Finances Made Simple

Investor💸 vs. Consumer🛒

An investor puts their money to work for them to financially prepare for their future whereas a consumer likes to live in the moment and spend their money. If you believe you identify as a consumer and want to make the switch to be an investor, one of the best ways to do so is to start actively tracking your money. Finding small areas in your spending to cutback on to instead put into your investments is the first step to becoming an investor.

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There are 3 rules to financial goal setting:

-Make your goals measurable📏
-Make your goals realistic🎯
-Write them down!🖊

The goals that you create are a large component of your overall financial plan. Join us next month for live chats with financial experts to learn how to incorporate your goals into your financial plan.

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#2022

The Scarcity Money Mindset and the Abundance Money Mindset are two different outlooks that people have on money🧠. One believes that we must all take from from a limited supply and the other believes that there is an endless amount that we can all share. Which mindset you have may influence your ability to achieve your financial goals over time.

So, are you more of a "There will always be more" or "There will never be enough" kind of person?

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Have you created a financial plan for 2022📓? How about for the next 5 years?

Having a financial plan in place can help keep you on track and feel confident that you are moving in the right direction. If you don't have a financial plan yet that's ok too! You can join us in February for live chats with financial experts to learn how to create your own financial plan or how to work on one that you've already started.

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Next time you go to make a purchase🛍 first ask yourself "Do I really need this?" or "How much am I going to use this?". A lot of times we buy things in the spur of the moment that we don't really need. Sometimes all it takes is asking yourself a few questions to avoid the unnecessary purchase and the feeling of buyers remorse.

Lets talk about credit card debt💳

Credit card debt is something that many Canadians face and it is nothing to be ashamed of. However, credit cards generally have high interest rates which is why we want to pay them down as fast as possible. Here are 3 tips to pay down your credit card debt:

1. Stop using your credit cards all together.
2. Make larger payments than just the minimum.
3. Create a debt repayment plan to keep you on track.

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You've probably heard the saying "there's no such thing as a stupid question." When it comes to your finances it's definitely true! Get your questions answered and learn with us by checking out the additional resources on our website or by joining our community at the link in our bio👉

Feeling financially hungover after the holiday season? If you blew your budget this holiday season then you may already feel behind entering 2022. Here are 3 tips to help alleviate your hangover and feel better about the year ahead!

1. Create a debt payback plan
2. Start tracking your finances (aka budget)
3. Use cash over credit

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A Spousal Registered Retirement Savings Plan (RRSP) is a great tool you can use to lower your taxes owing both today and potentially in the future when one spouse earns more than the other. Make sure to get your contributions in before March 1st, 2022 for the 2021 tax year!

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The Tax Free Savings Account (TFSA) has a maximum contribution limit set by the government. One of the perks of the TFSA is that you can take money out of the account and get that contribution room back in the next tax year! If you're thinking about taking a little extra cash out of your TFSA, get it done by December 31st and you will be able to recontribute that amount in 2022!

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Looking for a last minute gift idea for your family? Give them the gift of music🎵 this holiday season with a Spotify family membership. For just $5 more per month than an individual membership, you and 5 other family members can enjoy endless music and podcasts all year long!

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Too busy during the holidays to check everything off of your list? Try using Instacart! Not only can you save time on shopping but you can also get access to stores like Costco without having to have a paid for membership.

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