FALL IS THE PERFECT SEASON

Today more than ever before families have less wiggle room with their finances. Fall is the perfect time to review your financial wellness. Making a few changes now will give you a few months to capitalize on the changes before the end of the year. Some things to consider:

BUDGET
Household spending continues to rise and income cannot keep pace. Review your spending habits to date, establish a budget and stick to it.

SAVINGS
Make a concerted effort to save. Putting aside $300 per month and investing it at a rate of 4.00% will make a radical difference to your lifestyle in 20 years, particularly if you are close to retirement.

REDUCE YOUR TAXABLE INCOME
Your annual contribution to an RRSP will reduce your personal taxes. Review how much you have contributed to your retirement plan to date and strategize for the balance of the year, particularly if you work for a company that matches your contribution.
Establish and contribute to an TFSA, (tax free savings account).

CHARITABLE DONATIONS
Contributing to a meaningful charitable cause is a win-win. It helps others in need and reduces your personal taxes.

BIG-TICKET ITEMS
Shop around for new homeowner’s and car insurance coverage. Consider increasing your deductible or ‘bundling’ both products to reduce your premiums.

Review the rate you are paying on your mortgage, auto loans and credit cards. While interest rates remain low, refinancing or consolidating your mortgage and debt may reduce your monthly expenses significantly.