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Get Financially Fit in 2013

|Dec 17|magazine7 min read

 

Personal finance experts are encouraging us to make 2013 the year that we become financially fit.

“By getting organized early in the new year, you can set yourself up for financial success all year long,” says Wade Stayzer, the vice president of retail and investment services at Meridian. “The key is to be more proactive about your personal finances. Determine what your financial goals are and work with a trusted financial advisor to build a plan that will help you achieve them.”

Meridian, Ontario's largest credit union, offers some suggestions on how you can get financially fit this year:

Get a personalized financial plan - Working with a trusted financial advisor to create a personalized financial plan is like driving with a GPS system – you'll reach your end goal faster and with less stress. Make sure to meet with your financial advisor at least once a year to re-evaluate your plan and make any adjustments necessary to keep you on track to reaching your financial goals.

Tackle your debt –With the holidays behind us, you might be feeling the post-holiday blues when you open up your credit card statements this month. Be strategic in tackling your debt by paying off the debt with the highest interest rate first, while paying the minimum on the rest of your debts. Once that first debt is paid off, concentrate your efforts and funds in paying the next debt with the highest interest rate.

Invest automatically – Saving for the future today isn't difficult if you put your savings on auto pilot. Many financial institutions provide pre-authorized contribution (PAC) plans, which automatically transfer funds from your chequing account into your savings investments on regular intervals. PACs are a proven tool for contributing to RSPs or TFSAs and if you coordinate the withdrawals to align with your payday, the money won't even be missed.

More tips can be found online at www.meridiancu.ca.

-- News Canada