12 Healthy Financial Habits For 2017
I am a strong believer in goals, and studies show setting specific goals will help you get your finances in order. Take some time this month and give yourself a financial checkup, so you are prepared for a prosperous 2017.
Increase your savings
Raise your savings amount by 15%. It will make a huge difference, and by making small adjustments, you won’t notice the decrease in ‘money to burn.’
Organize your finances
Try using an online money-management site such as Mint.com to help you track your spending patterns more closely.
Review your previous budget
Take a look at 2016’s budget. Did you stay on track, or did you fall short in some areas? Now is the time to make adjustments as needed. Are there any new expenses in 2017 you need to add?
Automate your savings
Automation is a huge piece of your financial puzzle. Most financial institutions have the option to take money right out of your chequing account on a particular day (usually payday) and invest it in a savings account, RRSP, bonds, etc. It surprises me not everyone knows of this technique.
Ask for discounts
I recently called my insurance company to see if there were any discounts I could be receiving. The representative was able to save me over $50/month on my car insurance alone. It never hurts to ask!
Pay off high-interest debt
Interest rates will rise in 2017, and if you’re carrying debt with a variable interest rate, you could face payment shock. How will you handle the potential increase in your monthly payments?
Change financial institutions
Does your current financial institution meet your individual needs? If you pay a monthly account fee, are you getting your money’s worth? There are so many alternative options, and if you aren’t being satisfied by your current institution, it may be time for a change.
Prepare for emergencies
Build an emergency fund. Be prepared for financial emergencies, so if something happens, you’re not in financial ruin.
Ensure the entire family is on the same page
Financial literacy is critical for all members of the family. Make sure everyone is on the same page with your savings goals and budgets.
Speak to a Financial Advisor
Talking to a financial advisor is a good way to assess your overall financial health. They may be able to save you some money in your portfolio or even recommend some more current investment vehicles.
Start a side hustle
Fuel your entrepreneurial spirit and your wallet by starting a business on the side.
Do it yourself
Learn to do some minor repairs yourself, so you don’t have to call the plumber each time you have a leaky faucet.