Recent Posts
Categories
- Bank Loan
- Bankruptcy
- Budget
- Children's Future
- Consumer Proposal
- Credit Cards
- Credit Counselor
- Credit Report
- Credit Score
- Debt
- Debt Collectors
- Debt Consolidation
- Early Retirement
- Financial Freedom
- Financial Literacy
- Financial Problems
- Financing For Renovation
- Gambling Debt
- Holiday Debt
- Income Tax Debt
- Investment
- Money
- Money Management
- Money Saving Tips
- online fraud
- Online Scams
- Owing A Car
- Pawnshop loans
- Payday Loans
- Refinance
- Running Out Of Money
- Save Big Money
- Saving Tips
- Secure Retirement
- student loan
- Tax
- Uncategorized
- Wage Garnishment
Archives
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- November 2015
- October 2015
- September 2015
- August 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
Feeds
Financial New Year’s Resolutions
The start of the New Year is the time when millions of Canadians begin to assess their life’s progress and set goals for the coming 12 months ahead.
Economic objectives are a popular choice for New Years’ resolutions, as they provide a tangible benefit and, when effective, they can lead to more freedom and comfort.
It’s important to focus on New Year’s resolutions that will benefit you 10, 15 and even 20 years down the line. Let’s look at the ideal financial New Years’ resolutions for Canadians to consider as they head into the New Year!
Make Sure You’re Paid First
Most people prioritize spending first and will then save anything that’s left within their accounts at the end of the month. But the most effective financial planners will prioritize saving and then spending the amount leftover after their savings have been made.
There are a number of financial instruments that can help boost your savings levels. You might, for example, place a specific amount each month into a TFSA or an RRSP until the contribution level is maxed out for the year.
With so many Canadians now headed towards retirement with long-term mortgages still to be paid off, this type of forward thinking can reduce debt in your 50s and 60s.
Consider Your Insurance Options
Like savings, insurance is a product that will help protect you and your family in future. The insurance market in Canada has become incredibly competitive in the last decade, and Canadians can now buy life insurance at more affordable rates than they could in recent years but make sure you do your homework so you can pick the best option for your future.
Explore Additional Sources of Income
As you gain more resolve to improve your financial standing, you might consider additional sources of income that could drive you forward in meeting your objectives. For homeowners, an option might include renting a room within their property, or you might wish to join the millions of Canadians now working part-time hours in addition to their 9-to-5 office job. However, remember to notify all of your payroll departments of the additional income so they can adjust your income tax deductions accordingly or you could be left with a sum sum owing to CRA come tax season.
Reduce Your Costs
January is a great time to begin analyzing your month-to-month costs and choosing which of the monthly debts you could do without this coming year.
For example, millions of Canadians are ditching their cable television package and turning to online options for their programming, in the process saving close to $100 per month. Further cost-savings could include switching to public transit for that ride to work each day. Additionally you may surprise yourself at how much money you can save by simply making food at home instead of going out to eat for lunch. If you pay your own utility bills something as simple as remembering to unplug all of your chargers and small appliances when you are not using them (as they draw power even when they are not being used) or keeping your heat 2 degrees lower then you would normally saves you money and is also good for the environment.
By focusing on your future and realizing the potential for financial success available to you, you can bring stability and opportunity through working towards your financial goals in 2015. Speaking with financial specialists who can analyze your personal financials is a great way to begin this process!
Sources:
http://www.canadianliving.com/life/money/6_ways_to_stick_to_your_personal_finance_resolutions.php