At the start of the year, when many people feel the desire to make good resolutions and establish new habits, Dominique Lépine, financial advisor, offers you her advice for reviewing your consumption and savings habits for the year to come .
When it comes to finances, the two key new habits to implement as a priority are of course: saving more and spending less . Although controlling your spending may seem difficult at first, once these habits are well established, they become natural and effective in ensuring your financial security. An easy trick to achieve this? Setting up automatic withdrawals. Whether it's to build up emergency savings, a college savings fund or a TFSA account, automating your savings makes them more reliable and avoids being tempted to spend unnecessarily.
Furthermore, it is important to be aware of your emotional spending and thus adopt control methods , such as dedicated accounts or the virtual envelope method, to better manage your possible impulsive purchases. Also, make sure to transform unexpected surplus money (a salary increase, a bonus or an unexpected income, for example) into savings , which will greatly contribute to achieving your long-term financial goals. Finally, do not neglect the importance of financial planning and regular consultation with a financial advisor to optimize your investments and take advantage of available government subsidies.
Looking for more tips on how to finally take control of your finances and plan for your future more wisely ? Take a few minutes to watch this video!
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