June 13, 2012
Attention: AMSC Member– Please Distribute to Appropriate Personnel
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:
If you have ever withdrawn a few hundred dollars from an ATM only to be short of cash a few days later, you will understand the need to review your current spending.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:
“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:
--Source, Sun Life Financial
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.
Executive Officer, HR Shared
Services & Corporate
Director, Retirement Services