It’s almost May! Which means you’ve made it past RRSP season, and you’ve likely already filed this year’s tax return. If you haven’t already done so, consider this a friendly reminder that your return for 2017 needs to be filed on or before April 30, 2018. You can visit the Government of Canada’s complete list of filing due dates for the 2017 tax return. If you have already filed your return, congratulations! Although, you’re not completely off the hook yet. Now that you have a better understanding of your income and cash flow, there’s no better time to get your finances in shape, and we’re here to help you.
With the warmer weather on its way, you can just about taste the sweet sensation of your first patio drink. Have we painted enough of a picture for you yet? Getting financially fit doesn’t always mean you’ll need to sacrifice some of life’s greatest pleasures, but it does mean you should focus on what you can set aside to help benefit your future.
Setting clear financial goals and sticking to a budget takes discipline but you’ll appreciate it in the long run, even if it does means you’re having a drink on your own patio more often this summer.
Here’s what you can start doing now to help get financially fit in 2018:
Set A Savings Goal
Easier said than done, right? It’s important to save for whatever it is that consistently worries you. Whether that’s retirement, becoming debt free, purchasing a new home or saving for an education fund, the best way to get there (while keeping calm) is to have a plan. Budgets come in all shapes and sizes and the truth is, you don’t need something incredibly complicated. The important thing to consider is that you’re putting aside at least 10 to 18 percent of your income. If these numbers feel too high for you, it’s okay to start small. The point is, you’re still setting a savings goal for yourself and you’re putting in the discipline to achieve it.
Make Your Budget Automatic
It’s 2018, so start taking advantage of the benefits of technology! Another useful way to save is by making your budget automatic. What exactly do we mean by that? Let’s explore.
Many financial institutions offer automatic budgeting features that allow you to easily set up deposits to designated account types of your choice. After a few months’ time, you’ll be surprised with the lump sum of cash you’ve saved just by using this technology. In fact, a lot of our customers take advantage of low-fee, low maintenance investing options to park and grow their money using TFSA or RRSP accounts as examples. With Nest Wealth’s automatic recurring deposits feature, they’re able to reach their saving potential by allocating a percentage of their paycheck at the frequency they’re most comfortable with.
When maintaining your financial well-being it’s important to make your goals simple and realistic.Taking advantage of technology such as automatic recurring deposits help keep your goals in check without having to do much of the heavy lifting.
Now that’s #financialgoals.