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Benefits of Spending Less

What are the benefits of reduced spending?

Reducing your spending can have greater benefits than you think. Money that is saved rather than spent accumulates interest and actually goes to work for you. You are in a better position to handle emergencies and take advantage of opportunities when they arise.

How can I keep track of my money?

Sometimes we do not realize just how much money we are spending. It is only when we keep track of our expenses that we realize where our money is going and can develop a plan to reduce unnecessary expenditures. Developing a budget or taking the time to record every expenditure for a month will give you a clear indication of your money flow. Having done that, you can categorize your expenses and develop a plan to address the spending. Should overspending still continue you might consider contacting Credit Counselling Canada for advice.