Better Financial Health This Year

The new year has begun and so to, presumably, have your resolutions.

Budget Planning

Lose Weight?
Get in shape?
Become more confident?
Read a book
Boost your income
Take a class
Etc.

These are all quite common resolutions, the main underlying theme here is self-improvement. So whilst improving your overall self, it would be wise to consider that all aspects of your life work together in tandem. What does that mean? Simple, improve on one area in your life and this will bleed into another area and so forth. For example: you start working out at the gym which gives you more energy and more confidence. The new confidence helps you with your sales at work, which further adds to your confidence and happiness, both attractive qualities helping you with your relationships, which leads to more motivation in the gym and so repeats the cycle. One aspect of this that is often overlooked: financial health and organization. Yes, everyone strives to make more money. But what about managing the money and debts you already have? Here are some tips on how to get started:

Set up a budget for yourself. You don’t need an accounting degree to setup a simple and effective budget for yourself or family. Simply figure out all your income, determine any and all expenses you may have, leave some room for contingency and savings and there’s your budget. Here is a quick excel sheet to help you get started. Click the link below to download your own budget sheet.

Budget Sheet
Set up goals for yourself. It helps to have a plan, especially financially. With the help of your new budget sheet, you should set up a short term and long term plan. How much do you have now, how much savings can you realistically have in 3 months, 6 months, 1 year, 3 years, 5 years. Write out these goals and your plan on how you intend to reach these goals. Keep it simple and attainable.

Take care of any existing debts you have. This should be a priority for you. Assess your current situation and if you have outstanding debts, stop just free styling and making minimum payments. Make a plan to get yourself in a better position. If you have the wherewithal to pay out these high interest debts, then do so. If you can make a dent and can afford a payment plan to pay them down slowly then include this in your budget. If the amount is too high, then consider your options. If you own a home, you may be able to consolidate your debts using the equity in your home. More info on that HERE

Whatever your unique situation is, there is always room for improvement. Just as you focus on improving other areas of your life, your financial well being should also be looked after.

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Have any questions, need any advice? Visit us at www.thefinancialforum.ca. Email us at mortgages@thefinancialforum.ca. Call us at (877) 335-4486.