Paying those bills on time, keeping spending in check, steering clear of debt, and working towards your future financial goals – managing your money is certainly no easy feat! Throw in a few acronyms like TFSA, RRSP, RESP and it can be darn right confusing!
You may be surprised to learn that managing your money doesn’t have to give you a migraine. Here are five tips that you can implement that will make managing your money easier and less stressful:
Use a budget
When it comes to money management, a budget is your buddy. A budget allows you to monitor and track how much income you have coming in and plan your fixed and variable spending based on this amount. Not only does this provide the opportunity to ensure that you don’t overspend and go into debt, it also ensures that you are planning ahead and creating space for important financial priorities like saving for an emergency or saving for retirement.
The good news is that creating a budget is not very tricky or technical. A pencil and paper are all you really need. There are also helpful budget worksheets online to help you get started.
If a pencil and paper is not really your style, there are apps available that can make managing your money an easier task. Mint, for example, allows you to plan your budget and track your spending throughout the month to make sure you stick to it. Mint also has a few additional features that you’ll find useful, including the opportunity to record your financial goals and monitor your progress as you work towards achieving them.
Life is busy and it can be hard to remember to do all the things you need to do when it comes to managing your money. Luckily, technology has made it easy to automate some of these tasks. Your bank, for example, may have a lot of handy ways to automate things like bill payments, reoccurring payments or adding regular amounts to your savings account.
Make a plan to deal with debt
We all know that dealing with debt can be a definite drag. Making a plan, however, can make managing your money and your debt easier. Incorporating debt relief strategies also makes a lot of sense, depending on your situation. Check out this helpful link focusing on managing your debt the right way.
Seek help and advice
Finally, making your money work for you is another great way to make managing your finances easier. When it comes to making your money work for you and taking advantage of things like TFSAs, RRSPs, RESPs and annuities, it’s a good idea to work with an investment advisor who can help you make the right choices and decisions.
One of my favourite aspects of my job as a mortgage broker and investment advisor in Barrie is that I am able to work with my clients to simplify both the mortgage process and make managing their money and investments easier. If you are searching for ways to make managing your money easier and get your money working for you, let’s connect. Call me today at (705) 315-0516.