How to Save Money in the New Year

How to save money tips for financial new year's resolutions

People aren’t just hitting the gym to get in shape this year. Improving financial fitness is often one of the top New Year’s resolutions; the promise to create a better plan for the family budget, the determination to spend less, resolutions to make more...the list goes on and on.

Managing money isn’t always easy but taking action and using some of the following strategies to fulfill your financial wishes, can be a step in the right direction!

Set a realistic goal

It’s important to think about what your goal is and why that’s your focus. Does it mean you and your family will be more secure or  is it worth it because you’ll have the flexibility to be able to afford the ivy-league university education your child has been dreaming of?

Whatever the reason, make sure when you’re setting your goals, that they’re realistic. You don’t want to get discouraged and give up after a week. It’s a long process. It takes time. Be realistic; can you really afford to reduce your $25,000 debt by $15,000? Determine what’s best for you.

Why talking about money is important

Talk to your partner or family members and work together. You’re not alone! Plus, it helps to make you both more accountable, and you can lean on each other for support as you reach your goals. When money is a part of the family conversation, it’s also easy to help kids of all ages and stages learn the value of money

Tips for saving money

Everyday changes can add up to bigger savings.

Breakdown your spending habits. Knowing where you are spending your money (and being honest about it!) can be a valuable tool to help you figure out where you can cut back on spending to help boost your bottom line.

Buying lunch or dinner out is often one of most common money wasting habits people try to ditch to reach their goals. Making your meals in advance and brown-bagging it is just one way to help your family save more money. Of course, there are clever ways to save money on groceries and trim your grocery bill.

Cash in your coins! Often, people don’t realize how many loonies and toonies are being collected in the  nooks and crannies of their car, couch and pockets. Ever find a forgotten $20 bill in your jacket pocket? You may not have to wait for a wardrobe change to find - it could be in your car cup holder! Put your spare change in a jar and each month, empty it out and deposit it into your account.

Plan for the future: the cost of tuition is continuing to climb, so saving for your child’s future education is extremely important. There are everyday ways you can maximize your Registered Education Savings Plan (RESP) and if you’re thinking post-secondary school is far off in the future; it may happen sooner than you expect.  Is it worth it? Find out from the CST Graduate Award winners who share how higher education can help shape student success and even take them around the world

Getting into financial shape is hard work but there’s no better time like the present to start.  The beginning of a new year is often full of hope for the future, and a great time to make a solid plan, save more money and help make your family’s dreams a reality.