How to Save Money

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Saving money can be done with a combination of living frugally, investing excess funds into a high-yield CD, getting into the stock market and investing in a 401k retirement plan. Save up a nest egg to fall back on in times of need with money advice from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Finance & Money Managing
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Video Transcript

This is financial advisor Patrick Munro talking about how to save money. There are may ways to save money, of course you can save on expenses as one of the first places to do so. Live frugally, live within your means, and because you have done so you've saved money. If you do a good job with that, then of course, start looking at ways to invest the excess from your income that you've managed to do. Because you have an excess you've managed your liabilities and your bills. How to save money you can put it into fixed accounts, certificates of deposit, money market accounts, these are very safe investments. And if you want a little more risk you can go into the stock market. If you go into the stock market you will have more risk, it depends on what kind of stocks you buy. And make sure you work with a qualified financial advisor if you're going to go down this pathway. There are different ways to save money, but the key is try to save something. Because if you do and the power of interest kicks in you will definitely benefit going forward. This is Patrick Munro talking about how to save money.

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