January has arrived and the gyms are likely loving it as the memberships are rolling in by the dozens. So many people make their New Year's resolution about slimming down their bodies, but how about slimming down your debt load and how you spend your money?
What better time to assess your goals and to put a plan together than at the beginning of the New Year.
This is the first year that I have had a co-pilot to plan my finances with as I just got married 6 months ago. It took us a few evenings to figure out and agree on everything and now we have a clear blue print for the year. Here are a few simple tips that I recommend.
#1- If you can't pay cash for it..... DON'T BUY IT. Don't buy into the "NOW" mentality, instead, save up for those extra things. If you buy it on the credit card it could likely end up costing you double by the time you pay it off!
#2- Assess your debts. Make a list of all your debts and the interest rates your paying on each of them. Talk to a financial adviser and look into the option of consolidating those loans if possible to see if you can save some money and zone in on the highest interest loan first.
#3- Set SMALL attainable financial goals. If your goals are too large and too hard to achieve you will not feel any sense of accomplishment. Instead, set small goals planned out in the order to which you would like to accomplish them in. This will help you get to the finish line while feeling encouraged and inspired along the way.
#4 - Work towards building a nest egg. If you can, save up a minimum of three to six months of living expenses for those un-expected seasons in life.
#5- If you are saving up for a house, take all of the savings that you have, or will have, and put them into an RRSP. Don't worry about what to invest the money in at this point but rather just start getting in the habit of putting some money away every month. Not only will you be saving money for your future home but you will also get a tax write off. The deadline for RRSP contributions is March 1, 2011 so be sure to put the money that you've been
saving into an RRSP account today.
If you have any questions I would be happy to chat with you. Please don't ever hesitate to call 604.910.LACE (5223).
Lacey
What better time to assess your goals and to put a plan together than at the beginning of the New Year.
This is the first year that I have had a co-pilot to plan my finances with as I just got married 6 months ago. It took us a few evenings to figure out and agree on everything and now we have a clear blue print for the year. Here are a few simple tips that I recommend.
#1- If you can't pay cash for it..... DON'T BUY IT. Don't buy into the "NOW" mentality, instead, save up for those extra things. If you buy it on the credit card it could likely end up costing you double by the time you pay it off!
#2- Assess your debts. Make a list of all your debts and the interest rates your paying on each of them. Talk to a financial adviser and look into the option of consolidating those loans if possible to see if you can save some money and zone in on the highest interest loan first.
#3- Set SMALL attainable financial goals. If your goals are too large and too hard to achieve you will not feel any sense of accomplishment. Instead, set small goals planned out in the order to which you would like to accomplish them in. This will help you get to the finish line while feeling encouraged and inspired along the way.
#4 - Work towards building a nest egg. If you can, save up a minimum of three to six months of living expenses for those un-expected seasons in life.
#5- If you are saving up for a house, take all of the savings that you have, or will have, and put them into an RRSP. Don't worry about what to invest the money in at this point but rather just start getting in the habit of putting some money away every month. Not only will you be saving money for your future home but you will also get a tax write off. The deadline for RRSP contributions is March 1, 2011 so be sure to put the money that you've been
saving into an RRSP account today.
If you have any questions I would be happy to chat with you. Please don't ever hesitate to call 604.910.LACE (5223).
Lacey
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