As I sit pondering my day, I am struck by the amount of time I spend thinking about other people’s finances. I often find myself reviewing my client’s situations, wondering how they are doing. Then I realize that the things I think about aren’t the same things my clients think about.
Many households have bills sitting unpaid with balances continuing to rise, debt continuing to grow, without making any headway. If this is you, these behaviours aren’t serving you and won’t help set you up for financial success. It’s better to spend time on things that can strengthen your financial future and eliminate some of your financial stress. Here are a few simple things that I recommend:
- Track your spending – It’s amazing how we spend our money. I’ve done this and so have some of my client. Until you put it all on paper, you never really know the true total.
- Create a budget – Budgets can feel limiting but they don’t have to. It’s a great exercise to help you focus your spending on what’s important to you.
- Talk to a financial planner – Sometimes simply talking about what’s important to you helps prioritize your efforts to make things happen. It can be short-term or long-term goals, but it can be the beginning of a plan.
- Consolidate debt – Sometimes credit card debt can get away from us. If you don’t take care of it you can find yourself in an overwhelming situation. You might be better off to consolidate your debt in order to reduce the interest rate expense.
- Listen to a podcast – There is so much free education out there that it’s hard to have the excuse of ‘I don’t know where to start’. Search a topic, find an expert that you like and expand your knowledge.
Creating new habits can be challenging; finances and money can be intimidating, but remember, this is your life and you should have an interest.
Pat Jamieson
Financial Services Manager, Life Insurance Advisor