10 tips for saving and achieving your goals

With inflation, market volatility and interest rate fluctuations, it’s not always easy to make informed financial choices. Here are some tips to help you save in all areas of your life.

1. Prepare a budget: Break down all your sources of income and expenses. It is not uncommon for people to find that their budget is in deficit from the start. It’s a tedious but effective exercise.
2. Set up an emergency fund: Preparing for the future as best as possible and reducing your debt will prevent you from having to resort to high interest loans.
3. Save smart: Whatever strategy you decide to adopt, don’t forget that the most important thing is to diversify your portfolio in order to benefit from the potential of each asset type.
4. Consume better: Reduce your frequency of consumption where possible; for instance, your means of transport, gas and electricity. By the way, Hydro Québec provides tips on how to be a better consumer.
5. Keep away from all temptations: Contributing to your RRSP, TFSA or FHSA will force you to cut back on non-essentials for a few months. In addition to a possible tax refund, you will be proud that you protected what’s important to you!
6. Be consistent! Research shows that systematic investing is by far the best investment approach and yields long-term results.
7. Don’t make decisions based on emotions: When you’re feeling overwhelmed by feelings of worry or anxiety, it’s essential to take a step back from the situation and avoid making impulsive decisions.
8. Identify non-essential expenses: Discretionary spending, outings, leisure activities and restaurants necessarily represent expenses we can cut quickly. And to the extent that you want to indulge, it is better to go to the restaurant than spend money on expensive home delivery services.
9. Find out more: Finance is like a big piece of cake. It’s easier to take one bite at a time! Take the time to fully understand and implement good financial practices.
10. Seek the services of a professional: Working with a financial security advisor rather than going it alone has repeatedly demonstrated superior results in terms of savings accumulation.