Angela Iermieri | Financial Planner | Desjardins Group
It doesn't ever seem like we have enough money, does it? And as cliché as it might sound, you need money to make money! (Now and forever.) But if you're just starting out, the first thing you need is a plan.
Rule #1: Be organized
It might not always seem like it, but staying on top of your budget is actually the roadmap that will lead you to financial success. If you don't follow the map, you could end up in the ditch. Having a clear view of your personal finances gives you a chance to see where you can come up with savings and debt payments while you develop solid financial reflexes.
Rule # 2: Keep things simple
Setting up regular savings contributions is an easy and practical way to keep things simple and save without even trying. It will really pay off once you've factored the amount and the timing into your budget. And it doesn't have to have a big impact on your day-to-day spending habits.
Rule #3: Set goals
What are your priorities right now? The answer to that question is probably the list of your short-term goals: build up an emergency fund, plan a trip, etc. Having something to save for helps us get motivated.
Rule #4: Make long-term plans
Your plan needs to be more specific for the long term. If you're planning a big trip, buying a house, planning a move abroad or launching a start-up, your advisor is an ally and a resource for creating personal strategies that will help you achieve those goals.
Rule #5: Invest
Saving is one thing. Investing is another. Your first step is to decide on the type of investments you want: investment funds, term deposit certificates, stocks or bonds? It's not always easy to know what to do. But we've got a secret! Learn, ask questions and talk to your advisor.