Do you have your financial resolutions in check?

Although the end of the year is a time for being around your loved ones, it’s also the time when everyone starts reflecting on themselves; better lifestyle, better decisions, better relationships.  But the part some people tend to forget about is to focus on improving their finances.  It is definitely a task that is easier said than done.

Lay out your end goal

Any plan of improvement begins at pointing out what you want to achieve.  For some it may be to become more financially informed, for others it could to be debt free by a certain point.  Whatever yours may be, write it down and list them in order of importance. 

Educate Yourself

Once you’ve planned out your end goals, you’re going to have to learn some key terms.  Sadly we aren’t born aware of RRSPs, TFSAs, pension plans and tax breaks.  We’ll admit that it isn’t an easy feat to learn about financial jargon, and it isn’t exactly what you want to do in your spare time.  However, your financial security isn’t something you’re going to achieve overnight.  The time you invest is educating yourself will directly reflect how you successful your goals will be.

Prioritize

Now we’re sure you all want to be able to purchase property, a car, a vacation or some sort of luxury that you aren’t able to do so in your current situation.  First of all, know that you are not alone.  Many Canadians spend more than 50% of their income on basic necessities.  If you’re goal is eliminate your debt, try to pay off the higher interest items first.  Prioritizing is equally important for both your debt and expenses. 

Be realistic

This doesn’t mean to dream big, but if you’re debt is pretty hefty, chances are it won’t be eliminated in just a year.  When you’re making your goals, you have to remember to think both short-term as well long-term.  Your short-term goals should be seen as the building blocks of your long-term security. 

Set up long term solutions

Remember all that dry financial research you did? Put it to use! It’s never too early to start planning for retirement.  It is important that you begin your long-term solutions early in order to reap the maximum benefits.  This also makes it easier to make smart financial decisions a permanent habit.  It’s like working out, it has to be a lifestyle change rather than a quick fix.  

 

 

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