It can be a challenge when you are living on a limited income. It is more important to develop good saving habits than it is to amass a large amount of money. Concentrate on saving something, anything, even a few cents a day. This will help you develop the habit of saving and provide a small fund for emergencies. Most people no matter what their financial situation should think about saving for two things: emergencies and retirement. Think of savings with an end purpose in mind
A goal: Savings is really just delayed spending. You save money for a particular item or activity that you will spend at a later date. Start with small amounts and once you are comfortable at that level, try to increase it until you can save what you think is appropriate for your goals.
Finding ways to make your money go farther and be more effective can help reduce the stress associated with living on less. Be sure to keep your core values in mind and focus on the really important things in life. The key to success is ATTITUDE. Believe in yourself, don’t be afraid to seek assistance when you need it and know that no matter what, you still matter.
Set some savings goals
Short term Goal
Example: I would like to save $500 in 6 months to go to Toronto for the weekend; I will need to save $84 every month for 6 months.
Medium Term Goal
Example: I will contribute $200 per month to my child’s RESP so that they will have $20000 when they go to school in 2020.
Long Term Goal
Example: I will match my employer’s pension contribution so that I can better prepare for my retirement.