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Budgeting is simply balancing your expenses with your income.
Spending more money than you earn is never a good idea and can lead to debt – that’s why creating a spending plan and understanding what’s coming in and going out is critical to building healthy financial habits. Your budget will help to ensure you have money for what you need. It can help you avoid debt, or work to get out of it and it will create financial stability over time.
When you track everything, it’s easier to pay bills on time, build an emergency fund and save for major expenses. Establish your budget, stick to it and let it be your guide as you work to achieve your financial goals today and in the future.
Use the GetSmarterAboutMoney.ca budgeting tool to help get you started.
Once you know where your money is going, you can then start to create your financial plan.
A financial plan can tell you where you are today and into the future and how you are going to get there. It can start off simple and straightforward and may transition into something more complex depending on your needs. Consider it a road map to achieving your goals.
You can refer to your plan if something unexpected happens like a job loss, death in the family or volatile markets. Your plan will always be able to tell you if you are on the right track and if any adjustments need to be made. It will also give you peace of mind in knowing you have goals and a means to get achieve them.
Be sure to review your plan with an advisor who can help you determine your needs and provide investment solutions to support them. FirstOntario’s Wealth Connect offers a team of advisors who are ready to lend a hand and help you through your own unique situation.
Reach out directly through 1-800-616-8878 ext. 1700 or email Investments@FirstOntario.com.
Watch previous webinars and episodes of our financial literacy series' Finance Friday and Wealth Wednesday.