WELLINGTON COUNTY – This time of the year is an excellent time to do a financial reset – a “deep clean” of your finances, in order to reach your financial goals for 2024.
Here are 10 simple things you can do in one afternoon or less, to set up your finances for smooth sailing in 2024:
1. Review your spending for 2023. Take a quick look through credit card statements, bank statements or receipts to get a sense of where your money went.
2. Take the time to set up automatic payments on regularly occurring bills. This way, you’ll never make a late payment.
3. Cancel any subscriptions you aren’t using. This includes newspapers and magazines, but also digital subscriptions to apps and streaming services.
4. Set up automated payments to your savings account. Ensure that you have enough money in your emergency fund.
5. Go through your bills and see if you can shave expenses.
6. Check your credit score. In Canada, you can do this free once a year through Equifax, or TransUnion. This won’t affect your credit score and will give you a picture of where you are at with debt.
7. Ensure that you have saved the maximum amount that you can to your registered savings plans such as your RRSP, TFSA, RESP and FHSA.
8. Change your passwords on all of your financial online accounts and apps. In fact, many security experts suggest that you make it a pass “phrase” to make it even more difficult for fraudsters to guess.
9. Shred any documents you no longer need.
10. Set financial goals for 2024. Think through the steps you’ll need to take to reach your goals and write them down.
When you stay on top of your finances, you’ll find that your 2024 goals are closer than you think.
Submitted by Paul Arsenault, Director, Wealth and Investments, Kindred Credit Union.
