Financial Tips

Did you know..

By
on
October 16, 2019

Experts suggest to make a point to revisit your finances before a large purchase or milestone, like getting married or buying a home. If you’re not on a budget currently, it would be optimal to be prepared for more than short term expenses. Mymoneycoach.com agrees and further states that “Using a realistic budget to forecast your spending for the year can really help you with your long term financial planning. You can then make realistic assumptions about your annual income and expense and plan for long term financial goals like starting your own business, buying an investment or recreation property or retiring.”

Here are a couple things to assess: “..

Retirement savings. Check your contributions. At minimum, take full advantage of your company’s 401(k) match, if it has one.

Debt. Tally your debts. Tackle the ones with high and/or variable rates first.

Income. Calculate your take-home pay. Put 50% to necessities, 30% to wants and 20% to savings/debt repayment.

Emergency fund. Save up three to six months’ worth of expenses in case of a layoff or emergency.

“Credit score. Check your score. The healthier yours is, the more likely you are to get approved for credit.

Insurance. See if you have minimum coverage (for important assets like your home and car) to protect against loss. “ ( Nerdwallet,2018)

Remember: With determination and proper planning, nearly any financial goal is possible!

Now that you’ve given yourself a thorough financial checkup, you can kick back and enjoy the sweetness and the sunshine of the season, guilt-free.

Sources:

https://www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting
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