If you’re a recent grad, a young professional or a new parent with a growing family, you may be thinking about your financial future a lot these days and wondering how you can position yourself for success in the years ahead. There’s a lot of information out there and getting personalized advice is key, but there are also some general guidelines to follow.
Here’s a brief overview to help you get started—to develop a personalized financial plan that reflects your unique needs and goals, please contact us. An Interior Savings advisor would be glad to meet with you by phone, via video or in person.
Address your debt
Debt can feel like a dark cloud that’s constantly hanging over your head. It’s also incredibly common—between student loans, consumer debt (i.e. amounts owing on credit cards) and other outstanding balances, a lot of individuals and families feel burdened by debt (and the high interest payments that come along with these balances). While debt elimination shouldn’t be your only financial concern, it should definitely be part of overall strategy.
Start by making a list of all debts, from your monthly car payment to your credit cards and student loans. Next, make notes about how much you owe to each lender, what the interest rate is and when you’ll be able to eliminate each debt if you continue paying it down at the same rate/speed. Putting this information together may help you determine which debts are high priority and which can be paid off more slowly. In some cases, debt consolidation via a low interest personal loan may be a good option to consider—please reach out to our team to learn more.
Identify your goals
We’ve already put debt elimination on the list, but beyond that, your financial goals should reflect your unique family situation, career and lifestyle preferences. You may want to save up for a down payment on a house, put aside money for an annual vacation, or increase your weekly cash flow. Your goals may involve children or a partner, or you may be planning as an individual. No matter what your objectives are, identifying them is the first step to putting an effective, actionable plan in place. Our advisors are here to help—please contact us to learn more.
Invest in your future
Financial planning is about managing your current needs while looking ahead, and that means investing in the future you envision. This may involve making monthly contributions to a TFSA and/or RRSP, setting up RESPs for your children (if you have them), putting the appropriate insurance policies in place or utilizing other financial solutions that reflect your needs. An Interior Savings advisor can take a look at your short-term and long-term goals as well as your family responsibilities, making personalized recommendations that ensure you’re on the right path. And once that’s done? You’ll be amazed at the peace of mind you can enjoy!
Create a budget that reflects all of the above
We know, we know—budgets aren’t exactly exciting to most people (though, they are for us). But here’s the thing: you cannot pay off debt, save money and invest in your future without a thoughtful, comprehensive budget that reflects these needs and goals while addressing the realities of your budget and living expenses. Our team is here to help clients every step of the way—it’s what we’re passionate about, and we’d be glad to walk you through the process. Please contact us if you’re ready to get started—we look forward to helping you create the financial future you deserve.