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3 Positive Actions to Improve Your Financial Health

Most people can think of several things they would rather do than get close and personal with their finances.  I get it – it isn’t the most exciting activity out there! However, understanding your finances leads to building the financial future you desire. 

Knowing the basics can help establish your spending habits, putting you in a better position six months or a year from when you start.  No matter what your financial goals are, being informed and prepared will lead to improved financial health. 

Take these 3 positive actions to improve your financial health:    

  1. Semi-Annual review – instead of hiding from your finances, pretending they will magically take care of themselves, spend some time familiarizing yourself with the numbers. Understand your debt, savings, assets, and income is how you can get your money working for you.  Getting familiar with your finances may seem like a daunting task, but once you do it, you’ll realize it isn’t so scary – you may even enjoy the exercise!  Knowing where you are coming from makes it easier to understand where you are going. 
  1. Set Your Financial Priorities – getting clear on your priorities allows you to be prepared with your investing and savings. Are you looking to be mortgage-free, save for your child’s education, have disposable income for a large purchase, complete a home reno, grow your RRSP’s, or pay off all your debts? These are valid and worthwhile priorities; which one is at the top of your list ultimately depends on your situation. Once you choose your path, you will be motivated to make it happen and invest accordingly.
  1. Attach Meaning to your Spending – Once you attach meaning to your savings, you will think twice about spending. For example, if you plan to be mortgage-free in ten years, the consequences of spending outside your budget will directly affect your plan. You will occasionally want to splurge on items outside of your budget, and that’s ok, but having a master plan to guide your spending will allow you to make decisions wisely and without regret. 

At Gail Sylvester Mortgages, we are more than just mortgages. We are here to ensure your path to success includes smart financial decisions that add meaning to your life. We will review your financial priorities and discover how your mortgage goals fit into the bigger picture. 

To set up an appointment today, contact us to get started!