Spending Advice

From budget plans to financial planning tools, here’s to spending less and loving it.

Cheers to that.

How Do I Spend Less (and Still Be Happy)?

Spend less, save more, be happy. Sounds so simple, right? Whether you’re cutting costs to save for the future or just trying to simplify life by eliminating debt, a spending plan is important.

Let’s spend less to live more. Use these personal budget tips to get started:

Spending Advice - Don’t overspend on housing or vehicles

Don’t overspend on housing or vehicles

Don’t bite off more than you can chew: One of the most common ways people get on a bad financial track is by purchasing a home or car that’s too expensive.

Pro tip: Know how much you can afford. We recommend spending less than 40% of your monthly income on mortgage and car payments.

Spending Advice - Track your spending

Track your spending

How do you know where your money is going if you don’t track it? Use the 50-30-20 rule (50% of your income on needs, 30% on wants and 20% on savings) to create your monthly household budget.

Spending Advice - Know your debt threshold

Know your debt threshold

Eliminating debt is important, but spending all your money paying it off isn’t very realistic (you still need to keep the lights on after all). Try to keep debt payments to under 40% of your monthly pre-tax income.

Pro tip: Try using the snowball method, a financial planning tool for paying off debt faster.

Earn rewards for saving.  Open an Emergency Savings Share Account. Learn More

Questions? Contact a financial professional.