Spring is here!!  Many of us tend to view this time of year as a new beginning and time for a fresh start.  In my practice, I have the opportunity to design financial plans helping people cope with changes within their own economic situation.  With the rise in gas and food prices people are feeling the pressure and evaluating their spending and saving patterns.  Here are some tips to guide you through the tough times and still take care of your future:

• ·         Take it week by week not year by year.  Make your savings and spending decisions for each pay check.  It will be easier to structure this task on a smaller basis and you will be more likely to achieve your goals.

• ·         Pay day – set up your check for direct deposit if possible.  If your company does not allow for direct deposit then deposit your check and be sure you allocate to the appropriate accounts for retirement and savings/investment accounts.  Start with something, even a small percentage of your pay in each of those buckets.  You will not even miss the money if it goes directly to your retirement and savings/investment accounts. 

• ·         Monitoring accounts – mark down the first of every quarter and make a note to increase your deductions by 1%.  If you start your deduction at 3%, in one year you will have doubled your savings pattern (3 quarters x 1% = 3% + the original 3% = 6%).

• ·         Bonuses and raises- most of these are unexpected amounts nowadays.  If it is a raise, increase your savings/investment account and work with your financial professional to be sure you have an appropriate amount of cash on the sidelines and that the rest of your funds are working for you and fit into your financial plan. 

• ·         Shopping – Always go shopping with a detailed list and keep yourself focused so you do not deviate from the list.

• ·         Time - allow yourself a specific window of time for shopping this will cut down on the ability to browse and buy impulse items.

• ·         Food Shopping - Eat before you go food shopping so everything does not look good enough to eat that very moment.  Plan your meals for the week to reduce waste on unused and spoiled foods.

• ·         Gas- Check the site http://www.massachusettsgasprices.com/ which provides current gas prices all over Massachusetts.  It may save you a bit.   Be organized and coordinate your driving to reduce unnecessary trips.

As you can see, each of these tips takes some planning.  But then again, any project for home and work does take planning. From vacation planning to preparing a report for work; the best are planned ahead.  You will find that by taking the time to plan these strategies, you will actually save time and money in the long run.   

Tips for rising prices….. another way to plan now to prosper later.

By Barbara Case

Barbara Case is the Senior Vice President of Investments at Moors & Cabot Investments in Boston. Honored as a South Shore Woman of the Month--- for always giving back--- Barbara is now giving advice to the SSW community in her new financial column.