Start moving towards financial security for your family with 10 simple money management tips
write down how much money you receive from your salary, bonuses, benefits reimbursements and other sources. Compare that to all of your expenses to ensure you have enough money to cover everything you need.
identify areas to save, such as on your cell phone and cable television plan, or by planning meals and groceries to avoid takeout lunches and last-minute ordering in.
make a list of your current bills and their due dates, and pay your bills on time to avoid late fees and penalty charges.
– Focus on paying off debts with the highest interest rate first – Keep up with required payments (such as monthly minimums) on all your debts – Consolidate your debts into an “all-in-one” type of bank account or a secure line of credit so you can make a single payment each month – Talk to a debt counselor—you may have free access through your employer’s Employee and Family Assistance Program (EFAP)
write down all the things you’re saving for, then work out how much you need to set aside each month to reach your goals in the timeframe you want then “pay” yourself this amount each month as if it is another bill.
find out what tax bracket you and your spouse are in, and submit claims like child care costs, medical expenses and charitable donations with the tax return for whoever is taxed at a higher rate.
– Set up payment reminders – Schedule future bill payments – Review your spending
take full advantage of group retirement plans, including matching programs, and reduce taxes and out-of-pocket expenses with flexible spending accounts and health benefits.
plan to save enough to top up guaranteed government sources such as the Canada Pension Plan (CPP).
-reduce financial stress and start to feel financially secure: – Get help setting goals – Develop a customized financial plan – Prepare strategically for life’s financial milestones