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Financial planning basics

1. Make a budget to find out where your money goes, so you can easily spot places to cut spending and boost savings.

2. Pay yourself first by setting up an automatic monthly contribution to your RRSP, preferably a payroll deduction so that your contributions are taken before tax deductions.

3. With the help of your financial advisor, put together a financial plan in order to identify what steps you need to take to achieve your goals.

4. If you regularly carry high interest credit card debts, consolidate them using a lower-interest line of credit.

5. Assess your insurance needs and make sure you have adequate coverage.

6. Establish an emergency fund so you’re prepared to handle unforeseen expenses such as job loss, major home repair or long-term illness. A general rule of thumb is at least three month’s worth of expenses, but save even more if you can.

7.
With help from your financial advisor, ensure that your financial plan includes tax-planning strategies.

8. Keep your advisor informed about any significant changes in your life or your finances.

Content provided courtesy of Manulife Investments

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Mark Huber is a certified financial planner, author, speaker, coach and successful online entrepreneur. Marks philosophy: "The best way to predict your future is to create it...." Marks top requested titles: "The 8 Top Simple Ways To Get More Leads & Sales For Your Business On LinkedIn" "How To Blog To Make Money" "How To Get Rid Of Credit Card Debt Fast" "How To Get Rid Of Your Mortgage And Create Wealth - The UnCanadian Way" Marks mission: "To teach, support and empower people as they transform their lives!"