn't really notice until they sit down and write out an actual budget to see where their money is going.
Money and credit cards are always going to be in our financial plans. Being aware of where you are spending, where you can cut back and where to save may be worth looking into if you are planning on a big purchase.
Saving is not an impossibility. Adjusting your lifestyle with few tweaks here and there, and understanding your spending is a great way to be aware of your budget.