Start moving towards financial stability with 10 easy money management tips for your family
Knowing that you have enough money to pay for what you want today and to come is one way of feeling financially comfortable. It's also one of the reasons many of us save our savings, save and insure them.
Here are 10 easy tips on money management that will make you and your family feel financially more secure.
1. Build a realistic budget write down how much money you receive from your salaries , bonuses, reimbursements for insurance and other sources. Compare it to all your expenses to ensure you've got enough money to cover everything you need.
2. Spend less by reducing everyday expenses find places to save, such as on your mobile phone and cable TV package, or schedule menus and grocery stores to reduce lunches and last-minute orders.
3. Eliminate extra expenses list your current bills and their due dates and pay your bills on time to avoid late fees and penalties.
4. Find ways to pay off your debts with less interest:
Focus first on loans paid off at the maximum interest rate Hold all of your debts up with necessary payments (such as monthly minimum) Consolidate your debts into an all in one bank account form or a stable credit line, so you can make one payment into a "all in one" type of bank account or a secure credit line so that you can make a single payment every month Speak to a debt counselor you could have free access to the Employee and Family Assistance Program (EFAP) for your employer.
5. Set concrete targets to help boost your savings write down all the items you 're saving for, then figure out how much you need to set aside each month to meet your goals within the timeline you want to and "pay" yourself that amount each month as if it's another payment.
6. Don't pay more tax than you should find out what tax bracket you and your partner are in and file claims such as childcare costs, medical expenses and charitable donations with the For the tax return at a higher rate for what is paid.
7. Using Banking online to:
Set up reminders on payments
Project future bill payments
Review your outlay
8. Make the most of the employer arrangements take full advantage of corporate pension schemes, including incentive services, and minimize taxes and out-of-pocket costs with flexible spending accounts and health insurance.
9. Regardless of your age, prepare for retirement now intend to save enough to supplement assured government sources such as the Canada Pension Plan (CPP).
10. Working with a counselor reducing financial burden and beginning to feel financially secure:
Get assistance with setting goals
Develop an individual Financial Plan
Prepare strategically for the financial milestones in life
That last tip is perhaps the most significant. According to Ipsos Reid's 2015 study on health and wealth open in new window (12 page PDF), people who feel financially secure are more than five times more likely to work with a counselor than those who claim they are struggling with their finances.
Additionally, households that meet with an attorney have about twice as many financial assets as households that forgo counsel. If you have no counselor.