As Valentine’s Day fades to Family Day followed by St. Patrick’s Day and then Easter, it’s easy to understand how time can slip through our fingers.
As 2017 came to a close, you may have been one of those individuals who took the opportunity of the year-end to assess your finances and perhaps come up with a financial plan for 2018.
Like any fitness plan initiated with gusto, the question you need to ask now is: is your financial house still in order some six weeks into the new year?
Your year-end financial checklist was a doozy but the numbers tell the real tale. Have you let your spending run away from you a bit? Are you not on top of savings like you had planned just a few short weeks ago? Does tackling that credit card debt still make you want to bury your head in the sand?
We all know the road to headache can be paved with good intentions. More generally, it’s important to regularly check in throughout the year and assess whether the financial goals you established for you and your family still make sense. Is your budget realistic? Have you maxed out your RRSPs? Assess your various insurance policies and make sure your insurance coverage is not an overkill or, on the other side, too little to meet you and your family’s needs.
As an additional note, it’s recommended that you get experienced advice on those obscure areas that lurk in your financial house. For example, you might need to speak with a tax professional to iron out details regarding what receipts to keep and whether you are doing the correct preliminary work to take advantage of potential tax deductions and credits. Moving expenses, child-care costs, tuition fees, medical expenses and charitable donations all provide tax implications you should know about.
Controlling your spending and making sure that you are on track with your financial plan is never easy. Like a weight loss and fitness plan started on January 1st, it’s easy to get distracted by temptation and become discouraged. Don’t let the numbers get you down. Understand the importance of having a sound financial plan and keep in mind that financial advisors are available to guide you in the right financial direction.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Dwayne Rettinger of Investors Group Financial Services Inc. is solely responsible for its content. For more information on this topic or any other financial matter, please contact an Investors Group Consultant.