Call the pros
If you're drowning in debt, can't budget or have no idea where to invest or how
to prepare for retirement; get professional help. A certified financial planner
will go through your finances to understand where money is going and whether
it's working for you.
Dust debt Pay debt with the highest interest rate first to save the most money over time
– and snowball your payments. Aim to pay double or triple the minimum due or
you will never make a dent in your debt due to interest accrual.
Polish the budget Budgets need to be evaluated annually to accommodate changes in goals
and circumstances. Track weekly purchases and monthly bills for a few months to
give you a baseline to make suitable adjustments and establish a realistic spending
and savings strategy.
Purge clutter
Boost savings or pay down debt by purging clutter. Unwanted gift cards,
clothing and appliances can be sold easily online.
Refresh taxes
Establish a filing system for all your tax receipts and documents so you can
file on time and avoid any late fees next year. Separate healthcare forms,
travel records, retirement plan contributions and student loans, and scan
important sales receipts as the ink often fades.
Scrub spending
Control “wants” shopping by eliminating triggers such as browsing favorite
online shops or heading to the mall after work. When it comes to “needs”, use
tools such as mobile coupon apps to find coupons for retail, restaurant and
service providers.
Tidy accounts
Streamline online statements and bill payments, and shred old cheques and
statements. Consider consolidating accounts - especially if you have cash left
in an account you no longer use.
Trim bills
Review monthly utility bills to find areas where you can cut back. Beat phantom
power by regularly unplugging small kitchen appliances and powering down
electronics and shave 5% on your monthly electricity bill.
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