This post is presented by Financial Advisor, Michelle Levesque

Make it your resolution to get financially fit in 2022!

1. Look at last year’s financial mistakes and victories

Go through your bank and credit card statements to see what financial mistakes you made last year, in order to avoid this year. Take note of your successes and build on those good habits.

2. Find a good Financial Advisor

An Advisor can help you set out a clear plan for cash flow, spending habits, tax planning, retirement planning and more.

3. Make a list of your goals for 2022

Note your goals somewhere you can see them every day. They can be small or big goals. Know how much you want to save by a particular date. Whether it’s having an emergency fund built within six months or to retire by age 60, calculating how much you need to save on a regular basis and sticking to it is key.

Retirement planning can be a bit more complicated. As an Advisor, I run numbers for my clients after discussing their goals for income, pensions, account for compound interest, then show them how much they need to last them during retirement and what regular contribution will get them there.

4. Start a budget

Track how much money you bring in each month versus how much goes out to bills. Note each bill and see where you can cut back on discretionary items like eating out, daily coffees, subscriptions, etc. Pay your bills as soon as they come in to avoid late fees. This will also help you see exactly how much money you have leftover to put toward your goals.

5. Automate to reduce stress

Set up automatic withdrawals from your chequing account to go into your investment accounts, that way you’ll never forget to contribute.

Automate regular bills to a single cash-back or rewards credit card so you earn free money while paying bills. Pay it off weekly.

6. Don’t impulse buy

Take a “pause” between when you consider purchasing something and when you actually purchase it. This can allow you to think rationally, to decide if it’s something you really need, rather than being impulsive.

7. Pay down high-interest debt

Consolidate debts into a mortgage, line of credit, or lower interest rate credit card. This will alleviate the stress of managing many different payments and can reduce interest rates to get you out of debt quicker.

8. Review your investments and insurance coverages

Ensure your investments are being managed in a way to earn you great growth and keep pace with inflation.

Make sure you have the appropriate types, amounts of insurance, and most affordable rates. Life, disability, health, critical illness insurance can all save you financially in the event you need to claim on them.

An Advisor can help you review your investments and insurances. A new year is a great time to make your finances a priority. Put these resolutions to work to ensure you reach your goals!

Questions?  Find me on Facebook!  Until next time! 

 

 

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I have been guiding individuals and business owners financially since 2008.  I chose to represent Front Gate Financial Group, a local brokerage, which offers every bank and insurance company.  I do not believe in being biased or product pushing for one particular company since all companies can have competitive products at any given time.  I review each individual’s entire financial circumstance, educate, then shop the market for the best in all areas. You deal with one person you trust and know you have the best in all areas. 

My favourite part of being a Financial Advisor is educating and empowering people financially.  There’s nothing better than having a new client tell me they are no longer overwhelmed and confused by their finances and are excited by the game plan we have put in place to budget, pay down debts, protect their family, and reach their goal of retiring comfortably. 

Over the years I have been asked to give financial education presentations at numerous groups and events including:  Fredericton Area Women’s Business Network, International Women’s Day, Mom Talk NB, the Oromocto Chamber of Commerce, Fredericton Regional Family Resource Centre, Military Family Resource Centre, Wedding Shows, Facebook groups. I am currently the Financial Pro for Mom Talk NB providing monthly articles and live discussions.

I am married, have a little fur baby AND… recently welcomed our daughter to the world!  I enjoy travelling with my family, painting, scuba diving, snowboarding, yoga, and walking my pup. Quality time with family and friends is everything!

Find me on Facebook!

 

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