I’m sure we all know people who believe in setting New Year’s resolutions and others who scoff at the idea. Either way, I believe we all share the common goal of wanting to be more responsible with our money.
With that in mind, today I’m going to focus on a few personal financial resolutions you may want to implement in 2020.
1. Save more without depriving yourself. When you look at your ongoing spending habits you may notice a lot of money being spent on things that aren’t very important. Spending is fine, but make sure it’s on the important things. Saving more now allows you to grow your investments so you can afford things in the future.
2. If you are like most Canadians you will find gaping holes in your family finances. Be proactive and plug the leaks that are steering you in the wrong direction.
3. Commit to weekly financial meetings with your spouse. Achieving financial goals is much easier when both of you share a common vision.
4. Protect yourself and your family against identity theft. Identity theft is an extremely profitable way for crooks to get your money. Learn how identity theft works and how you can protect yourself.
5. Make a charitable donation to a cause you believe in. Be respectful of the needs of others less fortunate. Donating is a way to honour your values. Choose a charity that resonates with those values and donate accordingly.
6. Review your Will and Powers of Attorney for both personal care and property and update them to reflect any changes in your personal situation.
7. For those who are tech-savvy, consider an app that allows you to track your daily expenses, without using your banking information. You will be surprised how money can quickly evaporate by purchasing things that are not needed.
8. Plan for retirement. When will you retire? How much capital will you have saved? How long will your money last?
The New Year belongs to you. Get the most out of 2020 by determining how you can better your financial position.