Two Must-Know Money Saving Tips

Spend a little to save a lot and avoid the savings stress trap.

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Preventive spending adds up to saving money

Taking care of what you already own makes sense. Preventive spending – that is, spending small amounts of money on maintenance – can save you big in the long run.

When a toy, item of clothing, or household appliance becomes damaged, you could toss it and buy a new one. Or, you could spend a little time and effort to mend it. You’ve reduced waste, avoided impulse purchases at the store, and saved yourself a few dollars.

When a toy, item of clothing, or household appliance becomes damaged, you could toss it and buy a new one. Or, you could spend a little time and effort to mend it.

Sometimes, you’ll decide it’s time to buy something new or to call in the professionals. That’s fine – just make sure the expense fits your current budget. When you’ve actively weighed your options and made a decision that aligns with your goals, that’s smart financial planning.

Take time to enjoy your savings

You’ve worked hard to save for retirement and now you are enjoying the benefits. Or are you? With the switch from growing your savings to withdrawing them, anxiety about spending money can set in.

While it’s good to be careful with your money, being too frugal can be problematic. Excessive saving and worrying about every dollar you spend can cause you stress, create tension with your partner, and alienate family and friends.

To avoid the stress around spending, put together a financial plan for retirement that provides an overview of how much income you can comfortably withdraw annually. Reviewing your financial situation will provide you the opportunity to discuss how you want to spend your time and money. It will also allow you to take control of your finances so you can start doing the things you’ve always dreamed about.

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