Here are 10 simple money management tips that can help you and your family feel more financially secure.
- Create a comprehensive budget– write down how much money you receive from your salary, bonuses, benefits reimbursements and other sources. Compare that to all of your expenses to ensure you have enough money to cover everything you need.money management
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- Spend less by trimming day-to-day costs – identify areas to save, such as on your cell phone and cable television plan, or by planning meals and groceries to avoid takeout lunches and last-minute ordering in.money management
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- Eliminate unnecessary costs – make a list of your current bills and their due dates, and pay your bills on time to avoid late fees and penalty charges.money management
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- Set clear goals to help accelerate your savings – write down all the things you’re saving for, then work out how much you need to set aside each month to reach your goals in the timeframe you want then “pay” yourself this amount each month as if it is another bill.money management
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- Don’t pay more tax than you need to – find out what tax bracket you and your spouse are in, and submit claims like child care costs, medical expenses and charitable donations with the tax return for whoever is taxed at a higher rate.money management
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- Make the most of workplace plans – take full advantage of group retirement plans, including matching programs, and reduce taxes and out-of-pocket expenses with flexible spending accounts and health benefits. money management
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- Save for retirement now, regardless of your age – plan to save enough to top up guaranteed government sources such as the Canada Pension Plan (CPP).money management