How to Manage Your Finances

It’s that time of year again, and the holiday season is approaching. With the onset of the festivities and the beginning of a new year, most people out there start to think a lot about their finances. Though it’s exciting to think about the gifts you’ll buy or the vacations you’ll take, it’s also a great time to consider your finances as a whole and how you can better your financial situation.

Here are 6 things you should look into in order to improve your financial future:

 1. Set an Annual Date

Most of us know that with the beginning of a new year we should sit down and figure things out for the next 12 months, but life often gets in the way. In order to resolve this it is helpful to pick a date that you will use each year as your finance day. Use this date each year to plan for the next year so it’s less of a burden in your mind.

2. Review Your Will

If you don’t already have a legally prepared will, you need one. If you already have a will it is important to review it each year to ensure things are still acceptable. This is especially important if anything that affects the will has changed, such as marital status, the birth of a child, or the status of guardians. Having a legally bound will is important to protect you and your loved ones in case anything happens.

3. Check Your Credit

It is important to maintain a good credit history for the purpose of large purchases or unexpected emergency expenses. If you would like to review your entire credit report and score it can be yours for $23.95 plus GST. This document allows you to ensure that any loans you have outstanding are represented accurately and that there are no signs of identity theft.

4. Review Your Insurance

This includes your life insurance, home, car, and health insurance. Take the time to review all of these policies to ensure you are adequately covered and all information is still correct. Changes in your job, home, and personal life all affect the details of these polices and you want to make sure that if you have a claim your insurance will cover it.

5. Review Your Mortgage Statement

Take the time to remind yourself of all the details you’ve agreed to in terms of your mortgage. It may be time to look into options that could help you pay it down quicker such as a different lending rate or the frequency of your payments.

6. Review Your Bank Accounts & Investments

There are many things to address in terms of your personal accounts and investments. You want to ensure that the contributions you make each month are going to meet your overall goals for future (savings, retirement fund, university funds, etc.).

So what are you waiting for? Schedule a date to review your finances and all the items on this list! If you are concerned about any aspect of your finances or needs some help with financial planning do not hesitate to seek a professional! Insurance brokers, mortgage agents, and banking professionals are all available to help you every step of the way! So just do it!