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Member Notices

June 13, 2012

Attention: AMSC Member– Please Distribute to Appropriate Personnel

How effectively do you manage your cash?

From taking a dream vacation to saving for retirement, achieving your financial goals depends on good cash management—and most of us could improve our skills in this area.

A chequing account is a common way to manage finances. This type of account shows immediately how you spend your money.

It is a “powerful reminder” of your spending habits and your available cash—but it is only a small part of cash management, Sun Life Financial advises.

“Cash management is really about how you manage your cash flow to meet your short-term needs and long-term goals,” it states. “You can’t reach your goals without a plan.”

The road map to reaching your long-term goals starts with the following:

  • Reviewing your current financial picture
  • Establishing a budget to monitor your spending and saving

If you have ever withdrawn a few hundred dollars from an ATM only to be short of cash a few days later, you will understand the need to review your current spending. You cannot organize your cash without a good sense of what you earn and spend. Try this:

  • Commit to keeping track of all your spending for one month
  • Keep a small note pad and pen handy, or use a digital device, to record every pack of gum and every coin in a meter

“Although it may seem tedious, this one-month commitment will start you on the road to financial freedom,” Sun Life states.

Once you know where your day-to-day money is spent, you can establish an annual budget including all your daily expenses as well as monthly and irregular expenses.

Here are more money-saving suggestions:

  • Pay off your credit cards: This is the most expensive debt most people have. Ask your bank about a debt consolidation plan. The loan interest will be far less than the credit card interest. Set up a timely repayment schedule and do not use the credit card until the debt is cleared.
  • Get the best deal from your bank: Online banking often has the lowest fees. Visit the Canadian Bankers Association website for tips. Use your own bank’s ATM.
  • Review your bills and pay them on time. Late fees are needless expenses. Avoid them by having your bank automatically debit from your bank account to pay your bills.
  • Pack a lunch and forgo that special coffee. Be aware of the cost of eating out. Packing a lunch costs far less.

--Source, Sun Life Financial

Read about saving on bank fees

For information on APEX, MuniSERP, Alberta Communities Pension Plan, AMSC Group RRSP, AMSC Tax Free Savings Account or general pension issues, please contact Bernie Gold, Director, Retirement Services by telephone at (780) 409-8125, toll free at 310-AUMA.

Thank you.

Wendy Graden
Executive Officer, HR Shared
Services & Corporate
Bernie Gold
Director, Retirement Services


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