The end of the year is the time to reflect on how we have managed our finances throughout the year and look for ways to make our money stretch further and possibly make more of it. Whether it’s a fresh start or a refresher on good money management, improving your financial situation should be a priority for January.

To help you get started towards a good financial path for 2015, here are a few good tips:

• Set aside a weekly pot. You can limit your spending by allowing yourself access to only a certain amount each week. Make yourself a budget and put some cash in a jar each Sunday night. Don’t forget to include any extra expenses like birthdays or other celebrations. Make sure you carry a credit card with you just in case of an emergency.

• Rethink your budget. If you have been working with a budget for the last year and you are still living pay cheque to pay cheque with nothing left to put into savings, it is time to tighten up the budget. Where is your money going? There are a lot of mobile apps that can help you track your spending. Look for ways to save on everyday expenses as well as in the long run from utilities or appliances (for more on how to save money on your appliances, read, “How to Save Money Maintaining your Appliances” in our finance blog, www.occa.ca/blog.

• Plan your meals ahead. This will avoid last minute food purchases or ordering in. Investing in a good crock pot or slow cooker is a great idea. If you plan your meals every Sunday for the week (don’t forget to check your local weekly flyer deals), you can budget your food expenses and you’ll save lots of time in your evenings. For more tips on cooking on a budget, read our blog, “How to Cook on a Budget”.

• Start a retirement saving fund if you haven’t already. Whether you are starting out in your career or coming up on middle age, it is time to think about your retirement. Consider work pensions, RRSPs, investments, life insurance, your assets and liabilities and your lifestyle needs. For more about saving for your retirement, read our blog, “Are Canadians preparing enough for Retirement?

• Improve Communication with your spouse or partner concerning your financial plans and goals. 82 per cent of Canadians in relationships say they speak openly and honestly with their partners about finances. Money and the way in which we manage it is one of the main causes of dispute for couples. Personal debt has never been more of a common problem among Canadians than ever before. For tips on how to improve communication with your spouse about your finances, read our blog, “Are you financially honest with your spouse?

• Save for a special item or trip. If you know a big purchase is coming up like a car, trip, TV or computer, put some money aside each week to save up for it. Using credit is an easy solution, but if you don’t have the discipline or financial ability to pay off the credit card in full each month, you’ll be paying a lot of interest in monthly minimum payments. It will be cheaper in the long run to save up the amount you need ahead of time, pay it off in full (or at least most of it) and save yourself from unwanted debt.

OCCA Consumer Debt Relief are experts in personal finance and debt management. Our finance blog is a fantastic source of information and tips for Canadian consumers. Whether you saving for retirement, looking for ways to save in your everyday living, rebuilding your budget or looking for debt resolution, www.occa.ca/blog will help.
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