binding and a judge cannot enforce them.
Here are some refresher tips to keep you on track:
1. Get Organized – Take a look at income, investment, insurance, assets and debt.
2. Set and prioritize goals – You may not be able to simultaneously work on all of your financial resolutions, so try working in order of importance.
3. Create a budget – Begin by keeping track of all incoming and outgoing funds. Create spending categories such as food, entertainment, credit card payments and rent. You may want to cut back or eliminate certain purchases if your debts exceed more than 40% of your incomes.
4. Start saving – A pay increase or tax refund are opportunities to contribute to your emergency or retirement funds. You may be able to reduce bills such as cell phone and cable. Attempt to set aside one day each week where you don’t spend any money, and instead put that money into a savings account.
5. Pay down debt – Stop using a credit card unless you know you can pay it off fully before the end of the billing cycle. Also, talk to your banks about reducing interest rates. Do you have items you no longer need? How about having a garage sale, or posting an ad on Kijiji. There are many websites where you can sell what you’re not using. This can help generate some extra money to pay off debt.
Submitted by: Shelley Bertram Fallis: Toll-free: 1.866.657.3882, Local: 705.657.3882 or 705.742.6463
In broad terms, the 2014 federal budget is a prudent, stay the course, budget. A central part of the Federal government’s economic policy is to have a balanced budget or surplus by 2015-2016. With uncertainty surrounding global economics, being as fiscally prudent as possible seems to be the right course of action.
As an investor, there are not a lot of direct effects from this budget; but there are some things that could indirectly make your investment plan better.
The federal government is going to attempt to take down internal trade barriers amongst provinces and tackle cross-border price discrimination. If they succeed, it improves the functionality of the economy.
With issues surrounding jobs and training, the government made it clear that if they can’t get into agreements with the provinces, it will simply go ahead with the job grants. With an aging population, if they can improve the efficiency of the labour market, it improves the economy which ultimately makes for a better investment plan.
Budget Highlights:
I trust you found these highlights useful. If you would like more information on the 2014 budget and how it may affect your investment or retirement plan, please contact me: 1.866.657.3882
Do you consider yourself to be a savvy investor, a novice investor, or something in between? What are your financial goals? Are you a conservative or risky investor? Do you want to save your money, or protect your capital and create wealth? Whatever your dreams and goals, I’m here to teach you about where to invest and why some funds are different than others, and to show you ways to set your goals, stay on track, and pave your way to a successful retirement.
Now is the time for current investors to top up their retirement savings plans and new investors to talk about planning for the future.
If you would like me to review of your current portfolio, or you are just thinking about starting a new investment savings plan, give me a call. I will provide you with solid financial advice along with some ‘tax smart’ strategies to get the most out of your investment dollars.
Your trusted financial advisor,
Shelley Bertram Fallis 705.657.3882 or 1.866.657.3882