Kickstart Your Year: 5 Steps to Boost Your Financial Health
Improving your financial health is key to long-term stability. Here are 5 simple steps to get started!
Step 1: Create a Budget and Stick to It
Track your income and expenses for at least a month to see where your money goes. Divide spending into essentials (housing, groceries) and non-essentials (subscriptions, entertainment). Use budgeting apps to simplify the process and set realistic spending limits.
Step 2: Build an Emergency Fund
Life is unpredictable! Aim to save 3–6 months of living expenses to cover unexpected costs. Start small—save $10–$20 from each paycheck and automate it to stay consistent.
Step 3: Pay Down Debt
Debt can be a big obstacle to financial freedom. Focus on high-interest debt first (like credit cards). Try the snowball method (small debts first) or avalanche method (highest interest first).
Step 4: Invest in Your Future
Start contributing to retirement accounts like an RRSP. If your employer offers a match, take advantage of it—it’s free money! Explore low-risk investments and watch your savings grow through compound interest.
Step 5: Review Your Financial Plan Regularly
Your financial goals will change over time. Check your budget, savings, and investments annually or after major life events. Adjust your plan to stay on track and keep moving toward your goals.
Remember: Financial health is a journey. Start small, stay consistent, and watch your progress grow over time! Ready to take control of your finances? DM me for more tips!
Alexander Gasenko, Mortgage Broker DLC Maple Mortgage Group, Lic #13415