Your Financial To Do List
It’s time to get your financial house in order, and we have some ideas to get you there even faster, and even easier than you thought it would be. Take a peek at our financial to do list and see what’s left to tackle on your end.
1) Track Your Spending
For the next 30 days, record everything you spend. You’ll become more aware of where your money is going. You can track with a simple note pad, in a spreadsheet or with an app from your smartphone.
2) Complete a Spending Plan
Break down your spending by category and allot amounts for all your expenses and savings. It will help keep you focused on your money management.
3) Find out your Net Worth
List all of your assets (home, vehicles, investments, etc.) and subtract your debts (credit cards, lines of credit, loans, etc.) to calculate your net worth.
4) Get a Copy of Your Credit Report
Go to the Equifax and TransUnion websites to make sure your credit ratings and scores are healthy.
5) Cut Spending by 10%
Look for ways to reduce and eliminate some expenses. Tracking your spending will help!
6) Develop an Emergency Fund
Put aside at least three months of basic living expenses in case of an emergency.
7) Start a Savings Account
Work towards putting away 10% of your gross salary by paying yourself first.
8) Shop for Deals
It could be your car and home insurance by simply raising your deductible.
9) Check your Interest Rates
Check what your bank is paying you as well as the rates you’re being charged on your debts and ask if these rates can be increased (for interest you earn) or decreased.
10) Contribute to Your RRSP
Try making monthy contributions — especially if your employer matches your contribution. It’s a great way to save for your future!