If you’re struggling with your finances or want to ensure long-term financial independence there are some key actions you can do to feel more financially secure.
Crowe MacKay & Company’s Licensed Insolvency Trustees provide clear action steps, explaining each to help you easily navigate your journey towards financial freedom.
Steps to better manage your finances
1. Make a plan
Set reminders about when to pay bills to avoid risking late payment and high-interest fees, ideally in order of which will rack up the most interest the longer you wait – usually your credit cards.
2. Budget your net worth, not income
Your salary and extra sources of income, less the money you need to pay bills is a more realistic perception of your actual take-home. After all, you can only save what you have. Debt solutions in Vancouver are available as needed.
3. Set financial goals
To stay on track, it will help to map out what you want to achieve. Make small goals, splitting them up if necessary to simplify them and avoid getting discouraged. You will benefit by planning out where your money will go in a realistic timeline.
4. Treat yourself well
Generally, people who follow a good health and fitness regime will extend this practice to their finances. Adopting a positive attitude and friends with similar good habits can also help you improve the financial aspect of your life.
5. Avoid any debt
If you already owe money, focus on paying it down immediately. The more debt lingers, the more it will grow. Paying off even small amounts at a time adds up.
Learn more about these 12 tips
This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice.
If you require corporate or personal Insolvency services, Crowe MacKay & Company has been creating custom solutions for clients, allowing them to become debt-free.
