CALGARY, March 30, 2015 /CNW/ - Friday March 20, marked the first day of spring which means many Albertans have begun their spring cleaning. Money Mentors likes to remind everyone that a great part of cleaning is evaluating finances, as they could always use a good dusting. By this time of the year, financial records have trickled in due to the fact that it is tax season. This means we have a great idea of what our incomes are and where our spend goes.
At Money Mentors, saving money is a large component of our financial literacy initiative. Having your finances well organized guarantees a less frustrating and stress-free life. It also prepares you for financial security in the years to come. At Money Mentors, we advise Albertans to dedicate some time to spring clean their finances by:
- Evaluating Debt Load
It is important to know how much money you owe and who your creditors are. You should take note of how much you are paying every month and the interest being charged. Also, look over all bank statements to ensure unfamiliar charges are rectified. When you have all of this information, it will be easier to figure out where you stand financially and the necessary steps you need to take.
- Developing a Budget:
When creating a budget, revisit it often to make sure you are still on track. If new financial obligations arise, incorporate them into your budget to make necessary changes. Also, create financial goals and make sure they are SMART: Specific, Measurable, Attainable, Realistic and Time specific.
- Start Saving:
Adopt a new behaviour: SAVING. Spring time is the best time to start saving for your children's education or an emergency account. You can allocate any extra income like a pay raise, tax refund or money saved from cutting down on other expenses to your savings account.
Additionally, you can put some money away today for a stress-free tomorrow with:
- Registered Education Savings Plan (RESP): Tax sheltered plan that is designed to help you save money for your children's education.
- Registered Retirement Savings Plan (RRSP): Save money for your retirement.
- Tax Free Savings Account (TFSA): Tax free savings account provided by the government.
Money Mentors is the only Alberta-based, not-for-profit credit counselling agency. Through a number of services, we help families and individuals recover from financial crisis and move forward. From credit counselling and money coaching to retirement planning and community financial literacy, we are contributing to a healthier financial future for the entire province.
SOURCE Money Mentors
Image with caption: "Spring Cleaning your Finances (CNW Group/Money Mentors)". Image available at: http://photos.newswire.ca/images/download/20150330_C4219_PHOTO_EN_13660.jpg
For further information: William Akoto, MoneyMentors.ca, Toll-free: 1-888-294-0076, info@MoneyMentors.ca, Facebook.com/MoneyMentors, Twitter.com/MoneyMentors