Ways to Save Money for a Financial Goal in 5 Steps That Everyone Can Do

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august 2015

learn how to make smarter choices with your money

Ways to Save Money for a Financial Goal in 5 Steps That Everyone Can Do

Is there something you’d like to buy but can’t afford right now? Maybe you want to take a trip, do some home renovations or are anticipating a large expense. If thinking about how much it will cost (and how you’ll pay your credit cards off afterwards) sends shivers up your spine, keep reading. There are ways to save money successfully, and it all starts with a plan.

Ways to save your money for your goals. Before you start, decide what your goal is; how much do you need to save? Maybe you want to have $3,500 available 12 months from now. Be realistic and specific. Your goal must also fit your budget. We all know that spending is much more fun than saving, so one of the best ways to make saving easy, is to make it fun and as painless as possible.

So with that in mind, here are 5 steps that will get you started saving for your goal...

How to Get the Most Out of Your Back-to-School Budget

The average Canadian parent spends around $200 per year on each of their grade school children on school supplies, clothing, and related items. However, many would like to spend less.

Stretching your back to school shopping dollars. Find out how to stretch your dollars and maximize your back to school budget. Also learn how to use the experience to teach your kids about money and help them learn how to prioritize what's most important. Find out how

How to Pay for College or University without Getting into Major Debt

Q: I recently finished my first year at college. I had too much fun being out on my own for the first time that I didn’t manage to keep my grades up high enough to have my scholarship renewed for a second year. By the time I realized this, I’d missed the deadline to apply for a student loan. I can’t ask my parents for help, so I’m working full time to earn what I can. I’d rather not take a year off, so what can I do to pay for school and manage better on my own?

A: The school of hard knocks is a tough teacher; unfortunately you’ve learned an expensive lesson. The trick now will be to develop an overall plan for your finances, as well as your studies, which keeps you from having to worry about money so that you can focus on your grades.

Here's how to start working on your plan

Moving Out of Your Parents’ House

Get it Right the First Time

Q: Our daughter has been working full time since graduating from high school 3 years ago and plans to move out in a years’ time to start her life on her own. My husband and I both agree that it’s time that she becomes independent of us but worry that if it doesn’t work out she’ll want to come home again. Our older son went back and forth a couple of times before he was finally able to live on his own permanently. We don’t want this to happen with our daughter. She’s earning a pretty good income for her age and while she doesn’t have any debt, she doesn’t have a lot of money in savings which is disappointing since we are only charging her $200 for room and board. How do we help her prepare for living on her own so that she gets it right the first time and doesn’t end up on our doorstep at some point in the future?

A. See the 7 things a young person should consider as they move out to make the transition successful