Are you ready to take charge of your finances for 2020?
Diving into the waters of personal finance can be exciting, but also overwhelming. There are so many blogs to read and personal finance tips to discover, and it’s easy to get lost in the information and hard to find what you exactly need. Here are some money management tips for you to look at, and a great way to have control of your personal finances in 2020:
- Save at least 10% of your income, or more if possible. If that’s not possible, save a minimum of 5%.
- Create targeted savings goals for everything you want to save for, including travel, emergencies, pet expenses and home renovations.
- Track every cent you spend for 30 days to get a wake-up call on where your money is actually going.
- When making a big purchase, check out several options and compare the prices and packages to ensure you’re getting the best deal.
- Avoid impulse purchases by holding off for 48 hours to see if you really want it.
- Focus on paying off high-interest debt first to save money on interest.
- Make sure your income exceeds your expenses.
- Understand the difference between “wants” and “needs” and budget accordingly.
- Create a realistic budget based on your current income and expenses. Take into account debt repayment, saving and splurging.
- Cultivate a sense of gratitude for what you already have to help you curb the desire to have more of the things you don’t have.
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.