OK, today we’re going to talk about how to get SMART with MONEY...
If you’re like most people, you spend a lot of time worrying about money. But worry only makes things worse.
Here are 4 common money challenges and ways to take the worry out of them:
Staying on Budget
- If you don't know where your money's going, you'll never have enough.
- The solution is a zero-based budget in which every dollar of income is assigned to a purpose, so you end up with zero dollars left over at the end of the month.
- If every dollar isn't assigned, you'll spend it carelessly, which is how an astonishing amount of your hard-earned money disappears! Set a budget every month, and stick to it!
Saving for retirement
- The best way to overcome this challenge is to start saving today no matter how old you are.
- Start putting about 15% of your income into a balanced portfolio of secure, steadily-growing investments, and take full advantage of RRSPs, TFSAs, or both.
- With the high cost of university, it's easy for parents and students to go deep into debt. But not if you start planning early and take full advantage of government assistance!
Preparing for emergencies
- An emergency is a job loss, medical crisis, major home repairs, etc. (it's NOT a much-needed vacation).
- If you don't have enough saved to cover 3 to 6 months of expenses, such emergencies could shatter your financial future. Be sure to build these savings into your budget.
If you would like more money saving tips, call us today!
For Vancouver Mortgage Broker related inquiries ~ 604 628 5040.
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Jessi Johnson Vancouver Mortgage Broker Vancouver Luxury Realtor