PenFinancial Credit Union says key is to start saving now
It's the start of a new year, and one of the most common resolutions is getting finances in shape.
We spoke to Debbi Tonnies, a Wealth Advisor at PenFinancial Credit Union.
She says one thing you can do to boost your savings is to take a look at what everyday items cost on an annual basis.
"A coffee and a bagel is $4.15 a day, but five days a week over the course of a year, it's over $1,000."
She advises instead of buying items like coffee and fast food regularly, make stuff at home and put the money into a savings account.
Tonnies also notes if you focus on saving the pennies, the dollars will follow, which can help motivate people looking to cut back on their spending.
"Most people like to see things in order to stay motivated. So seeing that money in a savings account grow, seeing the balances on a credit card go down, those are the wins you're looking for, and those are the ones that will keep you motivated."
For anyone who may have taken on some holiday related debt, Tonnies suggests getting a consolidation loan if possible.
If you can't get one, she recommends writing out all of your debts from smallest to largest, pay the minimum amount on each, and pay off the smallest debt first.
She also says if you're looking to boost your RRSPs or savings this year, you should put a little bit of each paycheck into your account, and gradually increase the amount.
The full interview is available below.
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