CALGARY, May 26, 2014 /CNW/ - Now that spring has arrived, many
Albertans are spring cleaning their homes. People should also consider
adding finances to their spring cleaning list, as they could always use
a good dusting. Spring can actually be the best time for many people to
evaluate their finances.
By spring time, most people have received a measurable amount of
financial records that can help them paint a clear picture of their
financial position. 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
your bank statements to make sure 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.
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
Registered Education Savings Plan (RESP): Tax sheltered plan that is designed to help you save money for your
Registered Retirement Savings Plan (RRSP): Save money for your retirement.
Tax Free Savings Account (TFSA): Tax free savings account provided by the government.
Organizing and keeping your finances up to date may be a challenging
task, but the reward of financial independence is a great one. 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.
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
Image with caption: " Now that spring has arrived, many Albertans are spring cleaning their homes. People should also consider adding finances to their spring cleaning list. Spring cleaning your finances can enable you to achieve financial stability and financial security in the years to come. (CNW Group/Money Mentors)". Image available at: http://photos.newswire.ca/images/download/20140526_C9519_PHOTO_EN_40639.jpg
SOURCE: Money Mentors
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