1)Protect your mindset
Your mental outlook determines your financial outlook net worth tends to grow when mindset grows is the glass half full or empty? Do you dread what’s to come in 2023 or are you excited? A quote i remember when i started this business is someone told me: they rarely meet negative wealthy people
2)Take a proactive approach to debt
especially high interest debt-we are no longer in low interest rate times. Debt robs you off the future you could be saving for since the money you have must go toward paying interest. Many people coming out of the holidays may have put money on credit cards/ typically a double digit interest rates. You need to get ahead of this. Don’t wait to get the statement. Go online today or tomorrow and check your statement to see and make a plan to pay off this debt as soon as possible. Same goes for mortgage. Don’t wait to get the renewal in the mail. If you have a mortgage coming up for renewal contact your bank to discuss finance options to pay down the mortgage while making payments as affordable as possible
3) Make your spending count
Create a spending plan that maximizes what can be saved. Look for spending leaks like subscriptions, auto renews, cell phone and cable and internet plans. Contact the companies to discuss lower fee options. Take advantage of rewards plans that give you cash back on your everyday spending.I like pc optimum points card so i can accumulate points to use towards everyday lifestyle costs or splurges so i can keep more of my hard earned cash in my pocket.
4) Build a fortress around your finances by creating an emergency fund
for the what ifs no one can predict. Another reason building a spending plan is important so you know how much you need to live each month in case you lose your job. You need to understand what your lifestyle is costing you so you can figure out how long cash on hand will last you if it doesn’t come in.Put away what you identify you can save based on your spending plan. If you can save 50 dollars or 500 dollars aim to save at least 6 months of your lifestyle. Put savings on autopilot so the funds come out of your account and live on the difference.
5) Invest in yourself
As the job market becomes more competitive-Upgrade your skills, beef up your resume, and investigate opportunities to create a secondary stream of income.
Seek out the services of a certified financial planner who can help you to build a plan to make your money work harder for you in 2023! Check out the FP Canada website for advisor recommendations.