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By Marie Engen, Boomer & Echo
Special to the Financial Independence Hub
A Fidelity Investments study discovered that setting specific financial goals does help get your fiscal house in order. 56% of those surveyed said their finances had improved, a much better result than most New Year’s resolutions.
Give yourself a financial checkup and see where you can improve your savings and spending habits.
- Increase your savings. Save 16% more than you would normally on all your savings, including your employee pension if you are not contributing the maximum amount already. By making modest adjustments, you won’t miss the money as much.
- Automate your savings. One of the easiest and most effective ways to save is to automate the process, and yet less than 40% use this technique. Set up regular transfers with your bank. Some employers will take money directly of your paycheque to invest in RRSPs, Canada Savings Bonds and other savings vehicles. Set up savings for specific expenses such as a new car, home renovations and vacations, as well as children’s education and retirement savings.
